Today I received an early Birthday present.

I closed the sale of a house in Paterson NJ. I had purchased this two family home out of foreclosure on March 4th 2010. My partners and I purchased it with the intention of fixing, renting and then flipping it.

What made this home so special is that it is one of the few homes in Paterson, NJ with a driveway. At the time I found this home, my partners were not ready to purchase additional properties. We currently had 13 units and were nervous about the downward trend we saw in the market.

After a lengthy discussion with my partners and a fair amount of arguing, they relented and agreed to invest in the purchase and rehab of the property. What convinced them was my willingness to put my name on the line, and of course, my prior track record of success in the rehabbing of properties had something to do with their level of confidence as well.

My responsibility was to be the general contractor, which means I am responsible to hire all the sub- contractors, purchase the materials, design the rehab of the home and to bring all this in on budget.

After completing the rehab on time and only several thousand dollars over budget I then got the home rented to Section 8 Government subsidized tenants.

Watch video Link here (If you can stay awake through my boring soundtrack) http://www.youtube.com/watch?v=yOB5kAyfI_w


From there the next challenge was finding a qualified buyer. After having two contracts disappointingly disintegrate in front of my eyes, with help from my real estate broker, we found a qualified buyer.

Today, October 27th, nine months after the purchase of the home, we reached our goal of selling the home. The feeling of accomplishment I experienced at the closing was truly amazing.

I would like to give special thanks to my investors, and to their trusting me with their capital, to Shannon my contractor, who took great pride in his work, and did an exceptional job. A special thanks to my realtor Mell Espinosa without whom him this would all not be possible.

As if this wasn't enough, today I also closed my second commercial lease in New Britain CT working with Jasko Group. (Thank you Avner)

Two closings in a single day!
Happy Birthday to me :)