All Forum Posts by: Neno D.

Quote from @Mike Neubauer:

Hey Neno, 

I have a few guys you could reach out to that might be able to help. One lives here on Maui. Worst case scenario take a HML until you finish rehabbing it. You're going to jump in on the $100k grant for the ohana, I assume? If so make sure the prefab is qualified for that. great seeing you the other day!

Mike,

great to hear from you. Yes it was good to catch up and meet in Maui! Hope to be back with this one ☝️ appreciate the advice. 

Quote from @Chris Seveney:

Quote from @Neno D.:

Hey everyone,

I’ll keep it to the point! We need help strutting a deal. Any insight and/or recommendations would be so amazing! We are seasoned investors with a good size portfolio, just need help on this one…it’s in Maui. Primary residence. 

House listed at $2.0m
U/C at $1.7m
PP + rehab would give us a final loan amount around $2.1 ($400k rehab)
ARV ~$3.0m
we only have 250k cash for the deal. Does anyone know of a product, or a strategy to make this work? Or any lenders with a product that can make this work? 

 Moment you mention you will owner occupy it that takes a lot of options out of play due to dodd frank. While you mention it’s are not a flip, have you ever done a $400k rehab before?

We are currently managing a ~100k rehab in the same town on a rental. We have managed a $75k apartment rehab at one of our apartment buildings. Nothing of that size but $225k of it is for a pre-fabricated Ohana so the actual “rehab” is going to be less. Rehab will be for the main house that’s a 4/3 + garage and deck and the rest for the aforementioned Ohana. 

Hey all

1. not a flip

2. We will live in post-rehab

3. Will move to Hawaii and qualify off of W-2 and current rent rolls/income 

Quote from @Nick Conley:

Hi Neno,

Will you be occupying after closing and not selling? A Home Improvement or Renovation loan is likely the best bet.

is that a loan where the whole thing is lumped together or do you get that loan after the first? 

Quote from @Ko Kashiwagi:

Hi Neno,

Are you saying the seller is living in it as a primary, or are you going to live in it while rehabbing?

Private lending or leveraging relationships with local lenders may be the way to go here if it's an investment property (not primary).

We would move in after rehab

Quote from @Caroline Gerardo:

Primary with some major renovation needed? How long will the rehab take? Are there comps (closed with a loan at three million)? Owner occupied but you live in CA do you have a job in Hawaii to show full doc? 

We would move to Hawaii and occupy. We work remote W2 and also have heavy cash flow to leverage for qualification. Recently qualified to $2.3m for a 10% down purchase 

Quote from @Andrew Postell:

@Neno D. how much experience do you have at flips of this size?

It’s not a flip 

Hey everyone,

I’ll keep it to the point! We need help strutting a deal. Any insight and/or recommendations would be so amazing! We are seasoned investors with a good size portfolio, just need help on this one…it’s in Maui. Primary residence. 

House listed at $2.0m
U/C at $1.7m
PP + rehab would give us a final loan amount around $2.1 ($400k rehab)
ARV ~$3.0m
we only have 250k cash for the deal. Does anyone know of a product, or a strategy to make this work? Or any lenders with a product that can make this work? 

Hello everyone,

We just got under contract a house in Maui in a great spot that needs a good amount of cosmetic rehab. I'm looking to keep the current split floor plan to allow for a main house 4/2, 2/2 and a permitted attached 1/1 ohana. Then we will also get a permit for the detached 1/1 Ohana. Looking upwards of a 9 CAP but need to make sure we come in at budget for rehab. We also need someone to make a CAD model/permit drawings of the structure...can anyone recommend a local as well? Thanks.

Can anyone advise me on a contractor you have used that can help? We are life-long lovers of the island and understand that demand may be low due to the recent fire activity but we want to get onto the island now before prices sky-rocket (we think). 

Thanks, @Jason Shackleton

I like the idea of a portfolio loan and have looked into it previously...I think I will venture down that path again and take another look. Appreciate your insight.