Aloha from Honolulu Hawaii!

Aloha from Honolulu Hawaii!

Investor · Honolulu, HI · Member since 2015 · 28 posts · 8 votes

Hello Bigger Pockets! My name is Kasey Sulheim, 32yrs young, and am from what used to be a small town in Minnesota. For the last twelve years have called the island of Oahu home. First of all I just want to thank all of the people involved in this online community... I am overwhelmed with all of the knowledge and have been lurking a few days just trying to take in what I can. 

With Hawaii being the tourist destination that it is, the thought of vacation rental ownership seems like a smart investment. Buy and hold investments have always interested me. After years of reading all of the Kiyosaki books and a number of other like minded authors, I sat and watched one of my close friends do exactly what I had been reading about all of these year. He just closed on his first deal, a single family home in Hawaii and is making positive cashflow! After seeing him do it, it gave me the motivation to stop "just reading about it" and get off my butt and JUST DO IT! 

Some things I bring to the table: Boots on the ground in Hawaii. It is a long flight and an expensive place to stay so if any investors are interested in property here I would be very excited to get my foot in the door so to speak in any way to get experience. I am a bartender so I mostly work nights so that leave my days free to put time into my real estate biz. Also I have done some light remodeling, mostly bathrooms and tile work. I am very knowledgeable with landscaping "hardscapes" (paver brick patios and driveways/modular block retaining walls and rock walls). I have also done some construction and electrical work(not currently licensed). I have a Hawaii realtors license but is currently inactive.

I have many questions, but I will try to keep it to a few for now. 

1. Is Hawaii the right place to start being that I only make on paper about $50,000 a year and have about $15,000 capital to work with?

2. I met a real estate broker that sell and PM's Waikiki condos as vacation rentals, is that a good place to start or will she just be trying to sell me something?

3. My parents and brothers seem on board to help me look at properties around their areas in Minnesota. Would that be a better market to start in? They live in Chaska MN and seems like it keeps growing and growing every time I go back!

4. Am I asking the right questions?

Thank you for taking the time to read my first post. I look forward making passive income with real estate and hope to help bring some other good people with me along the way!

Kasey Sulheim

1Reply
35 views

Most Popular Reply

Michael BorgerPro Member
Rehabber · San Diego, CA · Member since 2010 · 502 posts · 208 votes
11y

Hi @Kasey Sulheim. Investing in Hawaii is definitely different than other markets, but you don't necessarily need a lot of cash. I started out wholesaling and now flip on Oahu regularly -- rarely using any of my own capital.

I know you mentioned buy and hold as your strategy. While that will be difficult for the most part, if financed traditionally, but don't discount the idea of sandwich leases and other creative financing strategies as a way to get your foot in the door without having a lot of your own cash.

See this reply in the discussion

6 Replies

Jump to latestLatest
  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Kasey Sulheim

     Hi and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and don't forget to set up your Keyword Alerts!

    Given your income and capital, starting REI in Hawaii seems like a high bar to jump. I would say look to Minnesota, maybe taking on one or more family members as on the ground partners.

    Of course that condo selling real estate agent is going to try to sell you something, and it may be a high pressure sell at that. All best in your REI whatever you do.

  • Investor · Honolulu, HI · Member since 2015 · 28 posts · 8 votes
    11y

    Thanks @Larry Fried ! I just figured that if they were to sell me a property that they were also to manage that they would want it to be successful. 

    I have read the beginners guide and am excited to focus that excitement into a productive direction!

  • Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    11y

    Kasey,

    Shoot me a message if you every have any question about B&H (especially condo) investing on Oahu. I am looking at getting back into surfing as my fellow surf buddies have been moving off island as of late, as long as you don't mind a surf newbie, lets hit the south shore this summer! 

  • Michael BorgerPro Member
    Rehabber · San Diego, CA · Member since 2010 · 502 posts · 208 votes
    11y

    Hi @Kasey Sulheim. Investing in Hawaii is definitely different than other markets, but you don't necessarily need a lot of cash. I started out wholesaling and now flip on Oahu regularly -- rarely using any of my own capital.

    I know you mentioned buy and hold as your strategy. While that will be difficult for the most part, if financed traditionally, but don't discount the idea of sandwich leases and other creative financing strategies as a way to get your foot in the door without having a lot of your own cash.

  • Astoria, NY · Member since 2014 · 45 posts · 36 votes
    11y

    Welcome, @Kasey Sulheim! I'm a total newb like you so I can't really help out much, but hopefully we can work together someday.

    @Michael Borger, do you have any tips on how to find qualified tenant-buyers for a sandwich lease? I've located a potential seller, but I'm not sure what to do next.

  • Michael BorgerPro Member
    Rehabber · San Diego, CA · Member since 2010 · 502 posts · 208 votes
    11y

    I actually don't do any landlording right now, but you could just try posting ads on Craigslist for different types of tenants, ex. lease option buyers.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.