RUTHERFORD, N.J. — A group of four Rutherford High grads are improving the community inside and out.
Villa Visions, LLC's main focus is to better peoples lives while making an income, but they also want to give some of that money back.
They recently donated scholarship funds to five students — $1,000 each — to help further their educations.
Above are before and after photos of the Villa Visions team's first business venture, located on Romana Drive in Fair Lawn.
Below is a case study on the project:
- Type of deal: Rehab, First Deal
- Purchase price:: $240,500
- Sale price: $406,000
Briefly describe your investment deal. This will appear on your credibility flyer.
- This home is a Cape Cod in a working-class neighborhood of northern NJ. The house is common for the neighborhood, though it was in need of a complete renovation.
How did you find and structure the financing of this deal?
- This deal was an MLS listing uncovered through our realtor relationships. To finance the deal, we brought Private Funding to the table and partnered with a hard money lender based in northern NJ.
Provide a summary of the repairs and improvements you made to the property.
- We altered the existing\ layout to provide an open floor plan on the first floor. We also enlarged the main bathroom by reframing and taking some room from a closet. We updated the property with new plumbing, electric, windows, siding, and a finished basement.
How did you find a buyer for the property if you sold it?
- We listed the home “For Sale by Owner”. We were able to find a buyer that saw the listing on Zillow.
What are some of the major lessons that other students can learn from?
- We made the decision to perform a lot of the work ourselves to minimize the rehab budget. It was our first project and the money saved afforded us the ability to gap fund our next two projects. While this worked for us on our initial project, we are aware that the time spent on rehabbing oneself can cost a team crucial time that could be better spent on the growth of the business.
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