Thank you very much, LaVon.
Of course, I will visit but once my analysis moves closer to a possible offer stage. I will ask my realtor for PM companies referral. Regretfully, his RE company does not manage any properties except for SFH.
Sincerely,
Paul[ Edited by paultov on Date 06/13/2006 ]
Quote:
On 2006-05-22 16:49, lavonc wrote:
My biggest caution from talking to other investors that have gone this route is you really need to ask yourself "If I never made a dime on rental income, would I be okay?" "If I ever wanted to sale the property, how desireable is it -- location, location, location?"
I have some very good friends that bought in Hawaii and the cost of flying there, the cost of their mortgage and the cost of repairs boils down to more than several weeks at a very high-end resort.
I agree - the other issue is that if you own a place there you will feel like you ALWAYS need to vacation there because you own a place as opposed to just renting and going wherever you want. There are very few places that I would want to go to EVERY year if it was a choice between multiple places.
When I ask questions, I always want straight forward answers...so here is your straight forward answer.
It is a bad idea.
Why is it a bad idea? You will get eaten alive by property management commission (30%+), you do NOT get to use the property (because the time you want to vacation there is the peak season and you have to rent it), foreign country equals foreign laws and foreign taxes, you might have to deal with FX rates, you get the idea.
I have yet to meet someone that has gone to the islands and has not thought about living there (myself included), but it just a dream.
[ Edited by reklats on Date 03/26/2007 ]
Thank you very much, LaVon.
Of course, I will visit but once my analysis moves closer to a possible offer stage. I will ask my realtor for PM companies referral. Regretfully, his RE company does not manage any properties except for SFH.
Sincerely,
Paul[ Edited by paultov on Date 06/13/2006 ]
Quote:
On 2006-05-22 16:49, lavonc wrote:
My biggest caution from talking to other investors that have gone this route is you really need to ask yourself "If I never made a dime on rental income, would I be okay?" "If I ever wanted to sale the property, how desireable is it -- location, location, location?"
I have some very good friends that bought in Hawaii and the cost of flying there, the cost of their mortgage and the cost of repairs boils down to more than several weeks at a very high-end resort.
I agree - the other issue is that if you own a place there you will feel like you ALWAYS need to vacation there because you own a place as opposed to just renting and going wherever you want. There are very few places that I would want to go to EVERY year if it was a choice between multiple places.
Hey,
When I ask questions, I always want straight forward answers...so here is your straight forward answer.
It is a bad idea.
Why is it a bad idea? You will get eaten alive by property management commission (30%+), you do NOT get to use the property (because the time you want to vacation there is the peak season and you have to rent it), foreign country equals foreign laws and foreign taxes, you might have to deal with FX rates, you get the idea.
I have yet to meet someone that has gone to the islands and has not thought about living there (myself included), but it just a dream.
Bruce.
W ell all of our answers made alot of sense and I appreciate your honesty. Thanks for the bump back to reality, I gotta get out of vacation mode, lol!