The House on the Hill - Big Blue

[Gary Harris]

Investment Info:

Single-family residence fix & flip investment in Westwood.

Purchase price: $195,000
Cash invested: $150
Sale price: $480,000

I absolutely loved this house. A full remodel inside and out! New siding, some landscaping, back decks, kitchen, bathrooms, flooring throughout, paint, trim, doors, etc.

What made you interested in investing in this type of deal?

I was interested because no one was biting at it and it was a unique situation. I like to overcome obstacles and this was just another example.

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

It was listed with no bites as there was a recorded underground oil leak. The thing is that the leak took place 20 years before I looked at the property and the previous owner took care of it. They just never received the No Further Action Letter from the state of NJ. I paid the approximate $3500 for the soil borings and testing, but it paid off with no oil found. I received the NFAL from the state and completed the renovation.

How did you finance this deal?

I use hard money and private funds

How did you add value to the deal?

I made it livable and gorgeous on the inside and out.

What was the outcome?

It sold for more then my asking price:)

Lessons learned? Challenges?

I think I put too much money into the property...But I felt I had to in order to do it right. I'm happy with the outcome.
Always a challenge is finding the right people to complete the work in a timely fashion and this was another example of that.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the agent that handled the transaction and I used Alpha Funding Solutions as my HML that I tend to always use.