All Forum Posts by: Scott M. Fletcher

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $195,000
Cash invested: $9,000
Sale price: $330,000

It was supposed to be a quick fix up and flip of a condo foreclosure, but the bottom dropped out. I ended up living in it for the next decade!

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

Online

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Added appliances, added a half bath, changed carpet, changed fixtures, re-tiled bathroom and kitchen, and painted all rooms.

Lessons learned? Challenges?

Be patient.

Thank you Tchaka.  That at least show some cash flow. The other repairs include updating the kitchens and baths to a degree and maybe some windows.  Thank you again.  I really appreciate your time for looking at it.

https://www.biggerpockets.com/calculators/shared/1369777/6aa34d00-9459-4d02-a042-d71d5c0607c9

This is my first post to BP.  I am looking to buy my first multifamily in the Chicago area.  However, my final numbers don't seem to come out right, or maybe they are just not good deals.

This particular unit is a 3 flat in Arcadia Terrace with two 2 bed/1 bath and a 1 bed/1 bath in garden apt. Do my numbers look right to you.  I tried to be conservative.  The building has radiant heat that I would replace with an HVAC system.  I would also like to install washer/dryer hookups on the two upper units.

I would appreciate any feedback.

Thank you

View report

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