All Forum Posts by: Rob Bowness

@Santiago Marquez thank you! I wish I could take credit for the work but that belongs to my contractor. I have definitely benefited from this crazy real estate market. As you know got to be in it to win it. 

@Matthew Plasencia, thank you! I search for properties in A or B towns that have strong school systems, low crime, and good reputations. I like the safety in a town that has appreciated well for 50 years. In these towns the median home prices are high. I think their maybe less competition from people like me but I have lost a number of bids to builders and end users. The key for me is to define my target area, target price, and type of property. When a property meets my criteria I need to be ready to walk the property and submit an offer. Their is definitely money to be made while helping the community! I am happy to help in any way. 

Investment Info:

Single-family residence fix & flip investment in Sparta.

Purchase price: $325,000
Cash invested: $150,000
Sale price: $650,000

10 North Shore Terrace is located in the Upper Lake section of Sparta, NJ. We were presented with this opportunity by a great agent prior to being brought to market. We were able to come to an agreement with the seller and have a win win for both parties. This property needed a new septic tank, roof, HVAC, and full cosmetic rehab. This was our most expensive rehab to date and took longer to complete than anticipated. We accepted an all cash offer 50K over list price.

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

The opportunity to rehab a property, make money, and improve the community.

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

Brough the deal from an agent

How did you finance this deal?

Conventional Mortgage

How did you add value to the deal?

Cosmetic, HVAC, internal componets...

What was the outcome?

A win win for everyone involved

Lessons learned? Challenges?

We learn from every property better way to improver our business

Investment Info:

Single-family residence fix & flip investment in Sparta.

Purchase price: $325,000
Cash invested: $150,000
Sale price: $650,000

10 North Shore Terrace is located in the Upper Lake section of Sparta, NJ. We were presented with this opportunity by a great agent prior to being brought to market. We were able to come to an agreement with the seller and have a win win for both parties. This property needed a new septic tank, roof, HVAC, and full cosmetic rehab. This was our most expensive rehab to date and took longer to complete than anticipated. We accepted an all cash offer 50K over list price making this our most profitable rehab to date.

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

The opportunity to rehab a property, make money, and improve the community.

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

Brough the deal from an agent

How did you finance this deal?

Conventional Mortgage

How did you add value to the deal?

Cosmetic, HVAC, internal componets...

What was the outcome?

A win win for everyone involved

Lessons learned? Challenges?

We learn from every property better way to improver our business

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $473,000
Cash invested: $115,000
Sale price: $700,000

14 Buckingham Drive is a single family home located in the upscale community of Madison, NJ. We purchased this property off the MLS after it had been on market for several months. The property needed a cosmetic rehab with some interior layout changes. This was our fastest flip to date, we owned the property for just under two months. We had an accepted offer when we just completed the demo.

@Dmitriy Fomichenko thank you!!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $280,000

Prior to purchasing Bel Air, it was evident that the property was in need of a top to bottom renovation. This 4 bedroom/3 bath home had been vacant for 10+ years.

How did you add value to the deal?

The property did not have any working mechanical functions; it had no A/C, a boarded up pool, and roof damage. The scope of work was daunting. We were able to install a new HVAC system, give the pool a complete overhaul with new internal components and replace the roof with new gutters and leaders. The interior and exterior received a complete rehab which included finishing the basement which was a great selling feature.

What was the outcome?

Property sold at $25,000 over list price.

Finding a home to rehab is easy, but finding the right home can be a challenge. When you are just starting out in the rehab business it is important to identify what your ideal home looks like and not stray from these metrics. By first outlining what town, home size, price and reno needs fit your capabilities you will then have a clear of what you are searching for.

To find the right home I recommend you get started by doing the following:

• Create a list of towns you would like to source deals
• Determine the price range or maximum purchase price for the property
• Renovation range: cosmetic to advanced, it is always my suggestion that most people start with a cosmetic rehab
• Decide on a home layout: this can also be a range, but we suggest having the construction type always  being the same, for example our home layout looks like the below:

1. Single Family Home
2. 3-4 Bedrooms
3. 2+ Bathroom (2 full bath minimum)
4. 1,500+ Sq. Ft.

When I began to follow these guidelines it simplified the process and provided me a tangible checklist to use. It also forced me to take action instead of just wishing or dreaming about creating a house flipping business. In my 8 Week Bonus Investing Solutions Course, we go over every step of the rehab process and specialize in how to source the right home. Contact me today if you are ready to learn how to flip houses.

Investment Info:

Single-family residence buy & hold investment in Sparta.

Purchase price: $210,000
Sale price: $355,000

Our first project was a 3 bedroom/3 bath bi-level with extensive HVAC issues due to late winterization by the bank. This property got a full cosmetic rehab and a new furnace. We also added an extra bedroom on the lower level which was a great value-add. Property sold at $5,000 over list price.

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

This was my company first rehab. It seemed like a great opportunity to focus on an area that I knew well so I could be there throughout the process.

It was originally a 2 bed/ 2 bath that we saw an opportunity with extra living space to convert to a 3 bed/ 2 bath. This sold the deal for me.

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

This deal was sourced traditionally though the MLS.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Adding the extra bedroom. Full interior and exterior renovation.

What was the outcome?

Sold $5,000 over asking price with limited time on the market!

When probate records are not available online- how do you obtain them? Specifically, what do you ask for at the courthouse? I am looking in Sussex county NJ.