Big Time Flip in Gardner, MA!!!

[Olivia Grabka]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $110,000
Cash invested: $28,299
Sale price: $245,000

Welcome home!!! Your new home is fully renovated, all systems are brand new!! First floor is open concept featuring hardwood floors throughout. Living room is spacious and allows for family game nights or entertaining guests with easy access to the brand new kitchen. Kitchen design features top of the line materials with stainless steel appliances, the layout and look are spectacular but practical with plenty of storage and counter space. Half bathroom on the first floor is generously proportion

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

We were interested in investing in the this type of deal because we wanted to continue working on local flips (we are based out of Leominster and I live in Westminster). The property was on the market for a while and we thought we could do a good job.

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

Property was listed on the MLS, we reached out the listing agent made an offer and got the deal.

How did you finance this deal?

We financed the deal with our partner M3 Innovations, Inc., we put up the down payment and made the monthly payments on the construction loan but M3 secured the financing.

How did you add value to the deal?

We added value by making the property functional, and livable!!! The house was a shell when we bought it, so we had to do everything!!!! Electrical, heating, plumbing, flooring, ceilings etc. The pictures you see reflect a lot of hard work on behalf of our contractors, because the house had no walls when we bought it.

What was the outcome?

We made $35k on the deal.

Lessons learned? Challenges?

We implemented a better accounting system for our flips as a result of this deal. At one point we missed accounting for a $9k expense, and as a result we went over our budget by about that amount. After this deal we started recording all expenses at the end of each day, we started using project specific spreadsheets and improved our communication.