Here’s the finished pictures of Bessemer St; cleaned, staged and ready for a new buyer!!
Dang, thats alot of pictures….. didn’t realize I took so many!!!
The house came out great and I definetly think it will sell fast. I’m off to the open house.
Glenwood Pics
August 14, 2009 by Leave a Comment
The property on Glenwood is another fire damaged home. It was being used as a two family prior to the fire, but because it is so small (for a two family) the best use is to convert it to a single family home. We’ll be rearranging the floor plan a bit and making the house 4 bedrooms and 2 1/2 baths with a large finished attic space similiar to Hartford Terrace. The property is a full gut and we will be doing a new roof, some siding, new electric,new plumbing, new heating, new kitchen, new baths, etc…. The fire started in the basement and burnt up alot of the floor joists, sill plate and main support beams. The owner of this property stopped by our fire damaged three family project and was impressed. He asked our contractor if we’d be interested in his house on Glenwood. We were out of town at the time but our contractor toured the property with the owner and gave us the green light.
Here are some pictures of the house in all it’s glory!!
Sneak Peek-New Rehab – Glenwood St
August 7, 2009 by Leave a Comment
Heres a quick look at a new rehab we are starting in Springfield…… another condemned, full gut, fire damaged property. Paint and carpet rehabs are for Wimps!! Check it out:
Stay Tuned….. More Pics to Come
Reader Questions; Private Lending
August 5, 2009 by 1 Comment
Heres a little Q&A from some of our readers…..
Hi, I’m a wholesaler from Louisiana and I visit your blog, I was wondering how do you finance your rehabs?
We finance all our projects using mainly private lenders. We will use our own money from time to time but that is not our preferred route. With our private lenders we give them first mortgage postion and no greater than a 70% LTV. They lend us purchase and rehab money. Terms and interest rates vary. Alot of our private lenders are using funds set up in a self directed IRA. With a self directed IRA an individual can invest in not only stocks and bonds, but also Real Estate, notes, tax liens and mortgages. This gives you much more control, greater diversity, and better returns than just sticking your money into some mutual fund!
So, what is a Private Loan? It is a loan made to a real estate investor that is secured by real estate. Private Loan Investors are given a mortgage that secures their legal interest in the property and secures their investment. We are not talking about high Loan-To-Value (LTV) ratios the banks and savings and loan institutions make on homes. We offer very low LTV ratios to our Private Lenders to increase security of the loan. Our standard LTV ratios are under 75% of the value of the property securing the loan and frequently as low as 65% to 70%. This means additional security on the investment.
Working with private lenders has allowed us to take our business to the next level and do the volume of projects we are doing today. Dominic is an expert on the ins and outs of Private Lending… so if you have any further questions about self directed IRA’s, or private lending, shoot us an email at info@hampdenhomebuyers.com.
Video Update at the Fire Damaged Multi Family
July 30, 2009 by Leave a Comment
Heres a video update from the fire damaged multi family that we are working on. The outside is almost complete, inside all the rough is in so we are just waiting on inspections. Once inspections are complete we will begin insulating and than sheetrock.
We’ve got a couple more rehabs under contract that we will be closing on in the coming weeks so be ready for some more great updates!!
39 Brooks St, Springfield MA
July 23, 2009 by Leave a Comment
We have the home on Brooks St on the market. We repaired some water damage spots, put gutters on the house, did some landscaping and a few other odds and ends. Once the work was done we cleaned it and staged it. This home was rehabbed by the previous owner so it is a nice change from the full gut rehabs we have been doing lately. Here are some photos:
The new furnace is a high effeciency direct vent unit that runs at 95%.
Heres what the property looked look before we bought it.
Not as drastic a change as Bessemer or Hartford Terrace , but the improvements will help it show alot better.
Video Archives
July 21, 2009 by Leave a Comment
I was digging through our video vault when I found this gem. It’s a video we put together a little over a month ago at the fire damaged three family we are working on. It’s from the first day of work and you can see the property in more detail.
We’ve hit some snags at this property that has slowed us down a bit. First there was the stop work order, now the three building inspectors that have visited the site can’t seem to agree on the proper fire alarm/life safety system that we need. We can’t sheetrock and close up the walls till we know what type of fire alarm system we need to install. This all should be straightened out shortly and we will be ready for rough inspections and sheetrock!
Bessemer–Finishing Up
July 14, 2009 by 6 Comments
Work is almost complete at Bessemer St. We have started showing the property and have received very positive feedback… we actually may be getting two offers before the house even officially goes on the market.
The transformation of this property has been amazing and the finished product is looking great. Have a look at the house now:
New Roof, Windows, Siding, Gutters, Garage Door, Landscaping, Etc...
New Kitchen w/Stainless Steel Appliances
Tile Backsplash and Countertop. French Door Fridge. Lots of Recessed Lighting
Brushed Nickle Hardware, 18x18 Ceramic Tile Floor, Over the Range Microwave
First Floor Bathroom with New Fixtures and Ceramic Tile Floor
Tile Tub Surround w/ Accent Border
Living Room w/ Fireplace and Hardwood Floors
Front Entrance/ Stairway
Refinished Hardwoods
Second Floor Bath
Second Floor Bedroom
Master Bedroom w/Front Load Washer/Dryer going in Second Floor Bath
This one is turning out as nice as Hartford Terrace. Once it is completely finished and staged we should have buyers fighting over it. We’ll be putting Bessemer and Brooks St on the market over the next week. I hope all the buyers aren’t on summer vacation and we can move both of these quickly.
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