Kailua Condo - Rental Property, Fixed and Flipped

[Jean Emmanuel]

Investment Info:

Condo fix & flip investment.

Purchase price: $530,500
Cash invested: $20,000
Sale price: $620,000

2 Bedroom, 2 Bath, 814 square feet condo in Kailua, HI. My spouse and I invested in this condo unit as a rental property, then we fixed it up and flipped it for a profit. The unit has great turn around as it is located in the beautiful beach town, Kailua, in the Windward side of Oahu.

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

I wanted to invest in a property in Oahu that we would be able to rent out so we could get residual income. Later on, I decided to sell it, but made profit by fixing it up and then flipping it for profit.

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

I worked with a real estate agent in Oahu. My husband and I bought it for investment purposes.

How did you finance this deal?

Through conventional financing plus downpayment.

How did you add value to the deal?

I added value to this deal by remodeling the kitchen, adding new countertops, installing new appliances, replacing carpet in the bedrooms with laminate wood flooring, and updating the restroom vanities. I marketed it and used my real estate license to sell at a profit.

What was the outcome?

At first I rented it out then renovated it. The outcome was a good return on my money.

Lessons learned? Challenges?

Challenges was dealing with the Homeowners Association as they have requirements and guidelines to follow in regards to submitting proper documentation to renovate the kitchen. I did want to upgrade the restroom bath tubs and install new showers but due to time constraints, I wasn't able to do so, I wanted to put it out in the market quickly as mortgage rates were low and it was a seller's market. I didn't want to lose the opportunity to make a good ROI.

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

I was the Real Estate agent who sold my property. You can work with me as I have personal investment property experience.