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Updated about 5 years ago, 10/02/2019
Condo Flip in a Chicago Highrise
Investment Info:
Other fix & flip investment.
Purchase price: $371,268
Cash invested: $65,000
The condo was listed wrong so we picked it up at a great price. We are under contract to sell for $525,000 with no agent commission.
What made you interested in investing in this type of deal?
I know the building well as I live here and I also have experience flipping and being a full time realtor
How did you find this deal and how did you negotiate it?
MLS. It was listed as 1/1 when it was really a 2/2. It also stated it was 800 sq feet when it is really 1060. Foreclosure.
How did you finance this deal?
Cash with some help from a family member
How did you add value to the deal?
experienced in investing, being a realtor and in renovations.
What was the outcome?
Closing in 3 weeks. Should be about a 75K profit.
Lessons learned? Challenges?
Don't be afraid to drop a little more money into it if your gut tells you it will be worthwhile. Our biggest hurdle was the master bathroom. The toilet and sink were switched which created a costly plumbing issue if we wanted to reverse it it back to where they should be (we are in a highrise) so we left it alone, but this also caused us to not be able to expand the bathroom further. Although it may have cost us $2000-$3000 more, I think we would have sold for 15k+ or more. Go with your GUT!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Just myself and my wife!