Running Diary of a 2-Family Flip in Southington, CT

[Michael Noto]

@Bill Labrecque  and I closed yesterday on a 2-family flip in Southington, Connecticut.  As project progresses we will document the progress on this thread.

Here are some of the key numbers:

• Purchase Price: $87,500
• Rehab Amount: $45,000
• ARV: 195-200k
• Area: B+ (this is a great town w/ great schools and there are only 10-15 multi families that sell in this town per year)
• Rents: 1st floor large 1 bedroom ($1000), 2nd floor large 1 bedroom ($1000)
• 2 gar garage
• Gas utilities
• Taxes: $3451
• Land: 0.33 Acres

Our plan is to fully rehab this property and sell it after the rehab has been completed.

We will be posting a scope of work here soon that will detail where the $45,000 budget will be allocated.

Here are some before pictures of the house

[Michael Noto]

We met with the plumber, electrician, and HVAC contractor the last couple of days to go over what we are looking to have each of them do.

Next week the electrician will be starting his work on Monday, the HVAC company on Tuesday, and the plumber on Thursday.

Our goal is to get all of the work outlined in Draw 1 done next week.

The week of the 11th our contractor will start on the remodeling of floor 2, then he will address the outside work, and then the remodeling of floor 1.

We are 100% outsourcing this project.