All Forum Posts by: Bryan Vukelich

Hi @Billy Walker - I recommend you contact Convectus (cvlending.com).  They have consistently offered the best terms.  Good luck 

Hi @Edward Acker - I also recommend self management.  Waikiki is a great spot for data as there are so many similar units in buildings either managed by the hotel operator, the owner, or a 3rd party management company.  From many conversations with investors and financial statements I've reviewed - a quality, self managed unit will greatly outperform units managed by hotels, and consistently outperform (sometime by significant margins), units managed by 3rd party management companies.  

But I also second the comment by @Collin Hays - best to have a contingency plan in place if self management doesn't work for you.

Wish you well  

Aloha Adhirai,

What type of property are you looking to invest in as your first vacation rental?  I have clients and know other investors who own vacation rentals in Hawai'i and self manage from both East and West Coasts and it was worked out well for them.  Yes, saving the management fee certainly helps the numbers.

To your main question, first, planning and preparation goes a long ways.  I recommend having multiple handymen, plumbers, cleaners, etc. on your vendor list that you can call if an urgent issue arises.  When you are vetting service providers, ask them if they will be able to deal with urgent issues, if they work holidays, do they charge extra etc.  If you have enough vendors on your list, good chance one will be available to quickly deal with the issue.  Worst case, call a 24 hr emergency service provider if they are available in your area.  

However, if your vacation rental is in a condo or townhome, you might be able to find someone onsite or in the neighborhood who will agree to deal with any urgent issues.  I have one client who befriended a person who works in the building that he owns a unit in, to help him if he is ever in need.  So once you decide where to buy, perhaps ask your real estate agent for service provider recommendations, or someone who can serve as a local point of contact, and also network on your own try to find people who can assist you in such an event. 

But since this is will be your first STR and you and your husband both work full time and you have a child, I highly recommend you talk to other STR owners to get a better understanding of what it is like to self manage a unit from long distance so you can determine whether this is the best course of action you want to take.

Wish you luck.  If you have any other questions, I'm happy to be of service to you.  Aloha  

Hi @Keith Allen

As @Kasey Sulheim said, a quality investor friendly realtor is an option. Also, are you familiar with Meetup.com?  Depending on where you live, there might be some real estate investor meetups and in my experience, it is possible to come across deals that way.  But in the past, I've had the best luck calling off market properties and finding owners interested in selling.   

Good luck 

Hi @Elena C. - I work with many vacation rental investors and know one you would likely be happy to chat with you.  Please message me directly and I'll send you his contact info.  

Hi @Matthew Brown - I messaged you directly. Happy to answer any other questions you have. 

Hi @Paul K.

It looks like you've thoroughly thought this out and that you are also getting some good advice from other BP members.  

Throwing my two cents in:

* I agree that if you decided to buy here, plan on selling the unit when you PCS off O'ahu as the most likely outcome unless you want to feed the property.  Depending on type of property, overall real estate historically appreciates on O'ahu from 4.3%-4.7% annually (can be higher in the more desirable neighborhoods) - but obviously no guarantee this will continue.  However. . . 

I'm amazed how strong the market is still on O'ahu despite the higher interest rates. I've had quite a few buyers postpone their goal of buying here because of the higher rates, but I still have many clients looking and I'm still seeing high demand for real estate and multiple offer situations are not uncommon. I just listed a nice 1 BR non-STR unit in the Ala Moana area - seller had multiple offers and is in escrow in under a week. If the deal closes, it will be the highest priced selling unit in the building in over 1 year.

So the market is still very strong despite the higher rates.  And with the lack of inventory, if rates do go down, and there is no major US or global down turn, it seems like demand for housing on Oahu will only increase - thus leading to higher home prices.  

* Also, please note it is very difficult (but not impossible) to find quality off-market opportunities on O'ahu.  I regularly solicit off-market properties hoping to find opportunities for clients but opportunities are few and far between and only very rarely are they "deals."  

* Lastly, if you think you'll likely be here 4+ years, and eventually want to retire here, personally I don't find it that risky to acquire a home here while you are based here.  Based on historical data, you could have a nice chunk of equity by the time you PCS off O'ahu.  

Wish you well and if I can provide you any information to help you with your decision, I am here to serve you.  Good luck 

Hi @Mike Duncan,

I'm on O'ahu, but here are a couple sources that might be of value to you.  First, here is the Hawaii Landlord Tenant Hotline phone number:  (808) 586- 2634.  They have proven to be helpful to me in the past.  

Also, if you click on the link below, on the last row, last column of the page you'll find several real estate attorneys that might be of value to you.  

A'ole Pilikia @David Campbell. Contact me at any time.  

Aloha @David Campbell - you mentioned that the property is in prime location for short/midterm rentals. I'd double check to make sure it is legal to do short term rentals in the building as I am unaware of any legal STR building on O'ahu with an owner occupancy rate that high. My guess is the building is 30 day minimum of rentals.

You're welcome to email me the name of the building and I can let you know for sure.