All Forum Posts by: Isi Nau

Hey Adam.  I'd recommend finding your own realtor.  Since you are looking out of state and this will be your first deal, I would definitely recommend getting your own realtor.  As the buyer, their services are free to you, so might as well use them.

The only time I would use the seller's agent is if there is a financial benefit (i.e. lower purchase price, closing credit, etc.).  I would only recommend using the seller's agent after you've done a few deals and are familiar with the process, so you can tell if/when the realtor is doing you wrong.

 For your first property, house hack or live in flip, or both.  Especially in Hawaii.  Using your own home as an investment is an easy way to get ahead financially.  It's the best side gig there is.  If you can trade up (move) three times or more it can be a life changing strategy.  It does require some forethought and strategizing because every property isn't created equal.  Most are just okay, while a few are exceptional.

You'll want to set short term and long term goals, focused on finances and also life style.  The more flexible you can be on the life style side, the better the return on the financial side.

Hawaii prices can be crazy, but with the right moves it is absolutely possible to make it here.  The younger you start the easier it is, because of flexible life style needs.  For example not living in your ideal neighborhood, a little longer commute to work, one less bathroom, etc.  You'll just have to remember that you're not buying your forever home, yet.  It will also require time and sacrifice on your part every time you sell then buy.  It takes time to pack and unpack and also remodel.  All of these things are minor compared to the financial benefit.  Nothing worth having comes easy.

Hey Jerry.  I'm intrigued that you could get a studio in the garage of a condo.  Impressive!

Not very many buildings fit that description in Aiea.  One building is Wailuna, so I'll base my comments off of Wailuna.

I'd recommend cleaning it up and selling it.  Don't do a full remodel.  A 3 bedroom with a garage in Aiea is a great product.  There's only one on the market right now in all of the Pearl City and Aiea areas.

Wailuna units sell pretty well even if they aren't remodeled. New paint, possibly flooring, and a good cleaning will be sufficient. The range of sales prices in Wailuna is only about $35k. The non-remodeled units are only selling about $35k less than the remodeled units.  A full remodel for a unit that size, all done by contractors, would cost more than $35k.  This doesn't account for the hassle of managing from afar.

Since you bought in 2002 and assuming you didn't refinance, you have a good amount of equity.  Just get it sold.  There's not much need to try and squeeze a little extra cash out of this one, if there's even any to squeeze out.  The neighborhood, size of the unit, and garage will sell the property.  You've got a good one.

Thanks Keith.  It looks like you are on track to being able to do the same.  All the best!

Live in Hawaii without a mortgage payment!  This is the perfect house hack.  Or rent all the units. This property could cash flow with as little as 5% down.

Four possible units.  3/1, 1/1, 1/1, 0/1.  Pro Forma rent for all four units is $6,400!

$200,000 in renovations.  Perfect turnkey opportunity.

Great location in Aliamanu.  Easy commute to Honolulu.

Hey Tyler, I'm always happy to help where I can.  Feel free to reach out any time.

Hey Daniel.  Assuming you use materials that are currently common in Hawaii remodels (shaker cabinets, quartz countertops, etc.), $80k for a 2/2 condo is a little high if you have the general contractor.  If you self-manage and just subcontract out, $80k is extremely high.

If you subbed out the work, you could for sure do it for $35k.  That's a big difference compared to $80k for the contractor.  I'd manage the project for you for $45k.   :)

From the list you provided, the areas you could save the most on are flooring, showers, and kitchen.  If you subbed out these three alone you could save about $30k.

It's not easy to manage your own project, but at these rates it'd be crazy not to.

On a side note, if you go with a general contractor, don't let him pick out your colors!  Very few generals have an eye for design.  Do your research and chose your own colors (paint, flooring, cabs, counters, showers, etc.).

Good luck!

That's awesome @Jonathan C Bennett!

Keep up the good work!  I'm glad it's going smoother than expected.  If you get into a bind feel to reach out.  Aloha.

Thanks @Account Closed!

No problem.  :)   I am glad I could provide something of benefit.  You're absolutely right, the earlier you can get started the better.  The older people get and the older their kids get, it becomes harder to move, be creative, and sacrifice.

One of the hardest parts of live-in flips is the transition from the current house to the next.  This is what keeps most people from doing it.  The lodging and financing can be a hassle.  I have found that the more kids we had the harder it got, emotionally and logistically.  So the earlier in life the better.

All the best!