Updated almost 9 years ago on . Most recent reply
Contemplating Getting Certificate of Occupancy or As is sale
Hello everyone.
I purchased a 3 family property in Newark off Bloomfield Ave all cash. I went over budget, ran out of money and everything is complete except for kitchens and some work in bathrooms. I've been at this for while, am tired, and would prefer to sell it to another investor so they can finish the property and get the Certificate of Occupancy, instead of finding investors or partner for another $10,000 or so to finish the property myself. I have also heard Newark is strict with obtaining the CO. Since there is just minimal work left to be done, would I still have to discount the property a large amount just because another investor has to get the CO? If the property is worth $250K occupied and finished, what would be a fair price to attract another buyer? Any advice you have on whether its worth it to keep going or sell as is now would be appreciated. Thank you all in advance.