Cape Cod; Audubon, NJ

[Bud Evans]

Investment Info:

Single-family residence fix & flip investment in Audubon.

Purchase price: $115,000
Cash invested: $55,000

Cape Cod in a desirable neighborhood. Was a 3 bedroom 1.5 bath, just created a 4th bedroom and put in a shower stall for a 4 br, 2 ba. EST ARV: $280,000 (assessed).

How did you find this deal and how did you negotiate it?

Found this through a REI club meetup - wholesaler.

How did you finance this deal?

Hard/Private money lender for gap.

How did you add value to the deal?

Added shower stall and an additional bedroom. Moved the washer/dryer from 1st floor kitchen to upstairs. Opened 2 walls downstairs to make kitchen eat-in and opened to family room. Other wall was load bearing so I opened the archway to the dining room by 3 feet and created an L-shaped kitchen.

What was the outcome?

Still in progress - assessed value with the above changes took the ARV from $250 - $280

Lessons learned? Challenges?

Nothing is cheap - lol.
Amount of work in the front is not proportional to the return.
Analysis paralysis - not! Jumped on this one with a 15 minute walk-through.