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2560 Kekaa Drive , Lahaina, HI 96761
Cash on Cash ROI
Rental Property Investor
We (Brandon Turner and myself) have this unit under contract and are willing to sell the contract for 695k (you would reimburse us our 40k deposit, plus an assignment fee, then you would pay the balance of funds at closing through escrow). It is financeable, we are planning to use a mortgage or HML to purchase it and flip if we don't sell the contract. Closing will be around mid-October, so if the contract is not sold by August 10th we will begin our own loan application and proceed with the purchase. It does not need any rehab, fully renovated a few years ago. Just needs a fridge and furniture.
You get bragging right with this deal, since you'd be buying a deal from Brandon Turner from Bigger Pockets! Brandon and I are planning to resell this unit on MLS in November, but are willing to pass it on if a buyer comes along and makes it easy.
The average sales price over the last 6 months in this complex is currently $801,188, so this is over 100k below the average price - BUT please review the comps, because there are many recent sales that are all original as built in 1980, those sold in the 700s; then there are 2 units that are renovated similar to this unit that sold for 850k and 865k, and neither of those are 2nd floor, so you may even say this unit is worth 875-900k.
According to the brokers that dominate the sales at Kaanapali Royal:
This is a HIGHLY desirable and VERY high demand resort building, currently nothing available on market for sale! 2nd Floor units are worth 25-50k more because 1st and 3rd floor units have 2 flights of stairs to access the front door, no elevators, and this resort is a vacation spot for older wealthy visitors. This unit is 2nd floor, and it also has been fully renovated (estimated at over 100k in reno) including a new kitchen floorplan that is open concept, which the association does not allow anymore; so this unit is grandfathered in, which adds an additional 50-100k in value (potentially much more for the right buyer).
The unit is 1,500 sq ft with a 500 sq ft lanai (balcony) and is located in world famous Kaanapali Beach in Lahaina, Maui (Hawaii). The unit has views of the golf course, the pool, and peek a boo ocean views in 3-4 clearings (the resort pool is 100-200 feet away from the unit, so it has a view of the pool but it's far enough away so it's private and quiet. The resort also has two tennis courts, spa/hot tub, club house, BBQ, front desk, on site GM, gated entry, full on site maintenance, and much more!
You can use a mortgage (or hard money) to purchase this unit, put it on MLS the day you close and make 125k, or you can keep it as a vacation rental/short term rental and gross anywhere from 5,000-8,000 per month. Daily rates are 270-390/night in low season and 350-500/night in high season (low end are non-renovated with no ocean view).
This contract is available to purchase right now until August 20th, possibly sooner, with a closing expected in October. This property qualifies for traditional mortgage, but requires 30% down payment as a condo-tel (or hard money).
95k required to secure this unit. Contact me with proof of funds for more details. Serious buyers only please.
Check out www.mauihomebuyers.com to learn more or like us and follow us on FB and IG @mauihomebuyers
2560 Kekaa Drive , Lahaina, HI 96761
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