I am a software developer that has just gotten my real estate license. Have read a couple of the biggerpockets books and looking to get my feet wet. wondering where the opportunities are in chicago. I have been looking in the mls and cant seem to make the numbers work, even with a sizable down payment. I am sure there are deals available but I am just not looking in the correct areas. any insight would be greatly appreciated
I'd recommend expanding your personal network to start @John Warren . There are a lot of deals that are available for serious investors prior to making it to the MLS. A good realtor with have access to such deals.
If you have access to the MLS. Go back a few years to expired listings, if you see something you might be interested in track it down and see if they still want to sell.
Be active, know your numbers and don't hesitate when opportunities knock.
@Tim Polk thanks for the shout out! @Oliver Francescatti inventory is at an all time low right now so don't expect the majority of deals to pencil out. You have to be looking in the right areas for sure, but you also have to plug in pro forma rents and be able to look for those outliers like fully separated utilities, extra bedrooms, garage space that can be rented, etc. It takes time to analyze each sub market and understand what makes a great deal.