Update: Wholesale of Central St., Acton

Deal, Rehab, Wholesaling on March 14th, 2016 Comments Off on Update: Wholesale of Central St., Acton
Pa-POW! Another wholesale deal negotiated, purchased, and SOLD! The latest deal closed is 270 and 274 Central Street in Acton. An investor-friendly agent brought us this deal, which when we first analyzed it, we determined it was NOT a deal. But my resourceful partner is connected in the town and he learned that the house next door was held by the same owners, which happened to be a church. So we negotiated the second property into our deal for the same purchase price… and it magically became a deal.

270CentralActon The initial property was a 3K+ sf Victorian, which I was thinking would work nicely restored as a 4BR, 2.5BA with a master suite. We planned to open the floor plan while keeping all the Victorian character design (door knobs, moulding and trim, doors, etc.). It also had a huge garage/barn included with its own heat.

274CentralActonThe other house was a 3BR 1.5 BA which needed a lot of structural support in the basement and abutted the seller’s land (the church and the church’s daycare).

The issues:

1.  the small house was connected to the church’s septic, with an electronic alarm. We had to cut and cap the septic line from the church and put in a new septic tank.

2.  Because the seller was a church, it required an extra layer (or six!) of negotiation and communication (I just kept telling myself that patience is a virtue!). Specifically, to get anything approved, our attorney would send their attorney a proposed document and then we would wait until their next board meeting (held every other Sunday) for comments, changes, or approval. Items up for discussion:

A. Letting them know when our workers would be on-site so we didn’t interrupt their services or daycare classes;
B. Notifying them 5 days in advance before we touched any of the buildings or structures that abutted their daycare lot (originally we needed to seek permission for what days we could work on them, but negotiated for us to just give notice (and not seek permission) of when we’d be there); and
C. The septic cut and cap. The church originally wanted us to rewire the septic alarm system on their property after detaching it from the small house. So many red flags waved before my eyes on this one — including but not limited to us having to go in and deal with their electric panel, so we negotiated that out as well.

In the end, it was going to be a solid project for us, but since we have so much going on already, we’re happy to have made this deal work with Kevin and the buyers he brought to the table.

We wish the new buyers lots of positive thoughts as they begin their new construction and hope they knock it out of the park.

Keep calm and rehab on!

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