Cape Cod - South Jersey - Fix n' Flip

[Tatia Bailey]

I found the property on an online auction website. It's originally, a 3 BR/2 BA cape Cod on a corner lot with a 2 car detached garage with a loft area. Because I was traveling with my job, I only had the evening (traveling to a different time zone) to make calls to find new contractors and get estimates prior to closing. I got three estimates and decided on the contractor I was going to use. Cool beans! I got referrals, before and after pictures, contracts signed, license and insurance. Finalized my budget. Closed on the house. Great! Guess what? The new contractor was then MIA. Yes! So I had to start over and find a new contractor and go through the process again. Because I had the deal funded through a HML, I had to find someone who could fit into my established budget. Oh my! That tested my negotiation skills, but I made it happen. Then there was dealing with the township. This has been a frustrating, but learning process. That's all I can say in a public forum. Project scope: landscaping, new fence, new plumbing (from the main and in the house), new electrical, converted from oil to gas, new HVAC, water heater, reconfigured upstairs to include 2 BRs and a real full bath, gutted kitchen, new bathroom on 1st floor, refinished HW floor, new roof and gutters, repair fascia, soffits, siding, painting, concrete work on sidewalk and driveway, new basement windows, new door and windows on detached garage. Then there was the unforeseen... Enclosed front porch was rotted so that had to be opened up. Working on reselling windows and door online. I originally was going to do the interior painting, but quickly realized that paying someone was worth it. Who knew how much work went into painting a house???? The prep work alone almost took me out! I will update more later. If you have any questions about the process up to this point, then please let me know. The numbers... Purchase: 53,000 Rehab: 52,000 ARV: 165,000 Holding cost: @10,000