Posted on March 24, 2010 by Matthew
If you’ve been following my blog for a little while you may have remembered the property at 70 Glenwood St. This is the property with some major fire damage where we completely knocked out the floor of the first level. If you missed that video you have to see it … click HERE to watch it!!
Well we hit some delays getting our heat on there because the gas company told us they cut the line at the street and they wouldn’t be able to fix it until spring time. Long story short, they finally sent someone to the house and realized the line wasn’t cut at the street and we did have gas to the house, however we lost a good amount of time because we couldn’t get heat to the house, which also meant no water.
So I have a video we put together awhile back, as well as some more recent photos of the property near completion. Heres the video:
And here are some pictures of the house nearly complete. This is the first property we started using those nice archways, we borrowed the idea from Tom Tarrant over at www.TomTarrant.com .
Check it out:
Living Room with Bamboo Flooring
Front Door Looking from Living Room
Archway Between Dining Room and Kitchen
Finished Attic Space
New Main Support Beam
This house was a small two family home that we converted to a single family. It is now 4-5 bedrooms with 2 1/2 baths and maybe 1600-1700 square feet.
Next step is to stage it and get it SOLD!!
Filed under: 70 Glenwood St Springfield MA | Tagged: 70 Glenwood St Springfield MA, Buy home springfield ma, Buy House Springfield MA, fire damage, Fire Damaged House, Flip this house, Flipping Houses, Glenwood St, Gut Rehab, Hampden Homebuyers, Home for sale springfield ma, Real Estate Investing | 7 Comments »
Posted on February 21, 2010 by Matthew
The week started and ended very good with us getting two more offers accepted, one on Monday and the other on Friday. The first deal is an estate property that was brought to us by one of the bigger REO agents in our city. The house is in a little rougher neighborhood than I like, but this will be the third property we’ve purchased from this particular agent in the last couple months so I’m viewing it as a way to further solidify our relationship.
The second deal is a short sale that we received an approval letter for on Friday. This should be a pretty sweet deal but we’ve got to clear up a few little title issues before we can close on it.
In other news, after only owning the house on Ravenwood St for a little over two weeks, we’ve got the rehab finished and our new buyer is already moving in!!! I’ll have pictures and videos of this property coming up in the next week or so.
OK… to wrap it up I want to post our final walkthrough of the fire damaged multi family home we did at 37 Mansfield St in Springfield. You can see all the before pictures here, and our initial walk through video here.
Check it out;
Filed under: 37 Mansfield St Springfield - Multi Family Rehab | Tagged: Buy home springfield ma, Fire Damaged House, Flip this house, Flipping Houses, Gut Rehab, Hampden Homebuyers, we buy houses springfield | 3 Comments »
Posted on January 2, 2010 by Matthew
Heres a look at the before and after of the property we rehabbed at 17 Bessemer St. This was our flagship deal of 2009. The stars seemed to align on this property; from finding it, to rehabbing it, to selling it…. everything went real smooth and the deal was very profitable.
The transformation was really amazing!!
Filed under: 17 Bessemer St Springfield MA | Tagged: Bessemer St, Dormer Construction, fire damage, Fire Damaged House, Flipping Houses, Gut Rehab, Hampden Homebuyers, Real Estate Investing, we buy houses springfield | 3 Comments »
Posted on December 7, 2009 by Matthew
37 Mansfield Before
The renovation work is totally complete at 37 Mansfield St. The property came out awesome and we found a buyer without even having to put it on the MLS. This property had alot going against it; it was condemned, it was fire damaged, the porches were falling down, and it had some serious structural problems… but we fixed all that and turned it into a real gem!! With over 3,700 square feet, 10+ bedrooms and 3 full bathrooms this was by far the biggest property that we have rehabbed. We started renovation of the home in June and work was completed at the end of September. We ended up converting this property from a three family to a two family. This was a total gut down to the studs; we did new electric, plumbing, heating systems, roof, siding, windows, kitchens, baths, sheetrock, etc…..
You can see more of the before pictures here and some video here.
Heres a look at the finished product:
37 Mansfield St- After
37 Mansfield After
Kitchen Unit 1
Kitchen Unit 1
Bathroom Unit 1
Bedroom Unit 1
Living Room Unit 1
Bedroom Unit 2
Third Floor Living Room Unit 2
I was amazed out how nice the hardwoods came out. When we first started work I didn’t think we were going to be able to save any of the floors but our hardwood refinisher was able to work some real magic on those old floors!!
So have another look at the before pictures here and let me know what you think….
Filed under: 37 Mansfield St Springfield - Multi Family Rehab | Tagged: 37 Mansfield St Springfield MA, Finished Rehab, fire damage, Fire Damaged House, Flipping Houses, Gut Rehab, Hampden Homebuyers, Home for sale springfield ma, Real Estate Investing | 6 Comments »
Posted on October 18, 2009 by Matthew
Things are still moving fast and furious! We’ve had six closings over the last few weeks with one more scheduled for Monday. In total we sold four of our properties and bought two new rehabs, with a third new rehab set to close Monday.
We spent today touring some of our projects with a couple of our private lenders from the Boston area. While we were out walking the properties we got two more offers accepted!! One is a MLS listed property that we offered on Thursday. The second is a private owner that we met with on Friday and presented them with an offer. Both are looking to close ASAP so we’re gonna be busy getting everything together for these purchases. These two properties are on complete opposite ends of the spectrum. The MLS property is in terrible condition and will be a full gut. It’s real nasty and kinda spooky…. just like Bessemer and the Ware House were. The second property is a very light rehab; condition wise it’s probably one of the better houses we’ve purchased. It will need paint and light kitchen and bath updates.
I’ve fallen behind with the updates on the fire damaged multi family on Mansfield St. We’re almost done with this one and should be able to get it to the market next week. Heres a pictorial timeline;
All the walls were insulated throughout the house.
The sheetrock was delivered and put on all three floors.
All the sheetrock was hung…. it finally looks like a house again!
Sheetrock gets taped and mudded (is that a word??)
Vandals break in and completely TRASH all our new walls :(
Just kidding…. thats a picture from when we were doing the Demo…. just making sure you’re still paying attention!
All our new walls are painted in our beautiful TAN
These pictures are from a few weeks ago. Right now all the hardwoods have been refinished, all the doors have been hung, everything has been trimmed out, the bathrooms are in and we are finishing up the kitchens. I’ll have some more current pictures/videos pretty soon.
Filed under: 37 Mansfield St Springfield - Multi Family Rehab | Tagged: 37 Mansfield St Springfield MA, fire damage, Fire Damaged House, Flipping Houses, Gut Rehab, Real Estate Investing, springfield ma, we buy houses springfield | 2 Comments »
Posted on October 12, 2009 by Matthew
Heres a little bonus footage we put together to follow up on my last post.
*Warning: These are trained professionals, please don’t try this at home* :)
Filed under: 70 Glenwood St Springfield MA | Tagged: 70 Glenwood St Springfield, fire damage, Fire Damaged House, Flipping Houses, Glenwood St, Gut Rehab, Real Estate Investing | 2 Comments »
Posted on October 11, 2009 by Matthew
well maybe not the whole house….. just the first floor.
Heres a look at how we fixed the fire damage at 70 Glenwood St. If you remember from my previous post(video or photos), the fire in this property started in the basement and burnt all the floor joists and support beams in the front half of the house. So to fix it we had to cut out the whole floor. Luckily I was there with my camera to capture the whole thing. Heres a look:
Cutting out the Floor
First Section Gone
Second Section Gone!
Ripping out the Last Peice
Can We Save these Hardwoods??
Looking at the Front Door from the Basement
Heres Whats Left of our Floor!!
After cutting out the whole floor our contractor rebuilt it from the ground up.
Heres our shiny new floor:
And a look from the basement:
New Center Support Beam
New Floor Joists and Plywood
Whew, that was a lot of work…. I’m tired from just looking at those pictures!!
Filed under: 70 Glenwood St Springfield MA | Tagged: 70 Glenwood St Springfield, Fire Damaged House, Flipping Houses, Glenwood St, Gut Rehab, Real Estate Investing, springfield ma, we buy houses springfield | Leave a comment »
Posted on October 4, 2009 by Matthew
Things are moving right along at the Glenwood St project. Last week we passed all our rough inspections and insulation inspection. This week the sheetrockers were there hanging drywall, taping and mudding. Next step is to paint and begin all our finish work.
I made a short video of the fire damage at this property. The fire started in the basement at the old electrical box and burnt up through to the first floor. Most of the damage was done in the basement to the floor joists and support beams, including the main support beam. Have a look:
I’ll show you how we fixed it in the next post…..
Filed under: 70 Glenwood St Springfield MA | Tagged: 70 Glenwood St Springfield, fire damage, Fire Damaged House, Flipping Houses, Gut Rehab, Real Estate Investing, springfield ma | Leave a comment »
Posted on September 15, 2009 by Matthew
Work is well underway at Glenwood. We actually started renovations back in August before we even closed on the house. After hitting quite a few delays in getting clear title we finally closed on the property last Friday. By the time we closed we had already put a new roof on the house, gutted the interior, reframed the interior, and replaced the fire damaged support beams, floor joists and half the first level floor. I wouldn’t recommend doing this much work prior to actually owning a property… we were definetly getting nervous as weeks went by and we still weren’t clear to close.
Heres a video from week 1:
Filed under: 70 Glenwood St Springfield MA | Tagged: 70 Glenwood St Springfield, fire damage, Fire Damaged House, Flipping Houses, Glenwood St, Gut Rehab, Real Estate, Real Estate Investing, springfield ma | Leave a comment »
Posted on August 21, 2009 by Matthew
We’ve made some slight changes over at the fire damage three family…. mainly we decided that it was no longer going to be a three family, we are converting it to a two family. The main reason behind this is because the city wanted us to do too many life/safety upgrades to the property that would have killed our budget. They were requiring us to either put a sprinkler system in, or install a fire alarm system complete with pull boxes, strobe lights, illuminated exit signs, beacons, and a fire panel that wirelessly called directly into the fire department. These are things you would generally find in a large office building or a 50-100 unit apartment complex…. not a dinky little three family located on a side road in Forest Park.
The changes are actually going to work out pretty good. We had planned on holding this property as a rental, but now since it is only two units we are going to retail it. The value of the property actually doesn’t change that much, a two family is worth about the same as a three family, mainly due to the ease in which an owner occupant can buy a two family. A three family is much more difficult for an owner occupant to finance and an investor purchasing usually needs 20%-30% down thus limiting the pool of buyers and bringing the price of a three unit down.
It is now a very large two family with the second unit taking up two floors, kind of like a townhouse unit. The second floor unit will now be 6 bedrooms and 2 full baths…. it’s gonna be huge!
We’ve finished up the majority of the work on the outside. The inside is being sheetrocked. Heres a look;
All the siding is complete along with the roof and the windows. The front porch was rebuilt and the side porch was taken down. Heres what it looked like before;
So the outside is looking real sharp. Now it’s just a matter of finishing up the sheetrock, painting, and completing all the finish work inside. Before you know it we’ll have this one on the market and under agreement!!!
Filed under: 37 Mansfield St Springfield - Multi Family Rehab | Tagged: 37 Mansfield St Springfield MA, Buy home springfield ma, Buy House Springfield MA, fire damage, Fire Damaged House, Gut Rehab, Home for Sale, Home for sale springfield ma, House for Sale, House for sale Springfield MA, Real Estate, Real Estate Investing, springfield ma | 2 Comments »