2 Family condo conversion in Boston / Brighton MA

[Matthew Kinch]

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.

[Matthew Kinch]

@Lien Vuong Yes we met the sell out value we were hoping for. The Boston market is impressive to say the least.