Northwest NJ Successful Flip

[Chris Dragotta]

Wanted to quickly share a successful flip in the Northwest NJ/Phillipsburg area that I was involved in from start to finish. I had an investor reach out to me via the BiggerPockets forums last fall to discuss the area and we quickly found a property that fit my investors goals. It is a 3/1 SF ranch in a nice location. This property was a foreclosure that had been listed on the MLS for several weeks. We were fortunate enough to negotiate a nice number, get it under contract and close quickly. Once it was closed, my investor moved quickly and did an excellent rehab on it, not only was everything repaired and brought up to code, he spent money for smart upgrades. I am happy to report that the property was listed this spring and we closed a few weeks ago. We're now actively looking for our next opportunity.

So why am I writing this? I guess partially to show that networking and meeting people on BiggerPockets can lead to great opportunities. But also to show that even in a very hot market, in one of the most expensive states in the country (New Jersey), you can make things happen and have successful investments pay off. Will my investor be able to retire from the profit he made? I doubt it. Can I pay off my mortgage with the commission I made? Sadly, no. But I still hope anyone reading this gets a bit of encouragement on their way to financial freedom.

[Alicia H.]

@Chris Dragotta

Congrats on your successful flip! On to the next one!

[Ehsan Rishat]

@Chris Dragotta thanks for sharing your success story with us. Congratulations and wish you all the  best for your next deal.  

[Natalie Schanne]

@Chris Dragotta - can you tell us some numbers or share the address for pictures? Buy price? Rehab cost? Overall profit for him / for you?

[Robert S.]

@Chris Dragotta Great job Chris, glad to hear you helped an investor negotiate and close a great deal in Phillipsburg. Looking forward to hearing the details. Congrats!!!

[John Yarenis]

@Chris Dragotta

That's great news!  Congratulations on the update.  Something for us to keep in mind:  every success story is a great one.  

As @Brandon Turner has said, taking action is the most important thing.  

Also, as @Natalie Schanne asked, do you have some specific information on the flip?  Living in NJ, I know the numbers are a little skewed.  

[Daniel Kosciuszko]

How is Phillipsburg for buying a MFH at the moment? I noticed there are many and I drove through the area yesterday but it seems like a dying city (no offence). Also any advice on Easton, PA?

[Matt M.]

@Daniel Kosciuszko

Phillipsburg has been dead for years. Lots of proposed warehouse projects which could bring jobs. I’m 5 mins Over the bridge and I won’t spend my money there.  

[Daniel Kosciuszko]

Thanks so much @Matt M. How about Easton, PA? I am looking both for a MFH and also a cheap single family which I can flip. Whichever poses a greater opportunity I guess

[Matt M.]

@Daniel Kosciuszko

Unlikely to find anything cheap here in Easton anymore. And then you’re up against all the investors already here with their connections and cash waiting.