All Forum Posts by: Matthew Bernal

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Chicago.

Purchase price: $675,000
Cash invested: $120,000
Sale price: $1,090,000

I purchased a two-unit property in the Lakeview neighborhood of Chicago, IL, for $675,000. I converted it into a single-family home by combining the two units and adding finishing touches. I spent $130,000 on the conversion and rehab, which took around 10 months. The final sale price was $1,090,000, which netted around $160,000.

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

There was lots of opportunity to convert multifamily homes into single-family homes in the Chicago area. I noticed the trend and decided to capitalize.

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

I found the deal by using specific search prompts on Zillow and Redfin. The negotiations were pretty simple, as the sellers had failed to get a buyer in 9 months during the hottest market in history.

How did you finance this deal?

Hard money and private money lenders were key in financing this project.

How did you add value to the deal?

I developed my own underwriting process, leveraged my skills in negotiation, and put together a solid team.

What was the outcome?

The deal wound up being quite profitable. Everyone was happy in the end!

Lessons learned? Challenges?

I learned the hurdles that come with doing projects out of state and how to overcome them. With the right team, anything is possible.

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Chicago.

Purchase price: $675,000
Cash invested: $120,000
Sale price: $1,090,000

I purchased a two-unit property in the Lakeview neighborhood of Chicago, IL, for $675,000. The property was originally built in 1970 and renovated in 2021 by a renowned architect, George Pappageorge, who re-designed it as a master’s thesis project. I decided to convert it into a single family home by combining the two units and adding some finishing touches. I spent $130,000 on the conversion and rehab, which included updating the kitchen and bathrooms, installing new flooring and lighting, painting the walls and ceilings, and landscaping the backyard. I listed the property for sale and received multiple offers. I accepted the highest offer of $1,090,000, which was well above the market value. After paying 8% of the sale price in closing costs and commissions, I made a profit of $197,800 on this deal. It was a rewarding experience to transform an old two-flat into a modern and spacious single family home.

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

There was lots of opportunity to convert multifamily homes into single-family homes in the Chicago area. I noticed the trend and decided to capitalize.

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

I found the deal by using specific search prompts on Zillow and Redfin. The negotiations were pretty simple, as the sellers had failed to get a buyer in 9 months during the hottest market in history.

How did you finance this deal?

Hard money and private money lenders were key in financing this project.

How did you add value to the deal?

I developed my own underwriting process, leveraged my skills in negotiation, and put together a solid team.

What was the outcome?

The deal wound up being quite profitable. Everyone was happy in the end!

Lessons learned? Challenges?

I learned the hurdles that come with doing projects out of state and how to overcome them. With the right team, anything is possible.

Investment Info:

Small multi-family (2-4 units) wholesale investment in Naples.

Purchase price: $220,000
Cash invested: $5,000
Sale price: $250,000

I was thrilled to close my first wholesale deal on a beautiful property in Naples, FL. The house was located at 4417 W Alhambra Circle, a quiet and desirable neighborhood.

I negotiated a great price of $220,000 and put the property under contract. I then marketed the deal to my cash buyers list and found an investor interested in buying it as a fix and flip. I assigned the contract to him for $250,000.

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

This was my very first deal. All I knew was that I needed to find a distressed property, offer a solution to the seller, get the property under contract, and find a buyer.

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

I found the deal by leveraging my contacts and digital resources. Propstream, Fortunebuilders, and Realeflow were incredibly helpful.

How did you finance this deal?

This was a wholesale, so no financing necessary. I was also lucky enough to have made connections with several realtor-investors.

Investment Info:

Small multi-family (2-4 units) wholesale investment in Naples.

Purchase price: $220,000
Cash invested: $5,000
Sale price: $250,000

I was thrilled to close my first wholesale deal on a beautiful property in Naples, FL. The house was located at 4417 W Alhambra Circle, a quiet and desirable neighborhood.

I negotiated a great price of $220,000 and put the property under contract. I then marketed the deal to my cash buyers list and found an investor interested in buying it as a fix and flip. I assigned the contract to him for $250,000, making a profit of $30,000 in the process. It was a win-win situation for everyone involved, and I learned a lot from this experience.

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

This was my very first deal. All I knew was that I needed to find a distressed property, offer a solution to the seller, get the property under contract, and find a buyer.

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

I found the deal by leveraging my contacts and digital resources.

How did you finance this deal?

This was a wholesale, so no financing necessary.

Aloha, fellow investors! 

A colleague and I are doing our due diligence and strategic prep for a ground-up project in Kapolei. The project will be both horizontal and vertical. How much time should we expect to get entitled and permitted? A year? Two? 

Our current expectation is 24 months: 12 to get approved and permitted and 12 to build. Thoughts? 

I have a move-in-ready duplex under contract in Payson, Utah. Senior debt approved and lined up, inspection has been completed, rehab is minimal. Offering a 10% return on an investment of $150,000 to get the deal closed. 

NOI: $27,198

Cap Rate: 10%

Loan Term: 3-12 Months

Security: Deed, promissory note, hazard insurance, money wired directly into escrow.

Contact me for more details! 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey everyone. I was hoping someone in the community could point me in the direction of a company that provides either term business loans or revolving lines of credit? My score is fair, but I have a million in provable income for the year. 

Would prefer to work with a company that can fund within a week and one that has its own capital. I am trying to avoid having a bunch of lenders pull my credit. 

Thanks! 

@Patricia Steiner, both deals have 10+ Cap Rates, financing has been approved, appraisal is complete, but still need to obtain insurance, legal structure, gap funding, and a GC. 

Hoping to have insurance, GC, and legal structure today. Thank you for the response!

Went under contract on two large multifamily properties set to close in December.

I have the current the financials for both assets, and was wondering if I should enter the data into RentRedi now? Am I getting ahead of myself? Please advise!