Burr Ridge Single Family Flip

[Michael Kevorkian]

Investment Info:

Single-family residence fix & flip investment in Burr Ridge.

Purchase price: $145,000
Cash invested: $125,000
Sale price: $350,000

Moderate cosmetic rehab of a single family home. Renovated interior and exterior as well as made repairs to mechanical systems as necessary. Currently for sale.

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

This was a direct with owner purchase and it needed a tremendous amount of updating. I knew we could get a good deal because of the condition of the property.

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

Cold calling

How did you finance this deal?

Cash

How did you add value to the deal?

I renovated the property inside and out.

What was the outcome?

Currently the property is actively for sale to a retail buyer.

Lessons learned? Challenges?

I went over budget quite a bit on this one but I think the finished product couldn't have been achieved short of what I spent on the renovation.