Maui Condo Fix and Flip
Investment Info:
Single-family residence fix & flip investment in Kihei.
Purchase price: $307,000
Cash invested: $74,000
Sale price: $470,000
Bought a foreclosure 2bd/1.5bth (750 sq ft) condo and spent about $30k on a full renovation. After getting quotes from GC's, I decided to run it myself and had great subs who completed the project in 30 days. We got a cash offer on the 1st day listed and closed in a little over 2 weeks (before the first payment to the lender was due)! Since this was my first flip, I wanted to be apart of most of the steps and was there A LOT more than I thought but next one will be easier to let go a little ;)
What made you interested in investing in this type of deal?
The need for more capital to invest in rental properties.
How did you find this deal and how did you negotiate it?
Foreclosure Auction
How did you finance this deal?
Conventional lender
How did you add value to the deal?
Fully gutting everything and doing a complete renovation.
What was the outcome?
Cash buyer at full asking price and another cash buyer as a back up. Market is hot out here!
Lessons learned? Challenges?
If you're going to manage the renovation, have the subs by the materials. I made a countless trips to Home Depot and Lowe's because I didn't have enough materials or bought the wrong ones. Some were broken/malfunctioned straight from the box. Do a walk through while the subs are there.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My realtor Kapono Stupplebeen, who's also my Uncle but still good agent!
