Scarce Deal Flow Chicagoland
Out curiosity, where are my fellow Chicagoland investors sourcing deals? Inventory is well below 2019 levels and there's not a lot for sale on the MLS. My direct mail campaign has also so far been a bust(I probably need to ramp spending up).
I'm sure I'll land something eventually, but it seems few people are selling right now......
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Sean, I've seen the same thing in other tight inventory markets. Chicago's got structural inventory issues right now -- people aren't selling because rates are still elevated and sellers are anchored to 2021 pricing. Direct mail is basically dead in low-inventory markets. The cost per lead is brutal when nobody's motivated to sell.
What's actually working? Off-market deal flow through bird dogs, networking, and pocket listings from agents who have investor relationships. You need to build relationships with 5-10 wholesalers or light commercial brokers in your area and give them clear criteria on what you'd buy. Second play: look for properties that have been on the market 90+ days that just got relisted. Agents drop price, and suddenly there's a deal. Also consider expanding your search radius 30-45 minutes out. Inventory gets better fast once you leave the core Cook County market.
How many off-market sources do you have actively looking for deals for you right now?