My first Chicago rehab project

[Carmen Noriega]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

REO rehabbed

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

Moved back to my hometown and wanted an investment as well as a place to live.

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

My sister found it through a friend. Worked with a local Realtor to get through the slow, difficult process.

How did you finance this deal?

From sale of rental home in another state.

How did you add value to the deal?

Rehabbed both apartments from trashed state.

What was the outcome?

A fabulous 2 flat, back in the fabric of the city's housing stock. First floor is rented and I live on the 2nd floor.

Lessons learned? Challenges?

There are more effective ways I could have used my cash reserves.