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Updated over 2 years ago,

User Stats

71
Posts
49
Votes
Carson McGee
  • Rental Property Investor
  • Charlotte, NC
49
Votes |
71
Posts

Maui Short Term Rental

Carson McGee
  • Rental Property Investor
  • Charlotte, NC
Posted

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.

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