Wednesday marks four years since we closed escrow on both our Sugar Beach #104 and Kihei Surfside #405 condos. I can't believe it's been four years! Within the following four months we also closed on our Maui Kamaole I-103 and Palms at Wailea 503 condos.
As many of you know, we used to be dairy farmers in Chilliwack BC, Canada. Never heard of Chilliwack? It's an 80,000 person town with a lot of agriculture (dairy, chickens, nursery trees, blueberries etc) along the TransCanada highway, just 5 miles away from the US/Canada border (1 1/2 hour drive east of Vancouver).
After doing much paperwork, obtaining green cards and selling our farm, we moved to sunny Kihei where we had discovered Sig was free from his Reynaud's symptoms. The question became - okay, now that we're here, now what? You can't just move to a vacation destination and be on permanent vacation? We needed an income and something to keep us busy!
|our old farm back in Chilliwack!|
Sig has for years had a love affair with real estate. His uncle in Edmonton, Alberta (Canada) owns rental apartments and taught Sig the value of owning real estate. For years every time we came to Maui Sig would check out vacation rental open houses, researching, talking and dreaming about buying one. But the timing and the market was not right. As we stayed in vacation rentals, we talked about what we would do differently, the many pros and cons to owning a vacation rental property. What - there are cons? Sure there are - how about this one: we are letting complete strangers stay in our rather expensive condos, hoping that they don't trash the place! So far so lucky (thank you!!!)
When we moved here, this was our chance to get into the business! We had a few objectives:
How did we do with our objectives? All four of our condos have an ocean view, Kihei Surfside is a direct ocean front property (oh my goodness, what a view), while Maui Kamaole and Palms at Wailea present an ocean view from a distance. Our Sugar Beach condo is on an ocean front property with a sliver of an ocean view.
- buy ocean view condos (after all, our website says Maui Oceanview Condos)
- provide renters with a better product than the competition
- pay the bills and, better yet, make a modest living off the condos
|walking the 5 mile beach past our Sugar Beach condo|
How about providing renters with a better product? We had noticed that having an absentee landlord often means little maintenance and poor cleaning. Have I ever mentioned my husband is a perfectionist? He has a rigorous maintenance program, in fact he has a spreadsheet of all the tasks that need doing monthly/quarterly/semi-annually and follows through with them. We also listen to guest and cleaner comments and personally check the condos, fixing and replacing items as soon as we notice.
Our cleaner Cindy is fantastic. She is incredibly detail-oriented and it shows! Our reviews and guest book entries have a recurring theme: "the condo was so clean!" Why would guests comment on cleanliness? Is this not something that is expected? Well, yes, I would expect a vacation rental condo to be thoroughly cleaned, but sadly that is often not the case. We are very thankful for Cindy and her crew.
How about paying those bills? Well, so far the condos are paying for themselves and yes, providing us with a modest living.
|I love the beautiful Mediterranean look of Palms at Wailea|
What has been the biggest surprise? For me it has been how much I am enjoying this job. In fact, I love my job. I get to deal with happy people! Think of it - people are planning their vacation! Typically this is an exciting and fun-filled time for them. They are happy when they come, and almost always leave happy. Yes, we've had a few cases where things went wrong - such as when the A/C failed or the freezer failed. Thankfully our guests were gracious as we scrambled to fix things. Being on-island landlords has given us the opportunity to jump into action rather than relying on property managers to do the work for us. As I always tell our guests: "we are just a 5-10 minute drive away from the condo. Let us know if there's a problem and we will deal with it!"
Would we do it again? What would you say if I told you Sig is eyeing another property? Well, it's somewhere in the future, but for now, it would appear we are in this for the long haul!
To all our wonderful guests and repeat guests who have stayed in our condos the first four years - a big thank you to you! Thank you for booking our condos, trusting us with your vacations, and taking such good care of our condos. As a side note - in the first four years we have not once had to withhold the refundable security deposit, refunding it within a week or two of every guest's check-out. A big mahalo for that!
|gorgeous Keawakapu beach - within walking distance |
of our Kihei Surfside, Palms at Wailea and Maui Kamaole condos
Here's to a fantastic fifth year of vacation renting!
Labels: condo, Kihei Surfside 405, Maui Kamaole I-103, Palms at Wailea 503, Sugar Beach 104