East Boston Condo Conversion on end row vertical 3 family

[Matthew Kinch]

Investment Info:

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

Purchase price: $720,000
Cash invested: $538,000
Sale price: $1,500,000

Contributors:
Daniel Riccio Jr., Tory Kelliher

Gut reno condo conversion on end row vertical 3 family.

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

Increasing condo prices in the area. 1 off street parking spot, addition sqft added into basement.

How did you finance this deal?

We use private funds from friends and family in addition to bank financing.

How did you add value to the deal?

Condo conversion / add square footage

What was the outcome?

Positive outcome. All units sold quickly.

Lessons learned? Challenges?

The neighborhood approval meetings held us up for a couple months. Neighbors were relatively reasonable. We also ran into a hurdle trying to add a roof deck and ended up scrapping the idea.