Flip number 2 in the books, and profit in the bank!

[Greg Gaudet]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $645,000
Cash invested: $17,000
Sale price: $820,000

Update: We just closed this flip. The acquisition took 6 months due to the bank dragging their feet, but we closed on the purchase 12/26, went live on MLS the same day that we closed on it, and sold it after only 9 days on the market for exactly what we were hoping for under best case scenario! So we made exactly what we hoped for in profits, and Brandon and I are both very happy!

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

I worked at Whalers Realty, the brokerage that dominates this resort market, so I'm very familiar with all of the resort condos on Kaanapali beach.

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

Too much too type!

How did you finance this deal?

Hard money - Keco Capital and Cory Nemoto! And also Brandon Turner funded the down payment, holding costs, rehab, etc.

How did you add value to the deal?

Bought appliances, changed the carpet, cleaned and staged.

What was the outcome?

Sold on MLS after only 9 days on market to a buyer that already owned the unit next door and paid all cash.

Lessons learned? Challenges?

Again.. if I started on what I learned with this deal I would run out of space!

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

Cory Nemoto of Keco Capital, Jim Harris of KW - formerly Whalers Realty, and many more