2 bed / 2 bath / 2 story ocean view condominium, purchased for short term vacation rentals. renovated by me and my wife and skilled trades that we found via connections on the island. No revenue as of August 15, should be renting by September 15.

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

Good ratio of revenue to cash investment, but with a view to a retirement location for the future. Used research from AirDNA to get a sense of rental rates/vacancy rates/seasonality, but with COVID the last year is likely not representative of the future.

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

Found through MLS with a realtor.

How did you finance this deal?

Mortgage broker, personal cash for down payment, closing and renovation costs.

How did you add value to the deal?

Identified a tired property that we could do a mostly cosmetic renovation, some upgrades, and sweat equity on many of the smaller items.

What was the outcome?

Still to be determined. :-)

Lessons learned? Challenges?

Trades were extremely difficult to find at the time in Maui as everyone seemed to be having the same idea about renovating and demand was high. Logistic / supply issues on the Island also made getting appliances, housewares, and almost everything difficult or expensive to get. We actually saved some money by purchasing items at home (Calgary) and bringing them to the island

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

PM me for mortgage broker and property management recommendations or trades.

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Vacation Destination Buy, Renovate, Hold Investment

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