Molokai Trip

[LJT]

Thanks for sharing the journey and I hope to be a renter in 2020! What kind of beer did you drink to celebrate???

 

[slip]

Thanks for sharing the journey and I hope to be a renter in 2020! What kind of beer did you drink to celebrate???

Thank You! I actually had a Kona Brewery Big Wave golden Ale.

 

[taterhed]

Assuming you're going to do taxes and shed E for now, remember to keep very good records and note the maintenance days etc....

We did not start off by doing such a good job. Your phone is your friend.
Camscanner is a great app to copy and convert to PDF for expenses and records.

So happy for you!!!

 

[slip]

Assuming you're going to do taxes and shed E for now, remember to keep very good records and note the maintenance days etc....

We did not start off by doing such a good job. Your phone is your friend.
Camscanner is a great app to copy and convert to PDF for expenses and records.

So happy for you!!!

Thank You!!

I have done my own taxes for quite a while now but I may have them done next year.

 

[SandyPGravel]

Congratulations...Can't imagine why you want to leave SC Wisconsin for a tropical island...oh wait yes I can

How many more winters here?

 

[slip]

Congratulations...Can't imagine why you want to leave SC Wisconsin for a tropical island...oh wait yes I can

How many more winters here?

Probably 5 to 7, depending how everything goes, including health and the economy. In the mean time we will probably make two, two week trips a year. That will have to do for now.

 

[slip]

Things are moving along pretty fast. Yesterday we filled out the escrow document to set up the escrow account. Today I wired the earnest money and then we got the official loan application signed and sent back. We were already Pre-qualified and Pre-Approved. Sounds like we will get disclosure documents to sign in a day or two.

They were doing an inventory on the contents in the condo and I will have to sign off in that when they send it to me. I will need to send that to my property manager so we can go over it and see if I will need to add anything.

It’s moving along. The appraisal will probably take a bit to schedule since they have to get someone from Maui.

 

[slip]

Just received my inventory list of the contents of the condo. I’ll have to give this to the property manager too. Mortgage broker messaged me today to send in the fee for the appraisal. They should schedule that as soon as they get my check. I will send that out tomorrow.

I still have to contact either the Moloka’i Credit Union or the Bank of Hawaii to set up a savings and checking account. Still haven’t decided which on to go with.

So things are definitely moving along. I guess i wouldn’t be surprised if we close in September but we’ll see.

 

[DaveNV]

So things are definitely moving along. I guess i wouldn’t be surprised if we close in September but we’ll see.

Were you thinking it could all happen this fast? Seems like it has been a very quick deal.

Dave

 

[slip]

No I didn’t. The appraisal can still slow it down if it takes him a while to get there.
I know my mortgage is on the small side so maybe that’s moving it faster but still a crap load of stuff to sign.

 

[TXTortoise]

Slip, congratulations...great thread.

What sites were you using to track the market there? Redweek?

 

[slip]

Slip, congratulations...great thread.

What sites were you using to track the market there? Redweek?

Thank You!!

I used a few realtor websites, Hawaii Life, Zillow and Realtor. Between those three I was able to find all the past sales history. Sometimes there was a link on the listing to the county records.

I was watching sales for about eight months before my offer. My realtor also gave me a print out if the last sale prices for the last year on properties in the development we chose, WaveCrest.

When I was looking at rental histories, I contacted the two main property managers on the island. I was able to get other rental histories that were comparable to what we were looking at. I also Googled and got pricing from a couple other owners rental sites.

It really wasn’t too hard getting all the data. Keeping them straight and making sure you making good comparisons was the hard part. It would have been harder if the development would have been larger. This was hard enough but i’m Happy where we ended out.

 

[slip]

We’ll things are still moving along well. The appraisal was done today and we should have the report next week. We’ve been doing a lot of DocuSign for all the papers. I wouldn’t think there would be much left after the appraisal but we’ll see.

Found an insurance agent, just waiting on a quote. Opened a Bank of Hawaii checking and savings account. Plus we’re learning how Amazon Prime works for shipping to Hawaii. We will order a couple things after the closing. We’ll need a new flat screen tv. My realtor and property manager said we can just ship it to either one of them whenever we order anything. We’ll see how long it takes. I’m sure it will be different for different items.

DW told me today, only 142 days to Maui and a 149 days to Molokai.

 

[DaveNV]

We’ll things are still moving along well. The appraisal was done today and we should have the report next week. We’ve been doing a lot of DocuSign for all the papers. I wouldn’t think there would be much left after the appraisal but we’ll see.

Found an insurance agent, just waiting on a quote. Opened a Bank of Hawaii checking and savings account. Plus we’re learning how Amazon Prime works for shipping to Hawaii. We will order a couple things after the closing. We’ll need a new flat screen tv. My realtor and property manager said we can just ship it to either one of them whenever we order anything. We’ll see how long it takes. I’m sure it will be different for different items.

DW told me today, only 142 days to Maui and a 149 days to Molokai.

Good to hear things are going well.

Can you order from Costco.com and have it drop-shipped there? Might find a better bargain, and you can score the cash back on the Costco Visa card and your Costco Executive percentage.

Dave

 

[slip]

Good to hear things are going well.

Can you order from Costco.com and have it drop-shipped there? Might find a better bargain, and you can score the cash back on the Costco Visa card and your Costco Executive percentage.

Dave

I will have to check on that. Always good to have more choices and we’re members so we may as well see if that is a good option too. Thanks for reminding me.

 

[slip]

Appraisal report came in today. It appraised at $150,000 so $20,000 over what we paid. We’re happy with that. The report had six sales from the past year. They were all sales I had researched while we were looking.

I keep watching the market there, it kind of became a habit, and the unit that was number two on our list just sold. That was A203 the oceanfront Property. It was only on the market 60 days and it ended out selling just under asking price. So about $20,000 more than we would have went if the one we got fell through.

So now we just wait until close. They had the closing date as October 15th. Shouldn’t be much left to do so I wouldn’t be surprised if it was earlier. We’ll see.

 

[controller1]

Appraisal report came in today. It appraised at $150,000 so $20,000 over what we paid. We’re happy with that. The report had six sales from the past year. They were all sales I had researched while we were looking.

I keep watching the market there, it kind of became a habit, and the unit that was number two on our list just sold. That was A203 the oceanfront Property. It was only on the market 60 days and it ended out selling just under asking price. So about $20,000 more than we would have went if the one we got fell through.

So now we just wait until close. They had the closing date as October 15th. Shouldn’t be much left to do so I wouldn’t be surprised if it was earlier. We’ll see.

Excellent!

 

[slip]

Looks like another unit at WaveCrest sold, A302. I didn’t look at that one while I was there. We didn’t want third floor with no elevators. It also sold for just under ask of $189,000. It was on the market 150 days.

 

[slip]

Just got word today that closing should be on 09-26-18. That’s a couple weeks earlier than originally said. We have to set a time with a mobile Notary. I should be getting the closing disclosure today.

It’s been a long process and I’m sure the distance and time differences had something to do with it but the end is finally in sight. I will be glad it is over.

I’ve been very busy at work too preparing for our annual audit. Once the closing and the work audit are done, I will be on vacation countdown.

Another WaveCrest unit came on the market yesterday. This one is listed $40,000 more than we paid and ours is in a better location and is nicer. So it seems the prices are rising but we’ll see what it sells for.

 

[Kapolei]

Bad news.... missing tourist hiking above Wavecrest found dead after search. Still awaiting details.

 

[DaveNV]

That's very sad. Are there (dangerous) hiking trails there? Or is this maybe a foul play thing?

Dave

 

[slip]

Bad news.... missing tourist hiking above Wavecrest found dead after search. Still awaiting details.

I saw that on Hawaii News Now. Sounds like he was an experienced hiker too. No details yet. They were there on their honeymoon. He was hiking alone. I didn’t hear where he was found but in the picture below you can see the mountains behind WaveCrest.

 

[DaveNV]

I saw that on Hawaii News Now. Sounds like he was an experienced hiker too. No details yet. They were there on their honeymoon. He was hiking alone. I didn’t hear where he was found but in the picture below you can see the mountains behind WaveCrest.

Wow. On his honeymoon? That makes it even worse.

Dave

 

[slip]

Well getting closer but not done. I got more of a timeline today. Mobile Notary is coming tomorrow so we can sign and the documents get sent back for a final review. There was some confusion with the insurance and the paperwork says it started but the bank wants it with a different date on it so hopefully that doesn’t hold things up. My mortgage broker said the Bank of Hawaii is being too nit picky with this. Anyway, after the documents get back to Hawaii there is a final review and then they get filed. So he’s thinking it will be done 10-03-18 or 10-04-18.

Still earlier than they originally said but I will be glad it’s over.

 

[slip]

Well, we just signed the closing documents with the Mobile Notary. My insurance guy had to cancel the old policy so he could add the date the bank wanted on the new policy. I had to sign the cancellation so hopefully he gets the new document to the bank. Then I only have to wait until the final review and filing late next week.

I also sent all the information the property manager needed today. It should be open as a rental starting late October or early November. After the final closing she’ll have to take a look and make sure we have everything that’s needed for renting.

We’re getting there.