All Forum Posts by: Lake Lutes

Hi @Cassandra Williams, I am an agent in Hawaii and have helped multiple clients find house hacks leading to them living in Hawaii for nothing or close to nothing. I'd love to show you some options and talk through the market with you if you're interested, let me know!

It's inevitable that cash will no longer be present in our day to day lives, it just depends on when. I agree with many others on that fact people will always want a way to conduct transactions without consistent and constant monitoring, however, there are ways to do this without using cash (bitcoin as an example).

I am a cash on hand kind of guy, so I am not looking forward to the change like many others, but thinking that it isn't in the process of already happening is not a factual way of thinking.

@Samantha Villanueva absolutely!

@Isi Nau great explanation and insight. I couldn't echo this anymore...

@Jim G. @Nick Ung a great option for y'all could be renting out a portion of your unit if you chose to move here permanently or for the time being. If your plans are still to move to Hawaii with remote working being the new norm, rules and regulations change as the owner-occupant of your unit. Definitely do your research on exact STR rules if the owner resides on property, but if your unit is big enough, you could rent out half of your home/rooms in your home to offset the mortgage. Call it a modified house hack? I sold a friend a unit in town and he does just that. He lives downtown mortgage free, incorporating long term tenants, traveling nurses on month to month, and the occasional friend/family connection for a STR. Let me know if y'all need advice or want to chat about available properties! Aloha

Aloha all - I'm an investor/agent here locally on Oahu and throughout the islands, and would love to connect if looking for your next investment, or to talk partnering and strategies.

@Samantha Villanueva I purchased a property in October and gave the old owners a 60 day rent back period. They were concerned with finding a replacement property to buy/rent, so my goal was to ease their worries with the rent back - and it worked. They used 30 days of the rent back at a cost that covered my mortgage for that month, in addition to a security deposit if anything went south. After the 30 days, they moved to their new places and we moved it. Pretty simple as long as its structured in your deal... best of luck to you!

Aloha Jake! I sent you a PM. Hope to see you guys back on the island in the near future!

@Marvin Bertin Hey Marvin! I live on the Windward side of Oahu as well, and had the same criteria as you when I first arrived. Would love to help you out! Shooting you a PM. Shoots!

Aloha Justin! My wife and I got stationed on Oahu in April of 2019 so I could provide some insight into the mind of a RE investor who is in the military and stationed on Oahu. My goal when we arrived was also to buy. I offered on types of properties and in certain areas of the island before I was educated and knew the island. My first bit of advice would be to get here and use your TLA (temporary living allowance) while getting a feel for the island before making offers. 30 minutes of driving on this island will take you through 5 completely different towns with different feels, traffic, home evaluations, etc. Just because the island looks small on a map doesn't mean that every town here is the same, not even close. Know the island and where you and your wife are comfortable before you offer and get stuck somewhere. After unsuccessfully offering on properties the first go around, we've been renting for about 10 months now, and I am deep into the home search once again. I offered on a property last week and we're in the thick of negotiations. Complete house hacks may not always be possible, but heavy mortgage supplementation is definitely possible and worth shooting for, as tons of homes here have mother-in-law units (or Ohana units) on the property for great rental income. So, although you may not be able to cover all $3K of your mortgage, maybe your 1 bed/1 bath is bringing in $1200 and bringing your mortgage down to $1800K, super helpful! In addition, don't let the hefty prices intimidate you as we have a great advantage with 0% down, or close to 0% down, VA loans. Great opportunity for "free" appreciation!

All in all, do what's right for you and your wife, but choosing Oahu has put me out of my comfort zone in the best way and made me experience adventures, friendships, and culture I never would have on the mainland. Has it delayed my investing career? Unfortunately yes, but I know in 10 years when I have 15 properties I'm going to be talking about and thankful for my time here. It's also help me become more educated and savvy in OOS investing. Hope that helps - feel free to reach out if you have any questions I'd be happy to help!

Shoots -

It's always a good time to get into RE at the right price. Run your numbers, trust the math, and trust the comparable for the neighborhood. I don't think the governor announcing that we're in a "pandemic induced recession" is news to anyone, just puts a title on it. Could prices be down a bit this winter? Sure. But the right deal could also show itself now as competition is less fierce. Rootin for the best for you!