Closing time! SFR, waterfront (Bayville, NJ)

[Brian Allen]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $315,000
Cash invested: $75,000
Sale price: $492,500

This Waterfront Colonial needed work. Luckily, the homeowner contacted us directly through our marketing efforts, and we were able to directly inject capital into this 4 bedroom, 3 bathroom colonial, which looked like it did when it was built in 1985! It is situated on a canal leading to the Barnegat Bay, which is a boaters dream!

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

Waterfront - unique property which had deferred maintenance and an older homeowner who had been there for a long time.

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

Homeowner contacted us directly through our marketing efforts

How did you finance this deal?

Finance purchase, cash injection/value-add

How did you add value to the deal?

Gutted the house, replaced floor joists, installed new AC units, new sheetrock, new kitchen, updated bathroom vanities, carpet, and utilities.

What was the outcome?

We didn't even touch the landscape/exterior LOL

Lessons learned? Challenges?

Waterfront properties can be tough! Some of the neighbors are seasonal/summer bums, so they were a big part of the Buyers decision to purchase - in both a good way and bad.