This is the 3rd part of a 3 part series. Read Part 1: How we acquire properties and Part 2: The story of how we remodeled our Big Island Villa.
By early December it was time for another trip to Hawaii to inspect the property, create the punch list, make sure the property was ready for our first guests, and for our photographer to get some shots.
And when we hire photographers, we hire the best. Ethan Tweedie was our go-to. Because we reserve a portion of our properties’ inventory for rental on VRBO, we quickly learned that it’s critical to have the best property photography possible. Photos are all you’ve got to make a first impression.
But I digress…
This was an interesting week. We had Ethan snapping stills and HGTV’s production crew filming for the premier season of Building Hawaii.
Lights and cameras, people, furniture, cleaning crews. Mayhem!
And boy did our property sparkle once the crew started shooting. The property was truly stunning!
It’s one of my personal favorite properties in the portfolio, but don’t just take it from me, read what some of our first guests said:
Amazing!!! Seriously, everyone said it was one of the best houses they have stayed in. Richard, Equity Villa Fund Partner
We really like the location, the house, the supplies and the way it was set up when we arrived. Very classy. Larry, Elite Alliance Guest
The house itself is breathtaking. It has all that you’d expect from a million dollar plus home, including a gourmet kitchen with top of the line appliances, a large great room, beautiful patio with pool and outdoor kitchen, luxury Restoration Hardware furnishings and much more. Apoorva, Equity Villa Fund Partner
Tyler, Diandra and I walked through the house and discussed the design while the cameras followed us. Talk about awkward. Try to look natural and seem like a camera isn’t following me?!
Once we wrapped the interview portion of the segment, the crew spent the balance of the day filming the property and the incredible sunset. They also had some fun toys including a drone with a camera for aerial shots.
We finished the day by popping a bottle of champagne as we sat around the outdoor kitchen taking in the ocean view sunset.
Cindy Wild from Windermere C and H Properties was equally amazed at how the property had turned out. She estimated that the property would list for $1.4 million to $1.5 million.
With a total investment of $1 million in the property and remodel, it was another huge win for our investors.
Our Equity Villa Fund Investors agree that that’s a healthy and immediate ROI.
Our investors will continue to enjoy rent-free vacations for the next 10 years while this property continues to appreciate. After ten years or so, we’ll sell this and the other portfolio properties and distribute profits to Investors.
And while that all sounds nice and fun, my work wasn’t yet done…
Poor ole me…I was off to Kauai.
On a previous scouting trip, I’d identified Kauai’s Princeville as a target location for our next Hawaiian property. This would round out our Equity Villa Fund portfolio with locations on Maui, Big Island and Kauai.
Each island in Hawaii has its own unique character. Kauai is quiet, slower, less-crowded, and full of natural beauty. Princeville is lush and green, Hanalei Bay offers amazing beaches and the Na Pali coast is absolutely breathtaking rising above the Pacific along the north side of the island.
We had placed a Princeville short sale under contract sight unseen. We’d done our homework and when the numbers look that good, we pull the trigger.
This short sale was unique in that it was in excellent condition requiring minimal upgrades. The primary investment would be to add outdoor living space and a backyard pool.
We’re continuing to work through the negotiations, and I look forward to sharing the update when the time is right!
Tune in Sunday 4/19/15 to HGTV for our premier on Building Hawaii. Noon Eastern, Pacific, and 11 AM Central.