Updated over 7 years ago on . Most recent reply
First Flip South Jersey(Sicklerville)
Hi BP, I have been wholesaling in Charlotte NC for about a year and have decided to brach out and do some rehabs with my business partner in New Jersey. We have started our first one in Sicklerville NJ about 30 min outside of Philadelphia and I will be giving progress updates as well as photos and details of the deal. Also any questions you have do not hesitate to ask.
Heres the buy details: This property was REO, 1080 sq/ft, 3/1 in a subdivision with other rehabbed properties going in the 130's. It was listed at 69k. We ended up paying 56k and set our budget at 40k with an ARV of 139k. We then financed this property with a hard money loan through Lendinghome at 2.5 points and 12% interest. We put about 12k out of pocket for the deal. We will do a medium scale rehab and our timeline is 4 weeks. We project to close everything in under 100 days from our initial purchase.