All Forum Posts by: Rich Merlino

Suggested Price $99,000 to buy

Assignable Purchase & Sale Agreement

for subject property located at:

250 School St, Webster, MA 01570

SUMMARY OF OPPORUNITY

• The seller has signed the contract to sell. Gwendolyn Property Management, LLC has signed the contract to buy. The contract is for sale to a cash buyer.
• The property is currently occupied by the seller.
• There is a link below to photos and videos of the subject property
• There will be an opportunity for a thorough inspection of the property by private appointment only (see below). This is not a public open house.
• Gwendolyn Property Management, LLC is not selling the property, but selling the purchase contract, to be assigned to Buyer as specified below. Highest offer with $5,000 non-refundable earnest money will receive the contract.

Details of subject property in Purchase and Sale Agreement according to homeowner and public information. Please do your own due diligence.

5 bedroom / 1.5 bath w/ two 1-car garages

Inspection Date: Thursday, August 18, 2016 from 2:00 - 4:00 PM

• Home is NOT open for inspection any other date or time
• Do not disturb the residents
• Call Rich 508-344-4700

Offers

• Must be received no later than Friday, August 19, 2016 at 6:00 PM
• Submit all offers to [email protected]

Subject property along with most similar comparable sales

For whatever reason, the sellers really felt the need to insert themselves in just about every video. The video of the “first floor,” which is really just a walk-out basement, is absent, but you’re not missing much.

Link to 46 photos & videos of subject property: https://www.flickr.com/photos/142962055@N06/sets/7...

Property Information (may be outdated or inaccurate)

136 Patriots Road

Templeton, MA 01468

$59,500

Contract to be assigned to Buyer on or before August 6, 2016

SHORT SALE OPPORUNITY

Bank is owed $221k including all attorney fees

Seller says that mortgage payments have not been made in years

No attempt to negotiate with the bank has been made.

ANTIQUE OPPORTUNITY

Built in 1836, Seller says that the beehive oven and many other items and fixtures have tremendous antique value.

Seller say house is not part of the historical society, so you should not run across any costly issues with the town replacing windows and such.

ARV

$226,300 = Average of three recent comps sale price

$254,823 = Average of three recent comps price per square foot

REPAIRS

Gut rehab of 1,666 square feet.

Needs roof.

Condition of septic unknown.

Other structures behind house likely need to be demolished.

Successful house flippers:  How do you choose your market?  I am looking for 3/2 SF's, but where?  

What criteria do you use to choose one town over another?  One neighborhood over another?  

Hi, I am with the Worcester Property Owners Association in central Massachusetts and we are seeking a few outstanding speakers to educate our group.  Topic include anything related to landlording, i.e. security strategies, best key system, ways to increase revenue/decrease expenses, and about a million other related subjects.

Who do you know in MA or who may be willing to travel to MA?

Has anyone used fake security cameras to deter riffraff?

Dear Esteemed BP Community,

I have recently purchased several buildings in Massachusetts that are very poorly insulated and use electric baseboard heat.  I am working with a program called Mass Save to improve the insulation, and I intend to help the residents put plastic on the windows and use door insulators.  

A major overhaul of the heating system is not feasible this week.  Until I can implement some long-term solutions, what quick and simple measures could be taken to reduce the residents' electric cost?

What can I do with this property?  I have not presented it to any investors because it's not a "deal."