Project Updates: 2 New Construction and 3 Rehabs

Investing on February 14th, 2014 Comments Off on Project Updates: 2 New Construction and 3 Rehabs

Deal #123 – 354 Westford Rd, Tyngsborough, MA

For our first modular home, why not throw in conservation and a pre-existing non-conforming lot? Where 4 shanty buildings were, now stands one 2,320 4-bed colonial.

Modular New Construction AA Real Estate

Status: Under Agreement, closing TBD

Deal #118 – 7 Old Locke Rd, North Hampton, NH

We recently completed our most high-end project to date, a 4,000 sqft beauty on the coast of North Hampton, NH. As luck would have it, buyers came along right after we finished rough electrical and plumbing. Since it’s an investor’s dream to have buyers locked in pre-market, we halted the project to negotiate terms and discuss floorplan modifications they requested… only for them to get cold feet and walk.

The fallout was more than we anticipated. Aside from the weeks of stopped work, the crews lost significant momentum with many of them going on to different projects in the meantime. By the time the troops were rallied and construction restarted, we missed the summer market—a huge blow for a beach house.

Even still, the house showed extremely well. After the holidays, a price adjustment, and some rebranding with a new broker, we received 3 offers within two days of one another.

North hampton Rehab NH AA Real Estate Flipping

STATUS: Under Agreement and set to close in a couple weeks (*knock on wood*)

Deal #122 – 19 Beech St, Tyngsborough, MA

Fun fact: When the cost to renovate is equal to or greater than the cost to build new, just tear it down.
This was probably the nastiest house we’ve ever been in, so starting fresh was a blessing in disguise. To avoid going before the town for a variance, the new house needs to be built within the existing footprint. As of today, the foundation is set and framing will begin next week.

Stick Built New Construction - AA Real estate flipping

Status: Under Construction

Deal #126 – 133 Gratuity Rd, Groton, MA

Projects like this split-level house are our bread and butter. High-end stuff like North Hampton is great for the ego, but we’d gladly churn out 1970’s ranches and splits all day long. Systems, baby!

We received word from an REO agent (we love relationships), got our construction crews in there, and had it under contract before Christmas. Of course, no project is without its unique issue—we are still dealing with a certificate of compliance from the town’s conservation commission (a.k.a. sticks on the ground), which can’t be cleaned up until the ground thaws.

Split level Rehab MA AA Real Estate

Status: Sold Jan 22, 2014

Deal #124 – 1715 Trapelo Rd, Waltham, MA

Only in Mass would the cost of tying into town sewer be more than a new septic.  We’ve done tie-ins many times before, but none to the tune of $25,000.  (Don’t worry, we’ve bid it out to every company licensed in Waltham.  That’s the best one.)

Luckily, a “distant relative” of the previous owner looted the house and we saved a bit in junk removal.  (We later found out she was not exactly who she said she was, but that’s a story for another day.)

 rehab waltham ma flipping AA Real Estate

Status: Under Construction, Sewer tie-in delayed until Spring.

 

 

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