Buying Investment Property in Chicago
The best Chicago investment property deals are not the ones you see advertised in the newspaper classifieds or on the local MLS. The so called "deals" you see in those places are typically foreclosures and REO's where the banks only goal is to make as much of their money back as they possibly can. Others that are listed with an agent are just as bad. This is not the best way for you to make money.
Smart Chicago area investors are turning their attention to two classes of properties, pre foreclosures and wholesale properties. Neither one of these types of investments are widely publicized, and that's a good thing as the competition for them is not as fierce. This of course means that you have a much better chance to turn a profit on your investment.
Pre foreclosures are homes that have not yet reached the point of an actual foreclosure sale, but the owner is several months behind on payments and has essentially no hope of getting caught up. The advantage of this kind of situation is that many times you can pick up these properties for whatever the owner owes the bank. Depending on how long the owner has lived there and how much they paid, there is the potential for some good profit.
Another option is wholesale properties that are being sold by other investors. The reasons for them selling can vary, but usually include the need to free up cash for other investments. But you usually can't find these deals unless you are tied into a network of other investors. Because we have so many investors as members, its only natural that they would make their wholesale property deals available to other members of our network.
MyHouseDeals.com can help you find both pre foreclosures and wholesale properties. We compile the most up-to-date list of these kinds of Chicago investment properties. We have a team of people who continually follow-up on the deals we have listed to see if any of the terms have changed or if the owner is willing to lower their price even further. You won't find this level of service in other Chicago area real estate investment clubs.
Whether its pre foreclosures or wholesale properties you want to focus on, becoming a member of MyHousedelas.com can be your first step in the right direction.