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.
I will definitely be doing that, thanks @Patrick Franta .
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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