Fancy Fix & Flip in Framingham!!!

[Olivia Grabka]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $225,000
Cash invested: $94,271
Sale price: $420,000

Renovated and updated 3 bedroom,1 bathroom single family home. Open floor layout leads you into the the living room and completely remodeled kitchen with brand new black stainless steel appliances. Remodeled bathroom with a 2 sink vanity. Master bedroom can be one of the two oversized bedrooms with plenty of closet space. Rustic and durable flooring throughout the whole house, insulated 3 seasons porch which can be used as a bonus room, office or sitting area. Huge backyard is perfect for family gatherings and entertaining friends. Close to major highways and 30 minutes from Boston makes this the perfect home!!!

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

We make our living by buying distressed properties, fixing them and reselling them. We were interested in buying the house because we knew we could add a lot of value by gut renovating the house.

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

We purchase a foreclosure list and partnered with a couple of new agents to find this deal. The agents did not have the budget to buy a list, we did; we didn't have the time available to door knock properties, the agents did. Things worked out for both us, they got to sell their first house and we got to buy a great deal.

How did you finance this deal?

We partnered with M3 Innovations, Inc. we put up the down payment and closing costs, they secured the financing.

How did you add value to the deal?

Gut renovating the house. The house had mold damage, termite damage, water damage etc. we gutted the house and completely renovated it. We also changed the layout of the house, adding additional square footage and an extra bedroom.

What was the outcome?

We made $46k on the deal.

Lessons learned? Challenges?

We learned to move slowly during demolition. At one point the building inspector suspected that the property may have had a hazardous material underneath the flooring. Our people moved really quickly during the demolition, as a result we had to shut down the project for a week and a half to prove there was no issue. Had we simply moved deliberately, we would have saved ourselves aggravation and time.