All Forum Posts by: Thierry Lemercier

Top of the morning to you all,

Can anyone enlighten me on the process of becoming a private lender in the State of VA? I have looked online and found little information on this topic. Most references say go see a lawyer. If that is the case does anyone have any recommendations as to a good lawyer who specializes in this type of lending.

Thank you for sharing and caring.

T

Investment Info:

Single-family residence buy & hold investment in Kihei.

Purchase price: $272,000
Cash invested: $80,000

Unit located in Southpoint condominiums! Beautiful and fully renovated ground floor unit. This is a 2 1 1/12 750 sq ft unit with a beautiful yard.

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

Bought it through an auction website at what I believed to be a fair price at the time and given the market on Maui.

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

Auction website

How did you finance this deal?

cash

How did you add value to the deal?

Unit was fully renovated from top to bottom with a budget of about 80K.

What was the outcome?

This unit rents in a matter of days as it is better than most if not all other options in the same category.

Lessons learned? Challenges?

Need to learn on how to negotiate better with contractor! I am spending too much renovating, llolllllll

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

Just the website site and the local title company. I was skeptical about buying through xome.com, but in the end it work out good and I think I got a good deal. Not great just good!

Investment Info:

Single-family residence buy & hold investment in Kihei.

Purchase price: $215,000
Cash invested: $85,000

This is a 2 - 1 1/2, 750 sq ft unit in the Kihei Villages complex located on the island of Maui.

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

We had just moved to Maui and wanted to buy vs rent! That being said this was my 4th real estate deal and I love to find distressed properties so I can rehab them to my standards. This is what I love about real estate investing.

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

MLS and buyer needed out quickly

How did you finance this deal?

All cash

How did you add value to the deal?

We rehab the place and put in 80K worth of improvements! llollll not the smartest play when it comes to investing, but we wanted to live in it so we made it nice... Best part is that we put in the money to do it well and now it rents in a matter of days because its better than any comparable condos opt the market. Just think new everything! and I mean new everything...

What was the outcome?

Invest the money in the rehab and it rents faster! This property does not stay unoccupied for long.

Lessons learned? Challenges?

Finding a contractor on island is not easy and is costly. My mistake was not taking the time to do some research on the contractors and get some bids! That being said the company we hired was the best and had great recommendations from many locals. I paid the price, but worth the investment.

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

I did go through a local real estate agent! That being said he was very passive and I spent most of my time research the place I wanted vs them finding me a deal. As always! do your own research first and build the relationship with the agent for a better long term result.