Single-family residence fix & flip investment in Scotch Plains.
Purchase price: $265,000
Cash invested: $350,000
New construction home on non confirming lot. Modern farmhouse design.
Superior wall foundation, unstained oak floors, custom mill-work, custom transitional tile flooring in mudroom and butler's pantry. WICs in master, his/her 36" vanities, soaking tub, seamless shower and toilet room. Cover lighting in tray ceiling - dining room, coffered ceiling - living room, tiled fireplace. Two tone frame-less kitchen cabinets. Quartz counter and waterfall island. Blue stone porch, walkway patio.
What made you interested in investing in this type of deal?
Great neighborhood for families and commuters. Close to transportation to NYC and downtown Westfield. Lots of development within the neighborhood, underused lot.
How did you find this deal and how did you negotiate it?
MLS listing, offer based on HABU assessment.
How did you finance this deal?
Private money and hard money
How did you add value to the deal?
Built new construction and added additional square footage
What was the outcome?
Listing it on Monday 4/6/2020.....Keep you posted
Lessons learned? Challenges?
Easier to build than to renovate existing. Identified opportunities to cut cost on finishes; we went with a different design that usual so we found that we over paid for some of the finishes but built relationships for future projects with a better understanding of cost.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Listed with the Michelle Pais Group
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