My first real estate project... A success

[Frank Cesarone]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $300,000
Cash invested: $5,000
Sale price: $337,500

House hack - Generated $800 per month in rental income while I fixed up the property. Everything was cosmetic and just went under Contract.

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

Looking to build wealth and financial freedom

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

Found it through a community listing when the owner moved out of town for a job

How did you finance this deal?

Mortgage with 5% down

How did you add value to the deal?

Remodeled kitchen (redesigned layout, farmhouse sink, painted cabinets, quartz counters, soft close doors)

Painted all trim and doors white; repainted walls

Refaced the fireplace to have a stone feature.

Remodeled bathroom

What was the outcome?

Generated $25k in income during house hack, sold for $337,500 and will pocket approximately $50k after closing, etc.

Lessons learned? Challenges?

Important to have good sub-contractors and quality, reliable painters. It’s amazing what a fresh coat of paint can do.

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

I did not.

[Frank Cesarone]

[Frank Cesarone]

[Brian G.]

@Frank Cesarone Way to go. Congrats!

[Jing Chen]

Looks good! Congrats! Where is this property located in? 

[Frank Cesarone]

Geneva, IL. About 40 miles west of Chicago. Had I listed 30 days earlier (I waited for our baby to be born), it would have sold for $350k+. Oh well. 

My brother did one there, too. He and I are now looking for buy and hold rental opportunities (single family and multi-unit). Would love any suggestions. 

Thanks for the feedback, I really appreciate it. 

[John S.]

@Frank Cesarone hey neighbor! I'm assuming you rented by the room while renovating?

What areas are you looking at for your rental?

[Frank Cesarone]

Yes sir. I moved out of state to South Carolina. IL taxes were cost and income-prohibitive in my opinion. Looking in TN, SC, UT, ID, NC and GA. Always looking for opportunities though. 

[Account Closed]

Beautiful, congrats! 

[Frank Cesarone]

Thanks Rachel. Are all the flips and rehabs you do in OH? Or do you work elsewhere? How long have you been doing it? Do you buy and hold any?