Condominium live in flip

[Robert A Donegan]

Investment Info:

Condo fix & flip investment in Arlington Heights.

Purchase price: $80,000
Cash invested: $40,000

This was a 1 bedroom 1 bathroom fix and flip using the house hack strategy.

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

The location was valuable and the the condo was close to work.

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

I reached out to a real estate agent that was referred to me by a family member.

How did you finance this deal?

I financed through a typical mortgage lender.

How did you add value to the deal?

I rehabbed the entire unit. I installed vinyl plank flooring throughout. I installed granite counter tops in the kitchen, installed a new backsplash, painted the cabinets, added a butcher block counter top in the pantry closet, painted the interior, retiled the bathroom floor and surround for the tub and added a new vanity. I painted the closet doors and installed new hardware also.

What was the outcome?

In one year I made a gross profit of 22k.

Lessons learned? Challenges?

Early on in the flip, I had to deal with issues coming from the upstairs neighbor. I had to work with the association to resolve the issues with a positive outcome. Persistence overall is the key to success in everything.