Chicago South Shore Rental turned to Flip

[Matthew Nosal]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $259,000
Cash invested: $45,000
Sale price: $285,000

South Shore 3 unit with garden. 2nd unit remodeled

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

First multi family property

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

MLS

How did you finance this deal?

Lima One

How did you add value to the deal?

Remodel second unit

What was the outcome?

Sold

Lessons learned? Challenges?

Do your research! Do your homework! I was so excited to purchase a multi family building I believed everything the seller was saying without proof. Get bank statements showing tenants have been paying or proof of payments. Taking over a building with tenants that were not screened. This was a great lesson learned.

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

Frank Montro