All Forum Posts by: Barry L Hohstadt

@Ibn Abney  my plans were based on being there, so now that my move is delayed I am kind of in a holding pattern. We'll be visiting my in-laws in Kona later this year so I am planning to visit some property managers and realtors to get a first hand account.

Thanks!

Hi Catherine, thanks for jumping in on this thread. Our move to the Island has unfortunately been delayed due to some medical and cash flow issues but I am still keeping an eye on investing there and moving in a couple years now. That 35% property management fee sounds like it could put a property in the red every month so it may not work out to invest from the mainland. I am also considering the Hilo side to get a foot on the island.

Thanks for your great information.

I am taking a Real Estate Investing class online from a local community college. It is an inexpensive way to get guided lessons from a Real Estate Pro. All of the information on BP can be quite overwhelming for a newbie, so this class is a great way to start out. Just a suggestion if you have never thought about it. I am about half way through and really enjoying it. The one I am taking is here, but I am sure many colleges offer something like it. 

Thanks @Luke Carl

I checked out Everbooked and they do have a lot of info for free. I could drill down to my target area, rental size (eg. 1brm condo) , and get various figures on occupancy, rates and dial it to monthly data. Worth checking out for sure.

@Tiffany Shan thank you for starting this thread, it is a critical subject for those of us chasing VR market. I did a MASHVISOR demo the other day and of course it all looks very impressive but I have not tried using it in the real world, so I am glad to get these insights from all of you. 

I have read a lot about people who study the booking calendars of "similar" properties to determine vacancy rates, but this seem really tedious and uncertain since you do not know what the VR owners goals are (simply paying for their vacation home or seriously working the market?). Talking to property managers sounds good but could they be biased if they are thinking to get your business? 

@Luke Carl would you mind giving us a summary of your methodology? 

@Andrew Postell thanks Andrew, based on this information it sounds like BRRR may be too risky for me because of this, unless I could line up the portfolio/commercial loan to begin with instead of using OPM. Sounds like a real challenge though and makes me wonder if I can even build a rental portfolio. At age 58 it is a real concern because I do not have 7 years to wait. This could shift my focus to flipping but I really wanted to start building income for retirement.

Here is a scenario I am thinking about if possible: 

Probably not qualified for traditional financing because of completing Ch13 within the past year, a FICO in the low 600's and possibly not employed because of working full time doing a rehab. But suppose I am doing the Rehab with hard money or OPM. Once the Rehab is complete and a renter is in place, would it be easier for me to get the tradition financing for the property?

Thanks!

Welcome to the community! My wife and I are moving to Kona in six month or so (her father is a long time resident) and planning to invest there. With low inventory and high prices it looks like a tough nut to crack but we are looking forward to the challenge. There are very few Hawaii investors on BP so I am glad to meet you. Aloha.

@Ben Hooper I have the same questions and additionally would like to see more information on VR analysis. 

Kyle that is fascinating, and  I am thinking pretty unique. Thanks for sharing.