We purchased a new rehab property located at 8 Bosworth St in Springfield MA. This house was an REO that we bid on in early March. We wanted to close in 2 weeks but the bank asked us to push the closing out to a month. This seems to be the norm right now, we always write our offers up for a quick closing and the banks always ask to put the closing out for a month or longer. I guess with the volume of REO’s all these lenders are trying to process they can’t close fast anymore.

This house is a newer colonial (built in 1985) that had some burst pipes which caused a bit of water damage. It also had a real nasty pool that we had to clean up and fill in. We’ll do a new roof, a new kitchen, two new full baths, gut out the water damaged sheetrock and flooring, and add all new plumbing. The second floor bedrooms all had electric heat, so we are going to run a new line off the boiler and add hot water baseboard heat to the second floor.

We closed on this house a little less than two weeks ago and we are making real good progress. All the rough plumbing and electric is done, the sheetrock is up and the guys have started painting.

The nice thing about this house is we already have it sold. A buyer that fell in love with our house on Fullerton St, but was outbid, really wanted to buy one of our houses…. they also wanted to get in contract before the expiration of the tax credit. So we showed them this property when it wasn’t even halfway done and they decided they would take it!

Here’s a look at some of the pictures from this project:

 

The first thing we did was drain and fill in the pool. I thought we may be able to save this one because the liner was still good and it was holding water…. but it had some problems with the pump and some of the pipes buried in the concrete were cracked…. so we just filled it in. The good thing is the pool took up the majority of the backyard, so now we have a really nice fenced in backyard.

Heres how it looks now:

 

We’ll be testing out FHA’s new guidelines of allowing flips within 90 days of ownership, so we’ll see how that goes.