Wholesalers in Hawaii

20 Replies

Any active wholesalers out here in Hawaii? I know theres some flippers out here making huge returns on their work. Would love to get there one day. But my current path of entry looks to be wholesaling. Wanted to throw it out there and see if theres anyone out here in Hawaii with a sustainable business model strictly wholesaling. Mahalo!

Hi Tyler. I started out wholesaling but now almost exclusively flip. Wholesaling is a great way to get started, especially here on Oahu with our expensive housing market. You could certainly hit a home run here and there, but I don't know anyone at the moment making a full-time living out of it. You could be the first, though! Just takes one deal, right?

Aloha Tyler, are you planning to work off MLS deals? I can tell you it'll be a tough battle trying to secure a wholesale without a solid Proof of Funds letter or loan pre approval letter. Sellers will expect those items when you try to submit and offer to buy on the MLS or off. Almost everyone in Hawaii has a relative or friend Agent that will advise them not to sell direct, be ready with a solid brand and know your contract! I'm newer as well but have never really come across any wholesalers, just bird dogs really. I wish you the best of luck out there!

@Michael No kidding about our expensive housing market. Did you see the recent article about median home prices hitting $700,000. Crazy. I'd imagine there could be some deals with a lot of meat out here with those kind of prices. I've already found some vacant looking properties in my area(Honolulu) so now just listening to podcasts and reading up on exactly what to do next in the wholesaling process. I'm envisioning my first deal to net me as much as my current annual salary. I wish!haha

@Joe Thanks for the response! Hawaii seems to be such a unique market a lot of the stuff I read or listen to might need exactly work out here. I will not be going after MLS deals at all. So far I am following some active Hawaii investors on Facebook/social media and learning as much as I can for now. Are you more into flipping or buy and hold?

Aloha @Tyler Oto,

I have a small group of wholesalers here on Oahu & Big Island, who do exclusively wholesaling. Sounds like you are on the right path. You are also correct in noting that the MLS is not a big source of deals, which is also why realtors struggle with finding investor-quality deals for investors. That said, I don't exclude the MLS entirely, as I do take down a deal from that source on occasion. 

Carpe diem,

~Michael

I tried flipping and development for a short period of time but didn't find any solid off market deals and could acquire the appropriate Proof of Funds or lending to get a deal going. I spent a ton of money on marketing and a guru program that just didn't work for me. Right now, I'm lucky enough to have 2 positive cash flowing properties. I currently own and manage a vacation rental and a long term out of state rental but that's it. 

Because I still really enjoy Real Estate I decided if I'm to build a future investment business I'll need to learn more, establish a network, and build my credibility so I became an Agent. Yes, sales is a pain, I don't enjoy trying to convince people to buy although I truly believe in the power of real estate and it's key to gaining financial freedom. So I must stick with sales until I can get enough support to expand my RE investment business.

Anyhow, after the experience of trying to secure money from private lenders and Hard Money, I changed my perspective. At this point, I'd almost rather not deal with other peoples money and just make enough to cash out refi to buy flips and also acquire buy and holds in the South where housing is much cheaper. 

That was sort of a rant, but just know it's very hard. Be smart with your money do not waste it as I did!

I almost recommend, If you have a small nest egg go to a cheap area on the mainland to flip some homes, build your flipping credibility. It'll be the first thing lenders ask of you when you're asking for more money to do Hawaii projects. 

My 2 cents

New REI, Hawaii born & raised...looking to get started down the momentum track w/ wholesaling...have been sifting through information and email over-loads regarding REI and landed this tool and forum. At this point, following some of the steps and DIY insights from various sources (including BG, obviously), but starting with building my cash buyers list, any suggestions? Mahalo, Rich Crowell.

Hi, @Richard Crowell . Wholesaling is how I got started as well. There are quite a few ways to build a cash buyers list: Google and Craigslist searches, bandit signs, for rent signs, REIA meetings, leads from title/escrow companies, etc. Of course, network here on BP to find more. Ultimately,ou only need one buyer for a deal, but the larger the list the better since you never know who will already be tied up in deals.

Aloha @Tyler Oto

I am a wholesaler coming back to our local market to do deals. I have wholesaled locally as well as the mainland, and can tell you like anything else... its a numbers game with marketing to find those motivated sellers that typically are not listing on the MLS.

Keep believing!

-Matt

Aloha!

I have decided to start off in wholesaling as well here in Hawaii. I have been studying Real Estate for some time now and also have a license in another state but have not done anything here in Hawaii. I was curious if anyone knew of a good mentorship program here or a way I may be able to help someone in return for gaining experience. Thanks!

Kale Stately

Originally posted by @Joe Sillaman :

I tried flipping and development for a short period of time but didn't find any solid off market deals and could acquire the appropriate Proof of Funds or lending to get a deal going. I spent a ton of money on marketing and a guru program that just didn't work for me. Right now, I'm lucky enough to have 2 positive cash flowing properties. I currently own and manage a vacation rental and a long term out of state rental but that's it. 

Because I still really enjoy Real Estate I decided if I'm to build a future investment business I'll need to learn more, establish a network, and build my credibility so I became an Agent. Yes, sales is a pain, I don't enjoy trying to convince people to buy although I truly believe in the power of real estate and it's key to gaining financial freedom. So I must stick with sales until I can get enough support to expand my RE investment business.

Anyhow, after the experience of trying to secure money from private lenders and Hard Money, I changed my perspective. At this point, I'd almost rather not deal with other peoples money and just make enough to cash out refi to buy flips and also acquire buy and holds in the South where housing is much cheaper. 

That was sort of a rant, but just know it's very hard. Be smart with your money do not waste it as I did!

I almost recommend, If you have a small nest egg go to a cheap area on the mainland to flip some homes, build your flipping credibility. It'll be the first thing lenders ask of you when you're asking for more money to do Hawaii projects. 

My 2 cents

Could you break down what you spent on marketing and the guru program. I would love to see what marketing you did and what you learned and would have done differently/the same. Mahalo!

$9K for wholesale program Fortune Builders. Did mailing campaigns and bandit signs. Received responses but no actionable leads. Program was for 3 months. 

If I could go back I would find BP sooner, get my RE license sooner, and use the chat for a down payment on a cheap flip or rental. 

Sorry so late to the table....

Any thoughts of trying to build a team among ourselves to identify and obtain properties, raise the money for purchase and rehab, rehab them and bring them back to market and move them back into the marketplace and split the profits between the team?

I'd love to discuss this kind of scenario over coffee or beers.

Aloha! I'm an Army officer headed to Oahu. Looking to buy a home with the goal of turning it into a vacation rental in a few years when I return to the mainland. Your recommendations are very much appreciated.

Thank You!

@Mike Darcey .  Love the proactive pitch!.  You've definitely peaked an interest.  Above all else...I never turn down coffee

Coffee is the best deal lubricant. Whenever you're in town, let me know.

Originally posted by @Joe Sillaman :

$9K for wholesale program Fortune Builders. Did mailing campaigns and bandit signs. Received responses but no actionable leads. Program was for 3 months. 

If I could go back I would find BP sooner, get my RE license sooner, and use the chat for a down payment on a cheap flip or rental. 

 So the Fortune Builder program did not help at all? I am attending the 3 day workshop in august2017. Any tips I should pay attention to or questions I should ask?

Originally posted by @Julian Simmons :

Aloha! I'm an Army officer headed to Oahu. Looking to buy a home with the goal of turning it into a vacation rental in a few years when I return to the mainland. Your recommendations are very much appreciated.

Thank You!

 How are you doing sir? Any success in the business in Hawai'i? I am an NCO in the Army and will be getting stationed in Hawai'i come Sept2017. Any advice?

@Bryson Paulo

I joined fortune builders a few years ago.  It will teach you the ins and outs of real estate investing, especially flipping, and how to build systems to do so.  Most, if not all, of the information can be found for free online.  It is up to you to decide if it's worth the money to you to have everything packaged nicely for you to learn from and if you are actually going to implement it.  They will not bring deals to you, so don't expect to start doing deals just for joining the program.  It will still take a lot of time and/or money to find deals and i'm willing to bet a high percentage of students never do a single deal. 

@Cornelius Charles

Appreciate the feed back. I will continue to strive to learn all I can in order to obtain my first REI goal, which is to sell an "assignment" by 2018. I'm sure I can do it. I just have to "jump"!!!

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