Flipping Condos - Advice Needed!!

[Carolyn Boswell]

Hi all, I'm looking for my first flip property in Chicago and ran across a condo with a lot of potential but It's self managed. 

Has anyone ever flipped a self managed condo? Was it hard finding a buyer who could find financing to purchase once it's fully rehabbed?

Any advice would be greatly appreciated.  

[Michael K Gallagher]

Hey Carolyn, The only major difference I'd expect to see in my numbers when flipping is that you need to account for the condo fee in the buyer's final purchase monthly payment. So if its a building with a high for the are condo fee every month then in my mind you are driving your own ARV down because that condo fee is taking up a larger portion of the monthly budget. If you are specifically looking to do the flip in Chicago you need to reach out to and get in touch with @Jonathan Klemm he's doing amazing things in the area and can help you acquire the property and flip it with his construction company.