How I bought a $1.3 MILLION House in Hawaii for $0 | Hawaii Real Estate Investing

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I did not spend $1,300,000 of my own money. I used hard money lending and private money lending.

This is not your traditional kind of bank or lender who lends you money to buy a house to live in. This is a special kind of lending meant for the purpose of buying houses, fixing it up, and selling them for profit, aka flipping houses!

I was buying it for $1,300,000
Construction was looking like $300,000
and when I looked up the comps for the ARV or the after repair value was looking like $2,200,000

The terms my hard money lender gave me were that they would fund 80% of the purchase. They would fund 100% of the construction, but the interest rate on this loan would be 8.5%….

If you ever bought a home before you prolly think that’s crazy because most interest rates right now are around 3%….But keep it mind this is a fix and flip. I’m not owning this for 30 years nor is this a loan meant to be held for 30 years….I’m only owning this for the duration of the flip…which is probably 5-8 months long.

So the purchase price is $1,300,000… Hard money would fund 80% which was $1,040,000… So how I was I going to get the other 20% of the purchase

This is where Private money lenders come in.

So I went to a private money lender and got a loan of $270,000 to cover the 20% plus closing costs. The interest rate for that loan was 12%

I wrote and I offered to pay $1,000 upon opening escrow and another $1,000 after the due diligence period. I honestly thought they were going to send me a counter offer to put a higher deposit…but they didn’t. So that was pretty cool.

So now i’m all into this property for $2,000

Since I am a licensed real estate broker in hawaii. I was able to represent myself in the transaction and received a commission of 2.5% of the purchase price. 2.5% of $1,300,000 is $32,500 minus some of my brokerage fees. So in the end I got just about $30,000

So there you have it $30,000 minus the $2,000 deposit I gave, is $28,000

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