Investing in Hawaii

[Sylvia Randal]

I am new and learning real estate. Can anyone tell me if you have invested in the state of Hawaiii? I found a condo unit in Maui, for sale by motivated owner, and it seems like a great deal.

Appreciate advise

[Jeremy Baker]

No problem @Vangie Gal , I'll be happy to share. We bought our condo in the Kihe Kai Nani complex in Kihei, right across the street from Kamaole II beach. We were lucky as prices were down and the couple we bought from was going through a divorce so they were very motivated to sell. We got the condo for $215K and didn't have to put any more $ into it immediately. Since then we've made some minor upgrades, paint, furniture, etc...

We do rent only as a vacation rental and have been 89 - 91% occupancy rate since we've own it. The first year we were just under $2K cash flow and last year we were just under $3K positive cash flow.

HOA dues are high there and ours is a shade under $500/month and includes everything but electric and phone. Our HOA is great and has a great track record.

We would love to invest in another vacation rental there, but prices have really jumped and would be tough to be cash flow positive unless you put down a large down payment or paid cash which we are not looking to do.

Feel free to ask anymore questions and I'll be happy to help any way I can.