67 Draper Road Gardner, MA 01440

[Moises R Cosme]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $66,000
Sale price: $197,000

Transformed and Trendy! Colonial situated in a nice, quiet neighborhood, has been completely remodeled inside. Enter through the front into the enclosed porch where you could kick off your wet boots and shoes because there is brand new carpet in the bright, freshly painted living room.

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

I work in Gardner as a Buyer's Agent, so I knew the metrics; I was introduced to it by a distressed real estate agent & was able to get a good price on the purchase; in short, location & price.

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

The MLS.

How did you finance this deal?

Hard money.

How did you add value to the deal?

As a standard principle we add value by giving entry level Buyers in our markets, a better product than they would otherwise find in the market. We typically get a premium to the market, which is disproportionate to the cost we incur with the materials & labor associated with the upgrades.

What was the outcome?

We made a fair return on our money.

Lessons learned? Challenges?

Patience. Purchasing the property took 14 months, the bank haggled quite a bit but in the end waiting out the process was worthwhile.