With real estate investment being hotter than ever, it seems like everyone is trying to find a deal. There can be lots of competition out there, so knowing where to look will give you the edge you need. In our latest post, we explore ways to find real estate deals in Chicago.
Finding great real estate deals can be difficult. Everyone wants to find a great house at a great price. Unfortunately, there aren’t always enough deals to go around. Smart buyers know where to look to find the best homes at the best prices. With a little research and connections to the right people, you too can find real estate deals in Chicago!
There is no better way to find great deals than by putting it out there. Join networking groups, investment clubs and talk to as many people as you can. Let the UPS man, the gas station attendant and the bank teller know you are in the market to buy. You never know who they know. They could know someone with a vacant house, mention your interest and poof! A deal could be done just like that! Don’t be afraid to let people know you are looking. You might be surprised at the deals you can find!
Check Out The HUD
The Department of Housing and Urban Development offers properties they have acquired via foreclosure. They sometimes have properties listed for pennies on the dollar. there can be a good amount of competition, so it is important to familiarize yourself with the process before diving in. Properties are limited and will usually sell quickly, however you can find many homes listed at a fraction of the price. Beware though, these houses usually require a bit of work and have likely had the appliances removed.
By avoiding the costs and commissions required by a real estate agent, you will ultimately be able to save money. If you are able to work with a seller one on one, they will not need to pay an agent upon completion of the sale nor costs to list, market and advertise the property. This can save them thousands of dollars on the sale of their home. You will be able to negotiate it so that some of this savings is passed to you! Or you could seek out property deals from investment companies. Chicago Property Deals is a professional home seller who can help you save time and money on your Chicago house!
New properties become available every single day. Make it a habit to check out the MLS each morning for new houses that have been listed. Subscribe to email alerts from local agents and investment companies, who share their newest listings via email. You can even set up google alerts to notify you when there is a mention of investment real estate in your neighborhood. Properties can be bought and sold lightning fast, so if you are looking for the best Chicago real estate deal, you will want to stay abreast of what is going on.
You aren’t going to find a great deal overnight. Don’t rush into things. Take some time to study the market and find out what will be best for you. Take a look at some properties and watch what happens to them. How much competition is there? How long are properties available before being sold? Real estate investment can be very profitable, but it can also take some time.