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Updated almost 8 years ago on . Most recent reply

Multifamily Flip success in Fall River
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@Andrew Ross The time frame was 2 months of renovtion (only because we ran into some major plumbing delays). Then we had on of the units rented 3 months and the other 2 units rented for 2 months as we finished them. The biggest delay was waiting for the buyers financing. Also because we improved the property over 100% we had to pay for a second appraisal for FHA... But I negotiated keeping the rest of the rents for the month to cover that cost and then some.
The three family we are working on right now is a quick change of zoning and a very small renovation to go from mixed use to full residential. This house was on MLS, but undesirable because it is zoned commercial/mixed use and can't get financed with less than 25% down. We will convert and sell to an FHA or conventional buyer.
@Aaron Araujo My man! You know we are looking to add some partners to our deals right now so it might be a perfect fit. Give me or @Ron Boling a call and we will see if we can work you into one of the deals we have on the table.
Thanks @Robert Blanchard, great questions. This was an hour south of Boston in the SouthCoast market near Rhode Island. I did absolutely no part of the renovations, (other than rip up one carpet, because my girlfriend at the time wanted to do a project, lol) I strongly discourage anyone from doing the work yourself on a project of this size. As far as down-payment, I put none of my own money into this deal.
My friend was buying the house for themselves and put $5k down on the house. Her financing fell through and I was her Real estate agent, so I offered her $5k to purchase the contract from her to be paid when I sold the house. She agreed, and I took on a private money partner for a 40% share in the profit. When we closed my partner made $29k, my friend got back their $5k plus the $5k for the contract and I walked away with $31k and a story to tell.
Also, my contractors got paid for the work and I kept management of the building after the sale for the current landlord, so my property manager is getting some residual from the deal. All in all it was a great project!
Cheers to our success!