Asbury Park Feeding Frenzy

[John Moses]

Hey did anybody else take a look/make an offer on that 3 family in Asbury Park? It was legitimately a stones throw from the ocean. 

The listing price was 208K, I estimated 250K would get you an ARV of about $600-625K. I think 100K would get you to an ARV of $350 and make it rentable (admittedly my repair numbers are shaky, it's been almost ten years since I've rehabbed and that was in Mass). My plan was to live in the top unit and rent out the 2 Br and the 1Br at $1,900-2,100 and $1,000-1,200 respectively. And make the rest of the repairs upon my exit or just keep the thing.

Anyways, it's all for not. There was so much action on the house I didn't even make an offer. I saw the listing at midnight, it had just gone on the market. I got into it the next day, just in the 45 mins I was there, my realtor showed it to five prospective buyers, three more showed up with other agents. I called the agent the next day and he said there were 150 showings in 24 hrs. I laughed my head off. He also told me that he thought it would go for 799K after repairs (no comps came close to that, I'm sure that's why he's listing and not buying). Anyway the whole thing made me never want to look at an MLS listing again.

Does anybody know any contractors in Monmouth County? I'd like to take them to lunch and try and get a better grasp on repair numbers. I'm looking to buy something in the next four months. 

Thanks,

John Moses 

[Sue Z.]

@John Moses 

@Chris Martino Hi! Just as wholesalers seek out these types of deals, so do realtors, as you'd guess. I would suggest not limiting yourselves to any single source for deals. For example, my office has an office exclusive 2 unit along the beach that will probably be sold before it hits the MLS. This happens all the time. Keep your options open and you'll do well. (You can PM me if you'd like more info on the aforementioned property).

@Nathan Gornto the Asbury Park market is doing phenomenal; the town continues to flourish and attract attention from both investors and vacationers.  And it's a really fun place to hang - fantastic restaurants, bars and nightlife.  You should come back for a visit!

@Nathan Gornto