Condo Flip in a Chicago Highrise

[Stephen M.]

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!

[Melissa Szanati]

Looks great! I've been burned by condos but it's good to hear a happy ending with one :) 

[Stephen M.]

Thanks Melissa!  This one certainly had its hurdles more than others.  By the way, I think we know each other.  I believe you work at Echelon?  This is my company:  https://www.yelp.com/biz/chicago-apartment-seekers-chicago-5
You may recognize my wife as well