Condo in Chicago-Bronzeville

[Alexia Gist]

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $105,000

Rental.

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

I moved out of town, and decided to rent the unit out due to an increase in property values in the area.

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

This condo was REO. I did not negotiate. I offered 6K more than the asking price.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Minor updates to the home.

What was the outcome?

Condo has about 100,000 in equity right now. I am thinking of selling and buying a home in cash to flip. I currentlu reside in Memphis, so there are a lot of vacant homes.

Lessons learned? Challenges?

None thus far.

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

Loretta Fields