Wholesalers in Hawaii

30 Replies

sure is. the only thing is that I'm in Puerto Rico until about thanksgiving and then I am going to be swamped until the new year. from then on I am definitely back in the thick of things in Hawaii.

Cool, let's connect when you get back. Got some ideas for you lol. 

Hello,

I am a new investor and realtors have told me that wholesaling is not popular on Oahu and there are laws about it.  The market on Oahu is very high.  Any help and support is greatly appreciated! 

I just did a 6-figure wholesale last month, so I would disagree. I have another 5-figure assignment set to close by Monday. I also bought a SFH in Maili last week and a sub-2 SFH in Ewa Beach yesterday, with two condos in contract to purchase early June - both sub-2s (love that leverage).

Who are the realtors you're speaking with? Are they doing deals themselves or just listing retail sales and running home shoppers from one open house to another? Be careful who you take advice from.

@Michael Borger

Aloha

I’ve been following some debates on the forums on wholesaling and there seems to be a divide on if it’s legal or illegal.

What would be the right way to close? I’ve read that the double close would be the legal way. Is that true?

I’m looking to start investing in real estate and it looks like wholesaling would be the most attractive way to start here in Hawaii with the high market and limited funds that I have.

Mahalo

@Nick Webb I'm not an attorney but I don't see anything wrong with either method -- I've done both assignments as well as double-closes. The main thing to remember regarding assignments is that you're assigning the contract (and all terms, responsibilities, etc. therein); you're not assigning the house. So if you assign to someone who doesn't follow through, you could potentially be stepping onto a hornet's nest. However, I don't think properly assigning a contract is in any way illegal; I'd question anyone who gives you that advice (unless they're referencing a specific law in their state).

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