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Old 02-20-2009, 10:03 PM   #21
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Looks like you've got things well in hand--I'm living the great adventure vicariously through you.

I had good luck when I did seller financing one time. The guy had a recent divorce and trashed credit (due to the former wife, says he). But he had a steady job and could put 20% down. It worked out great, and he got a conventional loan a few years later (at my suggestion). There will be a lot of folks out there with damaged credit right now, but if you can get a sufficient down payment you might find it worth your while to take some paper for a few years. If prices go back through the roof you might be hoping the buyer defaults and you get the place back.
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Old 02-22-2009, 10:39 AM   #22
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Got a link so we can view the listing? I think we could live there too, with DD going to school on Oahu. We've been giving thought to living in Hawaii a few months of the year, maybe renting out when we are in Cali (or Tokyo).
2273 sq ft 4BR/2BA single-level home with screened lanai & fenced yard

It's an hour's drive to UH, but it's only 15 minutes from LCC and UH West Oahu.

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But he had a steady job and could put 20% down. It worked out great, and he got a conventional loan a few years later (at my suggestion). There will be a lot of folks out there with damaged credit right now, but if you can get a sufficient down payment you might find it worth your while to take some paper for a few years. If prices go back through the roof you might be hoping the buyer defaults and you get the place back.
Spouse is thinking clean break, but I think a CD-like return secured by a first lien can be a good deal. (It certainly keeps me from chasing after small-cap stocks or more Berkshire Hathaway.) I guess it all depends on the "buyer" and their credit check.

We spent an hour Friday driving the neighborhood sales and current listings. Oddly we didn't see a single "for sale" sign at any of the places that have been on the market for more than 30 days. But from the dozen or so that are even remotely close to our listing, it's more than fairly priced. Should be an interesting open-house Sunday.
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Old 02-24-2009, 09:35 PM   #23
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Thanks Nords.

DD is going to be in Laie, BYUH and intending to work p/t at PCC. Don't know that we'd buy in the Laie area though, considering the longer term. We intend to be in Honolulu towards the end of March, may drive by to take a peek at the neighborhood if it hasn't sold by then. Will PM you before we fly over.

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Old 02-24-2009, 11:33 PM   #24
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DD is going to be in Laie, BYUH and intending to work p/t at PCC. Don't know that we'd buy in the Laie area though, considering the longer term. We intend to be in Honolulu towards the end of March, may drive by to take a peek at the neighborhood if it hasn't sold by then. Will PM you before we fly over.
Sounds good. Nice school, and I'm impressed with the scholarship work they do at PCC. Except for the fire-knife competitors... I'm not too sure about those guys.

Around Oahu, however, Laie is considered one heckuva drive from Waipio Gentry. At least 45 minutes and more likely over an hour. The "good" news is that you could drive H-1, H-2, and H-3 both ways...
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Old 03-14-2009, 09:49 PM   #25
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Looks like we're going to rent the place again. (Rental accounting question (long post)) The new tenants are coming over next Wednesday to sign a lease and start unloading their truck. We never even stuck a FSBO sign in the yard, and next week would've been our first open house.

I think we did more minor maintenance & upgrades on this place in three weeks than I've done in some shipyards in a month. We even got to leak-check the attic during a torrential downpour (three inches in an hour), where we discovered a couple nasty little drips. One has been coming in around the gas water heater's exhaust pipe for at least 12 years. The drips drilled a little quarter-inch hole through the drywall ceiling into the master bedroom-- luckily onto a high closet shelf where no one noticed it. But I bet the previous tenant and my mother-in-law were wondering what made those funny stains on some of their clothes or shoes.

The roofer's the same guy who put in the solar exhaust fans a couple weeks ago. Both fans seemed to have condensation drips under their photovoltaic panels, which plopped through the fan blades to make shallow puddles on the ceiling drywall. I'm not sure if there's a fix for that, other than putting a couple sheets of plywood under the splash zone to absorb the water and dry out. Plenty of ventilation in the attic now, so no mold or mildew concerns.

We did decide to reface the cabinets in both bathrooms and upgrade to RTF doors/drawers. But we'll start on that next month and do the install on tenant time. The nice thing about the project is that we'll get new doors with the hinges already installed and the templates ready to be drilled into the existing cabinets. And although the style will still be 30 years old, at least it'll look good for another 20.

Anyway we're almost at the end of our two-page punchlist, and Monday morning I'll be setting up the utilities to transfer to the tenants...
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