How To Find Wholesalers In Chicago

Question

I’m a new investor and I’ve spent the good part of 2022 combing the mls breathing in untold amounts of mold, putting offers, getting inspections to find more structural damage raising total investment to more than the arv. So before I go and try to wholesale my own deals and before it’s too late in the season to find renters to move in this year after works done I figured I’d see how people go about finding wholesalers. I’ve checked meetup but all the meeting have 2 total people attending including the host so doubt I’ll find many connections there and I went on Facebook for some reia’s and all the posts are years old so just trying to get steered in the right direction.

Michael K. · Answer

You should know that you are up against a literal army of real estate agents if you try to be a wholesaler. Agents are also doing mailers, knocking on doors, and cold calling up the wazoo. Moreover, agents are highly discouraged from doing what wholesalers do (net listing agreements). A net listing agreement is when the seller and the agent agree on a sale price upfront and if the home sells for above that amount then the agent pockets the overage. So despite having to pay a percentage to a realtor at least the relationship is transparent. Not saying you can't make money as a wholesaler but you should at least know what you're up against.

Jonathan Klemm · Answer

Hey @Darrell Essex - Not sure which groups you are looking at on meetup, but here is ours: https://www.meetup.com/chicago...

Also, Check out the Straight Up Chicago Podcast's page for meetups.

We average at least about 30 people per event. We do some wholesaling ourselves and have a ton of good connections in the Chicago wholesale space. Happy to connect and talk more about how to get involved.

Michael K. · Answer

@Darrell Essex

There actually are meetups, just not wholesaler specific. You can find a list here https://www.straightupchicagoinvestor.com/chicago-real-estate-investor-meetups

Wale Lawal · Answer

@Darrell Essex

You’ll use similar tactics to find real estate wholesalers as you would to find motivated home sellers or homes for sale. Here are a few tried and true tricks:

• Use the internet – The internet offers a wealth of information. Search ‘real estate wholesalers in my area’ to find what you’re looking for. Make sure you do your research and ensure they are legit and have good reviews, which again you can find on the internet.

• Network – Get the word out about your need for real estate wholesalers. Word-of-mouth is another great way to find real estate wholesalers. You never know who your network knows that could set you up with the right real estate relationship.

• Look for wholesalers who market – Wholesalers who spend money on marketing are usually the ‘real deal.’ They aren’t going to waste money on advertising if they are a scam. Look for billboards, paid ads online, and direct mailers.

Real estate wholesalers can be a great source of deals, but the good ones can be hard to find. If you have met a few people claiming to be wholesalers who never have any deals, do not assume there are no decent wholesalers in your area. Just realize it might take a little more time and effort to find the good ones. It also helps to network and become friends with other real estate investors in your area as they might have extra deals to send your way.

All the best!

Darrell Essex · Answer

No I’m not trying to be a wholesaler. I am saying doing what wholesalers do to find deals for myself since the mls isn’t working out.

How To Find Wholesalers In Chicago

How To Find Wholesalers In Chicago

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