Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago,

User Stats

45
Posts
10
Votes
Ryan O'Leary
  • Texas
10
Votes |
45
Posts

Hawaii Condo Investment decision

Ryan O'Leary
  • Texas
Posted

Hello BiggerPockets community! I joined about a month ago after I purchased my first investment while stationed here in Oahu. It's a 3 bed 3 bath condo in Ewa Beach, HI that I'm living in while renting out a room to a young military couple (all utilities included). 

My question is whether or not to hold onto this property after I leave here in May 2021.... I'm tracking on trying to get cash flow every month (after putting money aside for repairs, big projects, etc) with rental properties but I don't think it will be possible with my condo after I leave, especially with the hefty condo association fees and paying a property manager. Should I be okay with paying a mini car payment (approx $100-300/month) once I leave, which would be the leftover expenses from the new incoming tenants' rent, paying a property manager, covering the mortgage, and still covering HOA fees?

These condos have been going up 5-6% every year, so I was wondering if either 

1. hang on to it, pay the $100-300/month when I leave and use the income from my current tenants as a down payment on my next investment wherever I'm stationed next. Possibly sell it in 6 years rather than 3. 

2. Sell once I leave, use the 1031 exchange and buy a bigger 3-5 unit complex at my next location and put 50-75k into renovations, while living in one of the units. (Wouldn't know where I'm going til 2020, but would most likely buy).

I know it's a lot of information, but I'm thinking ahead for the next 3 years. I appreciate any and all feedback from the community. Thanks again!

Loading replies...