Looking to Purchase a condo in Honolulu
Hello! I am hoping to find some insight and advice on the Honolulu area. I will also be looking for knowledgeable realtors who know the area well and can guide me in the right direction. Here is my situation. I am hoping to attend the University of Hawaii at Manoa next year. Ideally I'd like to purchase a condo or if possible single family house in the area before moving out in order to attend school. I have successfully completed a few househacks and own a few million dollars in multi family and commercial properties in Michigan and Minnesota. I plan to use my GI bill from going to school to offset the cost of the mortgage of the condo. I believe the monthly allowance is currently around $3,600 per month so I do think I would be able to cover the entire mortgage of a reasonably priced condo and over time would be a big net positive. It seems purchasing and owning a condo that I plan to occupy for the next 4 years will give me a better return than just renting. I look at it as a different way to essentially "Househack" just with uncle Sam footing the bill for the mortgage. I would hope for a bit of appreciation in that 4 year period if I wanted to sell after that period, but the idea would be to hold onto the property for at least a decade.
Are there any local Honolulu realtors very familiar with the condo's in this area that would be open to having a conversation? Am I crazy thinking this is a good idea or would I be better off just renting something and have the flexibility? I've been thinking of doing this for a couple of years so I'd love to hear some others opinions and thoughts! Thanks!
Most Popular Reply
HI Isaac,
Send me a PM and lets talk about your scenario. I currently live in Honolulu as a loan officer and do work with a few realtors that can offer advice on condos in the area.
Rich