80 Hudson Fix and Flip

[Steve Doherty]

Investment Info:

Single-family residence fix & flip investment in Marlborough.

Purchase price: $130,000
Cash invested: $80,000
Sale price: $290,000

Stunningly remodeled 2-bedroom Colonial was Oogway LLC's first project. A complete gut job that ended up restoring a very old New England village Colonial to its original charm. Enter through the front door & fall in love w/ open kitchen & dining offering gleaming hardwood floors, tons of natural light, s/s appliances, granite countertops & white cabinets! A great space to entertain guests while cooking. The 1st floor also includes a sun-filled living rm & an updated full bath w/ laundry.

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

This fix and flip was run down and in need of serious TLC. It was located in a desirable neighborhood and once renovated would be the perfect home fro people who desired access to outdoor activities while at the same time being with oin walking distance to a vibrant down town with great restaurants and brew pubs.

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

I found this deal via a Realtor who worked with local Property managers. He knew the absentee landlord was looking to sell. I offered below asking. The seller initially balked. a few months later after the house sat on the market I resubmitted my offer and the seller accepted.

How did you finance this deal?

This was an all cash deal.

How did you add value to the deal?

We added value by way of a thorough update and modernization of the property. We moved the washer/dryer service from the dark basement to a space in the first floor bathroom. We replaced an old rotting porch with a larger wrap around porch and staircase. We updated the electrical systems and we added new high efficiency German heating systems.

What was the outcome?

This was a "home run" for Oogway. We made 80k on the deal and when on to our next fix and flip.

Lessons learned? Challenges?

The primary lessons learned were the value of a good contractor and staying on top of their work on a daily/weekly basis. We also were able to see the value of an "all cash offer". It was our offer that made the deal attractive to seller because we could close quickly.

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

Galen Keller of GK Realty was the agent who was able to help us acquire the property. He was excellent!