Quincy MA Condo Development on Double lot

[Matthew Kinch]

Investment Info:

Condo fix & flip investment in Quincy.

Purchase price: $400,000
Cash invested: $466,000
Sale price: $1,113,000

Contributors:
Tory Kelliher, Daniel Riccio Jr.

Purchased a single family home located on a double lot in Quincy MA. After talking with zoning and the neighbors we were able to construct two town homes. Due to Quincys zoning regs these are actually condos which are connected. The dwelling on the left was built ontop of an existing foundation. The dwelling on the right is new construction. Parking was added in the rear to help alevate on-street congesation.

What made you interested in investing in this type of deal?

Value add

How did you find this deal and how did you negotiate it?

Direct Mail. Flexible terms giving seller time to relocate.

How did you finance this deal?

Private money / Bank funding

How did you add value to the deal?

Expand existing dwelling + constuct additional unit.