I am pre-approved for a $1M Jumbo VA Loan. Want to max my investment by purchasing a property (open to SFH or condo) where rental market is best

Asked by Rowhoss, Aiea, HI Tue Feb 26, 2013

I will be stationed in Hawaii from 4-8 years depending if I can extend or not. After that, I will rent out the property. I have savings for a large downpayment although it should not be needed. What is the best long-term rental market in Oahu? I want to search for properties there. Thansk.

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Frank Diaz, Agent, Honolulu, HI
Tue Feb 26, 2013
Aloha Rowhoss,

If you are preapproved for that amount, you may want to consider an "Ohana" (a home with one or two other separate or attached units) or a duplex with two units in one. Check with your lender as to the cash reserve requirements. Once you get to 4 units, the rules get a lot more stringent.

Good idea about buying if you're stationed here. I bought a place when I was first stationed here in the 80s.

Frank Diaz
East Oahu Realty
808.723.0900 cell
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Rodney Drumm…, , Honolulu, HI
Tue Feb 26, 2013
Hi Rowhoss,

You pick a very good location to invest in, properties here on Oahu hold there values very well.
The rental market here is very robust and rental prices are quite high. If you like I can send you
properties that might fit your needs but I would need more information from you. You can contact
me anytime to discuss in more detail your needs and concerns and timeline you would like to
work within.


0 votes
Minoo Elison, Agent, Kailua Kona, HI
Tue Feb 26, 2013

Great question to start your search! There's further information needed to give you a solid answer, but in the mean time here are some thoughts for consideration:

1) VA Loans approval requires that the condos are on the VA Approved Buildings
2) If the Single Family House is on a CPR lot the individual project has to be approved by the VA.
3) What base will you be stationed at, MCBH, Hickam, Schofield? That will be a big deciding factor on your commute times, lifestyle, and monthly rental range.
4) I can help you with Oahu rental market stats on monthly income and inventory of specific areas. This will be valuable piece in determining your budget, how much rent will cover your monthly mortgage payment.

Contact me, minooelison@gmail.com for assistance with your property search, I'm more than happy to help. I have great recommendations from my military clients.

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