Selling a condo mid-flip in Northern NJ

Selling a condo mid-flip in Northern NJ

Member since 2019 · 11 posts · 0 votes

Hello everyone! Recently I purchased my first condo in Hackensack, NJ and was in the process of renovating it to resell. It needed a bit of work but was not in horrible condition. I've already done a few minor changes and the place looks much better than before. For the most part, the unit is almost done and just needs a few improvements done in the kitchen mainly. The only problem is that the costs to renovate are a bit above my budget at the moment.

I have another venture that I would like to participate in but since a good portion of my money has been tied up in renovation costs with little left in my savings, I'm left with no other option but to sell the condo. I do realize that I was so excited to get started at investing that I made the mistake of jumping in without factoring in what the exact cost of renovations would be from the very beginning. I have definitely learned my lesson. 

Does anyone have any advice on what I should do to market the condo to investors that might be interested? Any advice and suggestions are greatly appreciated. Thanks!

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  • Real Estate Agent · Cranford, NJ · Member since 2011 · 149 posts · 54 votes
    6y

    @Stefanie R. Feel free to PM me to discuss

  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    You are in a pickle because everyone knows when a renovation stops mid-stream that it's a money issue. You are marketing a partially done renovation which isn't worth much more than when you bought it, especially if an investor doesn't like the choices you made. So you are going to pull your money out of here at a loss to participate in another venture? I would reconsider and see if family can help you finish the rehab because if you don't, you are selling into a market that knows you need to sell.

  • Jason LeePro Member
    Real Estate Agent · New York, NY · Member since 2015 · 401 posts · 235 votes
    6y

    You're in a tough spot. There is one real estate brokerage that will pay for renovations up front, with no interest, and get reimbursed from the proceeds of the sale. With no catch. The program is for individuals only, no LLCs, partnerships, etc. Due to uncertainty in the economy the program has been scaled back but it might work for you. You can PM me for more information.

  • Member since 2019 · 11 posts · 0 votes
    6y

    Thanks for all the replies everyone. I've decided to finish working on the flip and try to finish what I started. I realize that if I were to sell it now I'd be selling at a bit of a loss so its more sensible to finish all of the necessary renovations at this point. 

    It will be a bit of a hit for me financially and I'll have to take on a bit more debt but hopefully it will be worth it in the end. 

    Thanks again to everyone for your input!

  • Investor · New York City, NY · Member since 2013 · 1k+ posts · 269 votes
    6y

    @Stefanie R.

    Possibly bringing in a money partner to help you finish may be a solution.

    Would love to have a conversation with you about your experiences and business. Please feel free to reach out to me and schedule a call. Best of luck in all your endeavors.

  • Pomona, NY · Member since 2016 · 375 posts · 217 votes
    6y

    @Stefanie R. Reach out to me maybe I can help

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