Condo in Maui?? Whalers Village
Just seeing if anyone has had any luck buying and holding condo's in Maui?? Specifically at the Whaler's Village.
We really dig the location of the Whaler Condos, and Kaanapali beach is the best we've seen in Hawaii. It's completely built out so it would seem there is a good chance for price appreciation due to the limited amount of supply.
I'm just curious what the expenses would be on owning and renting out a vacation condo in Maui, and if anyone owns or has owned a condo at the Whaler??
Last I checked they could be purchased for around $400,000 and rent for about $225 per night for a studio condo.
$225 x 30= $6,750 x 50%= $3,375
15Yr mortgage @ 5% =3,163
Cashflow of $212 using the 50% rule..... I'm not sure how the 50% rule works with this type of rental property. I'm assuming it doesn't...
I'm sure the HOA and property MGt fee's are ridiculous and would probably obliterate any cash-flow....
In dream world we would buy the condo and let it pay for itself over the next 15 years. Once we retire we could spend a couple months of the year in Hawaii...
In reality I see it probably being a nightmare with huge HOA fees, taxes and insurance. Even once it's paid for it will probably still be ridiculously expensive to own...