Fix & Flip Condo in Makiki

[Savanna Mayer]

Investment Info:

Condo fix & flip investment in Honolulu.

Purchase price: $300,000
Cash invested: $54,000
Sale price: $480,000

Condo Fix n Flip in the Makiki neighborhood of Oahu. Deal sourced through networking, partnership flip approach, rehab was financed through a HELOC.

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

Word of mouth networking. Negotiated a "partnership flip" approach, where we provided expertise and rehab capital but never took title. After sale, seller received agreed upon portion of profits + "purchase price" -- we took the rest.

How did you finance this deal?

Used HELOC to finance the rehab.

How did you add value to the deal?

$54,000 full gut rehab.

What was the outcome?

Low inventory and high level of rehab compared to similar nearby actives led to multiple offers over asking price. Our accepted offer was $35K over asking. The outcome was a $96,000 net profit.

Lessons learned? Challenges?

We would have added an accent to the island face or a backsplash using mosiac tile to add some color & flair.

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

HC Construction (Oahu-based contractor), Christina Nishiyama (Engel & Volkers Real Estate Agent).