This project represents the future of our company! As we are closing out our single family properties, we are turning our focus on properties just like Paris street, 1-5 Unit condos in and around great Boston!
Harrison Bonner found this property through a fellow fortune builder member. Our renovation budget did go up a bit from the original estimate as we added roof top decks and had to sister all of the floor joists through the house. But, our ARV has been bumped up due to recent sold comps in the area and the general upward trend of East Boston.
This was our first crack at condo conversions in the city so we knew we wanted a great team around us. We hired a more expensive architect firm that definitely delivered, and leaned on some mentors for guidance in the beginning. We created a great plan from the beginning, and knew all we had to do now was execute.
As the project reached its middle point, we were really surprised by how smooth everything was going. Our contractor was moving along at a fast pace, and there weren’t too many unforeseen expenses save the inspector telling us to sister all the joists. Besides that slow down, everything was rolling!
The Final Product:
After 6 months of renovations, this project came out better than expected! We went a bit over on construction schedule and budget, but the finished product has blown us away. This was our smoothest project yet, and it was our highest renovation budget yet!
Here is a brief overview of the numbers:
Purchase: $ 700,000
Renovation: $ 422,750
Expected Hold Time: 10 months
Expected Re-sell value: $1,550,000
Expected Profit: $203,108 (15% ROI)
If you have any questions about this project, feel free to reach out any time by commenting below!
Here's to building the future!