Historic Home Rehab

We’ve officially closed on the historic home and our renovation plans have been approved by the historical society. Our first job is to smash up the concrete pool deck, fill the pool in, clear and level the overgrown yard, and tear off the illegal addition built on the rear of the house. 

I was a bit surprised to find that the interior of the house is no where near as bad as the exterior. Don’t get me wrong….. it definitely needs lots of work, and it smells terrible, but overall it isn’t as bad as we first thought.

We are doing a full renovation on over 3,000 sq. ft., so this job is going to take several months to complete. The budget is around $75k-$80k, but hopefully our contractor can find a way to save a few bucks here and there. 🙂

 Heres a bunch of before pictures for you to look at:

Bowdoin St Springfield MA

Pool

Pondwater in Pool

Illegal/Halfassed addition built on rear of House

Overgrown Yard

Overgrown Yard

Interior of illegal addition

Kitchen

Kitchen pic 2

Kitchen Pic 3

Dining Room

Living Room

Main Hallway/Staircase

Full Bath 1

Full Bath 2

Half Bath

Bedroom with Fireplace

Bedroom 2

Scarface Bedroom

The REO broker told us that they took 8 dumpsters worth of trash out of this house just from the inside, and then they hired a professional cleaning crew to come in and scrub everything down…. and it still looks real nasty, and smells even worse. If you add up the cash-for-keys the bank had to give to the owners to get them out ($2,000), the cost of the trash out and the cost of the cleaning crew, the bank probably spent more getting the house ready for sale than what we paid for it!!!! Not to mention the $176,000 they lost on the mortgage they gave in 2006.  Hmmmm I wonder why all these banks are going out of business??

I’ll post some more updates of this project as things progress, as well as a few videos that we’ve put together.

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Box Trucks and Paint Colors

Well it’s been another productive week in Springfield. We got two BPO’s done for short sales that we are working on, looked at a ton of houses, got an offer accepted on a nice REO deal, and yesterday we had lunch with a group of investors that came up to Springfield from southern CT for a little mastermind session. I know they read my blog so I want to thank you guys for lunch!! 

On the marketing front, we picked up a big box truck a few weeks back that we’ve been having our contractor use to cruise around town with. The truck serves two purposes; it’s great for our contractor to store all his tools and transport materials to all the various job sites, but more importantly we are using it for a bit of shameless advertising. Heres a look at it:

Sweet Box Truck

 

Now isn’t that a sweet ride!!!! It’s too bad our contractor is married with kids because I know he could be getting a lot of chicks driving around in a truck like that 🙂 

On the deal front we are going to be closing on the Giant Historic house next week as the title issues are finally cleared up. We spent today in Boston visiting a friend of mine who develops six unit condominium complexes. These are new construction buildings that he develops in existing neighborhoods. He builds them to look like older historic homes to match the surrounding properties. His buildings come out awesome and he uses some real nice exterior paint schemes. We visited a couple of his properties to get some good ideas for our exterior paint colors on the historic house. Heres a look at a few of his buildings:

House #1

This property has a darker sage green for the main body… almost an olive-green. The trim is a pale yellow and the accents are a burnt orange. I really like this particular look.

Historic Color Scheme 1

House #2

This house has a very deep red for the main body with a pale yellow trim and black accents. I think this may be a little too dark for what we are looking for.

House #3

This property has a lighter sage green for the main body with cream trim and a very rich/deep purple on the trim. I like this color scheme as well but I think I prefer the burnt orange over the deep purple.

Historic House Paint Color #3

House #4

This property has a lighter blue for the main body with pale yellow trim and burnt orange accent.

I’m leaning towards a sage green for the main body and I really like the contrasting look of the burnt orange accents. Tomorrow I’m going to go to Sherwin Williams and Benjamin Moore to look at their books and get some more ideas. We are suppose to be meeting with the local Historical Society on Monday so I’d like to have the exterior paint colors nailed down so I can show them what we are going to be using.

Let me know which of the houses you like or which colors you think look good. Leave a comment as any feedback would be greatly appreciated!!!