Humbolt Park Quick Flip

[Nikki Kofkin]

Investment Info:

Single-family residence fix & flip investment in Chicago.

Purchase price: $190,000
Cash invested: $165,619
Sale price: $493,100

Partner deal, 50/50 profit split.

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

I knew the price was good for the home. It was a MASSIVE house on a corner lot and I knew the ARV comps were solid

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

MLS, directly with the listing agent (I'm a broker myself)

How did you finance this deal?

Cash

How did you add value to the deal?

I found the deal, I knew the ARV and am very good at ARV, I helped design, I have cash

What was the outcome?

Excellent! First buyer walked away and then we had a bidding war. The profit was really good.

Lessons learned? Challenges?

One thing that really set in this time was when it’s a total gut, you can move anything (plumbing, electrical, etc) anywhere. Don’t be confined by the old configuration.