Updated about 9 years ago on . Most recent reply
Homepath north NJ listed 280k, comp at 380k arv -live in
Hey guys. I am looking into my first investment. I found a homepath deal for 280k in North NJ. This cindo was built in 1993. The kitchen and bathrooms have been gutted. The electrical and plumbing is sound. Background info on me: this will be my first purchase through homepath and also my first investment/home investmemt. My wife and I will live on property until we can either sell for profit or rent if not. (Same condo unit next door, 2 bed, 2.5 bath is renting for $3200/month and another sold in march for 390k) i will be doing most the work and subcontracting where i need help. I have worked in residential construction for 5 years already and am getting my real estate licnense in nj by end of july. I hold a full time job at 85k in sales. For numbers: hoa + taxes = $700/month. Im guessing renovation cost for materials $15k. Sub work another $5k. So if this just cosmetic work would you guys take the deal?
Town background: town has top ten high school in nj, northvale high school. Very steady growth for past 18years. I lived next to this town for those 18 years. Younger crowd moving in, older baby boomers moving out. Avg family incomes over 100k.