Flipper/Rehabber · Ho-Ho-Kus, NJ · Member since 2017 · 42 posts · 16 votes
If anyone is looking for a flip deal in Bergen County I just posted a great one in the Marketplace for a 3/2 in Midland Park, NJ 07432. I actually own the property (i.e., this is not a "wholesale" where I am trying to assign a purchase contract). I was going to do the rehab myself, but my personal circumstances recently changed. There is good profit in this deal for a north jersey rehabber.
If anyone is looking for a flip deal in Bergen County I just posted a great one in the Marketplace for a 3/2 in Midland Park, NJ 07432. I actually own the property (i.e., this is not a "wholesale" where I am trying to assign a purchase contract). I was going to do the rehab myself, but my personal circumstances recently changed. There is good profit in this deal for a north jersey rehabber.
Flipper/Rehabber · Ho-Ho-Kus, NJ · Member since 2017 · 42 posts · 16 votes
7y
@Peter Kraft that information from NJMLS is not accurate. It's a 3 bed/2 bath. 1,500 square feet. I suspect the complicated history of the property may account for the inaccurate information listed on NJMLS.
The property was used by members of the same family as a two family -- under a temporary certificate of occupancy permitting the two family use -- for more than 30 years. However, because it was only ever a temporary use, and the zoning subsequently changed to no longer allow two families, the temporary use is not "grandfathered." The end result, is that the property can only be legally used as a single family going forward. This issue was discussed extensively with the town zoning official; there is zero chance of resurrecting the two family use (short of spending lots of money on lawyers and obtaining a use variance from the zoning board).
This deal had many other complications that I since cleared up. First, there was a complicated estate issue which needed to be resolved before the sale could close. Then there were back taxes that needed to be paid. Then there were open permits that needed to be resolved and closed before a continuing certificate of occupancy could be issued. Then there was an underground oil tank that needed to be removed.
It took a lot of work and many months to clear all the hurdles and close on the property. Now it's got a totally clean "bill of health." No title issues. No back taxes. No open permits. No oil tank in the ground. All proper permits and sign-offs issued and obtained.
As I mentioned in my original post, I would flip this one myself, but for an unexpected change in my personal circumstances. This will be a very profitable deal for someone.