Updated almost 5 years ago on . Most recent reply
2 Family condo conversion in Boston / Brighton MA
Investment Info:
Small multi-family (2-4 units) fix & flip investment in Boston.
Purchase price: $410,000
Cash invested: $570,000
Sale price: $1,239,000
Severely dilapidated two family home. Full gut renovation + adding a shed dormer to the attic in order to add a master suite. Extensive framing work including many LVLs and new lolly column in the basement to carry loads from attic to ground level. This two family home was turned into 2 condos. Those condos were sold on the open market.
How did you finance this deal?
Combination of Bank and Private Financing
What was the outcome?
Condo Conversion. Sold
Lessons learned? Challenges?
The City of Boston caused some major delays on this project. Mostly because this is registered land and registered land is very difficult to impart a change of use. Be sure to check and see if your potential properties are on registered land. If so some more due diligence is going to be needed.
Also a unique under staircase space needed to be utilized and was located in the living room. Check out the Murphy door if you have a similar situation.
Most Popular Reply
@Matthew Kinch Congrats! Thats a good size project and I hope it was profitable for you. We did a 4 unit gut rehab in Brighton recently and it was challenging to say the least. One thing we learned is that bringing in a new water line for the sprinkler system is not cheap. Most of the cost was for the excavation company.