Tear down and rebuild in Merrick

[Jelissa Bisono]

Investment Info:

Single-family residence fix & flip investment in Merrick.

Purchase price: $418,000
Cash invested: $275,000
Sale price: $950,000

had some obstacles due to COVID 19, the city shut the rehab on 3 occasions. This created some delays then our realtor was slacking and then went MIA.

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

Doing almost a full construction, just refacing the neighborhood and adding value to this amazing area.

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

A realtor brought this deal to us

How did you finance this deal?

hard money and a few gap funders

How did you add value to the deal?

Brought it down and rebuilt it. Added more Square footage. It went from a ranch to a colonial.

Lessons learned? Challenges?

Having a great contractor makes this process so easy. Very grateful to our contractor