Live 'n Flip home in Nob Hill Mililani

[Andrew Cannon]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $360,000
Cash invested: $25,000

Town home in Mililani hadn't been renovated since the 70s. Needed upgrade to bring it to current market value.

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

I was paying too much for rent so I wanted to buy and utilize my military BAH to help pay down a mortgage and save money.

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

Utilized MLS and used a realtor. Was asking 380,000 and offered 360,000.

How did you finance this deal?

VA loan and renovating with personal funds along with some credit cards and a personal low interest rate loan.

How did you add value to the deal?

Well the home was cramped and kitchen was tiny do we removed a wall and gave it a more open feeling as well as completely updating the house with new floor, paint, lights, cabinets, appliances.

What was the outcome?

Haven't finished and sold yet as of April 2019. Plan on living in until July 2020.

Lessons learned? Challenges?

Underestimated renovation by about $5,000. Hired contractor to do kitchen and he went over time by about a week stopping us from moving.

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

Erica Lehmkhul with Reality by the Sea