All Forum Posts by: Ilia Zakharav

Thanks Dave for your explanation!

I would hold at least one year and rent out as short term rental,

might ending up keeping for 2 years

I bought 6 unit property in Wildwood,NJ,

in November 2024, doing rehab now, should be done by May 2025

I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1031 that can help me?!

planning to list them for 2024 taxes as 6 different properties and when rehab will be done , I will get all 6 deeds,
can I sell individual condo and 1031 based on basis I will show?
Real numbers- purchase 907k,

rehab , closing costs, soft costs, 840k, all in 1.747 mil, basis for each unit should be roughly 291k

appraisal of each unit minimum 400k , so 2.4 mil if for all 6.

I might refi only 4 out of 6, that will cover initial loan amount.

I bought 6 unit property in Wildwood,NJ,

in November 2024, doing rehab now,  should be done by May 2025

I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1031 that can help me?!

planning to list them for 2024 taxes as 6 different properties and when rehab will be done , I will get all 6 deeds, 
can I sell individual condo and 1031 based on basis I will show?
Real numbers- purchase 907k,

rehab , closing costs, soft costs, 840k, all in 1.747 mil, basis for each unit should be roughly 291k

appraisal of each unit minimum 400k , so 2.4 mil if for all 6.

I might refi only 4 out of 6, that will cover initial loan amount.

When is next meeting? I invest in cape may and atlantic county but considering to buy in Vineland

Still looking,

Any recommendations?

Hello everyone!

Looking for a GC or a builder to do site prep work, also  set up modular home and finish on site installations,

South NJ,Clarksboro. Any recommendations will be appreciated!

very interested topic, I live outside Philly, arv sounds about right. 
I also looking to jump into new construction, but with my own money, in South Jersey,and going to build modular, 
in your case, it still looks very risky because you are using hardmoney, and process can take very very long, just permits and approvals. Just saw a builder got varience and building approval on Jersey Shore - took him 2 years.Just saying.interest can kill you. 

I see example of my friend- he was a successful flipper, did around 20 flips, then srarted 2 high end homes, more then 2 million arv each,and  at the same time, using hard money, took him so long...eventually bancrupt himself((

I think you better partner up with someone with money, and preferably experience.

however,I do believe 200 per foot is realistic number in Philly.

Hello biggerpockets members!
I am looking for someone who did modular home new built before, I have a lot located in Clarksboro, NJ. 
Got some idea to use factory based in Muncy,PA.

Looking for GC to set the home up ,connect utilities, do finish work and etc. Also providing home warranty. 
I am going to sell it, so trying doing strategy of buying land- building on it and selling, since it's getting very hard to find deals for flips.
If anyone knows contractors like that, please share.
Any pros and cons will be greatly appreciated too. 

Investment Info:

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

Purchase price: $310,000
Cash invested: $270,000
Sale price: $780,000

did a full gut renovations

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

my previous deal

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

mls, sent highest possible offer

How did you finance this deal?

commercial mortgage

How did you add value to the deal?

full gut renovation

What was the outcome?

200k profit

Lessons learned? Challenges?

finding contractors in the area , In NJ shore is a nightmare, had to be present all the time

interested, let me know if event will happen