Aloha,
I am a swimming pool contractor on the north shore of Oahu, my wife is a dental hygienist. We have been saving and preparing to buy a home for the past few years (it’s a little expensive here and we’ve been trying to save for 20% down).. While house hunting we stumbled across real estate investing as a new business strategy looking for properties in our area because we kept getting out bid with cash offers/investors. Which brought us to bigger pockets and learning about real estate investing. For the past year or so we have been listening to a lot of podcasts, reading a lot of books and trying to get educated on real estate investing as much as possible.
We have formulated our goals and would like to start investing with a multi family house hack in our area, then to purchase a commercial property on the mainland that we can travel to regularly, store an RV and make a mainland “home base”.
My wife and I are currently prequalified for $1.2m mortgage we have no debt, 20% down and have been actively looking for properties where we currently live but inventory is super low, prices are very high and competition is incredibly strong. Both of us are still saving and our work has proven to be recession resistant over the past 20 years.
That being said we do plan to relocate to the mainland within the next 3-5 years at least temporarily. The current goal is to remotely run the swimming pool business (currently only working about 6-8 hours on that business and our employees are competent and responsible), manage our property in Hawaii (home base). Travel to mainland likely to Las Vegas or somewhere easily flown to from Hawaii with better tax incentives than California. We would like to purchase a commercial building (self storage, multi unit office, multi unit retail or small apartment complex) that we could store an RV at when we are in Hawaii. While we are on the mainland we would travel in an RV to locations that interest us and invest in real estate then travel to our properties as we want/need.
My question is, should we start looking on the mainland for better opportunities that will eventually appreciate and help us get our Hawaii properties or keep saving and waiting for opportunities to come up in our area. I feel like we are getting “analysis paralysis” but with the current state of the market also feel like there are opportunities on the horizon.!?
Please let me know your thoughts any insight is greatly appreciated!
Thanks,
Scott and Nichole
