Brownstone Realty Group LLC * 302 Broadway
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Transcript Brownstone Realty Group LLC * 302 Broadway
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
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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)
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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
[email protected]
508.409.7878
Kim Harrington
[email protected]
781.367.5378
Kim Kelliher
[email protected]
508.922.3964
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878