Flip 1 Success. 76% ROI - Chicago
I am happy to announce that we closed on the sale of our first flip! We learned a lot and saved by putting some sweat equity into this project. Project 2 is already underway (2-flat renovation, moved into the 1st floor unit, 2nd floor rented). Eager to get started on Project 3.
Project Info:
-Purchased as a owner occupied HomePath condo in Albany Park, Chicago.
-Lived in it for 2 years.
Purchase Price: $75,000
Cash required to close: $7,500 (closing costs and down payment)
Renovation: $25,000 (used our own cash)
General Scope of Work: Full gut rehab of kitchen and bath, new molding all rooms, new paint all rooms, new light fixtures all rooms.
Sale Price: $126,000
After realtor fees, closing costs, interest, and paying ourselves back for the renovation costs, we've achieved a 76% ROI.