Option to buy, permit, and flip

[Nicholas Thompson]

Hi BP!

Been on the forums for over a year now but haven't had any deal flow to write about. Happy to share this is my first deal.

Found an interesting deal in Chicago for an old two flat that is begging for a flip. Has a few offers on it from developers to turn it into a two unit condo building.

My question is this: If I were to purchase the property for $310k get it permitted with standard build plans for say $10k including holding costs etc. is there a market of developers or contractors that would take this property off my hands for $340+?

Essentially, is there added value in me getting it permitted?

Thanks!

Nick