New Short Sale Flip – Daviston St

We are as busy as ever right now and things don’t look to be slowing down.

I’ve lost track of how many houses we are rehabbing right now, maybe 8-9. We’ve put the 3 new construction houses on the market in anticipation of finding a buyer first, then we will build to suit based on our rough designs and their preferences.

We have 4 houses under contrat to sell, with the possibilty of both 1892 Parker St and 8 Bosworth St closing today. Also we’ve got 3 houses under contract to buy, with offers out on another 2-3 that look pretty promising.

With all this activity we’ve finally broken down and have looked to start hiring some additional staff. Our immediate needs are to get some of the bookkeeping taken care of, as alot of that stuff has piled up. We’re thinking about hiring some VA’s to help with some of the accounting and maybe getting an intern or two to help with the work load. We’ll see how this goes.

Well, onto one of our latest short sale deals.

I wrote about this house a few months back in a blog post located HERE. It was a real pain in the ass to get this short sale closed as we hit roadblock after roadblock. Some of it was our fault for not doing a more thorough title examination, but the first had agreed to such a nice discount that we refused to let this deal die. We ended up having to pay off a bunch of junior leins and our purchase price got bumped up quite a bit, but the deal still worked.

The main problem with this house was that it had an underground oil tank. We were willing to take the house with the tank still in the ground, but we used this to get the price way down. Underground tanks can be very risky because if they are leaking the costs to remove and clean the contimination can be pretty substantial. We did take a few steps to mitigate our risk, and in the end we got the tank out of the ground with no leaks…. so it didn’t cost us as much as it could of.

On top of the oil tank this house needs alot of work. We are going to do a new roof, new windows, new siding, new driveway, new kitchen, new full bath, add a half bath to the first floor, new plumbing, new heating system, paint, floors, landscaping, etc……

Here are some pictures:

111 Daviston St Springfield

Daviston St Springfield MA

Rear of House, oil tank is under the Concrete Pad

Tank Removed



Living Room


Main Hallway

I’ll post some new pics of this house as we move along.