Fix and Flip Fulton County IL

[Scott Anderson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $32,500
Cash invested: $13,000
Sale price: $73,000

SFH fix and flip. Purchased with 100% bank financing and put $13,000 into the rehab and carrying costs. split 25% of the profit with my contractor. Purchased for $32,501 and sod for $73,000.

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

Quit my day job and needed a new source of cashflow. Now I am a full time in real estate.

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

The deal was part of an estate sale.

How did you finance this deal?

Received bank financing for 100% of the purchase price.

How did you add value to the deal?

Did a complete remodel of the house. Painted all the rooms, remodeled the kitchen and bathroom, and updated the property to a modern farmhouse style.

What was the outcome?

Sold for a profit.

Lessons learned? Challenges?

The flip took a lot longer than I expected. I failed to set time periods for the remodel of the house. Instead of a profit share with the contractor I will do a contract based on the time of completion. Perhaps offer an incentive for finishing early and a consequence for going over timeline.

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

My agent was Samantha Braden from Rhodes Real Estate. I would recommend her to any investor looking for an agent in the central IL market.