Bellmawr NJ flip...new investor

[Janine Blunt]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $112,000
Sale price: $149,000

Charming turnkey home is yours to live lavishly in this beautiful FULLY REHABBED 2017. Well Cape Cod has NEW ROOF and Windows for plenty of natural light in addition to recessed lighting. New Breath-taking beautiful original hard wood flooring throughout leading into Kitchen with all new appliances granite counter tops/back splash and beautiful ceramic tiled floor. New electrical 200amps and HVAC system. New Hot water heater. New carpets Spacious bedrooms and Freshly painted with all new fixtures in addition to 2 renovated bathrooms which compliment this home perfectly for you. Detached 1 car garage with breezeway!

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

The sale price, and the ARV. I also fell in love with the neighborhood, and it was a relatively easy drive from my home.

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

I found it through my realtor, who introduced me to the owner who had a number of auction investment properties in her portfolio. There was little to no negotiation, as she was ready to sell, and I thought the price was good.

How did you finance this deal?

Private lender(family member)

How did you add value to the deal?

I did a lot of my own landscaping, and some painting, which saved me money. Also, I was a great team leader and project manager(according to my team), and good at moving the project along and helping people to work better together.

What was the outcome?

I sold the house to a young couple, who qualified for a first time buyer program, and also gave them a concession, which helped move the house. My realtor wasn't happy, but I was!

Lessons learned? Challenges?

My biggest lesson was that the configuration of the house was weird, which I believe kept it on the market longer. Also, believe your nose! When we first walked in to view the property, there was a damp musty odor, which equals water, which may equal MOLD! And after they pulled back the sheetrock, and part of the roof, there was much more than we anticipated. I learned a LOT about water damage, and mold remediation.