91 Mack Rd, Fitchburg MA

[Aaron Steeves]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $92,500
Cash invested: $65,000
Sale price: $255,000

Single Family Fix & Flip. 1218 SF, new aesthetics throughout, added a bath, cleanup. We hit the market just right with this on the purchase. The challenge with this property was the commercial zoning and the fact that it was abandoned and lost its grandfathered status. Once we overcame the ZBA challenges, this was an excellent project!

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

This was a bread and butter flip, but while everyone was running away going into Covid, we saw a major opportunity that paid off.

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

This was brought to us by a local agent. I made an offer based on ARV-cost of const-profit = MAO.

How did you finance this deal?

Cash

How did you add value to the deal?

New finishes throughout, added a bath

What was the outcome?

The market took OFF during Covid and we far exceeded initial ARV calcs

Lessons learned? Challenges?

First experience with a special permit for commercial zoning. We learned a lot about dealing with the ZBA on these issues. The major lesson is being thorough, open and honest goes a long way.