Mother/Daughter full gut flip in Howard Beach, Queens NY

[John McSherry]

Investment Info:

Single-family residence fix & flip investment in Howard Beach.

Purchase price: $485,000
Cash invested: $120,000
Sale price: $855,000

Full Gut flip on this single family (mother/daughter with permits). Everything was replaced except for the roof, all windows, utilities, kitchens and bathrooms. Had violation issues from previous owner, all was cleared and sold for top dollar in the midst of the pandemic.

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

Very hot location.

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

Through my sphere of influence and sticking to the numbers to buy right.

How did you finance this deal?

Hard money

How did you add value to the deal?

Complete full gut and opened the floorplans

What was the outcome?

High profit, but long hold due to violations.

Lessons learned? Challenges?

Ran into violation and contractor issues, which improved operations on future projects.

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

Brokered the deal myself