Brownstone Realty
Group LLC
Lessons in Rehabbing – BAREIA Meeting, February 2013
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Agenda
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Introductions
The Opportunity
History & Experience
Case Studies
Moving Forward
Question & Answer
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Introductions
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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
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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
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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
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Keys To A Successful Rehab
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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
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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
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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
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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!
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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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!
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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
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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
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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
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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!
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Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878
Questions?
Contact Information
Christopher Coute
chris@brownstonerg.com
508.409.7878
Kim Harrington
kimh@brownstonerg.com
781.367.5378
Kim Kelliher
kimk@brownstonerg.com
508.922.3964
Brownstone Realty Group LLC * 302 Broadway Raynham MA * 508.409.7878