All Forum Posts by: Dee Flournoy

Thanks Dmitriy! I appreciate the acknowledgement. Additionally, I reviewed your information and would like to talk with you about a business venture.

Quote from @Jonathan Klemm:

Thank you for sharing all the details!  I'm super happy for you  @Dee Flournoy!  Plus you're a good person for holding off for that family member!

You have obviously been in the game a little bit here in Chicago because I completely agree there's nothing more important than getting those contracts out and EM in.

Thank you Jonathan. Indeed Jonathan!  Lol! I tried, but it just didn't work as planned, but GOD knows best, I was able to ultimately win in that situation, but still help the same family member get into one of my other properties, so it is all for the good! :-)

Oh, yes, I have been in it for a while here in Chicago, particularly the Southside and despite what many say and despite the gross lack of development and resources being put into this part of town, it is still beautiful and contains some of thee best classic Chicago history which can be seen through the architecture.  I believe in deeply knowing about where I invest at and as a native Southsider turned Southside investor, I have it down to a science at this point. I have no desire to invest anywhere else, but there and in northwest Indiana, specifically Gary because it is kind of the same situation.

I will be having an upcoming event for real estate professionals at Merchandise Mart and I would love to invite yourself and any of your real estate constituents.  As I get the details more finalized, I will certainly reach out with the information if you are interested in attending.

Quote from @Jonathan Klemm:

Wow @Dee Flournoy you are on fire!  Your picture with the galley kitchen is beautiful!

Lots of questions...

How did you find the deal?

How long were you on market?

how much did you put into the renovation? 

Lastly, what neighbor in Chicago was the property?   

Great Morning to you Jonathan!! So getting down to the nitty gritty of your questions:

1. It actually was an MLS deal, honestly nothing special about that. I saw it, called up the agent, had a great conversation, had a pretty good negotiation in the midst of that conversation, then immediately wrote up the contract and sent it over afterwards. One thing I definitely don't play about is getting those contracts in and getting earnest money submitted to lock in a deal. I might've had the earnest money in the same day I received the fully executed contract back, even though I generally put 3 days on the contract.

2. I finished the rehab in May, listed it in May and could've had it under contract the same month, BUT didn't actually sell it until December because a family member had gotten approved through a special homebuyers program and wanted to purchase it. So me being nice, I'd taken it off the market with the intent of working with this program only for everything to fall apart because it was COVID time and the program couldn't verify employment for the buyer during this time. That entire process took a little over five months. So I ultimately relisted in early/mid November 2020, got a ton of offers and closed the first week or so of December. Excluding this special circumstance, it had really only taken a month to sell.

3. I put $37,500 into the renovation. Not a penny more. This included miscellaneous costs and a plumbing disaster. (Hence, this was where/how I learned how to do complete plumbing) No joke!

4. The property was located in the west Chatham neighborhood/cusp of Auburn Gresham.

Investment Info:

Single-family residence fix & flip investment in Chicago.

Purchase price: $76,000
Cash invested: $29,000
Sale price: $228,000

My first flip that by the GRACE of GOD! Attention to detail in this one was exceptional! This is the one that helped make me the extremely experienced investor that I now am. I learned ALOT with this one and THANK GOD I'm still going strong. This was well worth it because some talk about or dream of making $100k on their first flip & I actually DID ITI have the HUD to prove it! GOD was looking out for me by allowing me to acquire the knowledge well before I had the resources, simple as that!

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

It was a great single family opportunity in one of my core investment neighborhoods on the Southside of Chicago. I was ecstatic and grateful to be able to get it at the price in which I did, so it was a no brainer, especially with it being my very first flip and investment transaction for that matter. Additionally, it wasn't far from my primary home so I was able to be hands on with the project EVERY single day. I truly feel my accessibility to the project is what helped this be a success.

How did you finance this deal?

Hard Money

What was the outcome?

The outcome was an absolute blessing!! All smiles, a HUGE exhale and the confirmation that all my time and energy gaining the knowledge in this industry for the first 11 years before this opportunity came to fruition was all worth it!

@jonathan no, no big lessons learned on that one.  I think most of my big lessons were taught on my very first one.  That was like a full 4 year college and advanced degree all in one renovation project, hahaha! Seriously!.  That is actually how I learned how to do plumbing...LBVS!  This one was straightforward and pretty smooth.

Quote from @Eudith Vacio:

Hey @Dee Flournoy - wowowowow, amazing! is this your first flips this at? 😃

Hey Eudith! Nooooo, this one was my 3rd one I think. I'm in the process of adding all of my experience to my biggerpockets dashboard, so you will see the first one soon, my baby! Just hold tight I'm super excited to share. I'm on #20 now lol! Lbvs! 

Investment Info:

Single-family residence fix & flip investment in Chicago.

Purchase price: $135,000
Cash invested: $13,500
Sale price: $255,000

Purchase and Renovation of a lovely single family Georgian home on the beautiful southside of Chicago. My absolute favorite place to invest because I truly believe in investing in where I am from and where I KNOW!