My First Deal!! 3/1 Condo in Chicago South Suburb of Matteson, IL!!

[Sam C.]

Well, guess what!!??

I'm under contract on my first deal. I 

My first deal!!

I actually posted a thread a couple weeks back. It's for a decent 3Bed/1Bath condo out in Matteson, IL - a Chicago south burb (B- to C+, blue collar neighborhood) in a great little subdivision. I actually partnered up with my sister, and I'm very excited as I may already have a tenant lined up for this unit. Here's the stats:

$18,995 cash purchase price. (Negotiated from $22.5K)

$15K needed in rehab. Mostly paint, carpet, appliances, floor replacement, bathroom and kitchen updating. A lot of cleaning!! 30 day Project 

$3K closing costs. 

Total invested: ~$37K. 

Property worth $70K. 

Gross rent: $1,200 (roughly 3%rule)

Plan: line of credit for about $35K in about 6 months and then look for the next deal!! Oooorrrrr sell to an investor for a discount. 

I want to thank Bigger Pockets and all the members here for the motivation, guidance and useful information!! 

On to the next one!!

I'll be positing pictures and document progress for all to see. If I can do it, anyone can. 

See you soon, BP!!