So you know some of the money we're making is paying back some bad debt we're carrying from my last blog post. But wow the second half of 2018 is looking good. Today we officially closed on a two family in Brockton and we're under agreement to sell another two family that’s still in construction! Also in Brockton... Here are the details to how we're going to cash out in Brockton through real estate investing!
Property located at 73 Winthrop St, Brockton MA
This two family is getting a much needed and extensive renovation to bring it to par for today's buyer. We're keeping the charm (aka fireplace and original flooring) from the 1900's but almost everything else is being overhauled. As you can see from the photo, the vinyl siding and window trim is almost complete!
Purchase Price: $215K
Proposed Renovations: $90k - We can only make this number happen in this budget because we cut out the general contractor. Each tradesmen pulls their own permit and we cut out the middle man.
Under Agreement: $475k - We signed an offer for this property off market from an agent who stopped by to take a peak in! Pre-selling is a great way to minimize risk on the resale and holding time of a project. We're producing a beautiful product with this home and we'd rather leave some equity on the table to ensure a smooth selling process.
Property located at 66 Keith Ave, Brockton MA
This two family might not look like much yet and that's because it isn't! The home is a product of years of neglect. We're doing an even more extensive renovation on this home that at Winthrop. Luckily the home is smaller so that will help balance out some of the renovation costs.
Because we've restructured our company and we keep the construction close, our processes and oversight has been much cleaner to have. We've been able to minimize risk and help turn these projects into safe investments. Brockton is only 35 minutes away from Boston and it's a gem of a territory to work in. The trouble is always finding the deals. I spend most of my time networking and building relationships in our industry so we can stay relevant to local sellers.
Feel free to reach out and tour either of these projects with me. Brockton is where we got our start and it's The City of Champions.
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