Bought a house with refinance money

[Scott Wilson]

Investment Info:

Single-family residence fix & flip investment in Jersey City.

Purchase price: $645,000
Cash invested: $55,000
Sale price: $795,000

Beautiful Victorian right on the Park

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

It was located on a 250 acre park in a developing neighborhood

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

I was looking for houses with the most amount of amenities in a fringe market

How did you finance this deal?

I bought the house using the refinance money from one of my other properties

How did you add value to the deal?

renovated the kitchen and bathrooms

What was the outcome?

Sold the property and was able to buy my next house in cash and pay off the mortgage of one of my investment properties

Lessons learned? Challenges?

fringe neighborhoods can take longer to develop than you might hope for.