Flip #1 - 4/1 SFR in Blackwood, NJ

[Timothy J.]

This flip is our first official one. We are going to close tomorrow. Here are the details.

Address: XXXX Elmwood Ave, Blackwood, NJ 08012

Description: 4 Bed, 1 Bath, 1382 Square Feet SFR.

Purchase Price: $60K

Repair Budget: $28K

After Repair Appraised Value (Professionally Appraised): $167K

We are using a hard money lender for 100% purchase and 100% construction funding. We are paying upfront points, 1 month prepaid interest, along with title & underwriting fees, etc. The total amount of upfront fees amount to around $10K that we are providing at closing. We are also fronting the cost of materials which will get reimbursed during the first inspection before the draw payment is issued.

We are using a local contractor to the area for the actual work. My business partner is managing the design / rehab. I was responsible for offer / acquisition on this one.

Here is a pic of the exterior:

Here is a pic of the interior:

The general plan is to fix up the kitchen, baths, re-tile, add vinyl siding, give it a new roof, basic drywall, etc. The entire project is expected to take around 3 weeks, give or take.