All Forum Posts by: Susana McIntosh

Aloha Omar,

I hope all is well. I'm a STR investor here in Hawaii. I own vacation rentals on both the Maui Island and the Big Island of Hawaii. Have you looked at taking equity out of your current residence property to work for you? It's sitting there doing nothing.

I started as a W2 worker. I used my first W2 ever to purchase my first short term rental on the big island. The first property zone as STR, but the previous owner rented to a long-term tenant for $1600 per month. After I took title, I turn it back to STR and monthly I'm grossing $6-7k per month. After 6 months later I took my ROI together with my W2 and purchase my second STR. I did the same thing after another 6 months went by.

A year and a half later in 2020, I took the two short term rental income I received from those rentals, combined it together with W2 once again to purchase my third one. I was working on ships at this time when Covid came along and became unemployed. What happened then?

I called the bank up and let them know that our ship is stopped sailing and therefore will have to hold on the loan. But guess what I did next to that same third property I was under contract with? I proposed a seller finance with the seller for a one-year contingency upon financing. The seller really liked my deal because I'm only financing it for one year, and she has the first lien on the property. I was then buying myself time to still finance this property.

Next- I came off the ship and took a W2 job here on Maui and refinance this same property within a year, and the deal was done. This third STR I purchased during covid was closed at $275k. It was the lowest sold at this Big Island condominium ever. Few months later the market took off, and the last sold here was at 600k with only one for sale on the market right now asking $747k. I gross last year $96k at this same condo.

With this new W2 I picked up, I purchased my last condo here on Maui and I can't wait to share its return by the end of this year. Afterwards, I let the W2 go and now living out of my cashflow and became a full time Real Estate Agent. I'm working on taking equity out of my properties to purchase my next vacation rental.

I wish you luck and I hope these ideas will help you to create different ways of investing. God is great. He will provide you with all the strength you need to proceed with your goals in life. I don't want an easy life, but the strength to fight through each day. 

Mindset is the most import part of your everyday life. Stay positive and you can do this!

Nothing

Investment Info:

Condo other investment.

Purchase price: $193,000
Cash invested: $48,250

Studio vacation rental Hawaii

What made you interested in investing in this type of deal?

Cashflow

Investment Info:

Condo other investment.

Purchase price: $200,000
Cash invested: $50,000

1bed 1bath short term renal Hawaii

What made you interested in investing in this type of deal?

cashflow

Investment Info:

Condo other investment.

Purchase price: $200,000
Cash invested: $50,000

What made you interested in investing in this type of deal?

cashflow

Investment Info:

Condo other investment.

Purchase price: $725,000
Cash invested: $181,250

2 bed 2 bath condo short term rental

What made you interested in investing in this type of deal?

Cashflow

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Bank Finance

Investment Info:

Condo other investment.

Purchase price: $275,000
Cash invested: $68,750

2bedroom 2bath condo across the street from the beach and zone as a STVR.

What made you interested in investing in this type of deal?

Cashflow

How did you find this deal and how did you negotiate it?

Found this deal through a realtor that sold us previous vacation rental and I asked her to make sure to send me other vacation rental when it comes up.
How did I negotiate the deal? I wrote down how much will cost me to have the place ready as a vacation rental and took that off from their asking price and then presented my offer to the agent.

How did you finance this deal?

Myself and my partner both had W2 at the time and were in the middle of finance, then covid hit, lost our W2 and ended up renegotiated with the seller to do owner finance at a 4% interest rate with a one-year loan. Long story short I picked up a W2 and refinance the property and purchased another one right after that.

Investment Info:

Condo other investment.

Purchase price: $275,000
Cash invested: $68,750

What made you interested in investing in this type of deal?

Cashflow

How did you find this deal and how did you negotiate it?

Found this deal through a realtor that sold us previous vacation rental and I asked her to make sure to send me other vacation rental when it comes up.
How did I negotiate the deal? I wrote down how much will cost me to have the place ready as a vacation rental and took that off from their asking price and then presented my offer to the agent.

How did you finance this deal?

Myself and my partner both had W2 at the time and were in the middle of finance, then covid hit, lost our W2 and ended up renegotiated with the seller to do owner finance at a 4% interest rate with a one-year loan. Long story short I picked up a W2 and refinance the property and purchased another one right after that.