brownstone realty group llc

Brownstone Realty Group LLC

Lessons in Rehabbing – BAREIA Meeting, February 2013

Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878


Agenda

IntroductionsThe OpportunityHistory & ExperienceCase StudiesMoving ForwardQuestion & Answer


Introductions

The Brownstone Team◦Christopher Coute◦Attorney Tom Ramondetta ◦Kim Harrington◦Melissa Ryan◦Kim Kelliher


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 numbersPrices and confidence are on the rise


History and Experience

Full time agents and investors since 2005Facilitated over $40 million in deals21 rehabs in 2012On track to do 33 rehabs in 2013


Keys To A Successful Rehab

Know your marketBuild 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

Lombard Street Plymouth, MA

Before After



Lombard Street Details

Source – Short sale via personal referralOutcome – Multiple offers, first weekWhat Went Well – Sold above asking priceKey Learning Concept – Verify contractors

pull permits, and have your GC attend the home inspection with your agent upon resale of the property

Sewell Street Brockton, MA

Before After



Sewell Street Details

Source – Short sale via direct marketingOutcome – Multiple offers, first week on

MLSWhat Went Well – Sold above asking priceKey Learning Concept – Contribute toward

the liens on a short sale to get the deal done when needed

South Elm W. Bridgewater, MA

Before After



South Elm Street Details

Source – REOOutcome – Light rehabWhat Went Well – 45 people at first OHKey Learning Concept – light rehab vs. full

rehab

Lucy Lane, Brockton MA

Before After



Lucy Lane Details

Source – REO, paid above asking priceOutcome – Sold by word of mouthWhat Went Well – Sold before placed on

marketKey Learning Concept – Location!

Location! Location!

Poole Street Ludlow, MA

Before After



Poole Street Details

Source – Short sale via referralOutcome – Sold after 140 daysWhat Went Well – seller was eager to

move on and worked with us very wellKey Learning Concept – when to use local

real estate agents

Cooper Street, Agawam MA

Before After



Cooper Street Details

Source – Short sale via agent referralOutcome – Sold in 45 days on MLSWhat Went Well – Restoring historical

details of the homeKey Learning Concept – Pool issues

Lincoln Street, Stoughton MA

Before After



Lincoln Street Details

Source – Short sale via agent referralOutcome – Sold on MLSWhat Went Well – Large rehab, 2nd floor

additionKey Learning Concept – Listed too high,

experienced but slow contractor


Highland Street Details

Source – Short sale via referralOutcome – Sold by word of mouth

marketing prior to rehab completionWhat Went Well – Rehab done based on

buyers choicesKey Learning Concept – male/female

perspective

Meadow Street, Athol MA

Before After



Meadow Street Details

Source – Wholesale dealOutcome – Sold on MLSWhat Went Well – Purchased at a very

low LTVKey Learning Concept – Make sure rehab

is 100% complete before listing

Cannon Lane, Orange MA

Before After



Cannon Lane Details

Source – Short sale via agent referralOutcome – Sold 1st week on MLSWhat Went Well – Beautiful garage added

tremendous valueKey Learning Concept – Trust the local

expert

Floral Street, Taunton MA

Before After



Floral Street Details

Source – REOOutcome – Sold for full price, first week on

MLSWhat Went Well – Multiple offersKey Learning Concept – Work your sphere

Montello Road, Chicopee MA

Before After



Montello Road Details

Source – Short sale via agent referralOutcome – Sold on MLSWhat Went Well – Quick SaleKey Learning Concept – The importance of

educating real estate agents on the short sale process, etc.

Sandwich Street, Plymouth MA

Before After



Sandwich Street Details

Source – Short sale via referralOutcome – Sold on MLSWhat Went Well – Quick sale to cash buyerKey Learning Concept – How bankruptcy

can affect a short sale

Pearl Street, Brockton MA

Before After



Pearl Street Details

Source – REOOutcome – Sold before listing on MLSWhat Went Well – Quick saleKey Learning Concept – Protect your

copper!

Lee Terrace, Hanson MA

Before After



Lee Terrace Details

Source – Elderly saleOutcome – Sold on MLSWhat Went Well – Quick sale (2 weeks)Key Learning Concept – Don’t be bullied

by buyers

Colonial Ave, Springfield MA

Before After



Colonial Avenue Details

Source – Short sale via agent referralOutcome – Wholesaled quicklyWhat Went Well – Quick sale (2 weeks)Key Learning Concept – You can make

money without a lot of rehab

Willette Street, Chicopee MA

Before After



Willette Street Details

Source – Short sale via agent referralOutcome – Sold on MLSWhat Went Well – Quick sale (3 weeks)Key Learning Concept – Sometimes easier

to give a credit than do repairs


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!


Questions?

Contact Information

Christopher [email protected]

Kim [email protected]

Kim [email protected]

mailto:[email protected]



brownstone realty group llc

Documents

broadway raynham ma

pricekey learning concept

wellkey learning concept

short sales

poole street ludlow

lucy lane details source

rehab lucy lane

successful rehab