Haverhill MA Redevelopment S Elm Street in the Bradford Section
This is the first phase of this redevelopment in Bradford in Haverhill MA.
See YouTube Video:
http://www.youtube.com/watch?v=yOOBluFS8vI
I first found this property last February and put an offer in on it. It was listed $28K higher than I thought it was worth, and the bank that owned it accepted a slightly higher offer from a wanna-be owner-occupant. His financing fell through after about 4 or 5 months, and the property came back on the market, at his price.
By that time, the market in Haverhill had weakened a little so I wanted to pay about $15K less than before. I put my offer in and the bank accepted it the next day. The property had gotten stale, buyers were scarcer, and there were some errors in the listing- that worked to my advantage.
This was a property that the prior owner had really tried to do some work on- lovingly. Unfortunately things went bad and he lost the house. He had built a huge 2 story addition, doubling the size of the house. It is framed, partially wired, plumbed and HVAC'd. The finished house will be over 2000 square feet with 4 BR and 2 7 x10 baths. Loads of closets.
One difficulty with it was the kitchen. It was in a 12 x 12 room at the back of the house. I am moving it to the area the old owner was going to make into a second living room. Make the old kitchen a 4th BR, and open up the living room that is there now. That works bigtime!
Time for due diligence on the house....
I went to the Haverhill building department to check on the status of the old permits. They were pulled, all expired, no inspections done. So I begged the Haverhill Assistant Building Inspector to come to see it, to make sure there were not going to be insurmountable issues. He came and he loved the framing!
Then to figure out the partially completed wiring. I tracked down the former electrician and paid him $100 to give me an hour of his time to go over it. Everything was done at or above code, and he gave me lots of additional info on the house, the prior situation and offered to work on it this time, too. (I have my own team!)
All systems go!
I decided to finance this one, instead of going cash on it. I am using Georgetown Savings Bank. They have been awesome with the rehab loan, and I look forward to doing many more with them.
I closed on Tuesday. My team is going to Haverhill City Hall to pull our permit tomorrow, and begin work Monday. Over the next 5-6 weeks, I will give you updates on our progress.
Annie@sherwoodne@yahoo.com
www.SherwoodPropertyInvestment.com
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