Updated almost 6 years ago on .
24 Fenway Dr. Framingham, MA 01701
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $215,000
Cash invested: $81,000
Sale price: $420,000
Renovated and updated 3 bedroom,1 bathroom single family home. Open floor layout leads you into the the living room and completely remodeled kitchen with brand new black stainless steel appliances. Remodeled bathroom with a 2 sink vanity. Master bedroom can be one of the two oversized bedrooms with plenty of closet space
What made you interested in investing in this type of deal?
Familiar with the City of Framingham; when we looked at the sales in the neighborhood, we thought making a deal in the neighborhood would be fun.
How did you find this deal and how did you negotiate it?
We worked with Camila Fernandes, Horizon Homes - she found the Seller and we were able to negotiate a purchase.
How did you finance this deal?
Hard money.
How did you add value to the deal?
As a standard principle we add value by giving entry level Buyers in our markets, a better product than they would otherwise find in the market. We typically get a premium to the market, which is disproportionate to the cost we incur with the materials & labor associated with the upgrades.
What was the outcome?
We made a fair return on our money.
Lessons learned? Challenges?
Buying on a property built on a slab means that we should check for termites; we would have done the deal regardless, but we would have factored in the cost into our offer. In order to deliver a good product we had to replace most of the framing on one side of the house.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Camila Fernandes of Horizon Homes and Christopher Dudzic, of Lamacchia Realty.
