Single-family fix & flip Chicago Heights

[Michael Kevorkian]

Investment Info:

Single-family residence fix & flip investment in Chicago Heights.

Purchase price: $55,000
Cash invested: $50,000
Sale price: $160,000

Bought the house direct from the owner. Had it sold as a wholesale deal but the buyer walked before closing. Bought the property and listed on the MLS in as-is condition to sell to another investor. Got a couple of offers but none that made sense to take vs. doing the rehab. We are starting the renovation in the next two weeks and then will list it for sale on the MLS to sell to a retail buyer.

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

Good neighborhood and exceptional purchase price.

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

Direct mail to seller

How did you finance this deal?

Cash

How did you add value to the deal?

Starting renovation

What was the outcome?

About to begin rehab

[Brian Ploszay]

I am also an investor in some of those markets.  I bought most of them during the 2009 downturn.  South Holland is a good flip and rental market.  The rest of the cities you mention have a major challenge - and that is the high taxes.  I focus in the City of Chicago now, mainly because of the taxes, but also I get higher rents.