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Updated about 6 years ago on . Most recent reply
First deal in Hawaii
Investment Info:
Single-family residence buy & hold investment in Kihei.
Purchase price: $215,000
Cash invested: $85,000
This is a 2 - 1 1/2, 750 sq ft unit in the Kihei Villages complex located on the island of Maui.
What made you interested in investing in this type of deal?
We had just moved to Maui and wanted to buy vs rent! That being said this was my 4th real estate deal and I love to find distressed properties so I can rehab them to my standards. This is what I love about real estate investing.
How did you find this deal and how did you negotiate it?
MLS and buyer needed out quickly
How did you finance this deal?
All cash
How did you add value to the deal?
We rehab the place and put in 80K worth of improvements! llollll not the smartest play when it comes to investing, but we wanted to live in it so we made it nice... Best part is that we put in the money to do it well and now it rents in a matter of days because its better than any comparable condos opt the market. Just think new everything! and I mean new everything...
What was the outcome?
Invest the money in the rehab and it rents faster! This property does not stay unoccupied for long.
Lessons learned? Challenges?
Finding a contractor on island is not easy and is costly. My mistake was not taking the time to do some research on the contractors and get some bids! That being said the company we hired was the best and had great recommendations from many locals. I paid the price, but worth the investment.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did go through a local real estate agent! That being said he was very passive and I spent most of my time research the place I wanted vs them finding me a deal. As always! do your own research first and build the relationship with the agent for a better long term result.
Most Popular Reply
Reggie is a good agent. I can't believe you spent $85k remodelling a Kihei Villages. It must be amazing!!
Congrats, Thierry!