Kaneohe House Hack

[Melissa Palmer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $799,000
Cash invested: $30,000
Sale price: $1,060,000

Fix and hold, rent, and sell.

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

VA loan opportunity to get into the market

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

New build, another veteran selling it

How did you finance this deal?

VA loan

How did you add value to the deal?

Added an "ohana" unit ADU equivalent

What was the outcome?

Rented out the upper and lower level separately for a few years before selling it

Lessons learned? Challenges?

Got into a dispute with the developer as the foundation was missing a vapor barrier. All the first floor flooring was up two months after the new build and after mediation won and had the developer put in french drains, epoxy remediation for the slab, and new flooring/mold remediation, etc.

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

Shari Hooks was an absolute dream professional agent throughout the experience and ended up selling the property for me later as well.