Oak Park Live-In Flip

[Jake Wood]

Investment Info:

Single-family residence fix & flip investment in Oak Park.

Purchase price: $140,000
Cash invested: $15,000

Live in flip #2. Learned some good lessons about buying in the path of progress and putting some sweat equity in. Can't wait to see what comes of this property in the next two years. Always willing to take suggestions if anyone has some value add projects for a handy guy.

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

Good price, great yard, and needed a place to live.

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

MLS, and worked with an agent at the time.

How did you finance this deal?

Conventional financing, 7% down, 30yr mortgage at 4%

How did you add value to the deal?

Paint, carpet, new appliances, new furnace & A/C, improved finish and removed mold and trash from house.

What was the outcome?

TBD

Lessons learned? Challenges?

In process but always make sure that you don't fold when the seller doesn't leave the house broom swept when that is called out in the purchase and sale agreement.