My First Flip Project: The Santander

[Sean Cromarty]

Investment Info:

Condo fix & flip investment in Asbury Park.

Purchase price: $170,000
Cash invested: $27,000
Sale price: $230,000

1 Bedroom / 1 Bathroom condo flipped at Santander Building in Asbury Park

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

Great location in a up and coming neighborhood. 1 block from the beach with lake views. 

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

Bank owned property was negotiated with holding company directly. 

How did you finance this deal?

Hard money loan for 70% ARV and 100% construction and personal finances

Lessons learned? Challenges?

There were two assessments done on the building while I owned it which were unexpected expenses along the way. Additionally, dealing with an HOA can be difficult. For future projects, staying with single family homes will be preferred method.

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

Alpha Funding was the hard money lender on the deal, I acted as the agent on the listing. I also used Matterport to help showcase the space. View the tour here