Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

Purchase price: $130,000
Cash invested: $23,000

Performed cash out refinance at 70% LTV with appraisal of $232k. Infinite equity!

What made you interested in investing in this type of deal?

This is my first out of state investment and the first property I have bought and rehabbed without ever seeing the property. This was on my bucket list of things to do for 2019.

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

I found this deal through an agent/wholesaler. No negotiation.

How did you finance this deal?

Cash purchase and repairs. Performed cash out refinance through LMCU at 70% LTV.

How did you add value to the deal?

Performed light rehab including flooring, paint, exterior repairs, interior bath and kitchen updates, etc.

What was the outcome?

Infinite returns on BRRRR.

Lessons learned? Challenges?

It's important to thing several steps ahead when you are performing an out of area flip/hold. Things move a lot slower with less control than a local flip.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Derrick Jackson in Chicago did a great job arranging the purchase of this home.