Rental Property Investor · Toms River, NJ · Member since 2017 · 12 posts · 4 votes
Investment Info:
Single-family residence fix and flip investment.
Purchased a run down single family home in McGinley Square/Journal Square area. Renovated and sold.
What made you interested in investing in this type of deal?
I was interested in restoring this home to it's former glory. It needed a lot of love.
How did you find this deal and how did you negotiate it?
My agent found it, knowing what I was looking for. Price was too high for condition of home, so negotiated it down.
How did you finance this deal?
100% cash
How did you add value to the deal?
Full renovation, plus paving stones and updated yard.
What was the outcome?
For a first flip, I pocketed a nice sum, plus my contractor did well. All in all, a successful flip.
Lessons learned? Challenges?
I negotiated the price down by $45k, but should have gone even lower, as it needed over $100k in renovations. I did well, but if something went wrong, it might not have turned out successfully.
Rental Property Investor · Long Island, NY · Member since 2015 · 490 posts · 301 votes
7y
Tough to get a good deal in JC these days. Thats a pretty decent area so you really couldn't have gotten away with a cheap reno job. Buyers expect more than just the basics in that area. Looks great from the outside im sure its just as nice inside. Good job and congratulations on a successful first flip!
Rental Property Investor · Long Island, NY · Member since 2015 · 490 posts · 301 votes
7y
Tough to get a good deal in JC these days. Thats a pretty decent area so you really couldn't have gotten away with a cheap reno job. Buyers expect more than just the basics in that area. Looks great from the outside im sure its just as nice inside. Good job and congratulations on a successful first flip!
Realtor · Paramus, NJ · Member since 2019 · 71 posts · 35 votes
7y
@Jane Orlando great work! How long did the whole process take? The building dept has been getting tougher and tougher to work with, some of our work has taken much longer than expected because of permit issues.
That area will really take off in the years to come . I know a few investors from Brooklyn and nyc that were buying up that area (almost have). Was personally involved in a few deals in that square area .