16 Huntington Ave Worcester, MA 01606

[Moises R Cosme]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $180,000
Cash invested: $33,000
Sale price: $275,000

Come see this fantastic classic New England Colonial Style home. Property features 4 large bedrooms, with 1.5 baths. Property is within Indian Lake East neighborhood with ready access to major highways for easy commuting. Home features gleaming hardwood floors, new roof, beautiful molding/trim, with tall ceilings & spacious rooms. The property has been updated with new electrical systems, features a brand new kitchen with modern stainless steel appliances

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

We looked at the sales in the area and thought it would be a good project.

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

Found it on the MLS, I was familiar with the listing broker and we were able to make the purchase.

How did you finance this deal?

Hard money

What was the outcome?

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.

Lessons learned? Challenges?

We should have been less optimistic about our ability to get a premium on the resale; the numbers told us that a resale was likely at $240,000, we were stubborn and thought we could get $300,000. We were lucky to break to get $275,000, and getting the $275,000 was a function of deploying an unusual marketing strategy for the resale.

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

Christina Kelly of CAP Realty; she's an REO specialist and overall AMAZING!!!