1550 Maple - Loves Park, IL

[Erin McLellan-Dawe]

Investment Info:

Single-family residence buy & hold investment in Loves Park.

Purchase price: $58,000
Cash invested: $18,700

This is our first investment property we purchased. Our first rental was a home we originally lived in and then rented. This is across from a school and in fairly good condition....our BIG value add to this property is new garage. This property did not have one. It is still in the works but should help with the ARV. Renters moved in April 1, 2020 even during the Covid-19 pandemic. The rehab costs and monthly cashflow are currently estimates as garage has been delayed due to pandemic. Hoping for it to be complete by August 2020.

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

It was a single family home in a good neighborhood across from a school with minimal work needed to start renting.

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

We found it on the MLS with a local realtor

How did you add value to the deal?

We added value by supplying new appliances, new kitchen floors, cleaning carpets, fresh paint and adding a garage (yet to be completed as of this post).

Lessons learned? Challenges?

People still need housing during a pandemic.