What we did in Hawaii.....or still do!

[Azlina Harun]

Investment Info:

Single-family residence buy & hold investment.

We still own and operate this as a vacation rental and event venue....been at that for 15 years or so.

What made you interested in investing in this type of deal?

My husband purchased it as a main residence.

How did you find this deal and how did you negotiate it?

Ratail price, traditional mortgage.

How did you add value to the deal?

Develop the vacation rental business and eventually added the event hosting portion.

What was the outcome?

Three other properties surrounding this property were added to the portfolio. 55-365, 55-369 and 55-373 are now part of the vaction rental offering of Tiki Moon Villas. 55-373 is leased for 10 years, with an option to buy. It has been a fantastic business.

Lessons learned? Challenges?

Lessons - Honolulu county is politically hostile toward the vacation rental business. It is challenging to conduct business in this environment.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not on this deal. If you need an agent here on Oahu, I highly recommend Dave Moyer.

[Colby Hanley]

@Robert Koncal I think the confusion is that this is two different islands so different County's and zoning rules apply. You can now have two ADU in Maui county, they changed this code last year. Each island has there own rules on it, lot size and zoning can also affect the number of ADU you are allowed here in Maui county.