Multifamily Flip success in Fall River

[Gualter Amarelo]

Hello All, I want to share the details on my most recent multifamily Flip in Fall River, Massachusetts. I purchased this 4 family for $125k off MLs, spent $61k renovating the new roof, vinyl, windows, plumbing electric, then standard paint and flooring job. The house was renovated in 2 months on the market for 11 days and closed 5 months from the date of purchase for $268k. This allowed me and my investors a $70k profit after the commissions for the agents. Over all the project was worth it and I had 3 of the four units rented out for $850 each 3 months into the project, which basically took care of the carrying costs of the building. My partner and I have just purchased another 3 family to run the same strategy and have three other buildings uag. The best part of this strategy is that it is relatively recession proof. If the market turns we can still cashflow and refinance out of our hard money loans!

[Andrew Ross]

@Gualter Amarelo Congratulations on the successful flip! 

I'm just curious on the timeline... sounds like you held and rented for about 2-3 months prior to closing. Was this just a matter of waiting for the sale to close? Also, how did you get the lead on the new 3 family property?

Thanks and good luck on the next project!