Monday, November 3, 2014

560 Lakeridge Drive south Elgin: Beautiful "Flipped" Thornwood home

I speak with many clients who want to flip houses. It seems so easy on those HGTV shows.

I thought I would show you a real life Thornwood example in this flipped home at 560 Lakeridge Drive.

This house was purchased as a bank owned REO in 
4-11-14 for   $214,524 and completely rehabbed (unfinished basement) and sold on 
10-8-14 for   $355,000. 

While the  NET numbers are not public information, the retail numbers reveal  more than 52% return and less than 6 months time  purchase to close. 

I'd be happy to email you more photos so you can see the beautiful interior finishes on this rehab. 
What would a  complete rehab on a 2800 square foot home cost? I'm guessing at least $50,000...still a nice profit. 

But is it worth the risk? .... the stress? 
It's not for everyone but if flipping is your goal, be sure to choose a desirable  and very marketable neighborhood like Thornwood where your turn time will be minimal.
REO/distressed  properties occasionally  come up in Thornwood. Click on the link on the right side of this column to search for homes or contact me directly to have properties sent right to your in box.