In Waikiki, there are condos that are also known as ‘Condotel’. In short, these are hotel units that are owned by individual owners. Owners of a condotel can stay in the units while on vacation or put it in the hotel rental pool and let hotel manage the unit rental (private property managers will also be able to manage the unit, usually for a lower percentage cut than the hotels charge). Unit size varies but they are usually typical of those you’ll find in an average hotel room. As one might expect, the typical amenities of a condotel unit consists of a mini-fridge, sink, microwave, no parking stall, etc. Since there’s no full-kitchen within the condotel units, mortgage financing is limited and no fixed rate mortgage is currently being offered. However, there are condotel units that have full kitchen. A full kitchen is defined as have a stove with 4 burners, an oven, full-size fridge, and a sink. Due to its low investment threshold (a typical unit usually starts at about high $100k and can go up to the million dollar range), it is highly desirable for those seasoned and 1st time investors.
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