A recent article in the Chicago Tribune states that less properties sold in 2010 than in 2009. Also, there was a decrease in price for properties that did sell. As investors, this is not necessarily bad news. We take this article and try to find positive points for Chicago investors, especially cash buyers.
We have worked with Chicago’s top real estate investors, realtors, and wholesalers in the last few years. We have seen people come and go as you could expect in such a unstable market. Fortunately, we have seen what has made other successful and other investors fail. Whether you are a wholesaler or investor looking to get into the Chicago market, there are rules that will help you get started in the right direction which we will share exclusively with you. Below we have complied five tips that can help you tame the beast that is Chicago real estate investing!
The price drop on properties along with the foreclosure inventory are making this the perfect storm for real estate investors new and old. If the rumors are true and there are another few hundred thousand homes YET to be released as REO’s by the banks, then there is still time to get in the game while its near rock bottom! It is going to take investors for this thing to move forward and those who do will earn great wealth.
Investing in real estate can get confusing for many people who are starting out. There is so much information as to where to start and what to do, that it can lead to action freeze. We have found the 5 benefits of working with private seller deals as opposed to bank owned reos. There is an argument for both strategies and either one can make you a lot of money!
Learning how to spot a wholesale property is crucial for your success in wholesaling real estate. Anyone can buy a course and start looking at property. However, if you want to really building a successful system buying wholesale real estate, then you must know what to look for. Many of the most successful real estate investors can do this almost instantly. There are a few key giveaways that will help you find a deal.
Know the different styles of properties that are selling in Chicago. Know what makes them unique as well as how they compare to one another. This will help any wholesale or rehabbers in Chicago know how to better run their comps. Right now Chicago’s hottest flip areas are selling Bungalows, Ranches, Georgians, and Cape Cods.
These tips fit almost any self-starting entrepreneur. If you are wholesaling real estate, you are an entrepreneur, whether you think so or not. As any sport or industry you are in, the only way to succeed is to have passion, discipline, and humility.
I live in Chicago and I wanted to invest in real estate. Since I used the same excuse others do about not having money, I looked into wholesaling. Wholesaling real estate is the art of putting a motivated seller and a cash buyer together and getting paid for brokering the deal. Now, there are times when this may look a bit overwhelming, but trust me it’s not that bad. No matter where you live, wholesaling is possible, even if there are not many investors in the area. If you follow these five tops, you will be wholesaling within a month or so.
Real Estate investing is probably the quickest way you will get to your dream income. Wholesaling will be your way into this industry. As you start building your business and generating leads, you will need to know what type of people you’re talking to. Whether it is another wholesaler, a seller, a potential buyer, there are certain personality types you must try to avoid or learn to deal with. These types of individuals can waste your time, energy, and ultimately money. Take notes because you will need to look out for The Big Talker, The Middle-Man, The Weasel, The Yapper, and The Snob.
Many wholesalers get into the game with great intentions but fail due to bad planning. My tips are to help people know and understand some vital components that go into a wholesaling business. From organizing your folders and joinging facebook groups, these tips come from what the top wholesalers in the industry teach others throughout their coaching or courses.
