My aunt is a real estate agent on the mainland and she suggested that maybe I could purchase a condo on Oahu to stay in every once in the while over the next few years before I move there and purchase a home. That way I can make sure that I like it there and have a place to stay. When I am not there I can rent it out to vacationers on a weekly or daily basis. When I am ready to move there in 3-5 years from now, I can sell it for a small profit or at least break even or even keep it if the cash flow is positive.
My question is, are there places on Oahu where tourists or other visitors might actually rent my apartment often enough that it might just break even with the mortgage? I don't mind if I have to pay more or decorate more beautifully to help ensure success. I also don't care where on the island that it is located, i.e., if the tourist prefer remote isolated beaches as opposed to downtown Honolulu, or if it is more easy to rent out a downtown condo, then I would do that.
My budget is not that high, maybe only between $350,000 to US$500,000. That might rule out some of the really nice new places. I forgot to mention that I don't care how small it is, but it must have two bedrooms, one for my kids and one for my wife and I. The budget doesn't include the interior decoration, I can have a separate budget for improvements to the property.
Any ideas and help would be appreciated, mostly I just worry that most tourists either stay in hotels and/or only visit other islands?
My question is, are there places on Oahu where tourists or other visitors might actually rent my apartment often enough that it might just break even with the mortgage? I don't mind if I have to pay more or decorate more beautifully to help ensure success. I also don't care where on the island that it is located, i.e., if the tourist prefer remote isolated beaches as opposed to downtown Honolulu, or if it is more easy to rent out a downtown condo, then I would do that.
My budget is not that high, maybe only between $350,000 to US$500,000. That might rule out some of the really nice new places. I forgot to mention that I don't care how small it is, but it must have two bedrooms, one for my kids and one for my wife and I. The budget doesn't include the interior decoration, I can have a separate budget for improvements to the property.
Any ideas and help would be appreciated, mostly I just worry that most tourists either stay in hotels and/or only visit other islands?
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