Investment Condo flip in Framingham

[Jonathan Bombaci]

Investment Info:

Condo fix & flip investment in Framingham.

Purchase price: $81,230
Cash invested: $16,250
Sale price: $109,900

Bought a commercial condo at a discount since it was rented at a crazy low amount for the Framingham market. Told the renter that we had to non-renew the lease but offered to sell the condo to them at a discount. They turned us down and moved out. We put in less than $5000 which was mainly flooring, counter, and paint. Then put it on mls and it sold in 5 days

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

It was a quick condo flip in a market we were trying to get more familiar with.

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

Rent was really low and it was owned by an investor so purchased it based on cashflow

How did you finance this deal?

Commercial bank financing

How did you add value to the deal?

Removed renter and did cosmetic updates mainly the small granite counter for a few hundred $

What was the outcome?

$16k profit of 100% return on our investment plus got the listing and collected a commission on the sale.

Lessons learned? Challenges?

The tenant makes or breaks a condo flip. We’re still holding onto another condo flip because the tenant refuses to move out. Fortunately we increased the rent and the condo cashflows well but it’s hard to justify removing a tenant that pays a fair rent just to make a quick buck so we’re patiently waiting….

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

Yes my team, Candor Realty, where we have 25 investor focused agents in MA and NH. Also Jeanne D’ARC CU in Lowell who financed it and our attorney Doug Mercurio in North Reading