All Forum Posts by: Erik Kuhi

Here is the property https://www.homepath.com/listing/8-woodland-ave-keansburg-nj-07734-46320441

@ Alex Deacon thank you very much for your response. As simple as it now seems there were a few #s I had not yet considered which was the realtor fees and cost of loans. I lost $45000 on the deal already. Ha ha! With your input the #s would definitely need to tighten up to even consider the deal. $5000 is not worth the risk. I do think I will still reach out to some of the modular home companies in the area to see if they can give my a cost. I saw 1 advertise that they will take care of all the property preparations including permits and all. If they come back at a favorable rate I will consider pursuing the deal. My hopes would be to purchase the property at $20000 and put around $80000 into it. Anything much higher than that probably isn't worth the effort. I'd like to make $25000 - $50000 on the deal to make it worthwhile. Thanks again and if I move forward I will update this post with whatever comes out of it.

I came across a property on homepath.com that was damaged by Super Storm Sandy. The home is in desperate need of rehabbing and most likely needs to be raised due to FEMA guidelines put in place after the storm. Just looking on zillow I see the surrounding homes are valued around $120000 and this property is listed at $24900. My thought is rather than dealing with raising and rehabbing I would knock it down and put a raised modular home in its place. I have yet to do an in depth investigation into the costs but off the top of my head I'm thinking if the cost of the property and having the modular home put on the property cost around $100000 that it could potentially sell for $150000. The town is Keansburg NJ which doesnt have the greatest reputation but is by the bay and has a popular amusement area. I do believe the town is made up of many hard working people and that my idea will offer 1 of those people a nice new home they can be proud of. I think $150000 would be an affordable price point in this area. Please let me know your thoughts on if this idea is worth pursuing or if I have the #s wrong. All thoughts and suggestions more than welcome. Thank you, Erik