My First Flip Project in Peoria IL
14 Replies
Venkatesh B.
Real Estate Agent from Peoria, IL
posted about 1 year ago
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $53,000
Cash invested: $40,000
Sale price: $139,000
Upgraded this split floor home with new roof, fresh paint inside and external, new carpet, upgraded kitchen and bathrooms.
What made you interested in investing in this type of deal?
Price of the home, condition of the home.
How did you find this deal and how did you negotiate it?
Got this through a craigslist ad. The home was vacant and the seller has moved to old age home and just wanted to get rid of it and the home was in bad shape with roof in end of stage and the whole house was very outdated, had too many stuff all around the home and whole flooring was in bad shape.
How did you finance this deal?
50% invested by cash and 50% invested by private lender
How did you add value to the deal?
Updated to brand new roof, resurfaced kitchen wooden flooring, updated kitchen countertops with Granite, updated with new carpet, updated both bathrooms to modern look, painted the whole house inside and out, added a additional bedroom in lower floor added new modern chandelier and upgraded light fixtures to modern style.
What was the outcome?
Sold the home with over $40,000 profit!
Lessons learned? Challenges?
Location of the home is not in great location and hence had more time to sell as not many buyers were motivated to buy in the area.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate agent with Keller Williams Premier Realty and I did good marketing. Received the offer with in the 20 days of listing with my marketing. However had to close with 3rd buyer as the first 2 buyers could not close due to their lender not lending due to their income.

Joseph Bagley
New to Real Estate from Chula Vista, CA
replied about 1 year ago
Wow that's awesome. Any before and after pictures? Just curious. I'm looking to do my first flip next year.
Venkatesh B.
Real Estate Agent from Peoria, IL
replied about 1 year ago
Brent Paul
Rental Property Investor from Shakopee, MN
replied about 1 year ago
Nice work!
Travis Knox
Investor from Peoria, IL
replied about 1 year ago
Wow, nice job man. I'm not quite confident in assessing market values yet, but doing flips with someone seems like a solid plan considering cash is my real barrier in these early days. Would like to chat with someone like you in the Peoria area!
Brad Stegall
Rental Property Investor from Peoria, IL
replied about 1 year ago
@Venkatesh B. Nice work!!
James Hall
Investor from Peoria, Illinois
replied about 1 year ago
Very nice profit! How long was it before you actually closed on it?
Venkatesh B.
Real Estate Agent from Peoria, IL
replied about 1 year ago
Listed in Jan'19, got my first offer in 20 days, second in 2 months and last one finally closed on 1st week of Jul'19
Venkatesh B.
Real Estate Agent from Peoria, IL
replied about 1 year ago
Originally posted by @Brent Paul :Nice work!
Thank you Brent!
Venkatesh B.
Real Estate Agent from Peoria, IL
replied about 1 year ago
Originally posted by @Brad Stegall :@Venkatesh B. Nice work!!
Thank you Brad!
Venkatesh B.
Real Estate Agent from Peoria, IL
replied about 1 year ago
Thank you!
Brian Miller
from Bolingbrook, Illinois
replied about 1 year ago
@Venkatesh B. Nice job! What kind of marketing did you do specifically outside of putting it in the MLS?
Keith Thomas
Rental Property Investor from Auburn, WA
replied about 1 year ago
Great Job. Did you act as the GC on the job or did you just hire a GC to do the whole project for you?
Venkatesh B.
Real Estate Agent from Peoria, IL
replied about 1 year ago
Originally posted by @Brian Miller :@Venkatesh B. Nice job! What kind of marketing did you do specifically outside of putting it in the MLS?
Brian, I did multiple open houses and targeted facebook ads. Followed up with each of the open house visitors. Yard signs at multiple locations.
Venkatesh B.
Real Estate Agent from Peoria, IL
replied about 1 year ago
Originally posted by @Keith Thomas :Great Job. Did you act as the GC on the job or did you just hire a GC to do the whole project for you?
Keith, I acted as GC and sub contracted the work.
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