Foreclosures in Chicago Rehabbed and Sold For a Profit
Is it possible to make money flipping foreclosures in this market? Most people think the answer is no...well I say YES!...it is being done in this market and smart investors are making big money buying foreclosures in the Chicago area, rehabbing them and selling for massive profits! I wrote a previous post:
The first foreclosure property…5113 W Melrose Ave , Chicago, Illinois 60641… a 3 bedroom 1 bath Chicago Bungalow, sold on 11/22/2010 for $90,000 the foreclosure was rehabbed completely to a 5 bedroom 2 bath home and sold on 5/27/2011 for $239,900 – market time 2 days! ...see for yourself here => Chicago Foreclosures Before and After Sheet
Foreclosure number two...5814 W School St, Chicago, IL 60634 a 4 bedroom 1.5 bath brick Chicago Bungalow was bought for $110,000 on 1/3/2011...the home was rehabbed to a 3 bedroom 2 bath and sold on 6/3/2011 for $230,000 market time 47 days! ...see for yourself => Chicago Foreclosures Before and After Sheet
Foreclosure three...a 4 bedroom 2.5 bath brick Chicago Bungalow at 3616 N Luna Ave, Chicago, IL 60641 purchased for $120,750 on 12/22/2010 completely rehabbed to a 4 bedroom 3 bath and sold for $270,000 on 6/17/2011 - market time 19 days! ...see for yourself => Chicago Foreclosures Before and After Sheet
Foreclosure number four...4838 W Cornelia St, Chicago, IL 60641 was a 2 bedroom 2 bath that was purchased for $130,000 rehabbed to a 3 bedroom 3 bath and sold for $310,000 on 5/24/2011 - market time 21 days! You are probably wondering how extensive the rehabs were...well I can tell you the work that was done was very good and higher end. ...see for yourself => Chicago Foreclosures Before and After Sheet
The kitchens were opened up with tall cabinets stainless steel appliances and granite counters. The bathrooms have quality tiles like travertine and glass mosaics, cherry wood vanities and cast iron tubs. The walls, floors, doors and trim were all refinished. The basements were completely finished with ceramic tile floors and drywall.
In other words, none of the examples I have shown you are handyman type repairs, they were rehabbed by professionals. The short market time is an indicator of the kind of quality work that was done...this is the key...the more the prospective buyer is WOWed when viewing the property the first time...the quicker the rehabbed foreclosure sells! and the quicker you sell the more the profit.
I don't know about you but, if you are as excited as I am with the possibilities, you can start here with your Chicago Foreclosures search!
Goran Utvic, Chicagoland Brokers Inc
Chicago Real Estate Broker
Chicago Real Estate For Sale: