Chicago Wholesale Challenges

I am a "Newbie" investor. I wanted to focus my attention on Wholesaling in Chicago. I started researching back in June and found out that Wholesaling can be very lucrative for a relatively new investor like myself. Since I started I have felt so unmotivated.I started off ok, then things just got bad. I work with a broker in my area who is also a creative investor so I have looked at a few properties in the last 3 months. I started a squeeze page 2 months ago and have had only two people sign up on my site(I advertise on craigslist). I have visited a couple of properties with my broker and have come across a lot of potential, however, none the end buyers seem to show any interest. I know im doing something wrong but I have no clue how to do my first deal. I think I need a mentor but I don't know how to go about finding one in Chicago. I need some advice.

Thanks!

Tyler H.

Real Estate Investor · Fort Worth, Texas

38 posts
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Sep 01 '10, 11:18 AM

I would suggest focusing on homes in 1 specific zip code--a zip code that investors want to own rental property in. Mail yellow letters to vacant property owners in that area--you have to have the phone ringing to make offers. Heck, knock on doors if you have to. Get plugged into a local investment club to find buyers in your area that can close, with cash. Your on the right track, just don't get discouraged--it takes a while to get a good wholesale business running.

Eric Michaels

Real Estate Lender · Chicago, Illinois

Pro Basic

707 posts
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Sep 01 '10, 02:30 PM

I just think you have discovered the realities of REI. It is much tougher than the books and gurus and seminars make it sound.
Wholesaling is not an easy business. It is hard work to find great deals when so many others are searching too. It is hard to find cash buyers when so many others need buyers too.

My honest advice is that if you already lost your motivation after a couple of months, this may not be the biz for you.

Kristaal Davis

Real Estate Investor · Chicago, Illinois

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1 award
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Sep 15 '10, 12:32 AM

Thank you. I was really looking to hear some advice from a wholesaler and I got that. I got discouraged but that doesn't mean I can't do this business. Some people throw in the towel at the first sign of difficulty but I have stayed persistant. I am doing this it's hard but i keep pushing to get better results and it actually worked. If I give up on what I want then im a quitter. Thats not me! Thanks for the advice I truly appreciate it.

Doug Smith

Real Estate Investor · Houston, Texas

Donor

51 posts
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Oct 03 '10, 01:14 PM

Kristall, don't give up. To get going, you need to network with some active/successful wholesalers in Chicago. They're in the field doing this everyday in your local market, so they know best. To find them, go to www.myhousedeals.com, create a free account, search for wholesale deals, and find out which investors are posting the most deals. Offer to buy lunch for several of them. I'm sure one or two will say yes, and that's enough. Then they'll direct you to the resources (clubs, people, etc.) that you need to succeed. They can also tell you which pitfalls and/or scams to avoid. Hope that helps!