Chicagoland Newbie - Looking to Start Investing

6 Replies

Hi Bigger Pockets,

Is there anyone located in the Northern burbs of Chicago? I'm looking to break the ice and find my first investment property.  However, I'm not finding anything on Zillow that's a good investment.  Is there a better site or ideas on finding either houses, multi-unit properties, apartments. 

Hey Bruce.  What areas are you interested in?  I'm an investor on the north side of the city.  

Finding deals on the MLS(zillow) can be done, but is tough. You'll need to sift through a lot of junk to find something that works.

Another option would be to make a deal happen. Just because it is listed at a certain price doesn't mean you have to pay that price. 

I would look for a number that would make the property make sense for you then offer that. Also if you give two offers that still make sense for you, they may decide between the offers and not say no right away. 

You will probably get turned down offers but someone may say yes and then you have a good property with the right financials if you analyzed it correctly. 

@Bruce Brotine The northern burbs can be tough for finding a good deal. I work a lot on the south side of the city and further north more towards Wisconsin. The rentals in the north shore are more for getting a secure investment with a nice rate of return, but you won't build a lot of wealth.

Generally speaking South side n Subs took the biggest recession hit and some never came close to full recovery. Northside and Northshore were not hit as hard and recovered faster. Condos everywhere were hit harder and are still recovering in the burbs, particularly South burbs, and West burbs.

Originally posted by @Jeff Burdick :

Hey Bruce.  What areas are you interested in?  I'm an investor on the north side of the city.  

Finding deals on the MLS(zillow) can be done, but is tough. You'll need to sift through a lot of junk to find something that works.

 Hi Jeff - I'm interested in the northern and north west burbs ideally (Evanston to Schaumburg and north to Lake Forest).  I'm seeing a 5 unit in Wheeling that looks like a start, but the price is way too high.  Not sure if it's rude to make a super low ball offer.  Any advice is appreciated it. 

Hi, @Bruce Brotine . It's not rude to make a super low ball offer. I do it all the time.  However, you should expect that a lot of your low ball offers will get rejected outright, without a counteroffer.  But, it's all about the numbers: if you put in 100 offers, 80-85 of them will get rejected, the other 15 will be countered, and you may come to terms on 1 of them. So, I wouldn't put all your eggs in on that one property, but it's worth a shot.

If you need a real estate agent to help you sort through properties that may work for what you're looking for, or even just put offers in for you, I service your area, and I'd definitely be willing to help.

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