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My First Flip - Slow go

By
Real Estate Agent with Prudential Damiano Realty

Clifton NJ Project 

My partner Rich and I are into this project about a month now and we've sort of hit a wall. It seems once everything has been gutted, we've now got to play a waiting game with contractors. You see, we originally wanted to do most of the work ourselves - and we have done a good part of it so far -  but time restraints from our real jobs as Real Estate Agents (things have been getting busy, thank goodness) and also the fact that the City of Clifton requires a Licensed Electrician and Licensed Plumber to complete those tasks ( because we are not living at the property ) - those factors have really slowed down the pace of the project.

That being said, we have made some progress, mostly to the exterior of the property.

Here you can see our new roof, new front steps, new railing and new front door. Still to be completed - windows, paint, and aluminum soffit.

 

Here's a good view of the new back deck, new gutters and leaders, and the back of the new roof.

 

Next up is getting the electric and plumbing roughed in so that we can start closing things up and putting the interior back together. Stay tuned......

 

For Real Estate information and services in North Jersey:

Jim Albano

39 E. Main St.

Little Falls, NJ 07424

973-256-0303 ext 211

www.yourhomenorthjersey.com

www.montclairbound.com

www.northjerseycondos.com

 

 

Keith Lutz
Keller Williams Metropolitan - Long Valley, NJ

Hi,

I have been contemplating my first flip or investment.  Just finished reading a great book on the subject and highly recommend it... FLIP .  One thing this guy talks about is getting a GC for your first couple of flips.  Best of Luck to you, I hope I get up the nerve to do it.

 

 

 

Apr 22, 2008 03:05 PM
Jim Albano
Prudential Damiano Realty - Little Falls, NJ
Team - Jean-Marie Vantuno / Realtors North Jersey Real Estate
Keith - Thanks for visiting. Find the right property - then go for it. Thanks for the tip about the book.
Apr 23, 2008 03:51 PM
This Account No Longer Exists
Inactive Account - Woodstock, VA
Jim, good luck on your flip. That's a nice looking house 
Apr 27, 2008 12:34 AM
Jim Albano
Prudential Damiano Realty - Little Falls, NJ
Team - Jean-Marie Vantuno / Realtors North Jersey Real Estate
Charlie - Thanks for your well wishes. Can't wait to show you the finished product!
Apr 27, 2008 03:37 PM
James Lockard
RE/MAX Properties - Saddle River - Allendale, NJ
Realtor, Allendale, NJ

God Luck with your flip!  My wife and I have done two of them...sort of. The first one was in Fair Lawn, Gutted the kitchen and bath and totally redid them, refinsihed fllors, painted, and framed and sheetrocked the basement.  Yes NJ is a pain with the electricians and plumbers.  This flip we just about broke even but if you count the buyer clients I got out of it I made alot of money that way!  Our other flip was in Ramsey NJ and never flipped. We could not sell it for what we put into it so we have been renting it for the last two years. got two clients form the first tiem trying to sell and when the lease came up we put it back up for sale and rent. We wound up renting again but also found a buyer client i am working with now. 

Best advice I can give you is quality counts!    

Apr 29, 2008 11:57 AM
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate
Jim - The outside looks good.  I just finished #5 and am about to start 6.  The timelines do improve as you gain knowledge and build relationships.  I did most of the work myself on the first one and spent over 4 months renovating it. Number 5 took 3 weeks. 
May 06, 2008 05:23 PM
Enrico Pozzo
Coldwell Banker Bain - Seattle, WA
Seattle Condos, Lofts, Houseboats

Hello Jim,

My wife and I are contemplating doing our first flip and there is certainly a lot to resolve.  My biggest concern is a shortage of qualified labor in our area that may really increase our expense. 

I look forward to hear how you did at the end of the process!

Enrico Pozzo, Coldwell Banker Bain: Seattle Condos, Lofts, Houseboats and all Seattle Real Estate Listings

May 06, 2008 06:01 PM