904 W 2nd St flip in Byron, IL

[Olga Kampmeier]

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Byron.

Purchase price: $25,000
Cash invested: $70,000
Sale price: $138,000

Duplex that we converted back to a single-family home. This was an estate of a hoarder that required almost every single thing in the house replaced. The only thing that we left original was the aluminum siding and the limestone foundation. We replaced all the plaster walls with drywall, moved walls to expand the rooms because there was a lot of wasted space, new plumbing, electrical, HVAC, reinforced the subflooring that was soft, new roof and gutters, windows, doors, kitchen, and bathrooms.

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

The location and the challenge of taking such an eyesore and making it look beautiful

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

I asked an agent from my office is he had any ugly homes coming up and he did. He told me the price and I said I would take it without viewing the house.

How did you finance this deal?

Cash

Lessons learned? Challenges?

There was a lot of challenges with this house. We found out there was fire damage at some point that was covered up. The age of the home made the foundation a challenge for us. There wasn't much we could do with a limestone foundation.