All Forum Posts by: Jessica M.

@Melanie Stephens

I bought my first flip in a historic district. I didn't know how nuanced the historic guidelines were, nor did I realize how much neighbors could throw a wrench in your game. When I was nearly 90% done and already over budget, a neighbor complained and I was issued a stop work order. Then COVID happened. Filed for permits and the township lost the paperwork. Four months later, even more over budget the property is still sitting, I'm still waiting for permits and comps in the area have plateaued

Investment Info:

Single-family residence fix & flip investment in Princeton.

Purchase price: $181,094
Cash invested: $170,000
Sale price: $500,000

Contributors:
Alaa Musleh

Renovation in progress...

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

Location - wanted to stretch ourselves and learn how to put additions on home (pop the tops).

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

MLS - Bank owned property

How did you finance this deal?

HML

How did you add value to the deal?

Put an addition on the home, added a master suite, walk in pantry, half bathroom off the kitchen, built two car garage and split the lot of the home.

What was the outcome?

In progress

Lessons learned? Challenges?

Learned how to put addition on the home, permit process (long and daunting), found an architect to work with.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $99,000
Cash invested: $65,000
Sale price: $280,000

Contributors:
Alaa Musleh

Welcome home! Fully renovated 3 bedroom, 2 bath colonial. First floor features living room with wood burning fireplace, formal dining room, kitchen with granite countertops, SS appliances, full bath with beautifully tiled shower, hardwood flooring and recessed lighting. All bedrooms fully carpeted. Rear entrance leads to deck, 2 car garage and spacious backyard. Full unfinished basement with laundry area. New HVAC system.

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

Great Location - the numbers worked!

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

MLS

How did you finance this deal?

HML

How did you add value to the deal?

Turned half bathroom into full bathroom, installed new HVAC, added deck to back of house, new kitchen, bathroom and appliances

What was the outcome?

Sale Pending...

Lessons learned? Challenges?

PSEG upgraded the gas line on the street, but since the home was foreclosed on record, we were never contacted about the gas line update. As a result, we had to apply for a new gas line separately. PSEG lost the application and the COVID-19 happened. Since we realized there wasn't gas running to the house it's taken us 6 months to have PSEG connect. Even though the house is for sale, the gas line has been installed, but it has yet to be connected because PSEG still isn't doing "in-home" .

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

N/A

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $99,000
Cash invested: $65,000
Sale price: $280,000

Contributors:
Alaa Musleh

Welcome home! Fully renovated 3 bedroom, 2 bath colonial. First floor features living room with wood burning fireplace, formal dining room, kitchen with granite countertops, SS appliances, full bath with beautifully tiled shower, hardwood flooring and recessed lighting. On second floor you will find double doors leading to the master bedroom, second bath with shower, tub and built in shelving along with 2 other bedrooms. All bedrooms fully carpeted. Rear entrance leads to deck, 2 car garage and spacious backyard. Full unfinished basement with laundry area. New HVAC system. Close to highways, shopping, restaurants and NJ transit. Seller offering up to $5,000 concession and 1 year home warranty.

https://www.zillow.com/homedetails/92-W-Upper-Ferry-Rd-Ewing-NJ-08628/38963417_zpid/

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

Great Location - the numbers worked!

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

MLS

How did you finance this deal?

HML

How did you add value to the deal?

Turned half bathroom into full bathroom, installed new HVAC, added deck to back of house, new kitchen, bathroom and appliances

What was the outcome?

Sale Pending...

Lessons learned? Challenges?

PSEG upgraded the gas line on the street, but since the home was foreclosed on record, we were never contacted about the gas line update. As a result, we had to apply for a new gas line separately. PSEG lost the application and the COVID-19 happened. Since we realized there wasn't gas running to the house it's taken us 6 months to have PSEG connect. Even though the house is for sale, the gas line has been installed, but it has yet to be connected because PSEG still isn't doing "in-home" .

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

N/A

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $150,000
Cash invested: $10,000

Doll House in Charming Historic District

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

Bought Two Houses on the same street and the homeowner approached me and my business partner to see if we would buy it. We ran some numbers and came to an agreement.

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

Homeowner approached me when we started to work on our investment across the street.

How did you finance this deal?

HML

How did you add value to the deal?

I painted the entire home, replaced the carpets, power washed the decks and exterior of home.

What was the outcome?

Still under construction

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $150,000
Cash invested: $10,000

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

Bought Two Houses on the same street and the homeowner approached me and my business partner to see if we would buy it. We ran some numbers and came to an agreement.

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

Homeowner approached me when we started to work on our investment across the street.

How did you finance this deal?

HML

How did you add value to the deal?

I painted the entire home, replaced the carpets, power washed the decks and exterior of home.

What was the outcome?

Still under construction

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $150,000
Cash invested: $10,000

@Brionne Smith

No prob! Follow me on Instagram. @moms_moneymoves. I'm tracking my journey. Maybe you can pick up some tips.=)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $116,000
Cash invested: $4,944

Three Story townhome in historic Mill Hill distric of Trenton.

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

I wanted to get involved with fixing and flipping properties. The price point on this property is low which limits my risk, but the numbers seem to work. I purchased this property for 116k and the ARV is 220k. The home is in great condition and needs minimal rehab.

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

This was an off-market deal that our realtor found. He sold the house next door and was approached by the owner who was looking to sell.

How did you finance this deal?

Used HML line of credit, which only required 10% down and partnered on the investment to limit out of pocket expenses.

How did you add value to the deal?

Moved the kitchen to first floor of townhome
update kitchen
stain floors throughout home
add a master bathroom & suite
paint the walls
add fireplace
clean up back yard
paint front door and shutters
add HVAC

What was the outcome?

Still in progress

Lessons learned? Challenges?

still in progress

That is totally their responsibility. If anything, I agree, maybe their renter's insurance policy will cover it. Also, if they were so concerned about the cabinet they should have discussed this with you before they planned to move out. The delayed request seems shady. I hope you took pictures of the opened window that caused the leak.

Good luck!