Diary of a 3-Family Flip in New Britain, CT
@Bill Labrecque and I recently purchased a 3-family in New Britain, Connecticut as a flip project. Since we are expecting the rehab to be pretty be expansive we figured it would be good for a BP deal diary which we haven't done in a while. We used to diary all of our deals on here and stopped for some reason.
Here are the basics on this property:
Purchase price - $72,250
Estimated repair budget - $45,000-$50,000
ARV - $185-195k
Taxes - $4338/yr
How we purchased:
Purchased with financing from a local hard money lender who financed 80% of the purchase price and 100% of the renovations at 12% interest only and 3 points charged at closing
Unit Breakdown:
- 1st floor is a 2-bed/1-bath 900 sq ft unit - Projected rent after rehab $900-$950
- 2nd floor is a 2-bed/1-bath 900 sq ft unit - Projected rent after rehab $900-$950
- 3rd floor is a 1-bed/1-bath 600 sq ft unit - Projected rent after rehab $700-$725
How we located the deal:
- We zeroed in on this foreclosure deal after it fell out of contract on the local MLS. List price was $80,000. Took us 30 days to close it out.
In the next post I will throw up some before pictures to give an idea of the current condition.....
