Buying wholesale properties can be a great way to acquire a home or build your portfolio. Working with the right wholesaler is key to your success. Here are our tips for finding the best properties and the best deals!
Buying properties at a discount sounds great right? And it can be when you are working with the right property wholesaler in Chicago. When deciding who to work with, make sure it is someone experienced, with an excellent track record. Many claim to have wholesale properties available in Chicago, but not all of them are the principal on a deal. When choosing to buy investment real estate in Chicago from a wholesaler, you will want to go to the source! Below are some tips on working with a IL wholesaler!
Check The Title
Just like with any real estate purchase, it’s up to you to do your due diligence! You need to check the title to ensure there are no liens on the property. You don’t want to find out after the fact that there is an issue with your claim to the property. Dealing with a cloudy title can be expensive and frustrating. By checking it out beforehand, you’ll avoid having to deal with any liens down the road.
It’s important to have inspections done on any property you are buying, wholesale or not. If you are not experienced in doing this yourself, hire a trusted inspector to come in and help. If there are specialized inspections that need to be done for things like the pool, septic tank, r soil quality those should be done separately. You should also make sure there aren’t any pests calling the property home.
Get It In Writing
When working with a wholesaler, they should be able to provide you with comps for the property both before and after the repairs have been made. They should also be able to provide you with some information as to how much the repairs will cost based on their knowledge of the property. While the wholesaler’s figures should be based on estimates from actual contractors, it is ultimately up to you to determine what the repairs will really cost you. Everything should be in writing, communicating via email when possible so you have a record of everything said. At the end of the day, all due-diligence lies with you.
As an investor, when you decide to begin working with a wholesaler in Chicago, you’ll want it to be with someone whom you can build a relationship. They should understand your goals and the types of properties you are after. Once you’ve built a rapport, they will likely come t you first with the great deals they find. When you work with Chicago Home Buyers, you can receive exclusive access to some of our best finds!
Finding The Right Wholesaler
When you find the right wholesaler in Chicago, you’ll be able to capitalize on their ability to find you the best deals. The right one will be able to provide you with market information, historical information, and comps for the property you are thinking about buying. They will listen to you and what you wish to achieve by purchasing wholesale property in Chicago. Once they know your goals, they will be able to focus on finding the houses that are right for you!
Buying wholesale properties in Chicago can be an excellent way to build wealth. If you are careful when making your purchase and are focused on finding the highest and best use for a property, buying wholesale properties can be your ticket to success! We are happy to answer any questions you have!