All Forum Posts by: Richard Quijano

Quick update....The property sold and made a slight profit on top of what I made over the years renting it.  On to the next one!

Single-family residence buy & hold investment in Chicago.

Purchase price: $12,000
Cash invested: $200,000

After 12 years of ownership, I have decided to flip this house.

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

I tried to see the property as is and could not find a buyer. I decided then to flip it after gut rehab.

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

Purchased on MLS listing in 2010 fro $12,000 and rented it for 11 years before deciding to sell.

How did you finance this deal?

Cash deal

How did you add value to the deal?

Buy and hold appreciation and rehab.

What was the outcome?

Pending

Lessons learned? Challenges?

Older homes will inevitably cost more and more and more. The rehab snowballed but the finished product is amazing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Bought with help from an agent.

@Mark Ainley and @Jonathan Klemm.....Thank you!!  BTW, Mark I listen to your podcast.  You provide great content for landlords, especially those in Chicagoland. 

Thanks!

Has anyone been able to substitute one of the 3 identified properties after the 45 day window for another property?

Anyone have a good snow removal company for small multifamily in Chicago (Heart of Italy area)?

Any recommendations for a 1031 intermediary in Illinois?

2010 was a good time to buy!

Locations are 2 in Marshall Square, Palmer Square, Belmont Craigan, and Little Village.