All Forum Posts by: Sean Cromarty

Thank you...It is near the water and got a lot of natural light so I felt the white really made the space feel more open and bright

Investment Info:

Condo fix & flip investment in Asbury Park.

Purchase price: $170,000
Cash invested: $27,000
Sale price: $230,000

1 Bedroom / 1 Bathroom condo flipped at Santander Building in Asbury Park

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

Great location in a up and coming neighborhood. 1 block from the beach with lake views. 

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

Bank owned property was negotiated with holding company directly. 

How did you finance this deal?

Hard money loan for 70% ARV and 100% construction and personal finances

Lessons learned? Challenges?

There were two assessments done on the building while I owned it which were unexpected expenses along the way. Additionally, dealing with an HOA can be difficult. For future projects, staying with single family homes will be preferred method.

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

Alpha Funding was the hard money lender on the deal, I acted as the agent on the listing. I also used Matterport to help showcase the space. View the tour here

@Jay Hinrichs nothing proprietary about the software, it is a nice tool but I would say not worth more then $300

@Jay Hinrichs yes; $650 of which was supposed to go to the property evaluation they never completed

@Davian Brown thanks I’ll check them out, these guys are a nightmare to work with

Had the displeasure of dealing with this company. After several weeks of not hearing back about a home appraisal (home is under contract FYI) I reached out to find out what the hold up was. Come to find out they couldn’t get a hold of an appraiser (difficult to believe in the state of NJ), my advisor left the company, and more rudely forget to communicate this with me at any given time.

If you are looking for honest, respectful, and courteous this isn’t the company sadly.

Does anyone have insight into getting bank owned listings as a real estate agent? Seems as if some agents have the trick to getting these listings and I was wondering if anyone had specific insight into making contact with the banks?

@Peter Kraft any interests in Monmouth or ocean counties?

@Davian Brown PM me your contact info

Any advice on connecting with builders or fix and flippers in NJ when looking to wholesale properties? I am interested in getting into the wholesale market. Also, any advice on website should I want to move out of state would be helpful