fix and flip northern nj

[Dennis Yosco]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $362,000
Cash invested: $19,500

Fix and Flip of a duplex. This house had the same owners since the late 80s. They always put a bandaid on everything and just walked away. I got this deal off market and negotiated with the seller directly. We came in and had it gutted immediately. It was filled with old clothes and items and had 3 separate ceilings. It had every generation wiring and plumbing. We have all new plumbing installed. All new electrical and every old piece of wiring removed.
The roof was leaking for years, found out after we closed. Once we gutted it I found the roof joists where unsupported and severely cracked. We hired a structural engineer to take a look at it and draw up plans. Now we are installing new beams to support this 100+ year old home.
Arv is 625k, we anticipated 50k of Reno but now its looking to be more like 75k. We are looking to have this completed by end of august and back on the market for sept. We most likely will list it for 599k expecting some bidding up.