All Forum Posts by: Jared Cornelison

I just purchased my first STR in Hawaii (Kauai Island). I am not wanting to manage this property on my own long-term. I am curious what the consensus is among experienced investors:

AirBnB, or VRBO? or both? Do you bother with other sites like Craigslist? 

In finding a good vacation rental property manager, where do you start? What should I be looking for and what should I be cautious of? 

Thanks in advance for any advice you may have or resources you may direct me to!  

@Mike V. It is in Princeville on Kauai Island

**UPDATE!! **

I appreciated everyone's feedback so much on this thread, it helped a lot! As I ran the numbers more and more I was convinced that the property as a STR was still worth my offer price, but I didn't have the spare cash to fill the gap. I became increasingly convinced that I got a bad appraisal especially since I saw a unit in my same complex (same floor plan, and in worse shape) appraise really well.

I was actually able to appeal the appraisal. The appraiser had come from Maui which might as well be a different state and just wasn't familiar enough to use correct comps.  We were able to acquire the comps that other appraisers had been using which were more similar and request they be considered. I was a bit skeptical since I was told appraisers can be a bit sticklers about their appraisals after they are done but was happy when a modified appraisal came through for my asking price! 

We closed on Tuesday and I get the keys today! I am pretty stoked! 

Thanks again to all! @Mark Futalan, @Luke Carl, @Jordan Leithart, @Brian Pulaski, @Mel Cosio,  @Brandon Carriere, @Account Closed

@Kevin Lefeuvre. 

Asking  price $469K

Contract  purchase price $457K 

Appraised value $425K 

No it won't come furnished. It was now being used for vacation rentals before; it had tenants in there for 10 years. I have heard other units nearby are doing great but no numbers on this particular condo. 

@Mike V.

@Mike V. In the case where you walked away did the sellers reduce their asking price? 

I wonder if I can renegotiate the purchase price... ?

I made an offer $12K below asking price for a vacation condo in Hawaii and have it under contract. Everything has been going smoothly with the process until I just saw that the appraisal came back BELOW our purchase price! by -$32K!

 I haven't heard yet whether that will keep my bank from funding the loan or not but doesn't that mean I am paying way too much for it? 

What should I do? 

What is a good way to estimate what a property will cost to insure there in Little Rock before purchasing and without calling to get quotes? Is there a general rule of thumb? 

I'm in! See you there! 

I actually use the ImpactHub for co-working and have been dying to see how people are succeeding with REI here on the island. Looking forward to it!