Updated about 6 years ago on . Most recent reply
Asbury Park Fix & Flip
Investment Info:
Single-family residence fix & flip investment in Asbury Park.
This was my second fix and flip. Total renovation of an old home that someone chopped up into a two family rental. It was restored to a single family home.
What made you interested in investing in this type of deal?
I love Asbury Park and making the old homes new again.
How did you find this deal and how did you negotiate it?
I work as my own agent, so I negotiated the price to a realistic number. It took many months of back and forth, plus oil tank removal needed to be remedied before I purchased.
How did you finance this deal?
100% my own cash.
How did you add value to the deal?
We brought back the charm of the home and essentially made everything new. Added central A/C, added a full bathroom. Turned a second kitchen upstairs into a large en suite master bath.
What was the outcome?
I sold the property after receiving two offers. 100k selling price over anything else in the area.
Lessons learned? Challenges?
Originally planned on keeping it as a two family, but when walls came down, I knew it had to be restored to it's original purpose. With the two family in mind, I poured cement for multiple parking spaces. Would have skipped that and laid down grass instead. Unnecessary expense.
