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Published byAnnabelle Carroll Modified over 9 years ago
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Brownstone Realty Group LLC Lessons in Rehabbing – BAREIA Meeting, February 2013 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Agenda Introductions The Opportunity History & Experience Case Studies Moving Forward Question & Answer
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878 Introductions The Brownstone Team ◦Christopher Coute ◦Attorney Tom Ramondetta ◦Kim Harrington ◦Melissa Ryan ◦Kim Kelliher
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878 The Opportunity REOs and short sales made up nearly 33% of sales in 2012 ◦This % should increase in 2013 due to high shadow inventory and REO numbers Prices and confidence are on the rise
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878 History and Experience Full time agents and investors since 2005 Facilitated over $40 million in deals 21 rehabs in 2012 On track to do 33 rehabs in 2013
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878 Keys To A Successful Rehab Know your market Build an all-star team (trust, competence) ◦Contractors/trades people ◦Agents ◦Attorneys ◦Funding sources Personally verify the license and insurance of contractors Price the finished product a bit under market value
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Lombard Street Plymouth, MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Lombard Street Details Source – Short sale via personal referral Outcome – Multiple offers, first week What Went Well – Sold above asking price Key Learning Concept – Verify contractors pull permits, and have your GC attend the home inspection with your agent upon resale of the property
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Sewell Street Brockton, MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Sewell Street Details Source – Short sale via direct marketing Outcome – Multiple offers, first week on MLS What Went Well – Sold above asking price Key Learning Concept – Contribute toward the liens on a short sale to get the deal done when needed
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South Elm W. Bridgewater, MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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South Elm Street Details Source – REO Outcome – Light rehab What Went Well – 45 people at first OH Key Learning Concept – light rehab vs. full rehab
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Lucy Lane, Brockton MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Lucy Lane Details Source – REO, paid above asking price Outcome – Sold by word of mouth What Went Well – Sold before placed on market Key Learning Concept – Location! Location! Location!
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Poole Street Ludlow, MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Poole Street Details Source – Short sale via referral Outcome – Sold after 140 days What Went Well – seller was eager to move on and worked with us very well Key Learning Concept – when to use local real estate agents
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Cooper Street, Agawam MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Cooper Street Details Source – Short sale via agent referral Outcome – Sold in 45 days on MLS What Went Well – Restoring historical details of the home Key Learning Concept – Pool issues
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Lincoln Street, Stoughton MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Lincoln Street Details Source – Short sale via agent referral Outcome – Sold on MLS What Went Well – Large rehab, 2 nd floor addition Key Learning Concept – Listed too high, experienced but slow contractor
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878 Highland Street Details Source – Short sale via referral Outcome – Sold by word of mouth marketing prior to rehab completion What Went Well – Rehab done based on buyers choices Key Learning Concept – male/female perspective
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Meadow Street, Athol MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Meadow Street Details Source – Wholesale deal Outcome – Sold on MLS What Went Well – Purchased at a very low LTV Key Learning Concept – Make sure rehab is 100% complete before listing
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Cannon Lane, Orange MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Cannon Lane Details Source – Short sale via agent referral Outcome – Sold 1 st week on MLS What Went Well – Beautiful garage added tremendous value Key Learning Concept – Trust the local expert
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Floral Street, Taunton MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Floral Street Details Source – REO Outcome – Sold for full price, first week on MLS What Went Well – Multiple offers Key Learning Concept – Work your sphere
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Montello Road, Chicopee MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Montello Road Details Source – Short sale via agent referral Outcome – Sold on MLS What Went Well – Quick Sale Key Learning Concept – The importance of educating real estate agents on the short sale process, etc.
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Sandwich Street, Plymouth MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Sandwich Street Details Source – Short sale via referral Outcome – Sold on MLS What Went Well – Quick sale to cash buyer Key Learning Concept – How bankruptcy can affect a short sale
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Pearl Street, Brockton MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Pearl Street Details Source – REO Outcome – Sold before listing on MLS What Went Well – Quick sale Key Learning Concept – Protect your copper!
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Lee Terrace, Hanson MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Lee Terrace Details Source – Elderly sale Outcome – Sold on MLS What Went Well – Quick sale (2 weeks) Key Learning Concept – Don’t be bullied by buyers
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Colonial Ave, Springfield MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Colonial Avenue Details Source – Short sale via agent referral Outcome – Wholesaled quickly What Went Well – Quick sale (2 weeks) Key Learning Concept – You can make money without a lot of rehab
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Willette Street, Chicopee MA BeforeAfter Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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Willette Street Details Source – Short sale via agent referral Outcome – Sold on MLS What Went Well – Quick sale (3 weeks) Key Learning Concept – Sometimes easier to give a credit than do repairs
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878 Moving Forward We currently have 16 properties in process, goal of 33 completed by year end Fewer short sales, more REOs and ‘distressed with equity’ sales Joint venture partnership opportunities – let’s work together!
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878 Questions? Contact Information Christopher Coute chris@brownstonerg.com 508.409.7878 Kim Harrington kimh@brownstonerg.com 781.367.5378 Kim Kelliher kimk@brownstonerg.com 508.922.3964
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