Updated about 4 years ago on .
My first land purchase in Hawaii and Tiny Home build.
Investment Info:
Mobile home other investment in Lawai.
Purchase price: $188,000
Cash invested: $2,000
I purchased this as Raw land. 2 acres in Hawaii with a cute stream running thru it. It is the last lot on the road and requires a 4x4 to get to on most days. very private. I then but a Tiny Home on it and set up my PV system and water catchment and lived there off the grid for 4 years. I know rent it out.
What made you interested in investing in this type of deal?
I wanted to build my own home from the ground up and live on a very private piece of land. The income from my duplex paid for it all.
How did you find this deal and how did you negotiate it?
I was lucky enough to know a friend who finally agreed to sell part of her property to me.
How did you finance this deal?
Private money lender
How did you add value to the deal?
The land was raw and I built a large carport to build Tiny Homes on wheels under. I also built my own Tiny Home and outdoor kitchen with rain catchment shower and PV system.
What was the outcome?
I rent it out while I live in Mass purchasing more investment properties.
Lessons learned? Challenges?
Having a gravel drive on a hill is tough in the rainy season. When using a friend as the private money lender be sure everything is written down cuz lots of ideas get thrown out and then let go but sometimes its tough to remember what was agreed to and what was just talked about in general.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, there was a realtor but Hawaii requires a realtor for all land purchases and if your try to do it without a realtor, then no lawyer will write it up for you.
