Fix & Flip in Gardner, MA

[Moises R Cosme]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,000
Cash invested: $55,000
Sale price: $260,000

Fully renovated gorgeous Colonial style home in one of Gardner's best neighborhoods. Gorgeous and original hardwood flooring throughout the house. Kitchen is wide open with plenty of storage and granite counter tops; kitchen is furnished with new stainless steel appliances. Kitchen easily flows into the dining room, along with a generous living room and a sun room on the first level. Three bedrooms with ample closets on the second floor. Property features a full bathroom on the second floor alongside the bedrooms and a half bath for convenience on the first floor.

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

We are familiar with the Gardner market.

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

A friend of our ran across the opportunity, the project was too much of a commute for him so he passed it along to us for a fee.

How did you finance this deal?

We paid cash.

How did you add value to the deal?

Full cosmetic renovation & upgraded electrical and plumbing systems.

What was the outcome?

We were able to turn a reasonable profit.

Lessons learned? Challenges?

This project marks a big turning point for our business, we work as a partnership. Up until this project the responsibilities of the renovation were solely on one member of the partnership - with this project we realized that, one person managing the renovation piece was not the best way to work. Both partners jumped in, we saved some money, brought the property to market about two weeks ahead of time & cemented our partnership by further distributing the workload.

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

Adam Jaspon, Centerline Properties in Boston, MA.