Investment real estate is an excellent way to generate wealth for you and your family. In our latest post, we will share with you ways to buy an investment property for a fraction of the cost in Chicago and the surrounding areas.
If you want to invest in Chicago real estate, you’ll likely enjoy the idea of saving a few bucks on the purchase. Below are some of the best ways we know to save money on an investment property in the Chicago area.
The best way to buy investment real estate in Chicago at a fraction of the cost, is to avoid the MLS altogether. The MLS is primarily for those looking to buy at full retail price, typically for a house they plan on living in themselves. Most successful investors will look for off-market properties in order to find the best deals. Luxdoor Invest is a professional buyer and seller in the Chicago area. We offer great houses and low costs for people looking to invest locally. We handle the research and the leg-work so you can quickly and easily find an income producing property in the Chicago area.
Look For Off-Market Deals
Looking for off-market properties on your own will take a bit more work than working with Luxdoor Invest. There are many ways you could go about this. You can collect all of the FSBO, foreclosure, and rental listings from the neighborhood. Go down the list, calling each owner to get the scoop on the property and why they want to sell. Contact the owners of rental properties too. They might be having trouble finding tenants, making them more interested in selling. Make appointments to see the properties you are interested in right away and get your offer in the door. It might be a bit nerve-racking at first, but over time your sales and negotiation skills will improve.
Another way to find off-market deals is to drive the neighborhoods you are interested in. Make note of any for sale signs for houses you haven’t yet looked at. You can also jot down the addresses of houses that look worn down and vacant. You can find ownership information at your local property appraiser site or with a quick google search. You can politely reach out to these owners and let them know you would be interested in making an offer on their property. Some people might feel as this is an intrusion of privacy, so expect to be hung up on once and awhile.
Buy In Bulk
You can find some great deals when you opt to buy from another investor in bulk. Oftentimes, an investor will want to sell off parts of their portfolio, grouping some properties to be sold together. While a couple of the properties might not be much, others in the lot can be of great value. Once you are able to sell off the properties you don’t want to keep, you can focus your time, money and energy on making the remaining properties high income producing machines!
Find A Partner
By finding a partner with similar aspirations and goals, you will be able to find and purchase real estate that you wouldn’t have been able to on your own. Find someone who compliments your skills and investment style. They should excel in the areas you are lacking and vice versa. When the right partnerships are formed, amazing things can happen. You should only form investing partnerships with people you really know and trust.