Buying Multi Family on Oahu With VA Loan

[Ryan Beetham]

I am AD Army and moved to Oahu five months ago. I am currently renting, but have been searching every day for a multi family home that I can purchase with my VA loan. I'm trying to be patient and wait for the right home to buy since I am looking for homes in the $1.2-2.0 million range. The problem is that I can't seem to find the "right" house for me and my family. Either the home is in rough condition, it's in a bad neighborhood, or the rent being collected pays for the mortgage, taxes and insurance, but doesn't cash flow. Based on my research, buying real estate in Hawaii is a long term investment that you cash in on when you sell. Even if you're not getting positive cash flow, the big payoff is in appreciation. Am I right? Maybe I need to loosen my requirements.

Is there a good resource for off market deals, or should I expect to pay a premium for any good RE investment here? Thank you