141 Drake Lane Ledgewood, NJ

[Account Closed]

Investment Info:

Other buy & hold investment in Ledgewood.

Purchase price: $152,500
Cash invested: $166,000

This is a 1,650 sq ft. 3 bedroom, 2 bath, 1 car garage, totally renovated condo, with new central air and new washer/dryer in unit. It’s in a great neighborhood, close to all shopping and transportation. The complex has a community pool and tennis courts as well.

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

It didn’t need to much work and the rental income is between $2200-2400.

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

I bid online for this bank owned property.

How did you finance this deal?

I had some cash, a home equity loan and I borrowed from my deferred comp because the additional interest I payback goes into my own account.

How did you add value to the deal?

I purchased it for $152,500, freshly painted all walls & doors, installed new floors, carpets, updated the bathrooms and put in all new kitchen appliances. With a total of $13,500 in rehab and closing, a total of $166,000 investment, the unit now has an ARV of $275,000

What was the outcome?

It was quickly rented and all is going well!

Lessons learned? Challenges?

I could have taken some time off from work to get the rehab done a little faster.

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

Debi Riska from Remax got me several tenants to chose from in a matter of days.