Want Kona Condo for investment

Want Kona Condo for investment

Member since 2023 · 12 posts · 2 votes

Hi,
I want to buy a small condo in Kona as an investment and possibly be able to use myself in 7 years. I used to own a house in Kihei Maui but moved back to the mainland. I can't afford Maui anymore. I'm looking for a 2 BR, 1-2 bath condo that I could buy for cash and rent out as either a STR or LTR. I'm looking for an investor friendly real estate agent who knows the good buildings and property managers. I will need a property manager to fully manage it. I don't want a leasehold. I'm planning to buy the condo and hold it long term and possibly live in it part-time in 7 years. I plan to give it to my kids when I die. I need a good property manager to manage it. I plan to take money out of my retirement and buy the condo for cash. I'm looking for long term wealth building with the possibility of using it myself in 7 years. I just want to get into the Hawaii market again and can no longer afford Maui.

Thanks,

Anne Donohue 

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  • Rental Property Investor · San Ramon, CA · Member since 2016 · 1 post · 0 votes
    2y

    Anne,

    We bought ours in December, 22 (Keauhou area near Kailua Kona) with an oceanview. With higher interest rate and price increase in last few years, it is hard to breakeven but over time, my hope is that we will lower the mortgage and the rents will go up. We worked with Susan McKay- she has been in the island for 40+ years and have managed properties...so, Susan has  a good sense of what will make a good investment and connected us with Cold Well Banker for property mgmt. Please feel free to reach out to her.

    https://www.coldwellbanker.com/hi/kailua-kona/agents/susan-m...

  • Member since 2023 · 12 posts · 2 votes
    2y

    Hi Saumitra,

    Is there any risk that your Kona condo may lose it's ability to be rented out as a STR? The sale price of these condos is based on their ability to be used as a STR. Many of the other Hawaiian Islands are cracking down on STR (Maui). I am afraid to buy in Hawaii because these properties don't cash flow as LTR.

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