Condo in Wheeling IL

[Ivan Zinginov]

Investment Info:

Single-family residence buy & hold investment in Wheeling.

Purchase price: $55,000
Cash invested: $10,000
Sale price: $97,500

One bed one bath condo that needed minor repairs.

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

The property was auction sell and I was the highest bidder.

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

Online auction

How did you finance this deal?

Cash

What was the outcome?

After renting it for few years with $300/m cash flow sold it and both another property with 1031. The current property cash flow $900/m.

Lessons learned? Challenges?

Condo units always comes with HOA and sometimes is hard to to deal with all the rules and never know when you get hit with special assessment

[Ivan Zinginov]

Quote from @Eudith Vacio:

Woah! Amazing job @Ivan Zinginov!

Is this your first flip? What did you end up exchanging the condo for?

Thanks, Eudith! This is not my first flip. I started flipping houses in 2015 mostly in south suburbs: Markham, Park Forest, Dolton. I bought my first house for $3500. Crazy!:) In 2017 I learn about BRRRR and everything changed! I used profit from this condo to buy a SFH in PSB Florida which is my first AirBnB.
I see that you are a RE agent. In which area are focused on?