Condo in Wheeling IL

[Ivan Zinginov]

Investment Info:

Single-family residence buy & hold investment in Wheeling.

Purchase price: $55,000
Cash invested: $10,000
Sale price: $97,500

One bed one bath condo that needed minor repairs.

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

The property was auction sell and I was the highest bidder.

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

Online auction

How did you finance this deal?

Cash

What was the outcome?

After renting it for few years with $300/m cash flow sold it and both another property with 1031. The current property cash flow $900/m.

Lessons learned? Challenges?

Condo units always comes with HOA and sometimes is hard to to deal with all the rules and never know when you get hit with special assessment

[Mark Ainley]

@Ivan Zinginov I am amazed you found a purchase price for that low in Wheeling...congrats on the find...you make money when you buy and holds true here.