All Forum Posts by: Nick Ung

@Michael Baum, thanks for the tip. Just called the city and yes it's prohibited. 

Hello folks, I am looking into a STR property near Disneyland Anaheim for personal use and airbnb (non-owner occupied) it out for the rest of the year. And since Anaheim and Garden Grove both stopped giving out new STR license, I thought Santa Ana would be the best bet due to its relative proximity and the city seem to have no regulation against STR. Strategy wise, I am interested to BRRRR a distressed property but would also consider using a second home mortgage for the right property.

I wonder if anyone has attempted something similar and could give me some pointers as to how to proceed. Thank you

@Isi Nau Can I contact you to get recommendation for STR lenders? I've read somewhere that a 30% downpayment is required for condotels that doesn't have a full kitchen. What about a legal STR unit with a full kitchen (for example a 1br Ilikai condo)? Is the financing requirement similar to a conventional condo?

@Jim G. Hey fellow investor from the Bay Area! I think only building zone for Resort in Waikiki can be used for STR. I've been using this map to verify.

If not zoned for resort, the unit must have a non-conforming certificate (NUC) to operate as a STR, I've been using this list to cross-check listing on MLS.

@Isi Nau Thanks for the info, this is really helpful. I am going to work from home until mid-2021 so I am hoping to dedicate the STR property for residential use until then. And hopefully tourism will recover to normal by then.

Is the point of all cash offer so that the transaction will close pretty quickly? All cash offer isn't feasible for me right now, would a underwritten pre-approval have the same effect?

@Rob King Thanks! Would love to connect with your coworker. I am also looking at a couple of unit around Seaside Ave. Does long-term rental cash flow in Oahu? The 1% rule looks almost impossible unless it's a fixer or using the BRRRR strategy.

Aloha! I am looking to move to Hawaii with my partner from the San Francisco Bay Area due to flexibility of working from home. We are thinking of acquiring a STR property in Waikiki resort zoned area or NUC units. I am wondering what's the STR market is like right now and how feasible it is to acquire a STR unit in Waikiki, hold and ride out the pandemic. For folks who own a STR in Honolulu, what's your experience and how's the cash flow before the pandemic?