VIDEO: “Buying a Hawaii Vacation Rental Property – Turnkey vs. Rehab” Debating the Pros and Cons
After assisting a variety of clients in purchasing their vacation rental properties here on Maui over the past 8 years in concert with managing vacation rental condos for selective clients (more on that below), my craft for educating buyers on the art of finding “VALUE” by both lifestyle and investment standards continues to reach new heights. Sounds simple right, finding “the best deal for your buyer”? Any experienced broker would argue the counter. After hundreds of showings, countless offers, counteroffers, open houses, price opinions, etc., we begin to learn that this game is 50% science and 50% art. Learning to balance the two takes time and relentless effort to keep up with the changes. What hasn’t changed is to ask a lot of questions, know what questions to ask, and to listen to your client. Real estate shopping is not a one size fits all. A great investment property for one buyer could be a terrible investment property for another buyer.
Elevating the Art of Real Property
“Elevating the Art of Real Property” is a main focal point of my business. I used to over analyze when I first began my real estate career, and after years of observing highly successful real estate investors, I began to pick up on the balance of the art and science of real estate. Again, this is where listening more than speaking comes into play. I can now meet with a client I just met at an open house and, through a series of preliminary questions, will be able to zero in on 5 or 6 properties that would offer them the most “VALUE” on a lifestyle/investment spectrum. That’s become the easy part of the equation. The real art lies within earning the buyers trust and guiding them through the process at their pace so they feel comfortable with whatever conclusion they come to.
What does this have to do with buying a vacation rental vs a rehab?
The Next Level – Recently I’ve been operating a boutique portfolio of vacation rental properties under Hawaii Life Vacations (by far the most progressive and powerful Vacation Rental company statewide, in my humble opinion). We’ve branded our portfolio “The Hotel Collection” (Click here for more info). Managing vacation rentals has enhanced my ability two fold to educate buyers on the ins and outs of what goes into owning a vacation rental after closing. My goal was to handle a portfolio that helps me to keep my finger on the pulse of the vacation rental market. I tend to operate under “Quality over Quantity” when it comes to business and after finding success in our property management portion of our business, sharing what we have learned with buyers has brought a new energy to my practice.
In my continued effort to always try and get my clients the best deal possible (with their criteria in mind), Jeremy and I discuss in this 8 minute clip below from “The Island Hustle” Podcast Ep. #6:
- The pros and cons of buying a turnkey Hawaii vacation rental vs. buying a rehab/gut-job project
- Location vs. Condition & Sweat Equity vs. Check Equity
- How to optimize VALUE according to your specific needs
Please feel free to submit your questions for “The Island Hustle” Podcast at RobertHasson@HawaiiLife.com (Subject Line “Q&A”) If you would like to subscribe to “The Island Hustle” Podcast or watch other episodes, please click here.
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CALL ME – Whether it translates to a sale or not, I love sharing with potential buyers everything from my lessons learned, the Maui lifestyle, market conditions, and everything in between. Good business is good business, so if Hawaii Real Estate is on your mind, let’s talk. At the very worst, I promise you’ll find our conversation educational.
LAST BUT NOT LEAST
THE DECK – A 4 part guide series for Maui Buyers, Sellers, Vacation Rental Management, and Real Estate Investors. To obtain a downloadable copy of any or all of these booklets visit RobertHasson.com