i am looking at buying some real estate as investment in Hawaii. which area has the best deals now? Kauai, Honolulu, Kalaheo or kilauea?
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If you're buying property as an investment you have to ask yourself - What is the purpose of this investment and does the payoff justify the risk? In order to determine where the best deal can be found you have to decide what purpose the property is to serve. I would suggest that the property fulfill multiple purposes instead of just a pure investment. As a pure investment you are totally at the whim of the real estate market. Ask yourself, 1) Do you want to use the property as a vacation home? 2) Are your goals long term? 3) Can you cover any monthly shortfall if the rent does not cover all the expenses? 4) Can you manage the property from a distance? If not, what are the expenses associated with a local management company? We purchased property in Hawaii 2 years ago with the intention of renting it out and eventually to become our retirement home. We lucked out in that the property included a transient vacation rental permit. No new permits have been issued since the late 1980's so we're grandfathered in. This allows us to use it as an investment, vacation home and eventually a retirement home. There's no better investment than buying property and having someone else pay for it. Typically long term rent in Hawaii, although very high by mainland standards does not cover the mortgage and other expenses. So there will be a monthly shortfall to cover. This may or may not be offset by an increase in market value, but you only realize that when you sell. In the meantime you have to cover that monthly shortfall. A transient vacation rental requires a lot more work but comes closer to paying for itself. Where to invest depends in large part on what you intend to get out of the property.
