Maui real estate. Best way to be started?

6 Replies

I am moving to Maui in a couple of weeks and am eager to finally get involved in rei (after spending the last 2 years in the books).  Hawaii seems like a unique market so I’m curious what types of investing are people having success with?  

Also, what’s the best way for someone like me to start?  I’ve been working as a volunteer for the past 7 years (doing mainly construction and landscaping) so acquiring any conventional funding is not going to be possible.  

I’m interested in the idea of flipping or renting  properties where I can get seller financing.   Is this a reasonable plan on Maui or am I being naive?

You can rehab, wholetail or wholesale. I do a mix, though I'm gradually moving away from rehabbing in general b/c I really can't stand the process. If you're just starting out, though, you should probably do some wholesaling to understand the process from the inside. Just remember - the business is marketing, not real estate. The houses are really just the widgets that run your business. I couldn't care less about granite or quartz tops or picking paint colors - focus on marketing.

Aloha Kris, welcome to Maui in a few weeks. Hope you come to the next REIA here.

Definitely possible to start out here, depending on your level of cash, there are a good amount of seller finance deals on the MLS and you could always prospect for off market ones as well. PM me, I know a good asset based lender 7-9% and lends on the deal, not your own personal finances.

I started out here doing Section 8 rentals, bought a $80k condo with a PML, couldn't get a conventional loan, looking for more. 

Aloha @Kris Klark

A great way to get started in to come to the investor meetups that Christian puts on.  You will be able to get advise from people in all aspects of the business.  

Hope that helps .

Also great advice from  @Michael Borger !  

Thanks @Michael Borger   One question I have about wholesaling in a market with a lot of high end properties is will I have trouble finding cash buyers when the purchase price is getting close to or into 7 figures?  Or will a good deal produce buyers no matter the price?

If it's a good enough deal, you'll find buyers, however, naturally, there will be fewer in the upper price ranges. If you want to increase your chances, though, stick to a more normal range like 300-700k or so.

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