Completing a flip for 60k total possible in Chicago/Indiana area

[Henry L.]

Newbie looking to get into house flipping. Is completing a flip in Chicagoland area realistic with 50-60k cash and no access to mortgages or desire to use hard money yet. If so any recomendations on how to do it/areas to focus on. 

I see a lot of cheap properties in NW indiana. Kind of hard to judge the resale after rehab value though. I signed on with all the local wholesalers but some of the "deals" they are sending me are not really deals at all. Lastly, if anyone has recommendations for good wholesalers please message me. 

[Adrien C.]

Hi Henry- it is possible to flip properties in NW Indiana for an all-in amount of $60K but it wont be easy to find those deals. You could find properties in Hammond that are flippable in that range and and an ARV around $80-90. A lot depends on if you do the work or hire a contractor. Doing it yourself is cheaper but then you have to deal with the license requirements for whatever town you are in. Our market experienced a lot of appreciation and flippers are struggling to find good deals. I know many who will take a quick $15K on a flip using the same amount of money you are using. Obviously stay away from Gary and even Lake Station. You can find stuff to buy and rehab there for under $60K but you wont be selling it quickly. If there was a away for you to get an extra $20K, that would make a big difference on what/where you can buy.

Which wholesaler do you currently subscribe to?