Old Irving Park Chicago Single Family Home

Investment Info:

Single-family residence fix & flip investment in Chicago.

Purchase price: $170,000
Cash invested: $1,000
Sale price: $295,000

Direct mail to longtime owner. Signed contract with seller and blasted out to email list. Received an offer for $250K from the email list which was countered at $265K. The potential buyer said he wanted to walkthrough it and would update after that. Once he walked through, he said he is pulling his offer. Then the deal was funded and listed as-is on the MLS. Got an investor buyer in 3 days who paid $295K for the property. That group rehabbed it and sold it to a retail buyer for $620,000.

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

Great deal in a great neighborhood

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

Direct mail to seller

How did you finance this deal?

Hard money

How did you add value to the deal?

Bought it right

What was the outcome?

Sold to another investor

Lessons learned? Challenges?

Funding deals and listing on the MLS will usually always get more money