Well, guess what!!??
I'm under contract on my first deal. I
My first deal!!
I actually posted a thread a couple weeks back. It's for a decent 3Bed/1Bath condo out in Matteson, IL - a Chicago south burb (B- to C+, blue collar neighborhood) in a great little subdivision. I actually partnered up with my sister, and I'm very excited as I may already have a tenant lined up for this unit. Here's the stats:
$18,995 cash purchase price. (Negotiated from $22.5K)
$15K needed in rehab. Mostly paint, carpet, appliances, floor replacement, bathroom and kitchen updating. A lot of cleaning!! 30 day Project
$3K closing costs.
Total invested: ~$37K.
Property worth $70K.
Gross rent: $1,200 (roughly 3%rule)
Plan: line of credit for about $35K in about 6 months and then look for the next deal!! Oooorrrrr sell to an investor for a discount.
I want to thank Bigger Pockets and all the members here for the motivation, guidance and useful information!!
On to the next one!!
I'll be positing pictures and document progress for all to see. If I can do it, anyone can.
See you soon, BP!!
Hey @Sam C. that's great news! Congratulations! Hope it all goes well keep it posted. I'd like to know how it goes.
@Sam C. congrats!
thank you, @rafael velasco!! Will keep you posted!
Way to go @Sam C. ! Can you share how you landed the deal?
Excellent work !!! The next deal will go faster and faster ! Wow 3% in Chicagoland that's awesome ! It is extremely hard for me to find anything in the far Chicago Northwest Suburbs that would equal 1.75
Keep up the progress post ! I am Very interested to see how you progress !
@JeffValentino @Jeff Valentino
After mining Craigslist for a couple weeks and stumbling upon the same re-re-re-wholesale deals, I actually found the listing from a gentleman that purchased it directly from a lender thru a nice connection. He's also new to the business and it seems like we were both at the right place at the right time.
Stay tuned for my updates on how I rehab and stabilize the asset!!
Thank you for your interest.
@cliffordpala @clifford pala
Yes, I was digging for gold and was about to give up when I stumbled upon the deal. Yes, it's higher risk (south side burbs) but this will typically yield a higher reward. As I have personally managed and collected rents in some of our city's toughest neighborhoods for these past 4 years I know how to collect in these types of areas and how to handle vacancy. Some might find this intimidating but I'm grabbing the proverbial south side rental market my the horns!!
However, I may not get the appreciation long term as say, your northwest 1.75 deals. But you will ultimately risk less volatility and certainly better appreciation long term in the northwest vs south side.
I appreciate the kind words and interest.
If you every need any help with property management questions, feel free to ask!! I have lots of fun information FOR FREE. Always eager to help my fellow investors!
@Sam C. Awesome work!
Thank you, kind sir!
@Sam C. congrats on the deal! Looking forward to seeing the updates
Congrats @Sam C. nice work and best of luck with the rehab!
thank you, @anthonyarmstrong @anthony Armstrong.
Will keep you posted!
Congrats@Sam C. on your 1st deal:)
Looking forward for your update on the rehab!
@Sam C. Awesome! Step one to the empire!
Hey great to hear your story, and much congrats are in order. I'm not too far from Mattesson and I know there are some great deals out there. I hope everything works out great for you, and I look forward to hearing future success stories. Great job.
Congrats! Nice job!
Good going. I read that you are managing properties in south side. I would like to discuss if you are open to do property management for my properties as well. Will message you my contacts and talk to you soon.
Congratulations on the deal. Wish you continued success.
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