A real estate group specializing in buying and “flipping” depressed properties recently purchased three foreclosed homes located behind the Kaaawa post office and has an eye on two more homes in the neighborhood.
Get Tubed LLC, owned by investors Travis Wittmeyer and Kanoa Bristol, closed the deal on the three foreclosed homes on November 25, 2011, real estate records show.
Wittmeyer and Bristol are also partners in Blue Wave Investment Solutions LLC, according to state business registration records.
Wittmeyer, in a telephone interview, said Blue Wave is their primary company, which then sets up spin-off companies for each deal involving a set of properties.
Two of the Kaaawa houses are on Kekio Road, just behind the Kaaawa Post Office. The other is just around the corner, at the intersection of Lihimauna and Hiiaka.
The homes were built in 2007-2008 by the former owners of the properties, Michael and Daniel Sessions, and were taken back by the lender in 2010.
The original lender was IndyMac Bank, which later which was reopened as OneWest Bank after being shut down by federal regulators. None of the homes has ever been lived in, and reportedly need substantial repairs before being ready for occupancy.
The houses are on portions of two larger lots that were registered as condominiums in order to build multiple structures in an area zoned for single family homes. Wittmeyer said they found a number of problems with the original CPR, including confusion over exact property lines and differences in property records between various agencies.
Wittmeyer and Bristol were able to buy the three homes together for a total of $861,520.
According to real estate records, the three properties are:
1-5-1-11-19-1
Kekio Road Estates II, Apt. 1
2 bd, 2 bath
7,442 land area
1,442 living area
$267,3681-5-1-11-19-2
Kekio Road Estates II, Apt 2
3 bd, 2 bath
8,083 land area
1,582 living area
$297,0761-5-1-11-20-1
Kekio Road Estates I
2 bd, 2 bath
12,487 land area
1,442 living area
$297,076
Private financing for the deal came from ITI Enterprises LLC, formed by three local real estate investment groups just a week before the closing of this deal.
ITI is made up of Turtle Bay Land Company, headed by Michael Mazzella; Intelligent Investments LLC, with members Christopher Jay and Tiffany Jay, who in an online video says she is also vice-president of Turtle Bay Land; and Ionsolutions LLC, controlled by Raymond WM Kong.
Mazzella’s profile on LinkedIn describes him as “Millionaire Mentor & Best-selling Author of the book “Win!”
Mazzella also markets intensive training courses in real estate through another company, Honolulu Mentor.
Wittmeyer said the company often buys several homes in an area, and he is already looking to buy two additional Kaaawa homes, with one already in escrow. Last year, the company turned over ten homes in Wahiawa, he said.
Wittmeyer said his company specializes in finding under-market values, “something we can improve and put back on the market.”
He said the Kaaawa homes are “pretty typical” of what the company looks for.
The company will do necessary repairs and improvements on the three homes in phases over the next several months, and put each on the market as repairs are completed.
“We don’t want to put all three on the market at one time,” he said.
Wittmeyer said they will be addressing several issues, including drainage problems in the area. Owning the three properties will aid them in making necessary adjustments, Wittmeyer said.
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