Bessemer is sold… and a few firsts for Hampden Homebuyers

Monday was a day of firsts for our business…. We closed on our first ever deal bought from a wholesaler, the English Tudor on Wexford St I wrote about in my last post. We put this house under contract last week on Tuesday and closed yesterday (the following Monday).  Also it looks like we are going to be purchasing our first ever property off the MLS…. a bank REO that we have been offering on for the last three weeks, and finally got our offer accepted on Monday. While we have bought alot of properties over the last couple years, they have all been through dealing directly with the sellers. We’ve made quite a few offers on REO’s, and been pretty close on getting a couple accepted, but this one looks to be our first.  I’ll post some pictures and a writeup about the home over the next few days.

On another note, we had our second closing of the week today…. we sold the house on Bessemer St. This deal took about 5 months from our purchase to the sale to our new buyer. It is definitely our best project to date. The renovations went very smooth and stayed within budget. The house turned out incredible and we had multiple offers the first day on the market. We ended up selling it for above our asking price and most important of all, the profit on this deal was very good!!

Things are really cranking along right now…. over the next two weeks we will be selling three of our properties (Hartford Ter, Brooks St, and the Ware House) and we will be buying two more rehabs.

Stay tuned for more updates and videos!!!

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2 Responses

  1. Matthew,

    What is your strategy for selling the houses? How are they priced compared to the competition?

  2. Hi Scott,

    Thanks for the question.

    We generally price our finished properties in-line with the market….. meaning we are offering a fully renovated home at about the same price point as homes that are in “good condition” , but are not fully renovated. Our properties always blow the competition out of the water!!!

    We get a For Sale by Owner sign out as we are finishing up construction to generate some buzz and create some interest. We’ll contact our buyers list and our preferred agents before we get it on the open market. Plus I usually do some additional internet marketing…..When we finish the cleaning and staging we get the property on the MLS on a Thursday or Friday, with an open house the first weekend.

    This is usually all it takes……

    -Matt

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