Foreclosure, Value Add Duplex in Waialua

[Roderick Martin]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $1,500,000
Cash invested: $50,000

Duplex was in foreclosure. We obtained private money, a fix and flip loan, bought the house, completely rehabbed both sides , and then refied it. We currently live there.

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

The area.

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

A friend owned the home. We kept it from going into forclosure.

How did you finance this deal?

Private money and Hard money

How did you add value to the deal?

I rehabbed everything.

What was the outcome?

A sick duplex 8 houses away from the ocean on the North Shore of Oahu. We live in one side and rent the other to a nice family with kids so our daughter also has friends to grow up with.

Lessons learned? Challenges?

Hard Money is super expensive. They have fees on their fees.

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

Cory Nemoto with Keco Capital, but make sure you have enough juice in the deal.