I'm thinking about spending the winter on the Big Island and buying a house to rehab into a vacation spot / rental. I'm trying to do as much research I can into the Hawaii specific issues like water sources, etc. Anyone doing rehab or flipping on the Big Island that can point out the things I need to know about this particular location? I'm also looking for a reliable work force.
@Micki M. I love that Idea. I was looking for something similar before. A flip that in the end can pay for the whole few months you live there. I saw an auction for one in Puerto Rico. I actually went down down there for a few days to see the place 1st hand. The place ended up going for over market value and i stuck to my numbers, but I was never quite as excited for any other deal as I was for that one.
I don't have extensive knowledge of that market, but I know a guy who tried a flip and lost a lot of money.
Sounds like fun! I'm doing some new builds over there this summer, on both the Hilo side and on the (opposite) Kona side. They are 2 largely different markets.
Feel free to stay in touch with me, as I'll be in a good position to share resources as we get closer to that endeavor.
Seize the day,
@Michael Mazzella I'll connect with you, I'd love to hear how your experience goes. I'll be getting my HI license just for fun.
@Johnny Aloha I'd be interested to know what his mistake(s) were.
On the east side of the island the hot vacation rental markets are in the Kalapana, Kapoho region. You might want to check out AirBnB to get an idea on the daily rates on what's currently in the market as vacation rentals. Let me know how I can help. Clever idea and could work out great. Good luck!
@John Kai thanks for the tip about where to look on AirBnB.
I looked at AirBnB to get an idea of the daily rates for vacation rentals on the areas around Kapoho, of west of Hakalau Forest on the Big Island. There are 329 listings. The average for nightly price is $143, with a vacancy rate of 57%. A vacancy rate of 57% means your unit will be empty about 4 nights a week, on average. If I checked later in the week, the vacancy rate would be lower because the weekend would be more solidly booked.
You can see all the listings here.
Let me know if you have any questions!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.