All Forum Posts by: Paul Haughton

@Kelly Niddrie, assignments are perfectly legal in CT. With that, you need to have your contract template reviewed by a knowledgable real estate attorney to make sure there isn't any exposure or gaps in your contract language. Better to be safe than sorry...

@Matthew Murphy, thanks and I will. 

@Tom S., the house was built in 1957, and last upgraded in 1978. The aluminum siding the house is in good shape. It only needs power washing. The garage has wood siding, and that is what we will scrape and paint. 

@Sharon Vornholt, thank you for the guidance and support. We'll be trading notes, tips and frustrations 😀. 

@Daniel Raposo, thank you. Will keep you posted. I like your video diary idea... I'll try to do a little of that here as well, but doubt I'll be able to top your quality. Great job with that.  

@Kerry Baird thank you. This came from a direct mail campaign we concluded about 8 months prior. Circumstances changed for the seller during the winter (frozen pipes and water damage) and they reached out to us. 

@Don Harris you're welcome. Happy to share. 

We closed on this single family rehab in Bloomfield, CT on Nov 6. It was a probate property which we put under contract on July 28, but didn't get the court approval until mid-October. The house is a 1350 sq ft, 3 bedroom 1 bath ranch in a quiet area. It sustained some water damage during the past winter, in the kitchen, dining room and basement. Rehab will include new roof, new bathroom, new kitchen, upgraded electrical, plumbing repairs, and landscaping. We plan to add a 2nd bathroom to boost functional value. Remaining work is cosmetic in nature.

Purchase price: $44,600; Rehab cost.: $48,600; ARV: $170,000

This was a win/win for everyone involved.

We plan to complete the work in 45 days. With the winter approaching, priority is being placed on exterior work over the next two weeks. I am writing this post at the mid-point of week 1. So far, we've been making good progress. 

Week 1 Status:

• Permits have been pulled
• Dumpster and portable toilet delivered to site 
• Trees overhanging the house were trimmed and fallen leaves cleared
• Garage was cleaned out and exterior scraped for painting.
• House clean out is in progress, along with kitchen and bathroom demolition 
• Roof replacement will begin on Friday (delayed because we had rain)

Stay tuned for weekly updates. 

@Eric Smith, welcome to BP. 

@Stephen Bell, welcome to BP. You're off to a great start.

@Daniel Jones, welcome to BP.

@Javier Tejera, welcome to CT and BP.