All Forum Posts by: Isaac Yoshimori

 no problem Rohin!

We have many people like that here.  Eccentrics who made their million and just come to Kauai to relax and get away.

Everyone is pretty laid back and unassuming here, but your neighbor or person hanging out on the beach could be in the next Movie, Free Music festival, or own a billion dollar company that we frequently use the services or products of. 

@Rohin Dhar

That specifically can be found in the following:

Kauai Tourism Plan Final and 

Executive Summary of Tourism Strategic Plan 2019-2021

Page XIII

#7

I don't think the you have to worry about your recent purchase.  You're lucky to find it.  The next guy may need to worry.

yes sir..  I've been looking.   In Princeville as well.  Thanks for the suggestion

Development on Kauai is indeed difficult.   There's a lack of commercial and industrial land and investing in Buy and holds don't work here unless you are lucky to find a  run-down Multifamily home or a home with illegal rentals.

Hotel and TVR Transient vacation rentals are markets with a high order of difficulty to get into here.  The barriers to entry are evident in the 2018 Kauai Kakou general plan update (2018 Final).  They are actively limiting TVR's, have no longer given out an TVNC (Transient vacation Rental Permits (non-conforming) permits since 2008, I believe it was.  They are seeking to block the ability of the TVNC permit to pass along to the buyer if the property is sold.

In the report it implies that they are relying on the Coco Palms project and another one down the street near Coconut Plantation Market place as the primary source of additional Visitor rooms to satisfy the already limited amount of rooms.  So there is a positive to this seemingly gloomy deal.  I am very leery about it's history of failed investment attempts.  The last investor seem to have been on his way...  but I think all the legal issues with the squatters may have ultimately done him in.

The concern about traffic in the area is a big one too and could derail this project.  If the State should require a road widening this property will lose a building and a lot of parking. 

Wow!  thanks for sharing.  I will ask around locally as well..   it's a fairly small island after all.  Please do let me know if you run across that name.  What a cool story,  then to end up on Kauai Taxiing to St Regis.  You never know what we will find soothing to the soul.  

Aloha,

My Name is Isaac Yoshimori.  I'm from the Island of Kauai in Hawaii, and I'm new to real estate investing.

My background is in Engineering, Electrical and Communications.

Was in Management for many years and retired recently.

I love doing the analysis of properties (BRRRR) especially. I'm in contract on a multifamily property in Tennessee currently but ultimately would like to own a hotel one day.

LOL, Is this too ambitious?

Anyone form a REIT in biggerpockets?

Just yesterday I did an Analysis against Coco Palms resort here on Kauai.  Maybe you've heard of it..  it's where Elvis in Blue Hawaii was filmed.  It has been abandoned since Hurricane Iniki struck Kauai in 1992.   Many investors have come and gone throughout the years.  in my profession we were asked to give a quote on communications upgrades (well new construction pretty much.. there's literally very little to "upgrade" as it sits)

Using an avg room rate, vacancy and opex,  in the area, I was able to value the property at 141M if it was operational. 

With that I thew out the number to the broker to see if  they would send me more info..

Turns out I was pretty close to a professional appraisal and was able to sign an NDA to get more info.

I was way off on the calculations for the redevelopment work so my offers would have been way too high.

Anyone here have any experience with development work on Hotels that could throw some number my way?

thanks,

isaac

Aloha BP Fam,

I was hoping the Airbnb calculator would be more like the BRRRR calculator, but its just a link to AirBNB site.

is there anyway to add on Variable expenses to the BRRRR calc's like in the Fixed expenses?

I'd like to factor in by lines...   things like GET and TAT taxes here in Hawaii.

thanks for your time,

isaac