Live from my computer with Jodie Tanga!!

Right do a red switch on the search protector right there. What's up guys? So we had some technical difficulties So it took a little while to get this going Jody Tonga is making us look better. There we go. We got our lights turned on in the studio Kenji's not here today as you might guess if you are a regular He is in Japan. And so this week. Yeah. Yeah, so this weekend actually We'll just be coming to your live ---- from computer or the phone or something just like this so as people jump in and Whatnot ask your questions, but I'm Jody Tonga from Pacific Rim mortgage here who was noticed in the wild. Yeah. Yeah By one of our clients One of our watches of the channel What a rage you said rates went up slightly and you were telling me why so what's going on with that? So well Basically, we thought we were getting close to a peace deal Iran yes, and Everything was like it's happening. It's happening. It's happening. It's happening. And then the ceasefire got breached supposedly by Israel and the u.s. And now Iran is saying We're closing the street from her moves indefinitely. So I do a good job of protecting my peace and not paying attention to the news very much I get most informed because I learn about things as typically as they relate to our Dealings, you know, what are what are interest rate? How are interest rates and the markets reacting to whatever Trump in? the world's doing Occasionally I get in some little online debate with a friend or exchange or whatnot, but for the most part I don't pay attention We had a peace deal brokered and then we when we breached it and bombed you well No, it was we were getting close to a peace deal. Oh So not necessarily a breach fire a ceasefire. We had a ceasefire. Yes Established. Yes. Okay, and supposedly both Israel and the u.s. Breached okay, and So now Iran is like we're just not negotiating anymore We're not in talks and so I in talks even we only responded by going up in a yeah So I again I've said that given this example, but I give it again in the short version Put me in a coma when Biden's still president wake me up. What is how many months later, but I wake me up today Tell me that Trump's the president and all these things have happened since and just recently The ceasefire was established and then we breached it etc I think rates are at 7% plus if that's the case and you say so, what do you think rates are? You just woke up from the coma. What do you think rates are? I'm like 7.5 We are so that what are we at? Five nine five nine nine beer. Yeah and Conventional is like six three six three between six point three seven five is it? Okay All right We have a question already Jodi. Do you want to write my VA loan for a house in New Hampshire? Is that even possible? I do want to But we can't yet. Okay, so we're working on it. It's in the works and we're you know, Derek Tonga and I have Used to be like the way that works with the it's not that she's not capable from a skill standpoint It's like a licensing and state-to-state thing and you know banking versus brokerage, etc Without explaining all that you used to be able to yeah. Yeah. Yeah, you guys used to have a banking arm That's what Derek had his banking. Yeah. Yeah, we had a banking arm and I want to bring that back And Derek Tonga is on the fence Yeah. Yeah, so but Just this year had opportunities 10 10 10 deal 11 11 if we count you So yeah, we want to be able to do it and what it's gonna happen more and more because we work so heavily within VA and A lot of our VA buyers want us to do their loan wherever wherever they're moving to so gotcha Yeah, it's in the works. My goal is in the next three months Derek's goal Derek Tonga is more like Maybe by the end of the year. Yeah. Yeah, so I could see I can see why it's good It's good to both think aspirationally and expansion and big and do more, you know Grow grow grow and then it's also good to have a throttle So that's a good I don't know all the details of that conversation, but it's a good one good internal one that they're having Mr. Jazzy says Pucca Lolo pirate cheers from Disneyland Are you does that mean you are on Pirates of the Caribbean? You say Caribbean or Caribbean? I say Caribbean me, too All right, so the Caribbean no, I say both, you know, it's like if you're going to the Caribbean But that ride is Pirates of the Caribbean Pirates of the Yeah Yeah, it's Pirates of the Caribbean that's the ride Yeah, yeah, how do you guys say it on on out in YouTube world HM says I hope it works out for you grow the business He's a few months away. Yes. She's right. No, I just in the same time zone She yeah, yeah. Yeah. All right. There's a bunch of you guys in here. So leave us some questions and comments We don't have Kenji queued up to give us our visuals and run the banners across the screen and do all that fancy stuff Shoutouts the there's this person Kiki who had reached out to us and is so Animate on getting a place. And so the bird is so adamant that I figured I would say shout out to Kiki And we've just had it we had in our business we continue to get a lot of listing Calls and appointments a lot of people want to sell right now We continue to do buyers so it's a pretty healthy year thus far a decent amount of them aren't easy. I Blame that on my hand Aiden and Kenny not on me, but yeah decent amount of them things have come up and it's they're just Complicated deals not all of them, but some of them How are you guys because I know I feel like we had a conversation a couple months ago saying you Acknowledging that you started the year fairly strong and I was like, did you expect that and back and forth? Are you continuing to be pretty active across all your different clients? Yeah We're steady Steady. Yeah, which I think is That's one of our strengths is that we're steady. We know what we can expect and then there's gonna be Little Waves of like mass craziness, you know, but for the most part we Are good. We're steady. We're happy with where we are. Yeah. Yeah, I would say same I was There was a couple months ago. I was a month ago or something. It was April Yeah about a month ago was it was kind of insane, but now we're we're good Yeah, we actually not too bad. We could probably use a few more clients And we have for the most part. All of our listings are moving as well, too We do have one Waikiki short-term that we still need to move So if anyone is looking for a short-term rental and like the key and an Airbnb able studio Reach out to us Yeah, she's right. No, I just in the same time zone a lot from San Diego Michael Lara Oh, yeah, who was it was able to meet at our open house About a month ago or so as well What else why is it I have less topics you'd because Kenji's money. Oh I know yeah, you know We don't have a Kenji's fancy stuff today. So if the audio is not cetera That's why but a lot of times when I do these I end up getting more engagement from the people Watching so crystal work says cheers from Texas and Mahalo Derek for your Oahu Island videos recently went back with the family To visit and stayed Makaha The car car I know cafe was on point. Oh, yeah, that place is good Kenji actually is a person who told me about that place, but it's yeah, it's good. It's good. You know about that Do you know and why and I they have a little like clinic hospital thing? But why I'm comprehensive the cafe at the top of the hill is good. Wow Wow, and it only people on the west side kind of know about it you'd never go there, but Kenji took me there. I was like, oh wow, and then I've met people from why and I who watched the wine I video And they're like, you know How are you? I'm surprised you know about that. Yeah. How do can't you know about it? He's from the Westside Kenji He knows things. Yeah. Yeah, I don't know Kenji knows things and those a lot of people. Yeah, I would say Cool that they went there that is cool that they went there. I'll share it says nothing that this has little to do maybe Maybe you could help them But we have a friend and I have a guy we train jujitsu with and he's his question was did they have Hawaiian homestead says at least hold house and Hawaiian homestead and The dad wants to transfer it to him. They actually transferred the title, but not at all Okay Divorces, you know things of that nature Now he wants to move the loan to his name because he's like, yeah, it's just cleaner with my dad passes It's better for the home to be it's like 3% And so he's like, you know when it only and did all the stuff and he's like brah How come he's basically? How come the lender makes money? I'm like, yeah, you want to work for free? He's like I never know and he's like and you know, they're telling me to take out an additional hundred thousand We only owe 130. They're telling me to do like 230 so that I can fix up the house what do you guys think we should do and Here's my advice to the guy just so to give you guys some real estate advice. Oh Mr. Jasri, don't don't need to send us money. In fact, I'm not even sure where that money goes I think it might be hooked up to Kenji's account Well, yeah, thank you, thank you, thank you Yeah, so So he's like, what do you think I should do and here's my advice is just to give you guys some like real estate Planning advice that's broad in general not specific to you. It's not advice It's just sorry about a friend, but here's my advice to the guy don't take out any additional debt against your home Save you got you and your wife make good money if you want to Redo the whatever Don't take any additional debt out Develop a trust so that that ambiguity of What's gonna happen when dad passes? Whatever is taking care of via the trust Keep the loan party to that is keep the loan in your dad's name because if he doesn't need his qualifications Then just keep paying at 3% don't increase to 6% whatever today. So no new debt So I keep them the loan in your dad's name get a trust read Rich Dad Poor Dad, those are my three Pieces of advice for the guy and They're gonna stay in Hawaiian homestead, they're not gonna buy a new home And so the conversations we normally have in this channel, all right, it's a different thing for them but uh why do you think that that person trying to do the loan for him is just like 130,000 I don't even want to do that though. At least make it 230,000 Cuz then they make a little more. No, no, it's Not a big difference. No, it's not a big difference. I think it's purely like You're gonna do this major thing this major transaction. Yeah The house does need Cosmetic upgrades slash repairs. You already know you need a new roof. For example You might as well just get the funding for it Maybe not a hundred K right, but guess I'm gonna take out a hundred K Yeah, yeah, but maybe maybe an amount of money. Yeah to do the repairs To me that makes sense If you're gonna do it, um, I would also just stick with a 3% Yeah, right and maybe if you need to do a home equity line of credit, here's the thing they make good money So they said they have the ability to save do they already have enough to do the repairs? I didn't ask him what his savings were it just was I know a lot of people that make up money and they Don't have savings. Yeah. Well all the more reason for you to not take out that well If you make no money, but you have no money because you can easily make the monthly payment That's the thing for some people and I'm not saying All debt and just be fine with having debt I'm saying for a purpose it makes sense I get it and rich dad poor dad will teach him that how to use debt wisely but for my thing if you You and anyone else if you make good money, but you have no money. I'm not Like, you know Mark Cuban. I'm broke. I own nothing. I just control assets. That's a different type. I have no money If you truly don't have money even though you make good money, that means you have a hole in your pocket and I Don't want you to take on a ton more debt. I don't and so before even before you buy the house. I want you to Make a budget do a spreadsheet develop some, you know Have some plans and and change your behavior and your financial hygiene a little bit for this brada Just principally the safer thing is don't take out the debt Yeah When you already own the house like don't leverage against the home if you don't have to and so I'd rather them adjust his habits To save for the roof. Yeah, I would rather to like I think 80% of people don't have like a itemized budget. I know and I Didn't for a long you do. I do now right and it's Been very helpful for me and Shane my husband to really understand what We're spending money on It is a better way to be I just don't have it So that amongst over a whole easy money Mr. Jazzy says I watched the bug video was funny. My wife's dad lives in Honolulu, I think but wants to move to Kauai Crystal says we went twice amazing spot and the small hike behind was fun, too Oh, she's referring to kaha in a cafe even for elderly dad watch Probably that watch a lot of your videos to plan our trip. I haven't changed a lot since we left in 98 Patrick says aloha from my pahu. Can you explain the difference between buying a second home or vacation home? versus an investment property requirements and restrictions for both Better question for Jody. Yeah, so Interestingly enough for Hawaii If you already own a home you cannot buy a second home on the same island, so it's either Your second home cannot be right across the street, right? Yeah, so it's that won't fly It just will not fly if you're buying on a neighbor island totally fine and you can follow second home rules Is there like a 50 mile radius thing or is it? It's it's a county thing. It's a hundred miles. Okay, so and the the reality The benefit the main benefit to buying second home is that you get to put 10% down only Instead of with investment you need at least 20% down So if you're like no, I need to I wanted to buy another property on Oahu Then it's gonna either be you buy it you move into it and you you Depart your current residence, which then you're doing another primary residence purchase which oftentimes works for many people or you buy an investment of property if you're gonna stay on Oahu, which is gonna be minimum 20% down and Then if you're buying neighbor islands, then you can do second home purchase and then it's minimum 10% down Interest rates for the two nowadays are similar. Very similar, which it didn't used to be. Right, right. So very similar Interest rate. It's just the down payment difference. And then also when you're buying an investment property We get to use the potential rent of the property to help for qualifications when you're buying a second home Devon I believe it says maybe Devin Devon says what's considered quotes good money Good question. I kind of thought that as I was saying it this person makes about a hundred twenty thousand a year, however Also has a very low As very minimal expenses now, actually, I don't know about their vehicles. They probably have more than They're probably not the most frugal in their vehicles But in terms of their living because they live in Hawaiian homestead that was bought a long time ago, etc Their housing cost is very low. So a hundred twenty thousand might Be you know decent amount of money for someone who owns a home free and clear Versus might just not be enough for someone who needs to is starting at zero in Hawaii. That's a good question Aloha from Ewa Beach says beat the drop So little monster brush says I'm the opposite I make not enough money But get some saved up in savings Roth 457 that means you budget well, yeah, and you execute you and your Roth you know what you what have you bought etc, and is it a Roth IRA a Roth 401. There's a there's a rock 403 B. I don't know Never seen one of those. I think it's just a Roth or a Roth IRA. There's a Roth IRA and a Roth 401, right? Your Roth 401k. Yeah, it's been a while since I've been an employee That's just what just the Roth I had a 403 B when I worked at the hospital, but it was not a Roth And it was it's it's a little unsettling because it was Vanguard and I was like, oh, I like this platform I like the login. I was just used to it. It's like you're used to using you know I don't know whatever website and then they sold the whole or they moved it all to Fidelity and I was like, ah a different login first world problems Patrick says Wow didn't know that. Thank you. Very useful Very useful HM. Wow. I never heard of that rule before. What if you want your beach house and your country house? Yeah, so then it has to be You know a lot of people will do Departing residence. So if you already own, you know a property in Honolulu and Then you're gonna buy a property out in wine. I then you'll have to depart and occupy And then you can do primary residence purchase where you can do 5% down. Yeah, but you got to do the departure and Live there minimum 12 months and then after that what you do with the properties after that that's up to you to be fair live there For greater than six months for a minimum of 12 months, right? Like that on paper 12 months on paper, but does that mean like if you go to Europe for four months, they're not gonna ding you right, right? So if you stay in your town condo for 5.5 of those 12 months You do what you like the the country house was still your main house Yeah, get everything mailed to the sketchy law get everything mailed to the new address change your driver's license to the new address All that stuff. Yeah, like we don't want mail going to the the departing residence the house that you left We will never encourage you to do any sort of mortgage fraud, etc. However, I have known some clients that I learned I Maybe felt like in hindsight they may have done things in ways that we would not otherwise Yes, I've known some clients in hindsight as well. Yeah Beat the drop how often do you use IRL for VA home loans and how effective are they a recommendation to VA home loans or no The IRL is the cap on the interest rate thing, right? Not the cap. It's just the interest rate Refinance reduction loan. It's just the refund. Oh, it's the streamline refund. Yeah There's another known I say I get my military acronyms mix up. There's another One that someone presented to me. They're like, you know that as active-duty our loans can never be above X I went and looked into it. He was he wasn't right. Yeah I was like doesn't sound right. There is this thing where it's it's a recruiting tool basically where if you have Outstanding debt and credit issues, but like the army really needs people. Yeah, no offense to my army people But I just probably army first on this one but uh There is this thing where they you can as you're joining and in your first six months of service. I think it said They can reduce all your debt down to like no more than six and a half percent But that means like you would have you had a credit card at 15% and now you call say look I just joined the army You got to make it six and a half tops or whatever that is a thing but It is not that like today's rates are 8% and you get to go into Your lender or the bank and say well, you know, mine's gonna be six and a half tops. That's not how that works but In terms of the Earl as a tool it gets utilized all the time. It's a huge benefit I would strongly recommend that you do take advantage of it Depending on how long you're gonna own the property So if like you're selling in a year Who cares if rates if you're in a if you're at a six and reach drop down to a five But you're selling in 12 months. We're probably not going to recommend that you that you take advantage of it So there's just you know Standard cost-benefit analysis to make sure that it makes sense because there are costs associated with the streamline refinance Less than a normal refinance, right? Yeah less than a normal refined no appraisal You don't need to get me your LES or your pay stubs or your tax returns bank statements. I don't need any of that it's very streamlined and almost everyone that Owns if rates go down We'll take advantage of it. Yeah, as long as you're gonna own the property for a certain period of time I would say at least two years if it dropped in some crazy way like September 11th happens tomorrow. I know we're 2% tomorrow We don't know how long that's gonna last and you're gonna sell in six months It could be that the math still makes sense not to do it because you were at six and now it's two This is an unrealistic scenario. We're not gonna happen. I'd probably still do it just in case you want to keep it Just in case things change and then you want to do an assumption and offer your home as a VA assumption There's different reasons why that could make sense for you But in most more realistic scenarios you want a little bit of runway if you're gonna do it to make sense and there's a math Equation to that but it also has to do it Intangibles like like when are you gonna move? How's your marriage doing things like that? I have to actually run off to go to a sign Yeah, let's let's finish Confirmation. So yes, you have Patrick you absolutely could rent out your first home So Patrick says so if I purchased another primary residence on Oahu moved there I could rent out my first home to then go get in the second one. And that's basically what you just explained Okay, HM said he has to run and he didn't have money for either was his academic joking And then let's get to Mimi's question before we take off a lot not related to real estate But with but which medical plan is popular and Oahu. Does Kaiser have good service with competitive rates? Great question there are two major HMOs are Hawaii Pacific Health, so that's straw polymony Kapi'olani And then Kaiser those are the two major HMOs the HMSA Which will get you can use at Queens and there's there's different types of HMSA. I'm not a medical insurance expert but HMSA is like our state sponsored insurance plan and I'll say majority of people aim and seek to go to Some sort of Hawaii Pacific Health, which is again polymony straw Kapi'olani some type of Hawaii Pacific Health facility or Kaiser Kaiser's a popular employer sponsored plan and Hope there might be places where Kaiser is not seen as as good. It's like good if you have a Yes, yeah, I live there and so it might be good if you have a cold not so good if you need a surgery I don't think I believe that to be the truth here. I say show me the incentive. I'll show you the outcome Yeah So you're one of the best doctors in the world and you move to Oahu because you like the beach or whatever And you want to help people? But where do you get paid the most? Kaiser's up there, you know, but I know of a physician that moved here and works for Queens and it's doing It was offered a really attractive pay package Queens is like our county hospital system. It's like Boston, Mass Massachusetts General Boston General Oakland General Hospital or something That's Queens health here. And so a lot of high-level stuff happens there because it's our level one trauma center So heart attack brain bleed, whatever you go there There's someone who can take care of it because it's level one trauma And so you might be a Kaiser or Hawaii Pacific Health and have to go through the Queen system anyways, if things are You know dire enough We are pretty limited. That's an interesting good question. I used to work in health care So I know a little about it Jodi sees these things on people's finances And we have I like we have Kaiser yeah guys and Derek and Lisa have The other one way Pacific and so like Derek and Lisa gets a you know, they research their doctors and they they like decide where they're gonna go for certain things and You know, I think that there are a little bit more options With Hawaii Pacific Health sure Kaiser is one. I mean they have a couple clinics but in terms of big hospital buildings But they're no there's tons they have clinics and they have tons of big hospital Oh, yeah, there's just one big straw right And there's there so there's like, you know you could Depending on where you're gonna be on the given day Like you can be like no, I want to go to this clinic, but I want to go to that clinic And everything's under one umbrella So if you want to go you have to like go to your doctor first and then they have to say like yes I think you should go to the ear nose and throat doctor So they need to like refer you and then the ENT will reach out to you for an appointment there Like but everything has to start with like I can't just be like I know for a fact that I need to see an ENT So I want to call you and say can I come in? Tomorrow because I really need to come in like or my kids need to come in or whatever. Everything has to be Through the certain channels to like end up where you need to end up. That's with Kaiser. That's a little bit irritating Yeah, well Kaiser is both the provider and the insurer HMO and if If you have a HMSA through the state like my wife has a government job And so then she has HMSA and then we choose white Pacific Health the people at Hawaii Pacific Health Don't care that I'm like Exhausting my insurance. In fact, they welcome it the people at Kaiser. They show me the incentive. I'll show you the outcome They're tied into the system. That's like the doctor telling the doctors don't spend all our money Yeah, there's I do get that sense of like with Kaiser where I told Shane reality Yeah, I told Shane my husband. I'm like next year. Let's try the other plan You know and he's like, but we've both we've been there since we were literally born Yes, it's a hassle to move at Kaiser. Yeah, since we were born and then I Are have been there now since they were born and so he was like, I don't switch but then I'm like I think it might be better. I don't I don't know though. That's all right I mean like we have to run but Jody what's the can you answer this last question? Would you guys recommend Hyundai Marine and fire insurance with Hawaii hurricane for home insurance? Oh your kangaroo, I Don't know enough About that. We typically recommend their mutual and all state Those are our two that we research and then if depending on the age of the house structure construction, etc then we would we would broker out to Mutual underwriters those are like our three main insurance companies So I would have to research that and then we have a couple state farm connects. I have Sometimes usually the strictest like certain routines for hurricane or for general general No, I think we've had state farm do ones that other people wouldn't do. Oh, really depends and then What else I say, I don't know Yeah, I never my but it's more of an insurance person question. My sister-in-law is an insurance person. And so That's who else I recommend to like they It makes it easy for me as I give her the stuff my wife handles it we pay but she knows a lot So that's what that's who I recommend. So it just depends. All right guys. See you on the next one God, we finally got this one working. Thank you for joining us today