2 bed condo purchased in Aurora, IL as foreclosure

[Sean Morrisey]

Investment Info:

Single-family residence buy & hold investment in Aurora.

Purchase price: $42,500
Cash invested: $42,500

Purchased as a foreclosure, using cash from a BELOC, and closed in 45 days. Refinanced into a 30 year mortgage and received 70% cash back. Rent the condo through 2018.

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

Foreclosure being sold at a discount.

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

MLS...multiple offers so I brought a strong cash offer.

How did you finance this deal?

Cash purchase using a business line of credit.

How did you add value to the deal?

New carpet, paint, appliances...cosmetic rehab.

What was the outcome?

I continue to rent the condo to this day.