One Week at 209 Gifford St

We’re a week into the Gifford St project and we are making very good progress. The inside has been completely gutted and we’ve prepared the exterior for the siding and the new dormer. Have a look at the house now….. there seems to be something missing:

 

 

  

 

Since the roof was in such poor condition we decided to chop it right off. We’re now going to raise the roof line and add the full dormer off the back of the house.  Heres a look at some of the new framing:

 

 

 

The raised roof is going to allow us to make the upstairs alot bigger and alot more functional. I’ve got some video footage of our contractor ripping the roof off. He didn’t do it by hand, he used some pretty heavy duty machinery to get the job done. I’ll post that once I get it edited.

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Weekly Recap and New Finished Rehab… 93 White St, Westfield MA

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We wrapped up another eventful week here in beautiful Springfield, MA.  We purchased two more rehab properties; a full gut in Springfield and a light cosmetic rehab in East Longmeadow. We put both of these properties under contract less than two weeks ago. It’s great to have access to that kind of Cash… and to be able to close on these deals in less than two weeks…. pretty powerful stuff when you are making offers to motivated sellers!!

 We also finished up the rehab on two of our ongoing projects. 37 Mansfield St is complete and we accepted an offer on it prior to even having to put it on the market. One of our “preferred realtors” took a client through while we were finishing up and they made us an offer. After some negotiating we came to an agreement yesterday, with home inspection scheduled for Monday.

Our other finished property is a two family home located at 93 White St in Westfield MA. We started the rehab on this home earlier this year, prior to me even starting this blog, and we finally finished it. It was another fire damaged home and required a full gut renovation.  The rehab took way too long, mainly due to us having to fire a couple of contractors, but it is finally complete and looks great. Here are some of the finished pictures:

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Exterior

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Kitchen - Unit 1

 

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Kitchen - Unit 1

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Bathroom - Unit 1

 

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Living Room - Unit 1

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Bedroom - Unit 1

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Kitchen - Unit 2

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Dining Area - Unit 2

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Bathroom - Unit 2

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Living Room - Unit 2

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Bedroom - Unit 2

 

I’m not too sure how the market is in Westfield as we’ve never sold anything there before, however we already have 5 showings scheduled for this weekend, so I’m hoping we can move this one quickly.

After our two purchases this week we will now have 6 rehabs going with one more in the pipeline set to close in the coming weeks. The winter months tend to be a little slower on the resale side, but I don’t think we’ll have too much trouble moving our finished rehabs as they are always head and shoulders above our competition!! 

 

 

 

 

 

Deal Updates and 42 Wexford St walkthrough

Well we are looking at another very busy week. We should be closing on the purchase of two more rehabs and putting two finished properties on the market. One of the finished homes is our fire damaged two family at 37 Mansfield St, we actually received an offer on this property Friday…. before we officially even put it on the market…. however the price was a little lower than what we are looking for so we may either negotiate it up, or test the open market and see what we can get.

Also an update on 239 Plumtree Rd; we accepted an offer on this home last week. All inspections have been done and we should be good to close in another 2-3 weeks.

Video Update:

Heres a walkthrough we did of the property at 42 Wexford St in Springfield. This video was shot a few days after we closed on the house……

We’ve got so many projects going it’s hard to keep current video/picture updates on all of them…. but I’ll do my best to keep them coming!!

Starting the Week off Right

This week started off just like last week….. with a closing on Monday and another on Tuesday.  We sold the Ware House on Monday and sold 39 Brooks St  on Tuesday.

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The Ware House – If you remember this beauty I was up in the air about rehabbing it or just wholesaling it. We closed on it, but because it’s located about 45 minutes outside our normal territory, we couldn’t get any of our contractors to travel out and do the work…. so I ended up putting it on the MLS and got a cash buyer who is going to fix it up and live in it. We only paid $15,000 for this gem so it was pretty easy to flip it out for a quick profit.

 

We are still waiting on the clear to close for Hartford Terrace, we should sell that at the end of this week. We also have two more purchases lined up for next week. These last few weeks have been really crazy as we have worked through all these closings….. by the end of next week we will have closed on seven properties in total, selling four of our properties and buying three new ones! I guess when it rains it pours!!!!!

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!!!

New Deal Under Contract

We put a new house under contract on Tuesday morning with a closing scheduled for the following Monday. Thats four days to get the cash together, pull title and close it…. Dominics’ going to be busy!!  This is a probate deal that we are purchasing from another wholesaler. It’s not a homerun but I fell in love with the house and the street pretty quickly. Its a large English Tudor style home and I’ve been wanting to rehab one of these for years, as it’s probably my favorite style of home. The house also has a great floorplan… reminds me alot of Hartford Terrace.

Heres a few photos:

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This house is big….. it’s 2000 sq. ft. with four bedrooms, 1.5 baths, and a bonus room in the attic.

 It’s gonna look awesome when we’re done with it!!!!

70 Glenwood Update

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: