The new year is well underway and we are seeing activity picking up already. All the buyers and agents have recovered from their holiday hangovers and they are out looking at properties again.
Just this week we’ve accepted offers on two of our houses that we had for sale. One is a three family home that we are wholesaling and the other is a rehabbed two family that we just finished up the work on. The 2 family home sold the first day on the market to the first showing…. that is always a beautiful thing!!!
On the subject of 2 family homes, I usually shy away from these as rehab projects because they tend to be in tougher rental neighborhoods where I would never consider doing a single family rehab. However we have bought and rehabbed 4 of them, usually they’re just deals that we stumble upon, the numbers work so we say “what the hell” and we go ahead and buy them. Of the 4; one we sold before we even had to put it on the market (37 Mansfield St), one we sold after only 3 days on the market (93 White St), and the other two we have under agreement to sell right now.
This leads me to believe that there is a pretty decent market for nice clean rehabbed and vacant 2 family homes.
Most of the 2 families on the market are either shitty bank owned houses with stolen plumbing and missing kitchen cabinets or they are rentals that haven’t been updated or maintained for years.
I think we are going to have to look into buying and rehabbing a few more of these 2 family homes!!!
Alright, that’s my rant about 2 families…. I hope you learned something by reading this!
Onto our current projects:
We purchased a nice rehab project located at 2004 Wilbraham Rd in Springfield. This was an REO deal that came to us through a good relationship that we have with the REO agent.
This house is a big colonial, over 2,000 square feet, located in a great area of the city. It has 4 bedrooms and 2 1/2 baths.
It is an atypical renovation for us as it doesn’t need a complete overhaul. The plumbing is good, the heating system is good, the electric is good, the house is already sided, half the roof has been reshingled, the windows are done…. as I’m typing this I’m wondering if we even have to rehab this house at all??
Well yeah… it does need some work. We have to remove a bunch of overgrown trees and bushes from around the house, we need to fix the garage, reposition and redo the driveway, shingle the other half of the roof, redo the kitchen and bathrooms, paint everything, do new flooring, etc….
Here is a video we made of the house after a few days of work:
Here are some before pictures for your viewing pleasure:
So that’s it. This one should be finished up in no time flat and we will have it back on the market for some lucky new homeowner!!