Updated over 4 years ago on . Most recent reply
Northwest NJ Successful Flip
Wanted to quickly share a successful flip in the Northwest NJ/Phillipsburg area that I was involved in from start to finish. I had an investor reach out to me via the BiggerPockets forums last fall to discuss the area and we quickly found a property that fit my investors goals. It is a 3/1 SF ranch in a nice location. This property was a foreclosure that had been listed on the MLS for several weeks. We were fortunate enough to negotiate a nice number, get it under contract and close quickly. Once it was closed, my investor moved quickly and did an excellent rehab on it, not only was everything repaired and brought up to code, he spent money for smart upgrades. I am happy to report that the property was listed this spring and we closed a few weeks ago. We're now actively looking for our next opportunity.
So why am I writing this? I guess partially to show that networking and meeting people on BiggerPockets can lead to great opportunities. But also to show that even in a very hot market, in one of the most expensive states in the country (New Jersey), you can make things happen and have successful investments pay off. Will my investor be able to retire from the profit he made? I doubt it. Can I pay off my mortgage with the commission I made? Sadly, no. But I still hope anyone reading this gets a bit of encouragement on their way to financial freedom.
Most Popular Reply
Phillipsburg has been dead for years. Lots of proposed warehouse projects which could bring jobs. I’m 5 mins Over the bridge and I won’t spend my money there.