Million Dollar Moves: Real Estate Success in Hawaii with Kamohai & Tristyn Kalama
May 2, 2024
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Join Tristyn and Kamohai Kalama on a Hawaiian real estate adventure. They share their journey of overcoming debt, tackling million-dollar deals, and using creative financing strategies. Discover their success with Airbnb, challenges of renovation in Hawaii, and the impact of community-driven real estate. Dive into this masterclass of transforming challenges into island-sized achievements!
Overcoming challenges with creative financing in Hawaii real estate.
Strategic renovation efforts for successful Airbnb properties in Hilo.
Deep dives
Creative Real Estate Investing in Hawaii
Investing in real estate in Hawaii can be daunting due to high price points, with the median home price at $1.1 million. Despite the intimidating market, Tristan and Kamohai, both born and raised in Hawaii, saw real estate as an opportunity to build wealth and invested in their local market. They joined a mentorship program out of desperation and took action on multi-million dollar deals without fully realizing the gravity of their investments.
Structured Financing and Investments
Tristan and Kamohai creatively structured a deal in Hawaii, buying three houses and two lots for $650,000. They took over a $149,000 HELOC, converted it into a 30-year fixed loan, and created a seller finance note for the equity. Their entry fee was $31,000 for a $650,000 property, showcasing their ability to find innovative financing solutions.
Renovating Properties in Hawaii
The renovation process in Hawaii, especially in Hilo, presented challenges due to the lack of solid construction crews. Despite difficulties, they spent $200,000 renovating three old plantation-style houses with major issues, including foundation problems and outdated features. The labor-intensive renovation took around 9-10 months, demonstrating the commitment and effort required to revamp Hawaiian properties.
Operational Success and Cash Flow
Post-renovation, the properties in Hilo were strategically set up for short-term rentals, attracting high occupancy rates of around 85%. With a unique Airbnb setup across the three houses, Tristan and Kamohai created a desirable tropical retreat. Their success highlights the potential for consistent cash flow and property appreciation in Hawaii's lucrative real estate market.
Welcome to a new episode of Get Creative. This episode takes us on an adventure through the Hawaiian real estate market with power couple Tristyn and Kamohai Kalama. Forget paradise clichés - these seasoned investors reveal the complexities and unparalleled opportunities Hawaii offers. Brace yourself as they share their journey, from conquering million-dollar deals as rookies to wielding creative financing strategies like boss moves. This is a masterclass in transforming challenges into island-sized achievements. Get ready to unlock the secrets of Hawaiian real estate and dive into paradise with the Kalamas!
Highlights:
"The pain of staying the same was so great that we were willing to literally try anything."
"We didn't know anything else, but we were desperate to change our situation."
"We're problem solvers, our job is to provide options."
Timestamps:
00:00 - Introduction and Background
01:16 - How Tristyn and Kamohai Started in Real Estate
03:02 - Turning to Real Estate to Overcome Debt
04:03 - First Forays into Million-Dollar Deals
05:00 - The Drive to Change and Overcoming Fear
07:38 - Finding and Structuring a Key Deal
10:00 - Potential for Airbnb in Hilo
14:23 - Challenges of Renovation in Hawaii
18:52 - Managing Renovation and Operations from Afar