Want to make the move to O'ahu, $50K good to start? (Honolulu: sales, apartment)

[gbear135]

I'm a single 25 year old guy living at home (moms house in Ohio. I went to O'ahu for two weeks to visit a friend about 1.5 years ago. Well, now I want to move there permanently i fell in love with the place). I'm saving all my money by living at home. I have about $30K now and will continue to work for about the next 8 months till I have about $50K in the bank. I don't want to rent and give my money to some landlord. I'd rather buy a small condo, own it and watch it appreciate and move into something bigger in about 3-5 years. I have a college education and about 2 years business-to-business sales experience. I was thinking about a $120K condo/about 1000 square feet. I don't need much. With about 20% down, my payments to own would be about $700-$800...WHAT DO YOU THINK? plus, i will need to buy a little crapy car...What are sales jobs like in HI. I want/need to make a six figure income.

[MsHell]

Originally Posted by gbear135

I was thinking about a $120K condo/about 1000 square feet... WHAT DO YOU THINK?

Hate to dissappoint you, but for $120k you could get a 400 - 500 sft studio.

Possibility a one-bedroom, although it would most likely be a questionable neighorhood, long commute or a fixer-upper.

[Cheburashka]

There is nothing in Honolulu that you can buy for 120K. Start with 250K for studio, about 300-400 sf.

[pj737]

1,000 sq ft condo for $120,000? Maybe 30 years ago... The cheapest condo (not apartment walk up) in Honolulu would run you about $200,000. That would get you about 300 sq ft. If you want 1,000 sq ft, 2 bedroom condos start at about $450,000. Average for that size is roughly $550,000. You can also move to less desirable places like Nanakuli, where you can buy a 1,000 sq ft 3 bedroom townhome for about $250,000. If you want to be closer to town but can't afford being in town, I would suggest Aiea, Salt Lake or Pearl City. Some studios start at about $150,000. Basically, $120,000 won't get you anything in Honolulu.

Sales? What kind of sales are you talking about? Depending on what you're selling, you can start anywhere from $20,000 to $100,000. I have a friend that sells office equipment and he makes about $120K/year. Another friend sells cars and makes about $50K/year. If you sell clothes, you might be at $25-$30K. It's all over the place.