All Forum Posts by: 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

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!

This is a deal we currnetly have in progress. It's a fully renovated vacation rental condo worth 800-850k that we bought for 645k. We plan to clean the carpets, furnish it and list it as a "lipstick flip". Will post more once it's sold.

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

 Just to clarify; I am brand new to investing too.. Although I worked in RE most of my life, I only have about 3 years of actively investing. I just got super lucky that for some reason Brandon chose to want to partner with me... I still don't understand why lol When he first asked me to partner my response was "why me" haha but I guess he saw my drive and determination maybe.. Anyway, my point is that anyone could do this. 

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 between myself and Brandon Turner for 401k, did 45k rehab, and got an offer for 625k during our first week, spent 3 weeks finishing the renovation, and then it flooded! Main Drain pipe under our foundation collapsed! Fortunately my relationships in the HOA, disaster restoration,& plumbing world helped me get the HOA to approve the $10 cost to repair, and have the concrete torn up and pipe replaced all in less than 1 week,so we still made well over 100k!

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

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

MAUI INVESTORS: 

The cost for attending this meetup is $7 and we will accept cash at the door, or venmo. If you don't have cash and want to pay with venmo/apple pay, please make sure you have the app downloaded and your bank account successfully linked and verified PRIOR to 1/30 (If you haven't used venmo before it takes 2-3 days to verify your account)

We are near the max capacity for this meetup. If you are planning on attending and have not done so already, please RSVP ASAP, otherwise we may close off attendance. The meeting room has a max capacity of 30 people, and we currently have almost 30 RSVPs, along with many more that have told me they are planning to RSVP. 

We also have NOT settled on a format yet; since we put this event on for you, please let me know whether you'd prefer:  1. A successful investor speaking for 30-45 minutes about how they made it, then Q&A, followed by mix n mingle.  2. An open discussion followed by mix n mingle.  3. Have another suggestion for a format. 

The date and location are listed at the very top, right under the title, but above the RSVP section. It's 01/30/20 05:00PM-07:00PM at Maui Beach Hotel Lanai meeting room 

Please RSVP and comment if you will be attending this event. It costs $175 to rent the room, which I've already paid for to reserve the meeting space for us, but if we don't have enough RSVPs by the cancellation date, we may choose to cancel the reservation and change location of this meetup.

We finally found a great meeting room!!! At the Maui Beach Hotel; park anywhere, go in through the lobby, past the front desk and turn right, go up the stairs to the 2nd floor and go to the right, go to the end of that hall and turn right and the meeting room will be at the end of that short hall. This is a nice sized room that can fit up to 35 people, has AC, water, and there is a restaurant and bar right outside the meeting room where you are allowed to get drinks and food and bring into the meeting!

Fee to attend is $7 per person, and we will accept venmo, cash app, cash at the door, etc. If we get more attendees, the fee may go down.

BUT: We NEED your support to make this meetup happen and secure our private meeting space for all future meetups! Please RSVPTODAY if you can make it! Otherwise, if we do not receive enough RSVPs to cover the cost of the room we will cancel the reservation and move this meetup back to Starbucks. 

Be sure to check back the day of the meetup to confirm the location!