All Forum Posts by: Jake Hartman

We visit Maui every year, have been going for 13 years.... we love it.  We've stayed in private homes in Paia and at resorts in Wailea.  We enjoy water activities and the lifestyle in general.

@Mark Waite I agree on the barrier to entry probably being much easier if we go the condo route.  My thought is to form an entity with our partners, buy the condo through the entity with the agreed upon structure.

I would love to find one but haven't seen many!

Thanks Mark.  We've discussed the details of how the agreement might look, I agree with your points.

We are mainly interested in getting various opinions on what type of property would make the most sense for this kind of venture.

Troy-  You have no cash if I am reading this correctly?

There are a number of options, have you looked into owner financing from the current owner until you can build up reserves to finance on your own? I would suggest hard money lending but you will need some skin in the game these days with most HML.

Private money is also an option if you have some friends that would be interested in investing in this property with you. Have others put up the $ for the highly discounted home, be able to show them what the ARV is for the duplex. If the #'s are good you can buy the house cash with private money, rehab then refinance and pull out your 80% of ARV...pay off you private money lender + interest and use the rest for your next deal.

Any of this an option for you?

Welcome, Ben!

I will try to condense this down to a simple scenario for anyone that may want to offer an opinion.

A good friend and his wife and my wife and myself plan on buying on Maui in the next few years.  We all plan on moving to Maui, us in roughly 10 years and them in roughly 5.  Is there any benefit to going into together on a property initially before any of us moves there and if so how would that ideally look?

Ive thought of purchasing a vacation condo to start developing some equity on the island and share the expense until someone moves there full time.  What happens when couple A moves full time in 5 years?  We could both use it as a vacation condo in the interim, but once someone moves there it changes things substantially obviously.

Just looking for ideas on how this might be best structured or if its worth doing at all in this fashion.

Aloha!

Jake

Following this thread. 👍

Traveling to look at real estate isn't deductible. Now if you buy a property and spend some time working on it that changes the game a bit. Otherwise I'm relatively sure anyone taking a vacation would schedule a viewing to write off their vacation.

15 and 20 year commercial rates around 4.5 is what I'm seeing.

Chad-  pm me info please