My first property in Boonton,NJ

[Shivam Patel]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $315,000
Cash invested: $40,000

I am currently househacking this 3br 2ba house, and will make upgrades until selling it after 2 years or 1031 exchange into a multifamily in philadelphia or outside philadelphia.

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

The house itself is under market value, and will appreciate overtime. I also noticed the investment opportunity in the land. Walking distance to Walmart, corner house, access to fire hydrant (lower insurance), as well as the township contract to renovate the downtown which is minutes away.

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

I found the deal through zillow, and negotiated the seller to take the offer hours upon submission on zillow before reaching openhouse date. Seller agreed.

How did you finance this deal?

I put 10% down, and a FHA loan for $289,000. My closing costs were $10,000.

How did you add value to the deal?

Househacking and slow renovation by added new hardwood floors, paint, and redoing the kitchen + bathroom layout for open concept. This is still in progress.

What was the outcome?

Outcome is still upcoming. Stay tuned.

Lessons learned? Challenges?

Always check if the appliances are intact, and also check if electrical is all working fine.

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

Alex Houser, great agent, and Andrew Wubbenhurst as my real estate attorney, both were fantastic.