Single-Family Home near College Town

[Jessica M.]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $99,000
Cash invested: $65,000
Sale price: $280,000

Contributors:
Alaa Musleh

Welcome home! Fully renovated 3 bedroom, 2 bath colonial. First floor features living room with wood burning fireplace, formal dining room, kitchen with granite countertops, SS appliances, full bath with beautifully tiled shower, hardwood flooring and recessed lighting. On second floor you will find double doors leading to the master bedroom, second bath with shower, tub and built in shelving along with 2 other bedrooms. All bedrooms fully carpeted. Rear entrance leads to deck, 2 car garage and spacious backyard. Full unfinished basement with laundry area. New HVAC system. Close to highways, shopping, restaurants and NJ transit. Seller offering up to $5,000 concession and 1 year home warranty.

https://www.zillow.com/homedetails/92-W-Upper-Ferry-Rd-Ewing-NJ-08628/38963417_zpid/

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

Great Location - the numbers worked!

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

MLS

How did you finance this deal?

HML

How did you add value to the deal?

Turned half bathroom into full bathroom, installed new HVAC, added deck to back of house, new kitchen, bathroom and appliances

What was the outcome?

Sale Pending...

Lessons learned? Challenges?

PSEG upgraded the gas line on the street, but since the home was foreclosed on record, we were never contacted about the gas line update. As a result, we had to apply for a new gas line separately. PSEG lost the application and the COVID-19 happened. Since we realized there wasn't gas running to the house it's taken us 6 months to have PSEG connect. Even though the house is for sale, the gas line has been installed, but it has yet to be connected because PSEG still isn't doing "in-home" .

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

N/A