Chicago newbies earn 85k on no money down flip!
A huge congrats goes out to Al and Heidi Wang on their very first flip! a few months ago I connected with Al on BP. He and his wife had for some time been interested in a flip. After attending a meeting with my group Chicago Action investors they decided to take ACTION!
They purchased a Greystone two unit in Englewood at 6537 South Green St. for 54k using no money down lines of credit . the building was in need of a vigorous rehab. All of the Plumbing lines were busted and needed to be replaced, tuckpointing was needed, an entire interior repaint was needed as well. Some updating in the kitchen sink and baths included new granite countertops and Custom vanities and Cabinets. The garage needed repair as well. They decided to add central air units which were placed on the roof. They also replaced all light fixtures and ceiling fans switches outlets and covers. New carpeting was added. There was a laundry list of Minor tasks that needed tending to. The building contained three separate apartments. All three had individual heat and 3 bedrooms 1 bath each. All told there was 80k in improvements. For those not in the know, Englewood has become a hot area to invest in. With Kennedy King College buying land and expanding as well as BNSF Railroad, a 50 million dollar infusion from state and city funds, along with anchor stores Whole Foods, Starbucks, and Chipotle, Al and Heidi were able to secure a buyer at full list price 215k even before they had completed the rehab! Now that the Thanksgiving holiday is coming to a close, they will be preparing for their second flip! Way to go guys! So glad we could help!