Let me tell you a story about this guy from Maine. http://www.hawaiirealestate.org/blog/maui-real-estate-deals.html But first, please know that I CAN help you find Maui Real Estate Deals like this! Like this one for example, because this home has TWO guest cottages, you can rent the main home, rent one cottage, live in the other, and it will pay for itself. Or just rent out the entire property and bank! The mortgage payment with principal, interest, insurance and taxes is $5250. The income from renting the main house is $4,000-4,500 and the cottages will rent for $1400-1800 each. So if you did not live on the property, you would profit $2K minimum per month. Even if you lived in one of the cottages, the property would still pay for itself. There are many such Maui and Haiku Homes for Sale on Acreage and across the entire State of Hawaii!
My advice to every home buyer on Maui (and in Hawaii) is buy a house with at least one ohana (guest cottage in Hawaiian) preferably two, and you will in essence have a property that will almost or entirely pays for itself every month.
I just sold one to a fellow real estate agent from Maine (he’s a top producer selling over 300 homes a year, and chose to work with me over all the other agents on Maui…I was honored to say the least.) He paid $750K (also in Haiku) and the property has 4 units that can be rented, then he just built a Yurt to live in for himself! Now he spends his days gardening, checking the surf, and managing his real estate team on his laptop over 6,000 miles away. Pretty cool huh? Smart too.
PS – another one of my clients purchased a 13 unit across the street from the ocean front property for just over $2M….it cash flows $28K per month. I found that one too. Tell me she’s not happy.
Mahalos – Eric
Professional Aerial Drone and Real Estate Video Maui Hawaii by Eric West