All Forum Posts by: Lake Lutes

In late 2019, the government passed a number of different laws and restrictions concerning short term rentals (defined as less than 30 day stays). Check out this website for more details: http://www.honolulu.gov/dppstr...

In summary, there are very specific areas/buildings allowing short term rentals, and the taxes and fees for those units are much higher than non-short term permitted properties. A few properties got grandfathered in around the island but it is next to impossible to get a new property approved for short term renting.

Long term rentals (30+ day stays) are great options and the right properties/areas have extremely high rental demand.

Sounds good to me! I’ll always take an opportunity to chat real estate. Let me know when you have in mind.

Hey Tyler! Great post/question. I think it depends on your risk tolerance levels and how good of shape the home is in. Is it going to need big capital expenditures or fixes in the next 1-5 years (roof/HVAC/appliances/etc.)? Because if so, you are not putting any money aside for these expenses through cashflow, and could be put in a situation where you're coming out of pocket and wiping out any monthly appreciation gains pretty quickly. In addition, be sure you're factoring in property management fees to get to your "$0" monthly figure. If the home is in good shape and you don't anticipate any big fixes until you move back, perhaps it could work out well for you. Finally, if your risk tolerance is low, the stress brought on your life could potentially outweigh the gains. If it sits vacant for a month and you have to eat ~$1500, or a big expense comes about putting you deep in the $(-), that might hurt. Both sides have + and - ! Best of luck to you in Georgia! 

Aloha @Sanjeev Gurung! I know the Kukui Plaza building very well, as I am a realtor here in Hawaii and live right in the area. I am also active duty military so completely understand the "moving quick due to orders" dilemma after buying a property. If you'd like, I'd be happy to take a look at your place for you and give you some estimates on where your numbers might sit for continuing to hold and waiting for growth, or selling now. Theres 3 units on market now all for $359K, and one in escrow closer to $315K. Let me know if you want to chat and I can help you figure this thing out man! Have a great week

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!