Working with a property wholesaler in Chicago can be a great way to find a home or add to your portfolio. Learn more about the benefits, what to watch out for, and how it works in our latest post!
Do you want to find great deals on investment properties in the Chicago area? Working with Chicago Home Buyers can help you find some of the best area properties at unheard of prices. Below, we will explain how wholesaling works and how to work with a property wholesaler in Chicago!
Study The Market
Before working with a wholesaler in Chicago, you’ll want to have a good idea of what is gone in your local market. Take a look at trends, recent sales, and who’s buying. You’ll need to have something to go on to ensure you are getting a great deal! Most of this information is public and can be obtained from sites that share MLS data such as Zillow and Trulia. You can also find the majority of this information through your local property appraiser’s website. Before you buy, spend some time learning about what is happening in the local Chicago real estate market.
Find The Right One
Not all wholesalers are the same. We can’t stress this enough. Some wholesalers are marketing the same property as many other wholesalers, some are inexperienced, and some will rope you into paying a non-refundable deposit, only to cancel the sale and walk away with your cash. As such, wholesalers often get a bad rap. However, when you find the right wholesaler, it can be like finding gold. It’s important to find someone who is experienced, who understands your goals, and who can provide the references to back up their claims.
Do Your Homework
At the end of the day, the due-diligence lies with you. You’ll want to ensure the title isn’t cloudy and that there won’t be any other claims to the property. To do so, have an experienced firm run your title search. You’ll want to be able to run some comps for the house, both before and after repairs have been made. Try to get at least three solid comps for each scenario. You can estimate repair costs yourself or hire an inspector to tell you what is wrong. From there, you can obtain estimates from local contractors to perform the work. Keep in mind, that repairs can often be higher than originally quoted, so be sure to plan ahead for this when determining your repair budget.
Be Able To Close Quickly
When you find the perfect wholesale deal in Chicago, you’ll want to get the ball rolling as quickly as possible. While you don’t want to cut corners, you should try to complete your due-diligence as quickly as possible. There are likely several other investment buyers looking at the property and you don’t want to find yourself missing out on a great deal. That said, if you miss out on one, don’t get too discouraged. Set your sights on the next deal… it’s out there!
Why Work With A Property Wholesaler In Chicago?
You might think you can just go out and find the deals yourself and you would be right! However, a lot goes into marketing and sourcing the properties we offer. We spend a tremendous amount of time in negotiations, not always getting the deal. However, when we do, it can lead to a simple, fast, and convenient way for you to buy a house in Chicago at 70% of the market value. When you work with Chicago Home Buyers, you will be able to save both time and money.