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Updated almost 3 years ago on . Most recent reply
Maui Short Term Rental
Investment Info:
Condo commercial investment investment in Lahaina.
Purchase price: $1,100,000
Cash invested: $330,000
This is a short-term rental purchased in Maui for $1,100,000. This 2bd condo was purchased cash with delayed financing (70 LTV). The annual gross revenue is roughly $165,000-$170,000.
How did you find this deal and how did you negotiate it?
This deal was found on the MLS and was negotiated with cash and waiving contingencies.
How did you finance this deal?
We bought it cash and set up delayed financing through a commercial DSCR lender.
How did you add value to the deal?
The only value-added was furniture and decor to increase ADR and overall revenue.
Lessons learned? Challenges?
A big challenge was finding a lender to do 80 %LTV on Maui non-warrantable condos, we have to settle for 70% LTV.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, contact me for more information.
Most Popular Reply
Congrats on owning a piece of paradise!