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Adventures in real estate

My brother is in the midst of moving to Hawaii and buying a house there. So he finally finds a place that he likes, puts an offer down, goes to contract and then finds out about this. In a nutshell, there is some eccentric billionaire who decided to buy up a bunch of houses in nice neighborhood and rent them out to indigenous Hawaiians for incredibly low amounts ($150/month). My favorite quote from the guy:
"I expect these families will invite guests over, between 30 to 40 people," he told the Star-Bulletin. "I'm going to choose families with lots of friends. They're going to be like my family."
In the process of doing this, he has construction crews tearing down walls and filling swimming pools with the debris (and presumably violating all sorts zoning regulations, construction laws, land covenants, etc.).

This is crazy stuff. On the surface, the guy appears very altruistic but clearly there is something else going on here. He is trying to lower the property values of this neighborhood for some reason. I have no idea why. In any event, this is more than enough reason to walk away from the purchase.

Welcome to the Aloha spirit. Ugh.

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Comments (2)

Sounds like going to battle against a cross between Bill Gates & Don Quixote. Terrifying.

Rumple:

Tom, stay way from this guy. Apparently, he's done similar things in California. He gobbles up entire neighborhoods, rents them out and then evicts these folks on a whim. Plus, he has a history of allowing his properties in Hawaii to become run down.

Here are a few tidbits:

http://www.dfeh.ca.gov/News/Tenants.asp

http://www.acorn.org/index.php?id=948

http://www.the-catbird-seat.net/GensiroKawamoto.htm

http://the.honoluluadvertiser.com/article/2004/Aug/22/ln/ln03a.html

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This page contains a single entry from the blog posted on January 22, 2007 3:51 PM.

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