116 Bridge Street, Salem MA

[Kevin McCafferty]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $420,000
Cash invested: $550,000
Sale price: $1,280,000

Full gut rehab and redesign. Converted into 2 condo's. 

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

Hot market and it was the worst property on the street huge potential for a condo conversion of 2 large private townhouses.

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

While searching for other on market deals I spoke with an investment firm that held other off market properties and this was one of them.

How did you finance this deal?

Half cash half bank construction loans

How did you add value to the deal?

We restored as many of the original features of the 1800 home and then we added the best of the best for everything. We added a huge 30 X 30 deck, 2 garages, 3rd floor to the entire property. Reconstructed the yard and parking. Fenced in the yard and much more!

What was the outcome?

We set records on that street and in that area selling them off!

Lessons learned? Challenges?

Biggest lesson learned was hire the right people first and get it done quicker!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not on this transaction.