Phoenix to Oahu?!? (sales, apartment, lease)

[Phxspartan]

Good morning guys!

So I just recently started searching for my first home here in AZ. I came out to Oahu last summer for a Spartan Race and like many others kept thinking "I could so live here!"

Of course coming out for a few weeks to a month for a trial run would be optimal, but my current job would prevent that. I have seen some properties in Waikiki in the $100K range. The small space living doesn't bother me at all. I've had my smallest studio at 350 sqft and my largest at 585 sqft.

If I bought and left my job I could live moderately for at least 6 months. I have a car and a motorcycle here in the states, work in sales and management, and am currently working on my start up business.(I know this would be affected by moving but could still work)

Those who have been brave enough to take the risk and do what I am thinking of I'd like to know about your experiences. I'm 33 and am willing to take a risk for a different quality of life.

[whtviper1]

Originally Posted by Phxspartan

I have seen some properties in Waikiki in the $100K range.

You won't own the $100K property - that is for the privilege to lease the property - you'll pay a monthly lease fee and the property return to the leaseholder at the end of the lease unless the leaseholder wants to renegotiate.

[hotzcatz]

Find a job or income source, rent on Oahu for six months to a year and then if it works out, look for a place to buy. If it were me, I'd keep the motorcycle and ditch the car for living on Oahu. Mostly due to traffic and parking costs for cars. If it's raining or such, there's always The Bus, Taxis or other public transportation.

If it's just you, you may be able to share a house or an apartment with someone. That saves on rent and gives you someone who can help get you used to island living.

[Phxspartan]

ahhh... that's why it was at such a number. damn,lol

good call catz!

[67Cam]

Originally Posted by whtviper1

You won't own the $100K property - that is for the privilege to lease the property - you'll pay a monthly lease fee and the property return to the leaseholder at the end of the lease unless the leaseholder wants to renegotiate.

From my research over the last few months I believe that is called "Lease Hold", vs ""Fee Simple". LH is long term rent of the land, decades long. You may own the building but not the land and at the end of the lease you would have to renew or vacate. That is why it's less expensive. I also believe you can resell the LH with whatever time is left on the lease, however I'd think it would be more difficult to sell and wouldn't hold/appreciate value.

Fee Simple is you hold title on the land and structures on it.

When you look at listing they do list the property as either FS or LH.

[Phxspartan]

I've seen both the FS and LH. But it was making sense in my mind that Waikiki would sell at $100K because I was only getting 300 sqft lol

[McFrostyJ]

Originally Posted by Phxspartan

I've seen both the FS and LH. But it was making sense in my mind that Waikiki would sell at $100K because I was only getting 300 sqft lol

If it's in Waikiki for $100k, it more than likely is a Lease Hold.

[hunterseat]

Originally Posted by Phxspartan

If I bought and left my job I could live moderately for at least 6 months.

I'm curious what this means. If it's true then you probably have at lease $20K? And that would be tight.

Whatever you do PLEASE keep enough back (give to a trusted person - parent?) enough money for a return flight to the mainland.

[Phxspartan]

Yes, I have more than that to survive on. Good call on the ticket as a "just in case".

[ScottStielow]

Originally Posted by Phxspartan

Yes, I have more than that to survive on. Good call on the ticket as a "just in case".

The ticket is good insurance in-case? I always try to have six to eight months emergency funds saved.
Best of luck in your endeavor.