Aloha:
My name is Mike Gallagher and I am Broker in Charge at RE/MAX Honolulu.
Although this is a strictly a Buyer's Market now, flipping can still be done if you do your due deligence and are aware of the nuances within each of the Neighborhood Markets you are looking to make a quick profit.
Condos, which are the preferred choice for this type of action since the risk is much lower than for SFH's and are also in more demand than SFH's.
As a realtor my clients and prospects often times ignore the fact that most of my earnings come from Commissions on sales. This is not true. Most successful realtors will buy and sell property just like anyone else and make profit.
My choice would be to look at Condos as your preferred investment choice. Since most of the buyers in today's Oahu Condo Market are purchasing at the lower end of the price offerings I would look for a condo that is a 1-2 bedroom. Fee Simple, no pool and mostly no amenities that will drive up the Monthly Maintenance Fees.
Look for a Condo within these parameters, but make sure they have at least assigned parking stall and search the MLS for 'at market' or 'below market' offering prices and take it from there.
If you need help in this endeavor, please visit my website at
http:// www.hawaiirealestatestatistics.com and call or email me at:
Mikeg@hawaii.rr.com 808-384-9015
I wish you much Aloha,
Mike Gallagher
Broker in Charge
RE/MAX Honolulu
- Sat May 24 2008, 12:47