All Forum Posts by: Bryan Vukelich

Congrats Teddy to your first deal of the year.  Wish you well with it.  How is the market in Lancaster?  What is the average cap rate for a smaller multi family property that is in decent condition? 

Hi Dan,

I am not aware of any but I have two meetup groups - Enjoying Life on O'ahu and Honolulu Entrepreneurs - with about 3,000 members combined and I've done real estate investor meetups in the past that people seem to enjoy.  I'd be open to doing another between Feb 18-27th - is there a day/time that works best for you?  Past events I've held in Waikiki and Honolulu areas.  

@Sean Sarmiento yes, that company does a lot of Waikiki management but the also do quite a few 30+ day management outside of the hotel districts.   And no apology necessary about mention politics - as I agree with you.  With the public hearings they have been having, there is an overwhelming amount of people opposed to these new regulations - which will not improve the cost of living for locals but will rather have the opposite effect.  Yet, the majority of the politicians ignore this and support what is good for big business.   

@Ryan Wallace Thanks Ryan - yes we ended up buying an 8 unit in Eagle.  We are looking for another property so you are welcome to contact me if you find anything in the $1M-2M range.  

Investment Info:

Single-family residence buy & hold investment in Tacoma.

Sale price: $238,000

This is a single family home my brother and I initially were planning to wholesale but after we got it under contract, we decided it could make a decent rental. Finally decided to sell and reinvest in multi family in desirable neighborhood of Boise, ID.

@Dennis Nikolaev you'll definitely be able to find a house hacking opportunity then.  Any area of the island you desire most to own a primary residence? 

Hi Braedon, you're off to a good start if you are just exiting college and have $50k in hand.  Regarding financing, here are 3 lenders that might be able to help you.

Cary -  Hawaii Mortgage Experts:  His company does more loans in Hawaii than anyone else and he is very knowledgeable on financing.  808 469-1314.  

Adam - Forefunner funding:  His company has slightly looser lending standard than Cary's.  808 561-8102

Jared - Convenctus:  A hard money lender but terms aren't atrocious. I've personally used several times and have clients use his company as well.  Non income/asset verification for quite easy to get funding.  They work great if you find a great opportunity and can't get financing elsewhere. 818 522-9650.

And now sure how other guys are house hacking a new house every year unless they have a lot of cash and their tax returns are strong so they are getting financing, are using other people's money, or finding seller financing opportunities that offer lenient lending terms.  

Wish you luck - it is a shame O'ahu has too strict AirBnB laws- otherwise make it a lot easier to make the numbers work here.  

If I can be of value to you in any way, you are welcome to contact me at any time.   

Hi Jacob - applaud you for joining BP and making the effort to learn all you can.  Wish you well with acquiring real estate both here in Hawai'i as well as on the mainland.  In time, no reason you can't achieve your goal of owning a primary residence here.  Contact me any time if I can be of value to you - I enjoy talking real estate with others.

Aloha, 

Hi Dennis, I'm glad you posted this question before buying a property. What you heard is incorrect. Currently, you can only legally operate a STR in property that is within the hotel districts of O'ahu or has a non-conforming use (NUC) permit. There was new legislation passed in 2019 where the county was going to offer a certain number of properties owners (outside the hotel districts) licenses to operate an STR if they lived in the property.

Unfortunately a new mayor was elected last year and he stopped that program and is even trying to pass new legislation that would be quite harmful to STR owners as well as most management companies. However, there has been a lot of pushback regarding the proposed legislation - the public is overwhelmingly against it and AirBnB and Expedia are also lobbying heavily against it. So there is a chance that the newly proposed legislation will be withdrawn. If so, perhaps the county will go back to the old plan of issuing licenses to homeowners to operate STRs - hard to say as there is a lot of uncertainty right now.

You're welcome to contact me if I can be of any value to you here.  

Hi Sean,

I recommend Ali'i Beach Rentals. It is a locally owned and operated business and Kai is the owner. I refer all my STR clients to him. You can find the contact info online or message me and I'll give you Kai's cell phone #. His company has proprietary software that helps maximize an owners gross monthly income.

For rates, best you talk to him directly, but I know he offers my clients a 20% management fee for full service since I have a good relationship with him.  To be clear, he does not pay me for any referral.  

Are you currently working with a realtor to help you find an STR? If you are not, I would be happy to help you achieve your real estate goals here on O'ahu. Whether or not you are working with another realtor, please be aware that the city is currently contemplating new STR regulations. Their latest proposed legislation was quite harmful to STR owners and most management companies, so there was much criticism from several local groups but AirBnB and Expedia are also lobbying heavily against it. Thus, the legislation is being revised. Revised bill might be made public later this month.

Happy to answer any questions you have.