Kaneohe, HI · Member since 2014 · 6 posts · 1 vote
Hello everyone,
I am new to BP and I want to start off by saying thank you to Joshua and Brandon for the BP community. Also want to thank everyone else for the content/guidance you all provide.
As for me... I am just starting my REI journey and it is really overwhelming...haha. I currently live in San Diego but I'll be moving to Oahu, HI within the next 6 months.
I know that everyone is super busy and I really hate to bother, but I looking for guidance specifically in Oahu. Anything will help!
I wish you all the best of luck with all your future endeavors!
Rehabber · San Diego, CA · Member since 2010 · 502 posts · 208 votes
11y
Small world, Gabe. I actively flip on Oahu but moved here to San Diego this fall (and will start flipping here as well shortly).
Oahu is a great market. While the price points are high and do serve to scare some people away, it also means bigger profits per deal if you apply sound investing practices.
Kaneohe, HI · Member since 2014 · 6 posts · 1 vote
11y
Micheal, So true! San Diego is awesome I love it here. Im originally from Philadelphia, but I never see myself living there again.
Price points in Oahu do scare me and that's one of the main reasons I'm searching for a mentor. My plan as of right now is to live in the first home I buy for the first 6 months to yr and then sell depending on the appreciation or rent it out (willing to change plans with some proper guidance...haha).
Do you recommend any specific area to start out? Also are there any areas that I should completely stay away from.
Let me know if you have some free time one of these weekends and we can grab a drink.
Rehabber · San Diego, CA · Member since 2010 · 502 posts · 208 votes
11y
Funny again - I'm from Pottstown (huge Flyers fan). Don't worry about the price points - start out wholesaling. You'll get bigger spreads than wholesaling on the mainland, in most cases, and you'll still require the same amount of your own capital -->> zero.
If you have buyers that look for deals in an area, then it's fair game, in my opinion. But generally speaking, you'll do better to avoid areas like Hauula, Kaaawa and that whole side of the island because there's just less activity and fewer interested investor buyers. It's a numbers game to some degree, so you might as well make the numbers work for you instead of against you.
Not sure about meeting up anytime in the near future as I'm about to become a father literally any day now, but feel free to stay in touch. Maybe after my dust settles I can break free one day.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need. You can start meeting others by phone.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing and vacation rentals big in HI. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask for market occupancy and rents. Ask if they know anything coming up for sale.
You can also search narpm.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Are you looking for a apt/townhouse or a SFH? every area is different and you can make money depending on what you are looking for and what you want to do. I would suggest renting here for 6 months to a year first to get to know the areas. Like @Michael Borger
said stay away from Hauula and Kaaawa pretty much anywhere that is really country looking. Also lower Kalihi and parts of Waipahu. Everywhere else is fine besides the terrible traffic. Remember we have the worst traffic in america hahaha, so pick where you want to live close to your work.
I believe I still have family that live in Pottstown. The only thing I miss about PA is Yuengling…haha.
Wholesaling is something that I am looking into. I think the hardest part for me right now is not actually being in Oahu to get a feel for the island. Thank you for the advice.
Also congrats on becoming a father it's an awesome experience. Stay in touch.