Maui Home Buyers was featured in an article on gobankingrates.com about how to get in on the real estate investing boom. Click this link to read the article: https://www.gobankingrates.com/investing/real-estate/ways-to-get-rich-in-real-estate-without-being-a-landlord/
As you’ll read in the article, there are many ways to profit from the current real estate boom which, contrary to what you may be seeing in the news, is still going. Sure, many areas have slowed dramatically but overall real estate is still running hot. However it is crucial that you don’t count on home prices continuing to rise. Especially in markets like Hawaii, where prices have risen exponentially over the last 12 years. Remember that what goes up, must come down and prices cannot rise forever. That being said, home and condo prices in Hawaii have certainly cooled off significantly over the last few months and some areas have seen prices come down a little. Most buyers are having a lot more trouble paying the current inflated prices due to the severe rise in interest rates. In the last month home mortgage interest rates have increased even more, bringing them to the highest level in over 20 years. But overall the market has remained pretty flat recently.
So if you find a property that seems lucrative, just make sure that it will still work out even if prices drop by 10-15%. If it checks out then you could have a winner.
However there are ways to earn income in real estate regardless of whether prices are rising or falling, and this article covers these alternative approaches. At the end of the day, being a landlord is a LOT of work. I can confirm this, as I currently am in charge of managing 19 rental units on the island of Maui, Hawaii (with units in Kihei, Wailuku, Kahului, and Lahaina/Honokowai, HI). There are other ways to make a living in the real estate world, but keep in mind that the only way to truly earn passive income in real estate is if you already have a substantial amount of money saved up to invest. If you don’t have a lot of savings that you’re willing to invest and take some risks with, then making money in real estate requires doing a lot of work. Most of the time it will need to be a full time, or nearly full time job. I can tell you from experience. I spent many years working 60 and sometimes even 80 hours a week while building our business. Don’t let that discourage you though; if you love real estate and are passionate about this industry then it’s much more enjoyable. I worked all of those hours for all of those years because I wanted to secure my families’ financial future, but it wasn’t a horrible experience because I sincerely enjoy my work. I particularly enjoy helping people, and we’ve been very blessed to have the opportunity to help countless families not just on the island of Maui, but also on Oahu, Kauai and even the Big Island of Hawaii.
If you have a home or condo in the State of Hawaii that you’re considering selling call or text Maui Home Buyers at 808-359-3121 before you list with a Realtor. We can make you an offer to sell your property as-is for all cash with no obligations. There’s no risk, even if you don’t like our offer then you can list on the MLS with a Realtor!