Home run Flip completed w/ Brandon Turner!

[Greg Gaudet]

Investment Info:

Single-family residence fix & flip investment in Kihei.

Purchase price: $401,000
Cash invested: $45,000
Sale price: $625,000

Contributors:
Casey Cleary, Ryan Murdock, Brandon Turner

Oceanfront 2/2 vacation rental, Purchased as a partnership between myself and Brandon Turner for 401k, did 45k rehab, and got an offer for 625k during our first week of renovation. Accepted the offer, spent 3 weeks finishing the renovation, and then it flooded! This is a first floor condo and We found out the common drain pipe that ran under the concrete right under our living room had deteriorated into nothing, so all of the drain water was coming back up through our drains! Fortunately my relationships in the HOA, disaster restoration, and plumbing world helped me catch the flood quick, get the association to approve the $10,300 cost to repair, and have the concrete torn up and pipe replaced all in less than 1 week, so we still made well over six figures!

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

My extensive history working in the vacation rental condo world. And the fact that my friend lived in this exact condo, and I almost moved into it myself in 2013, I remember them even telling me that it was going to be foreclosed eventually!

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

No comment.

How did you finance this deal?

Keco Capital hard money! Cory Nemoto!

How did you add value to the deal?

Complete renovation

What was the outcome?

Over 130k profit

Lessons learned? Challenges?

Water damage sucks. Old cast iron pipes suck. And if you’re competing to get a deal with a friend, strategize and work together!!!! 130+k profit of a 400k purchase is a home run, but it could have been nearly 200k profit if we hadn’t driven the price up on each other.

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

Keco Capital - Cory Nemoto