Sylvia Redic already owned the house in Bloomfield, New Jersey with a partner when a major fire broke out on the property. She used a loan from COGO Capital to buy out her partner for $140,000 and pay for the renovations. With full command of the property, Sylvia got to work with renovations.
It took 2 to 3 months to complete the rehabbing without too many delays, and while designing the renovation was fun, Sylvia remained savvy with the understanding that this wasn’t going to be her dream home. “It makes better business sense to purchase a neutral tile for just $3.00 per square foot than my personal favorite for $20.00.” And with her keen sense of style, it was a strategy that paid off in the end.
The greatest challenge with the project was hiring a Realtor who spoke a big game about himself but wasn’t as knowledgeable about the area as promised. “He wasn’t proactive with the sale,” she explained why the property sat on the market too long once it was complete. Sylvia partnered with a new Realtor who made several recommendations on small jobs to tackle that would draw in more buyers. Sylvia took the new agent’s advice, put another 3 weeks of work in, and sold the house in just 5 days!
After investing 70k in fire repair and rehabilitation, and after holding and closing costs, Sylvia’s net profit was $73,000! When asked if it was worth it, her answer was an emphatic, “Yes!”
“I learned not to take downfalls personally and to separate myself from project enough to look at it professionally,” Sylvia said. “I can see now what it takes and know that I’m capable, moving forward, to do it even better next time. I can’t wait to implement what I learned as I move forward.”
Sylvia plans to take a moment of rest before adding more properties to her roster.
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