Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Kaylea H.

Kaylea H. has started 1 posts and replied 3 times.

@Loren Clive,

This is exactly the type of information I was looking for!

It's good to get feed back on a no-view 1 bedroom. Thanks for sharing! Great location, by the way. We stayed across the street from there at the Kamaole Beach Royal last time we were there, and we loved how centrally located it was.

Does your electric bill include A/C (unit or central)? I've heard a lot of owners use timers to help costs; but I've also heard a lot of guests don't like the timer function (I get where each side is coming from!).

Wow, 15% is the best rate I've heard of. That's awesome. Do you know if they pay bills too, or just manage guests? Do you prefer having a management company, or handling guest bookings yourself?

I've been looking at different 1 bedrooms for sale, and it seems like around 70 a month for home owners insurance and 50-60 a month for property taxes is about average, does this seem correct to you? I had estimated property taxes and insurance being much higher, but I would love to be wrong!

Thanks again for the information; it is so helpful to hear from someone who has actually done this!

Kaylea

@Patrick Franta,

Thanks for the reply! We are probably about two years out from making  a purchase, and the biggest factor will be how much our down payment will need to be in order to break even (or ideally, make enough profit to put back money for future upgrades and emergencies).

We would rather end up with a place that has a view for rent appeal, but I don't think a two bedroom with this feature will be in our budget. We could probably swing a one bedroom with a view, the issue is that it will limit how many of us can visit at a time. Pros and cons, am I right?

It's good to hear about the occupancy rate likely being higher than 60%! I'm trying to create an expense sheet that will dictate what our shopping price range will be, and occupancy rate is the key factor that I don't feel comfortable making an assumption about.

For the price point and occupancy factor, we may have to give preference to a one bedroom that we can put a sleeper sofa in.

Thanks for your input and advice, it's greatly appreciated!

Kaylea

Hi there,

my husband and I have family that live in Maui, and we are considering purchasing a short term rental in the next few years to offset the cost of going to visit.

We are probably shopping in the 2 bed/2 bath w/o ocean view market. From what I could tell after spending time on forums and VRBO-type sites, it doesn't seem unreasonable to assume we could charge $120 a night (more during peak season) and keep a 60% occupancy rate (year round average).

What I'm trying to determine is what kind of down-payment we need to break even. I know it has to be at least 30% to get a loan, and I don't think we could really do much more than that.

What I'm hoping is that someone who has rentals in Maui (w/o ocean views) will tell us it is reasonable to charge closer to $150 during slow times (more at peak) and expect an 80% occupancy rate, but I'm guessing that's not the case. (I'm specifying non-ocean views because I believe those will be the only ones in our budget). My husband remodels homes, so we can do the work to update a unit and make it look appealing if the ones in our price point need some spiffing up.

Also, what's your experience with electric bills for 2 bed 2 bath units?

Have you found reasonable rental agency fees? I've heard that low-high is 20-40% (OUCH), does this seem accurate? We definitely would want to hire out an agency rather than try to book things ourselves. I realize this is a big drain on income.

Most importantly, do any of ya'll break even without a massive (over 30%) down payment?

Do any of you notice a difference in occupancy rates between 1 bed and 2 bed units? We would prefer a 2 bed unit so more of us can visit at the same time, but if 1 bedroom units are easier to rent we would consider that option. I noticed HOA fees are significantly less when you reduce square footage?

Any other tid-bits you think a newbie ought to know?

Thanks you guys, I really appreciate any insight!