Yep, it happened. This Northern MA Suburb guy finally ventured down into the bowels of Metro-west, and this time – NEXT to Natick. I had heard horror stories of different towns that rehab investors shouldn’t go into unless I knew them well (from street to street), such as Worcester, Fitchburg, Leominster, and yes, FRAMINGHAM was on that list. But when I drove by this one, I knew the area was good, and that this house would sell quick.
This deal came to the AA Real Estate office from a partnership of 3 newer investors. They had purchased this as a short sale deal, and bought at a great price. They began the rehab on it, and were doing well when they experienced a setback – they locked the house up one day, and a pipe was left smoldering. They got the call from a neighbor, but it was too late – the whole roof went up in flames. Apparently they had some insurance issues as well, and now just wanted out of the deal, and to get their money back, if possible.
They needed an experienced investor who had a pricing relationship with contractor crews, and could help bring in a project under budget. I agreed to take over the project, and do my best to get their money back, while keeping my crew busy and get a new video going. And thus, for all our insatiable appetites for drills, wood, leveling floors, and new HVAC systems… not to mention me potentially making a mockery of myself and tripping on something or falling into waist-high snow (I know that’s what people REALLY want to see), I hope you enjoy the newest rehab saga for AA Real Estate Mentor…by