Collingswood, NJ Rental

[Yordano Alicea]

Investment Info:

Single-family residence buy & hold investment in Collingswood.

Purchase price: $154,900
Cash invested: $23,235 down, $30,000 in renovations

Full renovation of a 3 bedroom, 1.5 bath home in Collingswood, NJ. Feel free to message me to see the work that my construction team completed or to offer any advice on how I could have approached this project differently!

What made you interested in investing in this type of deal?

The location of this home was in a prime location, a house across the street, with less work completed, sold for $207,000 earlier in the year. I figured that If I couldn't get a tenant in the home soon enough, I could always sell the home for a profit.

How did you find this deal and how did you negotiate it?

I found this deal by driving by the neighborhood a few times.

How did you finance this deal?

15% down conventional loan

How did you add value to the deal?

My company's construction team spent a few months completely renovating the entire interior of this home, completely remodeled the kitchen and both bathrooms, updated the electrical panel and rewired the entire home to bring it to current code as well as a new AC and furnace.

What was the outcome?

Rented the house for $2,000/month.

Lessons learned? Challenges?

I still have the feeling that I may have invested too much time and resources into this home. I wanted to out out a product that would blow people's minds and that would be marketable to the young professionals that are living in this area. In doing so I feel that I spent too much money on the remodel.