First Flip In Hawaii

[Matthew Bernal]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $665,000
Sale price: $970,000

This was my first flip in Hawaii!
Purchased on short sale, and had it pre-sold before beginning construction. Best part, by far, was having the opportunity to work alongside the buyers and be a part of manifesting their forever home!

What made you interested in investing in this type of deal?

It was an outstanding deal that I was able to get below market value in the height of a seller's market! This project was also the catalyst for me opening my own construction company.

How did you find this deal and how did you negotiate it?

I found this deal through a referral from a realtor partner of mine.

How did you finance this deal?

I raised 100% of the purchase price and costs privately.

How did you add value to the deal?

I added value through several avenues:
1. I put together an outstanding team of contractors
2. With the help of referrals, I was able to raise all of the money privately
3. My team and I developed a real relationship with the buyers, which ensured a final product that exceeded expectations

What was the outcome?

The deal was pre-sold and had net revenues exceeding $100k

Lessons learned? Challenges?

I learned the importance of collaboration and clear communication. The devil is truly in the details, especially when there is nearly a million dollars at stake. My biggest takeaway was to always communicate clearly and honestly.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes! This transaction had three OUTSTANDING realtors involved.

Seller's Agent (Short Sale): Mary Cordero --> The most honest and sincere woman you'll ever meet!
My Agent (Buy and sell): No longer on island, but she was on Team Lally from Keller Williams
End-Buyer's Agent: Erica Lehmkuhl --> Very personable, great with VA loans, an all around rockstar!