This Sunday, I held an open house in Mililani Mauka. Mililani is my area of expertise, a pre-planned bedroom community in Central Oahu. I have lived here in Mililani since 1977, and own investment property here as well. I litterally saw Mililani sprout out of the pineapple and sugar cane fields, and grow into the suburban community that it is today.
The townhouse, a unit in Northpointe Terrace (in Hawaii it's a townhouse; on the mainland it would be an apartment), is on the second floor. 3 bedrooms, 2 baths, and 2 open parking stalls. The unit is in average condition for a 14 year old building; carpets are a little faded, but clean. Paint is good, but not bright.
The most important character about this unit though, is that it is an REO (Real Estate Owned, by Countrywide financing). Previously foreclosed on, now owned by the bank.
Traffic was steady at the open house, a welcome change from the previous few months, and as spring moves into summer, traffic should continue to be good. What struck me at this open house as different, was that just about everyone coming through was looking for an investment property. Some came with their agents, some knew what an REO was (believe it or not, I'm refering to the agents!), some didn't know anything, other than they wanted to find an investment property.
I want to tell you, I love educating inexperienced homebuyers! I was in hog-heaven at this open house!
I met two young couples that are homeowners, but neither has any experience being an investor. One of the couples told me they were just starting out, exploring the idea of buying an investment property. Why? Tempted by the extremely low interest rates, and the depressed prices. It's all over the news, so they wanted to see what's going on.
The other couple, same story. Their biggest question, can they use VA financing? I said they could. Before you knowledgeble readers throw knives at me, let me explain! They could use their VA financing if they move into the unit they purchase, and rent out their present home. As most, but not all of us know, VA and FHA finacing is for owner occupied purchases only. Just a little detail that the inexperienced might not know.
There is a lot more to know about becoming a first time investor. I explained a few of the details about investor financing options, setting the criteria for their investments, and quite a few other details. I set up automatic property searches on my laptop, right there at the open house, so they will be notified as soon as any new listings which meet their criteria come on the market. I am eager to help them get started in their quest, and I am excited about helping them learn the ropes about becoming landlords, and real estate investors!
Everyone wants to become a real estate investor! Why not?
Just a little bit about me: I have been an Accredited Buyer's Representative for 5 years, as well as a Certified Residential Specialist. I also recently earned the designation as a Resort and Second-home Property Specialist. I love helping first time homebuyers and investors of any degree of experience, or lack therof. Please give me a call if I can be of any assistance! 808-780-7043
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