Updated over 3 years ago on . Most recent reply
Bergen County Fix & Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $635,000
Cash invested: $100,000
Sale price: $799,000
Renovated an outdated home in a desirable town and area of Bergen County, NJ
What made you interested in investing in this type of deal?
First foray into flipping. Thought the scope would be manageable for a first time flipper.
How did you find this deal and how did you negotiate it?
On the MLS. Learned my lesson there for flips...
How did you finance this deal?
Traditional 30-yr fixed
How did you add value to the deal?
Created open concept living space
Renovated kitchens and baths
Renovated basement
Create master bath and closet
What was the outcome?
Reno took 5-6 months (original timeline was 8-12 wks). Listed home and received full-price offer within 5 days. It wasn't a homerun by any metric but I did learn a lot!
Lessons learned? Challenges?
Challenges - the pandemic presented challenges for materials and labor. Supply chain issues made it hard to get products we wanted and my contractor had a tough time getting subs to show up.
Lessons learned:
1. Order supplies and materials early
2. Fully vet your contractor!
3. Incentivize your contractor through an equity stake or some type of profit interest so they're motivated to get the job done!
Most Popular Reply
nice work! Thanks for sharing this info!