Updated over 5 years ago on . Most recent reply
Full Gut Renovation in Scotch Plains, NJ
Investment Info:
Single-family residence fix & flip investment in Scotch Plains.
Purchase price: $215,000
Cash invested: $325,000
Sale price: $799,900
Full gut renovations with addition. Renovated and built over 4,000 sq ft.
What made you interested in investing in this type of deal?
Distressed home located from driving for dollars. Identified property to fit our investors' needs from a return prospective.
How did you find this deal and how did you negotiate it?
Driving for dollars, 9 months to negotiate.
How did you finance this deal?
Private money & hard money
How did you add value to the deal?
Expanded the footprint of the home, gutted the existing structure to replace everything.
What was the outcome?
Solid return for our investors and our team. Sold in 4 days on the market.
Lessons learned? Challenges?
Dealing with brick foundations, homes built in the 1800s, was the biggest challenge we encountered.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sold the home with the Michelle Pais Group
