Interested in getting a great deal on a Chicago house? Working with the right property wholesaler can save you thousands on your real estate purchases! In our latest post, we will discuss 5 things to know about buying wholesale properties in Chicago.
Are you interested in buying property at wholesale prices in Chicago? Doing so can provide you with excellent profits, but there are also a few things you should be aware of. Below, we discuss what you can expect and what you should look for when buying a wholesale property in Chicago or the surrounding areas.
What Can It Offer?
Buying property at wholesale prices can be an investor or rehabbers dream come true. When you work with the right wholesaler in Chicago, you’ll be able to avoid the legwork and negotiations involved when trying to find these deals yourself. When you find the right one, you will build a rapport and relationship. They’ll know what to look for and you will know the quality of properties you can expect from them.
Not All Wholesalers Are The Same
There are all kinds of people who claim to offer Chicago real estate at wholesale prices. While some know what they are doing and have the experience to back it up, others are new to the game and are just looking to make a quick buck. At Chicago Home Buyers we strive to get to know our clients and understand their selling goals. We’ll work with you, finding the properties you are looking to flip or add to your portfolio. You won’t be hit with unexpected fees or costs at any time during the process. We are very experienced in buying and selling houses in the Chicago area, and we know how to find and obtain the best deals out there.
Inspecting The Property
When making any real estate investment, you’ll need to do your due-diligence. Have an inspection done or perform one yourself as long as you know what to look for. The inspection should cover all major components of the property. Anything your inspector is unsure about should be handled by a specialist. Remember, your inspector can typically only inspect what they can see and what their tools will allow for. In some instances, a second opinion is needed! From there, get estimates from local contractors as to how much the repairs will cost you. By performing the inspection up front, you won’t have to worry about unseen setbacks down the road. You’ll be able to know what to expect and how to budget accordingly.
Many times, wholesalers will shoot out numbers based on their own personal estimates. While these estimated can be educated, it is ultimately up to you to decide if you are receiving a good deal or not. Your wholesaler will likely provide you with some comps and market information, however, it doesn’t hurt to find some of your own. Try to get 3 solid comps for your prospective property both before and after the repairs are made.
Check The Title
It’s important to hire a professional company to perform a title search before making your purchase. You don’t want to find out after the fact that there are liens affecting the property. Some investors will rush into purchasing a wholesale property from an inexperienced wholesaler, not realizing the property also comes with a cloudy title! Just like when buying a property from a private buyer, it’s important to do your due diligence and your homework before signing a contract to buy!
Buying a house from a property wholesaler can provide you with the profits you want to see from your Chicago investment property! Get in touch with us today to learn more about what we do!