410 likes | 626 Views
Brownstone Realty Group LLC. Lessons in Rehabbing – BAREIA Meeting, February 2013. Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878. Agenda Introductions The Opportunity History & Experience Case Studies Moving Forward Question & Answer.
E N D
Brownstone Realty Group LLC Lessons in Rehabbing – BAREIA Meeting, February 2013 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Agenda • Introductions • The Opportunity • History & Experience • Case Studies • Moving Forward • Question & Answer 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 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 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 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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Lombard Street Plymouth, MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Sewell Street Brockton, MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After South Elm W. Bridgewater, MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Lucy Lane, Brockton MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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! Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Poole Street Ludlow, MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Cooper Street, Agawam MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Lincoln Street, Stoughton MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Lincoln Street Details • Source – Short sale via agent referral • Outcome – Sold on MLS • What Went Well – Large rehab, 2nd floor addition • Key Learning Concept – Listed too high, experienced but slow contractor 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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Meadow Street, Athol MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Cannon Lane, Orange MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Cannon Lane Details • Source – Short sale via agent referral • Outcome – Sold 1st week on MLS • What Went Well – Beautiful garage added tremendous value • Key Learning Concept – Trust the local expert Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Floral Street, Taunton MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Montello Road, Chicopee MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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. Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Sandwich Street, Plymouth MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Pearl Street, Brockton MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Pearl Street Details • Source – REO • Outcome – Sold before listing on MLS • What Went Well – Quick sale • Key Learning Concept – Protect your copper! Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Lee Terrace, Hanson MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Colonial Ave, Springfield MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Before After Willette Street, Chicopee MA Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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 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! 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 Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878