Full gut renovation in Garden City, Long Island New York

[John McSherry]

Investment Info:

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

Purchase price: $555,000
Cash invested: $80,000
Sale price: $750,000

Great flip in top Long Island neighborhood. First deal died at 6 months, then taken off the market to renovate the basement.

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

Multiple exit strategies. Ability to move into it or rent it if needed.

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

Broker relationships.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Opening up the space and a full gut rehab

What was the outcome?

Good profit, new deals and experience in a neighborhood of interest.

Lessons learned? Challenges?

Challenges with the basement and some areas need a basement renovation. Know your neighborhood of interest and know which renovations are a must.

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

I represented myself as a broker