Investment Info:
Condo fix & flip investment.
Purchase price: $152,500
Cash invested: $30,000
Sale price: $232,500
My wife and I purchased this condo just outside Chicago, remodeled it, lived in it for two years and then we sold it and moved Tennesee!
What made you interested in investing in this type of deal?
We wanted to try our hand at remodeling our own place for a profit.
How did you find this deal and how did you negotiate it?
We found this deal on the MLS and negotiated a lower purchase price. We basically just stayed firm on our offer price.
How did you finance this deal?
We used private money and our savings to finance this deal.
How did you add value to the deal?
We painted the entire condo, replaced all the doors and trim, installed luxury vinyl flooring throughout, knocked down a wall to create open floor plan, re-did the entire kitchen and remodeled both bathrooms.
What was the outcome?
We sold it for a very nice profit! Since we lived in it for two years, we didn't have to pay capital gains tax.
Lessons learned? Challenges?
The lessons we learned is that we can do our own work! I watched hours of YouTube videos and practiced until I could do everything on my own. We learned how to budget for future remodels and the skills to remodel.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We worked with a local agent to buy/sell the condo once we finished.
