68 Worcester St, Taunton, MA 02780

[Daniel L Pires]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $205,000
Cash invested: $7,500

Tear down and rebuilt

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

To build it the way I want and flip it for profit or refinancing it and keep it to myself and rent my current residence for a good cash flow.

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

On MLS for $250,000 and was able to negotiate it down to $205,000.

How did you finance this deal?

Cash purchase then refinanced it at 6.99% base loan $120,000 and $194,000 renovation fund held in escrow.

How did you add value to the deal?

Once the house is rebuilt the ARV is minimum of $525k. The housing market keeps going up in the area.

Lessons learned? Challenges?

Project is taking longer than expected due to subcontractor delays. I am in process of hiring a different framer to expedite the process and finish the project in the next 90 days.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real estate agent Mary Duppery from Remax Advantage and Samuel Irving from Civic Financial.