Dorothy Ave Sold, Fullerton St Interior Update

35 Dorothy Ave Chicopee MA complete

We sold our 35 Dorothy Ave rehab on Monday. This was a short sale that we purchased back at the end of April/early May. The rehab was pretty easy and took just under 30 days. We put the house on the market in June and got an offer in 1 day! The biggest challenge we had with this deal was in working with the new buyers lender. They wouldn’t waive the 90 day FHA seasoning requirements so we had to wait the 90 days to sign the P&S and to be able to close. This cost us a little bit of time but it wasn’t too bad.

All in all this was a really smooth deal, even the short sale negotiations to purchase the house went real quick.

You can see the before pictures HERE and the after pictures HERE.

Now onto an interior update for 64 Fullerton St.

64 Fullerton St Springfield MA

In my last post I showed you how the house looked inside after we had gutted it out. Well I took some more recent photos of the interior as we are starting the finish work there. All the sheetrock is up, everything is painted, and we are starting down the home stretch.

Here’s how she looks:

Kitchen looking from main hallway

Kitchen looking from Dining Room

Living Room

Dining Room

Bathroom

Tub waiting to be Tiled

Bedroom

Pretty soon this one will be done, then it’s time to stage it and bring it to the market!

Short Sale Rehab Complete and Under Agreement – House Flip Update

Time for an update of our rehab at 35 Dorothy Ave in Chicopee.

We purchased this property as a short sale. This was definitely one of our quicker short sale negotiations, and we hit very few snags during the closing process, which was great because that is usually not the case with short sales. 

The rehab of the property also went very smooth. The major improvement we made was converting the home from a two bedroom to a three bedroom. We did this by converting the old dining room into the third bedroom. We created space for an eat in kitchen by eliminating some excess cabinets along the rear wall of the kitchen and by opening up the wall between the kitchen and living room to create a more open space.

We put the home on the market last weekend and accepted an offer within 1 day!!! This was a very encouraging sign to us becase even with the first time buyer tax credit gone we are still moving our finished rehabs quickly.

Here are the finished pictures: (you can see the before pictures HERE)

35 Dorothy Ave Chicopee MA

House for Sale Chicopee

35 Dorothy Ave Chicopee

Rear view of house and Garage

New Kitchen

35 Dorothy Kitchen

35 Dorothy Kitchen, New Eat In area

This kitchen really came out awesome!! We added granite counter tops and a top of the line Samsung stainless steel appliance package. As usual we did 18×18 tiles on the kitchen floor, but this time we laid them in a staggered pattern. The staging adds the finishing touch to make this great kitchen shine.

Dorothy Ave living room

Dorothy Ave living room

We found some really nice hardwood floors under that nasty old shag carpet. A little sanding and some poly and these babies shine!!! 

35 Dorothy Ave Bathroom

35 Dorothy Bathroom

Hampden Homebuyers House For Sale

Bathroom

The bathroom received a complete makeover. We added all new fixtures, tiled the floor and did our signature tiled tub surround with glass tile inlay. The staging brings some more color into the bathroom and gives it the finishing touches.  

Bedroom

Bedroom 2

The bedrooms were pretty straight forward…. some paint, redo the hardwoods, add add some new doors.

Finished Basement

Finished Basement with Wood Stove

Basement

 The finished basement came out really sweet and is a great selling feature. The nice thing about this house is it has two wood burning stoves, one in the basement and one in the living room. Those two stoves alone could probably heat the house throughout the winter.

So there it is….. 1 day on the market even with the tax credit being gone.

We are dealing with the whole 90 day seasoning mumbo jumbo, as the buyers lender doesn’t want to embrace FHA’s new policies doing away with the 90 day rule, but it’s not gonna affect our closing timeline too much.  

Well thats it for tonight. I’ve got 7-8 more properties that we are working on that I haven’t even mentioned yet, so I’ve got some catching up to do!!!!!

New Short Sale Closed and Self Directed IRA’s

We spent the last couple days in Boston at a Pensco Trust Company symposium learning about all sorts of different alternative investments that can be made using a self-directed IRA. There’s so much you can do with your IRA beyond just buying stocks, bonds and mutual funds. Did you know you can buy and sell property within your IRA tax free?? You can wholesale real estate contracts, buy rental property, give notes and mortgages, and buy tax liens.

Since the majority of our private lenders use self-directed IRA money to lend on our deals, we find it helpful to stay on top of whats happening in this area. If you have any questions or want more info on self-directed IRA’s leave a comment below or shoot us an email at info@hampdenhomebuyers.com.

Now onto one of our latest short sale deals.

We started negotiations on the property at 35 Dorothy Ave in the beginning of January and had an approval by mid March. This is really fast seeing as how most of our other short sale deals have taken 6 months to a year to get approvals. I think this one went so fast because we were dealing with a small servicer and we had direct access to the Sr. Asset Manager who was very responsive and proactive in his approach to getting the approval. This asset manager would actually call and email us looking for updates if he hadn’t spoken to us in a few days. This is a very refreshing approach as compared to dealing with the likes of Bank of America or Citi, where every little task takes them 30 days to assign or review.

So we closed on Dorothy Ave right at the end of April. This is a real cute ranch home located in a great neighborhood in Chicopee.  It needs the usual updates; kitchen, bathroom, etc…. but the biggest improvements we are going to make is converting it from a 2 bedroom to a 3 bedroom and finishing off the basement. Adding bedrooms and additional square footage is a sure fire way to raise the value of any house!!!

Here are some pictures: 

This house will be renovated and for sale in Chicopee MA

35 Dorothy Ave, Chicopee MA

Garage - 35 Dorothy Ave

Overgrown Back Yard

Kitchen

Kitchen 2

Bathroom

Living Room

Master Bedroom

Well that’s it for now.

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