All Forum Posts by: Bryan Vukelich

Some great info here - thank you all for sharing.  

Hi,

I have clients under contract to buy and occupy a single family home on O'ahu that has six individuals living in it on a lease.  My clients keep getting rejected for property insurance as insurance companies say they will only insure if 2 or less tenants are also living in the home.  If you know of any insurance company who may offer insurance given this situation, I'd love a referral.  Many thanks 

 Aloha Andrew - happy to help.   Hope life and biz is going well for you.  

 Hi Craig,

I'd recommend Bank of Hawaii - it is the largest bank on the islands, and have a long traditional of being a solid, conservative bank.  I bank with them and have been happy with their service. For the branch at Lihue, on Kauai, the phone number is:  (808) 245-6761

Another option is American Savings Bank - (800) 272-2566

If I can serve you in any way, contact me at any time.  

 Hi Marinta,

For a 2 BR unit at Beach Villas @ Ko'olina, here are some expenses:

Monthly AOAO Dues:  Approximately $2200/mo and it includes:  Cable TV, Internet Service, Other Common Expenses, Sewer, Water

Electricity:  Varies but I'd estimate $200-$300/mo.

Property taxes:  Around $2k/mo

Cleaning:  Around $200 per clean

Maintenance - minimal as units are very well maintained.  

I have a 2023 income statement for a 3 BR where the unit grossed about $255k and owner netted about $104k.  Message me if you'd like to see it. 

For a 1 BR at Kuilima Ests at Turtle Bay:

Monthly AOAO Dues: Approximately $750/mo and it includes:

Other Common Expenses, Cable TV, Sewer, Water

Electricity: Varies but I'd estimate $100-$250/mo.

Property taxes: Around $550/mo

Cleaning: Around $200 per clean

Maintenance - minimal for any undated unit. I have a handyman that charges $75/hr for labor.  

And please note, you'll also have to pay GET, TAT, OTAT taxes if operating a vacation rental.  Total rate is 17.75%.

Happy to answer any other questions you have,

Big mahalo Andrew - we'll be in touch at some point in the coming days.  Hope all is well with you 

 Big Mahalo Andrew for the support.  Hope life and business is going well for you.  

Hi Tiffany, I have clients who own at Marine Surf and are happy with their unit and the building. A couple great things are that almost all units have full kitchens so you can get the best financing terms, and that the units come with parking. Plus, with a great central location, it is one of the more popular STR buildings in Waikiki. Please note, units have to be registered (then renewal annually) with the Department of Planning and Permitting in order to be operated as legal vacation rentals.

If you have any other questions, please don't hesitate to contact me - I'm here to serve.  

Also, we just launched a new vacation rental management division with the goal of offering owners and guests, consistently superlative service.  If you decide to acquire a property on O'ahu and need management, I'm happy to chat.  

Quote from @Jason Eisert:

I am the owner of a 10,000 sqft luxury mansion in Hawaii that I have spent the past two years renovating and managing. We've found that the property is perfect for large families, yoga retreats, and corporate groups. Despite offering almost every amenity for an ideal vacation, my efforts to increase bookings through more than ten non-exclusive agreements with local property managers and continuous outreach to travel agents have not been fruitful. You can view the listing here: https://www.airbnb.com/rooms/739311990337556133.

I am seeking advice on more effective marketing strategies to enhance visibility and drive bookings for this unique place... It's got a large cost per night and our target demographic isn't "cookie cutter" like most listings. If anyone has insights, experiences, or can recommend specific platforms or techniques beneficial for marketing unique luxury vacation rentals, your guidance would be highly appreciated.

Thank you for sharing your expertise!

 Hi Jason, Congrats on owning such a beautiful property on the Big Island.   I completely agree with @Lauren Kormylo about cover pic.  And for a property of that caliber, I highly recommend you spend the money on a professional photographer for high quality and artistic photos.  You have some great pics already but a bunch of the photos would "pop" much more if they were properly lite as well as proper vertical lines.  And perhaps also do a video tour like this?  I've have had property managers tell me the video tours are of value to them. 

I also agree with others on creating own marketing/booking site for the property and to do target marketing.  Also, I used to work with Hawaii Life - they are very successful with the higher end market in Hawaii both with sales and property management.  Maybe you can find a way to partner with them to market your property?

Perhaps also reach out to production companies who might want to use the home for music videos, commercials, television shows or movies.