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Flip Alert: Chicago Flip 15% ROI Net to Investor or $68K Profit

$ 490,000 All-in
N Albany Ave,
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179
Terminated

Have Questions? – Post in the comments section below


Similar Projects

Here are other similar projects before, during, and after to get a “feel” about this flip:

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


Quick Summary:

  • Contract status: Under contract
  • Listing price: $280,000
  • Purchase price: $265,000
  • Rehab: $200,000
  • Purchase + Rehab + Holding (total all-in): $490,000
  • Renovation duration: approx. 8-9 months
  • Project duration (closing to closing): 10-12 months
  • Projected selling price: $640,000
  • Projected net profit to investor(s) (before taxes; after profit share): $68,000
  • As always, this flip is first come, first serve.
  • All flips are eligible to be converted to long-term rentals; contact SDI for more details.
  • These are projections, not guarantees

Timeline:

  • Contract date: Jan 12 2018
  • Answer needed from interested investor(s): ASAP
  • Submit non-refundable deposit: TBD
  • Fund project account: TBD
  • Purchase-closing: Feb. 15 2018 (not final)
  • Planned listing date: 10-12 months from purchase

Investment Experience Needed

Simply Do It’s flip system is setup so the investor doesn’t need to have past experience or quit their job!

Simply Do It has trusted and vetted teams on the ground to do all the heavy lifting so you can stay informed and updated but passive.

Your Next Steps:

  • Post your questions below in the comment section at the bottom (or email meet@simplydoit.net)
  • Let us know if you are interested to participate.
  • Let us know which financing option (see below) is most relevant for you and approx. how much you have available.

Financing/Purchasing Options:

There are several options to purchase this flip:

  1. One investor – all cash.
  2. One investor – using conventional plus mortgage.
  3. Small group (up to 4 investors) – requires the group to work together to raise the full amount required.
  4. Private crowdfunding – large group with multiple investors. Minimum amount: $35,000
  5. Joint venture of a private equity fund.
  6. For options 3 through 5 – funds can be invested in the form of cash and retirement funds.

Ownership

  Financing Option Title Vesting
1 One investor – all cash. Investor
2 One investor – using conventional plus mortgage. Investor
3 Small group (up to 4 investors) – requires the group to work together to raise the full amount required.
LLC or a Trust
4 Private crowdfunding – large group with multiple investors. Minimum amount: $35,000
LLC or a Trust
5 Joint venture of a private equity fund.
Private Equity

Contact

Private Equity

  • Simply Do It is partnered with a passive Private Equity (“PE”) firm.
  • To the funds needed for the project, the Private Equity brings 85%.
  • You, the investor, bring 15% of the funds plus set-up fee: $77,000
  • There are no mortgage payments, or any other payments until the project is completed.
  • Profit will distribute as follows:
  1. Preferred Return (7%) on PE capital amount
  2. Total capital amount paid by PE
  3. Total Preferred Return (7%) on investor’s capital amount
  4. Total capital amount paid by investor
  5. Of remaining net proceeds, fifty percent (50%) to PE and fifty percent (50%) to us (Investor, Simply Do It, and the Local Team – see profit sharing below: 60% / 25% / 15%)

Projected Profit Analysis

$ needed $473,500
Private Equity’s Contribution 85% $402,475
Investor’s Contribution 15% $71,025
Setup fees to SDI & local team $5,000
Total from investor (you) $76,025
Net Selling Price $601,600
1st Tier Distribution (with PE)
Preferred return to PE 7% $28,173
Return of PE’s investment $402,475
Preferred return to Investor 7% $4,972
Return of Investor’s investment $71,025
Net before Split with PE $94,955
Split with PE 50% $47,478
Profit Sharing with SDI & Local Team $52,449
Investor(s) 60% $31,470
Local team 15.00% $7,867
Simply Do It (Facilitator) 25.00% $13,112
ROI 41.39%


Simply Do It
 has a conventional lender that can lend for the purchase and renovation.

Small group

  • Simply Do It has many investors who want to participate in such a flip.
  • Some of those investors have limited funds to participate alone.
  • Simply Do It can put together up to four investors for this flip.
  • If this is a relevant option for you, let us know you are interested and how much you would like to invest.
  • You do not need to ask your friends to join, unless you want.

Private Crowdfunding

Private crowdfunding is a way to enable more investors with a lower investment amount on one deal.

Funding goal: $490,000

  • If this is a relevant option for you, let us know you are interested and how much you would like to invest – based on the matrix.
  • Minimum amount: $35,000

Funding Costs Matrix

Investment Amount Setup Fee Total Needed
$35,000 $3,850 $38,850
$35,001 $50,000 $2,125 $52,125
$50,001 $75,000 $2,625 $77,625
$75,001 $100,000 $2,750 $102,750
$100,001 $150,000 $3,000 $153,000

Scope Of Work

This is a general plan of the work:

  • This house has 3 floors: Basement, main and 2nd floor. Currently, only the main and 2nd floors are used as living spaces.
  • Full second floor or dormers to the second floor will be added to make it available for 3 bedrooms and 2 bathrooms including a Master suite.
  • After the renovation, there will be three fully livable floors: Basement, main, 2nd floor .
  • All interior walls, roof, and the rear exterior wall will be demoed. This will leave room for a large addition on the back of the house plus extending and re-configuring the top floor.
  • Brand new underground plumbing, supply and drain side plumbing, updated electrical with two hundred amp service, and a split system HVAC upgrade.
  • House will also get new windows and siding.
  • New cabinets in the bathroom and kitchen, to match the high-end finishes in the neighborhood.
  • When complete, the house will be 5 bedrooms, three and a half baths including a master on-suite bathroom. The entire first floor will be opened up to a spacious layout. An impressive wood staircase will be constructed.
  • The first floor will have space for a living room and dining room along with a large eat-in kitchen.
  • In addition, a bedroom in the basement, with additional living space, will be created.

House Specifications

  Before After
Finished Floors 2 3
Bedrooms 4 5
Bathrooms 2 3.5
Sq Ft
Garage 2 car 2 car

 

Read more about Albany Park

it’s in a hot neighborhood raped by Horner Park in Albany Park. Very sought-after area in Albany Park.

 

Financial Analysis (Cash)

Listed for $280,000
Purchase Price $265,000
Closing Costs $2,000
Estimated Renovation & Holding $200,000
Set-up Fees $5,000
Finders Fee $0
Prop Taxes, Insurance & Staging $6,500
Reserve 5% $10,000
Est. All-in   $488,500
Target Selling date 2/16/2019
Target selling price $640,000
Sales commission 5.0% $32,000
Sales expenses 1.0% $6,400
Projected Profit $113,100
Project ROI   23%

Profit Sharing (Cash)

Investor(s) 60% $73,860
Local team 15% $18,465
Simply Do It (Facilitator) 25% $30,775
Investor’s Return On Investment (ROI) 15.44%
Duration (months) 12
Annualized ROI   15.39%

COMPS MAP

COMPS

Address Sold On Year Built SQFT Beds Baths Sale Price $/Sq. Ft
335 N Albany Ave , Chicago, IL 60618 N/A 1906 3,000 4 3.5  $      644,998 $215.00
Ref Address Sold On Year Built SQFT Beds Baths Sale Price $/Sq. Ft
1 4247 N Richmond St 2,850 5 4.0  $      617,000 $216.49
2 4508 N Troy St 4,050 7 3.5  $      650,000 $160.49
3 4229 N Albany Ave 2,459 4 3.5  $      661,500 $269.01
4 4306 N Albany Ave 2,750 4 3.5  $      669,000 $243.27
5 4443 N Albany Ave 3,200 4 3.5  $      670,000 $209.38
6 4250 N Francisco Ave 3,700 4 3.5  $      708,000 $191.35

Address: N Albany Ave
City:
State/County:
Zip: 60618
Country: United States
Property Id : 4865
Price: $ 490,000 All-in
Rooms: 7
Bedrooms: 5
Bathrooms: 3.5
Year Built: 1906
Garage: Yes
Garage Size: 2
Basement: yes
ROI (ann): 15
Property Taxes (mo): 3500
Insurance (mo): 3000
back yard
fenced yard
walkscore90 / Very Walkable more details here

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