Looking to Purchase a condo in Honolulu

[Isaac Mogck]

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! 

[Rich Chavez]

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

[Michael Borger]

Hello, @Isaac Mogck - sounds like a decent plan. I'm wrapping up renovations on a 2-bed 2-bath condo in Lakeshore Tower if you're interested, though it may be a bit far from Manoa.

[Paul K.]

I’m in the process of purchasing a condo as well. I have an awesome realtor I’ve been working with, I’ll send you a PM. 

Just a heads up, with HOA fees and current interest rates, I'm looking at closer to a $5000 monthly payment + electric & internet for a $600-650k condo.

[Richard F.]

Aloha,

When purchasing a condo or HOA property here, you need to understand the AOAO/HOA financials inside and out, AND I highly recommend getting your own eyes on the property. There are so many Associations in terrible financial condition, even some of the newer ones. Developers often sandbag the pre-sale maintenance forecasting, then once it's sold out and turned over to the new, and typically inexperienced, Board, they run into serious problems within the first very few years due to inadequate or incomplete planning.

I recommend you check out the resources here:
https://thinktechhawaii.com/tag/condos/

And, consider joining the local chapter of Community Association Institute here:
https://www.caionline.org/Chapters/Pages/Chapter-Detail.aspx...

Both of these have resources to help you learn about how an Association should be operated, and the role that Reserves and their funding plan fulfill. It is common for Boards to defer maintenance or replacement of major elements, in order to keep the monthly fees "low". However, it is their sole job as Directors of the Association to properly maintain ALL common and limited common elements.

[Keena Santos]

Quote from @Paul K.:

I’m in the process of purchasing a condo as well. I have an awesome realtor I’ve been working with, I’ll send you a PM. 

Just a heads up, with HOA fees and current interest rates, I'm looking at closer to a $5000 monthly payment + electric & internet for a $600-650k condo.

 Hi Paul, we are also looking into expanding our investment to Hawaii can you pls share your POC’s? 

[Duc Ong]

@Isaac Mogck That sounds like a solid plan, considering the subsidy. Let me know if I can help!

[Andrew Olmstead]

Quote from @Isaac Mogck:

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! 

[Andrew Olmstead]

Quote from @Andrew Olmstead:

Quote from @Isaac Mogck:

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! 

Check out a live/work unit in Kapolei.  You can do a lockout in the unit and collect rent while also living there.   Very close to UH West Oahu so you might even be able to take a few classes there and greatly reduce commute time.

[Keena Santos]

Quote from @Arthur Hughed:

Still looking? I’m out here! I have a 2bd/1bath short and a couple off market 2bd/1.5bath condos. 

Yes let’s connect!