Brownstone Realty Group LLC
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Transcript of 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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Agenda
IntroductionsThe OpportunityHistory & ExperienceCase StudiesMoving ForwardQuestion & 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 numbersPrices 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 2005Facilitated over $40 million in deals21 rehabs in 2012On 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 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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
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
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 [email protected]