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Chicago Ongoing Flips

Overview

Harding – Before Video

https://drive.google.com/open?id=16kARooB8BRbAvEYwjq0gaG1uXLjRzmuGOQ

Mid Project (not ours but gives you the “feel”)

https://drive.google.com/open?id=1qYflkp4sFzEnpBtjCYAEIyy5IKQ5oKkFTg

A Finished House

https://drive.google.com/open?id=1TaAKP98R740Vv9BeDBzcBCENW1RDbCF4dA

1909 N Keystone Ave Chicago 60639

  • This is a project in which we took a 3-unit bill spread over four floors renovated each unit and converted it into a condo.
  • When done this building will have 3 condos. The condos on the ground floor and the first floor are 2 bedrooms 1 bathroom on approximately 800 square feet. The condo on third and fourth floor are going to be three bedrooms two and a half bathrooms on approximately 1300.
  • The project includes a full demo of the entire inside of the house, fully gutting it, and rebuilding each floor to the spec with new walls new kitchen new bathrooms new piping new electricity.
  • The upper unit it includes removing an old staircase that was dangerous, and build a new one at the back of the house with balconies
  • This building comes with a two car garage at the back of the lot. It is still undetermined how we will sell two car garage two three units but we thought it would be better to have a two car garage then none in Chicago

Plan for 1909 N Keystone Ave Chicago 60639

Update

Project has about 1 month delay and $17,500 (6%) over budget.

Explanation

When roof was demoed and opened it was apparent that the roof doesn’t  have proper support beam. Which required additional drawings and plan approval by the city before progressing – approx. $12,500 additional expenses. 

On some projects the city of Chicago requires to replace the sewer pipe from the house to the street – $5000. There is no way to tell in advance on a property if the city will require or not.

Before Photo

Current – Photos

4446 N Keokuk Ave Chicago 60630

FlipOnBoarding-N Keokuk

Update

Project on track with some delays, approx. 1 month, due to lender’s slow release of funds.

Before Photos

Current Photos

4644 N Harding, Chicago, IL 60625

Purchase date 1/15/2017
Listed for $165,000
Purchase price $145,000
Closing costs $3,300
Estimated Renovation & holding
$183,600
Property Taxes, Ins, Staging, Utilities
$9,500
Est. All-in $341,400
Target Selling date
1/15/2018
Target selling price $520,000
Sales commission $31,200
Sales expenses $10,400
Projected Profit
$137,000
Project ROI 40%
Profit Sharing
Investor(s) 50% $68,500
Local team 25% $34,250
Simply Do It (Facilitator) 25% $34,250
Investor’s Return On Investment (ROI)
20.06%
Duration (months)
12
Annualized ROI 20.06%

Update

Project has about 1 month delay and $2,000 over budget and it is estimated to be completed in about 1.5-2 months.