Investment Info:
Single-family residence fix & flip investment in Lincoln Park.
Purchase price: $85,000
Cash invested: $15,000
Sale price: $135,000
Contributors:
Alexis Gross
Fix and flip in Lincoln Park. Closed on 6/1, gave old owner 30 days occupancy. (Charged a daily rent fee).
Rehab was fairly small with 1 full bathroom renovation, new carpet, new kitchen floor, added a backsplash and appliances, few other odds and ends around the house and a new water heater.
Outside needed a little clean up and fresh landscape, and we repainted the garage.
What made you interested in investing in this type of deal?
Quick easy flip.
How did you find this deal and how did you negotiate it?
Got a call from a Facebook add we posted negotiated the price with seller based on current market value of the home in its condition.
How did you finance this deal?
Private money lender
How did you add value to the deal?
Simple Cosmetic rehab with some plumbing updates during the bath remodel.
What was the outcome?
Had a few dollars short of $100,000 in the deal and sold the property for $135,000.
Lessons learned? Challenges?
No specific lessons learned, good first east side flip experience!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Alexis Gross, my realtor from Coldwell Banker Town and Country!
