All Forum Posts by: Dominik Makaneole

If 40K is what your numbers are telling you stick with it. In my area I have seen foreclosures drop in price 10K a month and then it does a massive drop in price after a couple of months like $100K. The medium price in my are is about $500K on a 3bed house. Just witnessed a REO start its bid at $275K and there were no takers.

@Justin Ellis I haven't pulled the trigger on a STR yet. But on paper they look very promising. I'm of course making assumptions on vacancy rates and variable expenses.

There's a law suit going on currently with owners of VR's that had their permits revoked due to late filling's.  I'm keeping an eye on it.  The county is actively trying to find illegal vacation rentals and are taking aggressive steps to counter their operations such as $10K a day fines.  County  council is trying to pass laws that allow the county to take possession of properties that are behind on fees. At $10K a day that wouldn't take long.  If you are thinking of converting a long term rental to a vacation rental... forget it.  The county will never approve your request.  Your best choice is to stick to the areas designated as vacation designated areas and bypass the permitting process all together.

According to the county there is a 1-10 ratio VR to LT housing.

Self help housing projects continue to expand on the island which helps relax pressures on investment properties. Self help housing is breaking ground on a new project on the east side approx 67 units.  The county is finishing a apartment complex for low income on the south side as well.

@Tommy Sowell Hope you all is well, sorry to hear about your stroke.  

I'm looking at vacation rentals on Kauai because it makes sense on paper.  Although I know I'm not fully aware of the risks involved.  I have several long term rentals on Kauai so I'm at least vaguely familiar with some of the risk.

Again, I hope you are doing better.

Oh man, That just put a smile on my face. I've been reading threads regarding STR for a few hours now and I was getting a bit sleepy. This woke me back up. hahaha.

Have you looked at buying vacation rentals in areas you like to visit?  with the ability to put large down payments down.  I'm sure you could hit a number that would make them cash flow and when you vacation there.  mm. mmm.  I mean when you check on your property its a business expense.

Oh man.. When I saw your thread I thought you were talking about your age. hahha.  If you're in an area with slow development there are only old buildings for sale.  I'm on an island and there are single walled, tin roof homes that are 40+ years old selling for $350K+ some are going for $500K.  supply and demand.  I wish there were more brick homes in my area that would justify some of the prices I see.  

good stuff.  Your logo is pretty cool as well.

As far as a bank account goes, as long as its joint any one of you can pull the money out as an individual.  I dont really think it matters though.. The bank that will be putting your loan together wont care where the money is coming from as long as its there when you close.

Listen to bigger pockets podcasts while driving with her.  She might start thinking like an investor

double check what your state laws are.  You probably are already familiar with it.  I'm just saying because where I'm at (Hawaii) I have to give my tenant 45 days notice even if they are on a month to month contract.  Don't go with section 8, I believe they require a 1 year lease.  You wont be able to sell your condo anytime soon if you do.

What ever you decide just be honest with the tenant.  Keep open lines of communication with them.