Single Family fix & flip / Buffalo Grove IL

[Ashley Carter]

Investment Info:

Single-family residence fix & flip investment in Buffalo Grove.

Purchase price: $176,000
Cash invested: $50,000
Sale price: $293,500

Property was a single family home in need of full make-over. Remodeled kitchen, 2 bathrooms, floors, light fixtures, added add'l bedroom in basement, repaired deck and painted through-out.

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

It was a solid single family home in a great community that simply needed updating and modernizing inside.

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

I am a Real eEstate Broker, so I found out about it from one of my colleagues. He represented the seller in the sale.

How did you finance this deal?

Paid cash and completed the work with cash, no financing involved.

How did you add value to the deal?

Like most flips, we wanted to add the most value by focusing on the "high return" items - kitchens, baths, floors, walls, lighting, painting and deck repair. We were fortunate that the property did not need much exterior or mechanical work. We focused on what the buyer would perceive as added value.

What was the outcome?

Profitable flip. Very happy with the outcome.

Lessons learned? Challenges?

We took longer than we should have being "busy" with other things - other than that it went pretty much to plan.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Again, I am a Broker, so I handled the transaction. I have many trusted professionals that I use regularly.