SOLD !!! Real Estate Development in Hasbrouck Heights

[David Michael]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $230,000
Cash invested: $455,000
Sale price: $740,000

This home was purchased from the sheriff sale. After the occupant was removed, construction began on January 2 and commenced till May 17,2019.

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

I specialize in New construction and Distressed Properties.

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

This deal was up for sale in the sheriff sale. There is no negotiating except sticking to your purchase price in mind.

How did you finance this deal?

This deal was purchased and development all cash

How did you add value to the deal?

I added about 2200sqft to the existing home structure.

What was the outcome?

House was sold before it hit the market. Clients are beyond happy !

Lessons learned? Challenges?

Challenges for this one is that the winter can slow things down extensively

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

2hard Construction for Masonary
I represented myself as an agent