All Forum Posts by: Angie Ruiz

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $27,000
Cash invested: $70,000

Single family home, 3 bed/2 bath, finished basement, attic

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

The purchase price was right within my budget.

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

Found on MLS. property was agent owned, so I was able to negotiate commission and price reduction.

How did you finance this deal?

My own cash and my first investor, a family member that jumped into the project with me at the last minute.

How did you add value to the deal?

The house was gutted and ready for rehabbed or so I thought, however, additional gutting needed to be done in all three levels (first floor, attic and basement) to create an open concept and expand the master bedroom. All new electrical/plumbing/furnace/water heating and some roof repairs. I decided to keep original hardwood floors on main level and added all new flooring to the rest of the house. All new drywall, bathrooms redesigned and expanded closet space.

What was the outcome?

The work came out as expected, very well done and under budget. I used a new contractor this time and I was pleasantly surprised with the numbers in the end.

Lessons learned? Challenges?

I learned that knowing the area is crucial and missing out on specific details such as bathtubs, colors, etc is can become big issues with buyers/renters.

Thanks @Jonathan Klemm. Yes, I recently finished my second flip and in the process of renting it out. The market slowed down more than expected in the area I purchased and it makes more sense to keep as a rental income (my plan B). I will be posting info on the second one. Now, I'm leaning more towards BRRR approach, what I enjoy about real estate is that there's so many possibilities!

Investment Info:

Single-family residence fix & flip investment in Chicago Heights.

Purchase price: $30,000
Cash invested: $60,000
Sale price: $135,000

Single family, 4 beds/2 baths, brick, 2 car attached garage, family room, basement, attic, studio, living room, dinning room, kitchen. 2800 total sq footage after remodel.

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

The purchase price was right and within my budget.

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

I found the deal through the MLS. Property was own by HUD.

How did you finance this deal?

My own cash

How did you add value to the deal?

The house was a complete gut rehab. There was no plumbing (stolen), outdated electrical, no heat/AC, unfinished attic and a bad layout. I added value by installing all new systems, finishing attic, expanding attic bathroom, expanding kitchen, new flooring, new carpeting, all new tile, appliances & granite counter tops.

What was the outcome?

The house came out looking way nicer than expected. The contractor's I worked with were very professional and committed to make the house look great. In the end, we disagreed in the contractor's "added charges", however, the work was done well and all I wanted to do is sell and move on to the next.

Lessons learned? Challenges?

My first flip, was very close going bad. Thankfully, I was able to close with some profit (less than expected due to property taxes and buyer closing cost credits, etc). I think I got way ahead of myself for being my first flip. The rehab worked that needed to be done was intense, anyhow, I pulled through with a lot of passion and dedication (and money) and the biggest take out of this project is the experience! dealing with contractors, putting everything in writing, setting up schedules etc.

Property ready to rent! Excellent cash flow. Located 30 minutes from Chicago.  Property has been completely gut rehabbed, new electrical, plumbing, roof, interior remodeling includes new floors, kitchen, bathrooms and more. Can be rented for $1400-$1600. Owner open to reasonable offers. Call today 773-657-0858.

I'm a real estate agent in IL and we are required to present all our client's offers to sellers. 

Hello all, I'm a Real Estate agent and investor located in the South side of Chicago looking for Investor clients. Inbox me or call me if you need a list of properties available or if you have any questions or need any assistance in your investment journey,

Thanks,

Angie

773-657-0858

angielopezrealtor.com

Facebook Angie Lopez

Also available 

 $45,000.  

MLS#09674550

Ready for your brand new construction ideas. Owner has TWO lots next to each other available for sale. See additional listing for 3008 S Karlov. Owner considering all reasonable offers, willing to do a package deal on both lots. Make an offer today!!

Hello,

I'm Angie from south Chicago land. I've been a realtor for a year now and I'm new to BiggerPockets. I'm also interesting in learning more about investing and best way to start off my adventure. I plan to purchase my first investment property within the next year but not sure which way to go: Multi-family/flipping? any suggestions? Thanks :)