if you are a renter in Hawaii and you're looking to get into the real estate market let me share with you how my clients did it it's not an automatic move to get into your forever home but it takes a series of steps to get to the goal of owning your own property even if you think you are meant to rent forever you may not after watching this video Aloha I'm Jill Ward with Century 21 Island homes and I want to share with you how two local kids were able to buy their own single family home one of the best things I get to do is to watch buyers invest in themselves and their future by investing in property I want to share with you the story of the leaves so that you can see you can get into your own property too today the leaves own their own single-family home in makakilo they are thrilled to have the space that they need for their family in a location that they love prior to owning their own home the challenge the leaves faced was the fact they were a normal dual working couple who wanted to purchase so where did they start did they start in their single family home no they did not being a renter means that you are paying someone else's mortgage so it's hard to put that money away but you have to start somewhere Mr Lee started putting money away little by little he knew that to get a conventional loan he'd probably need 10 down for his first purchase so we started Saving Mr Lee knew that he could not start with a single family home but he understood his starter home would probably be a condo he saved about forty thousand dollars over time and bought a condo for a little bit less than four hundred thousand dollars in June of 2019.
Over the next year and a half Mr Lee continually made his payments and started building equity in his condo in addition the value of his condo went up over 25 percent in two years the lease had a child and hoped for more space so they decided to put their condo up for sale and it sold for five hundred and ten thousand dollars before they listed I advised them that in order to buy again they were going to have to sell their condominium rent somewhere else temporarily so that they could go shopping with cash in hand in the interim they rented a condo in town until their dream home in their dream neighborhood became available when that home came on the market they were able to make an immediate offer with a significant down payment by buying their condo first and letting it appreciate they were eventually able to buy a single family home in the Kapolei area they did not go from renting straight into single-family home ownership they took the intermediary step of buying that condo and letting that condo appreciate so that they had the funds to buy their single family home so the main thing here was that my client was able to go from renter to condo owner to single-family homeowner the process was taking one step at a time and they took my advice of how to move forward during each step renting in town was not easy or fun for them but it is what they needed to do to put them in the best position to buy that home we had quite a few challenges along the way during this transaction but with communication teamwork and negotiation it all worked out so the next time someone tells you you can't be a homeowner please know that it's still possible there are special loans and first-time homebuyer programs out there that that can help you achieve the goal of getting your own place your first property may be a condominium and then a few years later you can buy a home but you have to start somewhere just like the lease that's exactly what we did my husband and I started by buying a condo in Kaneohe and eventually moved our way to a single family home in Kailua just like the leaves and just like me you could do it too it just takes long-term planning and I'm here to help you with that if you find yourself or if you know of someone in a similar situation that I can help please reach out to let me know thank you for watching please feel free to like And subscribe to this channel I'm Jill Ward with Century 21 Island homes aloha [Music]
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