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. 

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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