All Forum Posts by: Joe Sillaman

Hoover around the Facebook groups associated with your location or moving to your area, even activity groups. When you see someone make a comment about a RE topic join the conversation or private massage them. I've generated strong leads doing this. Just "like" the pages and you'll see conversations of all sorts pop up. If you can offer helpful advice/steer them towards RE then you just might be able to get a lead!

Hoover around the Facebook groups associated with your location or moving to your area, even activity groups. When you see someone make a comment about a RE topic join the conversation or private massage them. I've generated strong leads doing this. Just "like" the pages and you'll see conversations of all sorts pop up. If you can offer helpful advice/steer them towards RE then you just might be able to get a lead!

Aloha Erik!

I'm a fellow AF guy as well! I'm sure DC will treat you nice. Theres probably a lot of room for finding some great deals out there. Best of luck to you! 

Welcome man, my home town is Riverside CA! Best of luck to you. 

@Kahanu Noa

I bought a vacation rental on Oahu's North Shore in 2012. It's been a great positive cash flow property for me but it helps that I avoid paying PM cost by operating it myself. It nets me anywhere from $700-$1K/mo (after 14% GE & TAT taxes). 

I also just purchased a a long-term buy and hold in Montgomery AL as price points are way lower in the Southern US. It nets me almost $600/mo but it's an older house so maintenance from here to there costs me a little more when things break. 

So basically I like to buy-fix-hold. If I could buy nothing but vacation rentals I would but the price point is super high in HI. Long-term out of state rentals work well too, I have a PM for my out of state rental which I hardly ever get involved with. The hassle is the initial start up and team formation but after that it's not bad at all. 

If I could flip I would as well but you need a ton of cash ($500K+ at least for Oahu) or must have a ready, willing, and able partner with cash. You'll also need to seriously dig hard to find off market deals and in an environment where there's like 8K REALTORs in Hawaii it'll be hard to convince someone to sell straight to you.

Next time you come to Oahu let me know? Lets catch some lunch!

For basic comp analysis use...

rentometer.com in combination with craigslist. For Vacation Rentals use VRBO/Homeaway or Airbnb. If you're planning to have a property manager run things use them in the given area you're looking at. 

Aloha! 

Have you thought about out of state buy and hold investment? Price points being the way they are here on Oahu are high but I'm not too familiar with the Big Island. Have you considered maybe vacation rentals? 

I definitely plan on moving to the BI down the road! 

Best of luck to you! 

-joe

I tried flipping and development for a short period of time but didn't find any solid off market deals and could acquire the appropriate Proof of Funds or lending to get a deal going. I spent a ton of money on marketing and a guru program that just didn't work for me. Right now, I'm lucky enough to have 2 positive cash flowing properties. I currently own and manage a vacation rental and a long term out of state rental but that's it. 

Because I still really enjoy Real Estate I decided if I'm to build a future investment business I'll need to learn more, establish a network, and build my credibility so I became an Agent. Yes, sales is a pain, I don't enjoy trying to convince people to buy although I truly believe in the power of real estate and it's key to gaining financial freedom. So I must stick with sales until I can get enough support to expand my RE investment business.

Anyhow, after the experience of trying to secure money from private lenders and Hard Money, I changed my perspective. At this point, I'd almost rather not deal with other peoples money and just make enough to cash out refi to buy flips and also acquire buy and holds in the South where housing is much cheaper. 

That was sort of a rant, but just know it's very hard. Be smart with your money do not waste it as I did!

I almost recommend, If you have a small nest egg go to a cheap area on the mainland to flip some homes, build your flipping credibility. It'll be the first thing lenders ask of you when you're asking for more money to do Hawaii projects. 

My 2 cents

Aloha Tyler, are you planning to work off MLS deals? I can tell you it'll be a tough battle trying to secure a wholesale without a solid Proof of Funds letter or loan pre approval letter. Sellers will expect those items when you try to submit and offer to buy on the MLS or off. Almost everyone in Hawaii has a relative or friend Agent that will advise them not to sell direct, be ready with a solid brand and know your contract! I'm newer as well but have never really come across any wholesalers, just bird dogs really. I wish you the best of luck out there!