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Updated over 3 years ago,
First Flip in Acton - JV with a friend
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $363,000
Cash invested: $40,000
Sale price: $650,000
The open concept dining room, kitchen, living room ceiling was vaulted and the kitchen completely redone. We took a large single bathroom and split it to a master and another full bath. The screened in porch slider was removed and the space was insulated, making it part of the living space. The basement was also completely redone, updating the living space and adding an office.
What made you interested in investing in this type of deal?
Acton is a great market desired school systems. The numbers worked based on ARV
How did you find this deal and how did you negotiate it?
The deal was found on MLS. We submitted and offer and was rejected. I asked the realtor what number would work. She came back with a number not much higher then we had put in the offer. We re-ran our numbers and found the deal still worked
How did you finance this deal?
Hard Money and Private Money
How did you add value to the deal?
I was the eyes and ears on the ground for this deal. My partner on this one lived in Boson so he had a much farther drive then I did. I ensured progress was being made, anticipated issues and discussed with my partner to decide together what actions to take
What was the outcome?
The home was sold for a desirable profit
Lessons learned? Challenges?
The septic system piping in the home was not pitched right to add the new septic as regulations have changed. The biggest challenge was trying to figure out how to run the pipe to get the desired pitch.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent on this and Cutter Hill Capital is the Hard Money Lender used. I continue to use them on my other projects.