FIX/FLIP: 3850 Downers Drive, Downers Grove, IL 60515

[Eric Eckert]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $380,000
Cash invested: $125,000
Sale price: $585,000

https://www.zillow.com/homedetails/3850-Downers-Dr-Downers-Grove-IL-60515/4496400_zpid/

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

Solid home, straightforward project, no major capital improvements needed (i.e. roof, mechanicals, etc.)

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

MLS

How did you finance this deal?

Purchased cash

How did you add value to the deal?

Make new again. Exterior paint, refinished floors, some millwork, contemporary lighting and plumbing fixtures, paint, gut kitchens and bathrooms, landscape/hardscape work, finished basement.

What was the outcome?

Received a full price offer in 3 days. Couldn't agree to inspection items during attorney review. Re-listed it, was now winter. Remained patient. Eventually found the right buyers. Sold at a record price for this model/style of home in the subdivision.

Lessons learned? Challenges?

Avoid listing in the winter during a pandemic when possible. ;)

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

None.