Updated about 8 years ago on . Most recent reply
The Anatomy of a Quarter Million Dollar Fix & Flip
Greetings Investors,
Im excited to introduce the new "The Anatomy of a Flip" post series!
In these posts we will be dissecting recently completed renovation projects, highlighting best practices and sharing lessons learned.
The goal is to help aspiring investors gain a better understanding of the real estate investment business so that they too can ultimately achieve financial freedom.
Here's hoping these posts add value to your lives and individual real estate investment businesses.
Property Description
The subject property was a large dated Cape in the desirable commuter town of Berkeley Heights. The original dwelling was not the highest and best use of the prime location. It was an ideal candidate for an Add A Level and ultimately yielded a beautiful 5 Bed 4 Bath 4,200 Sq Ft Custom Colonial deserving of the location. The house boasted a full finished basement, designer finishes throughout, massive custom closets and a chefs kitchen.
Renderings
Numbers
- Location: Berkeley Heights, New Jersey
- Ownership Structure: Project Specific LLC
- Work Description: Add A Level / Addition
- Financing: Hard Money / Private Money Lender
- Duration: 12 Months
- Purchase Price: $455,000
- Cost of Construction: $400,000
- Sales Price: $1,250,000
- Holding Costs: $100,000
- Selling Costs: $65,000
Pictures
Click here to see all the listing photos on Zillow
Click here to see all the listing photos on Zillow
Videos
I hope you enjoyed walking through this project with us and found value in the information shared herein.
We'll continue to work on and improve these posts so that we may share our experiences on future projects.
Please feel free to respond to this post with any questions or feedback you might have.
Most Popular Reply
- Realtor, General Contractor, and Developer
- Redding, CA & Bend OR
- 4,169
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@Gabe D. Wow, somehow I missed the updates on this. What a great project! We've always done new construction, but in our new area of Bend, Oregon, there's opportunities for remodels. What would you say is the most challenging part about adding an upper floor?
Do you mind sharing the program that you use to do your renderings? My son has done ours in the past on Revit, (it's such a complex program, though you do end up with renderings so realistic you can't tell them from the real thing, but very time consuming.
Anyway, just wanted to say Congratulations! What's next?
- Karen Margrave
