Buy and Hold turned to Flip

[Richard Quijano]

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $12,000
Cash invested: $200,000

After 12 years of ownership, I have decided to flip this house.

What made you interested in investing in this type of deal?

I tried to see the property as is and could not find a buyer. I decided then to flip it after gut rehab.

How did you find this deal and how did you negotiate it?

Purchased on MLS listing in 2010 fro $12,000 and rented it for 11 years before deciding to sell.

How did you finance this deal?

Cash deal

How did you add value to the deal?

Buy and hold appreciation and rehab.

What was the outcome?

Pending

Lessons learned? Challenges?

Older homes will inevitably cost more and more and more. The rehab snowballed but the finished product is amazing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Bought with help from an agent.