All Forum Posts by: Lorinda Riley

@Michael - Plan B may end up being the way to go.  Still hoping this works out, but if not our next opportunity will definitely be less emotional.  Hawaii Island is great, but almost all our family and connections are on Oahu, so I don't see a move to Big Island anytime in the near future.  Took me 16 years to get back to Oahu from the mainland.  I can't imagine re-rooting again.  

Mahalo again for sharing your thoughts!

Thanks for the insight.

@Michael Borger we are looking for mainly cash flow,hough we recognize it will take about 1.5 - 2 years before we will see a profit in this case due to building costs and timeline. I was very worried about the oceanfront location, but luckily we are on solid ground. 
Our criteria for this deal is a little different because this is a property we'd be interested in moving to.  Essentially, for this purpose we want (safe) oceanfront or very very close to beach property that will support a duplex on the Windward side, but not so far as to make commuting an issue.  Total maximum project cost between $550 - 600K.

However, if this doesn't go through we'd be interested in other deals that would probably have very different criteria as they'd be more "pure" investments. 

@Karen Margrave we are by no means experts in development, but we have done our due diligence.  Zoning, topography, construction costs, and extra insurance costs have all been considered.  Frankly, there are other investments that would be more profitable, but as I said, we hope to move to a property very similar to this one in the future.  We aren't that far off with the land asking price, but far enough that I am concerned that it is the weak spot. Will look into talking to an appraiser.

     

I'm new to this forum and to investment properties.  We are interested in a type of hybrid investment property . . . meaning that we want to purchase vacant land to build a duplex for rental property for the next 10-15 years.  Then we'd like to move into the larger unit later in life while still renting out the smaller unit.

We are located in Hawaii and the property we are interested in is oceanfront.  We really like the location (for our own purposes), but at the same time this is an investment, so we don't want to get too caught up in our desires. 

Our concern is that there are very few oceanfront properties in this particular area and we don't want to pass it up.  However, we also feel that the asking price is too high, but since there really aren't any comps I'm not sure how to determine what is reasonable and articulate it to the seller. 

We are working with a relator who has some ideas, but wanted to see if anyone else had some advice on how to make a decision on something like this?  and how to negotiate with a seller who seems to have picked a number out of the air to list his property?