Chicago Market

20 Replies

Hi everyone, I'm in Chicago driving for dollars looking for wholesale deals but I'm all over the place. How can I figure out what areas to target? What areas are most investors interested in?

If you're on the north side, I will purchase close to Milwaukee Ave as far west as Central. If your south, East of the expressway to the lake but no farther south than 95th st. There's several other areas that I'll buy in, but I think you'll be pretty safe with those parameters with your average investor.

Hi @Mike B. thank you for replying. Im currently scouting the south side (east of the Dan Ryan) is it ok if I contact you when I come across deals? Do you have specific deals you want on the south side?

Absolutely. Yes, the specific deals I'm looking for are the profitable ones. Call me if you find some. Good luck!

@Pnade Marsh Call some buyers and ask! They'll tell you where they like to invest! @Mike B. is a perfect example. Ive been driving for dollars on the north side and its a grind, just gotta keep going. Good luck down there!

Hey @Pnade Marsh The Multiple Listing Service, or MLS is the best resource to use to find were all the cash transactions are at. Cash transactions equals where real estate investors are. And this is how you get access to it.

Step 1: Find a local real estate agent to work with.

Step 2: Now that you have a real estate agent you will tell them what you do and explain to them what you can do for them. That's the twist; not what they can do for you but what you can do for them. Here is your script. Hello Mr. Agent my name is Jose Flores and I am a wholesaler in the area and I am looking for a new real estate agent to work with. I have sent out some marketing material this week and I am expecting to hear back from sellers in the near future. As you probably know I need to get properties under contract at deep discounted prices in order to sell them fast. Therefore, many of the sellers I work with do not meet my criteria. I would be willing to forward their property address and contact information to you. I don't want any referral fee, but what I do need help with is getting comparable sales from the MLS and a list of all the cash transactions in the following zip codes…... Is that something you can help me with?" The would give them my search requests and have them email the comps the first few times. Hope this helps.

@Matt Boyle I will start calling! Your right on, gotta keep going can't throw in the towel. Have you been completed deals in the last few months if you don't mind me asking?

@Jose Flores once again interesting strategy. I'm in the process of befriending an agent until I pass my brokers test.

@Pnade Marsh Im still brand new to wholesaling so Im still working towards my first deal. Quitters never win! I also just passed my brokers exam. Where are you taking it? Self-study or in-class?

@Pnade Marsh

here's what to avoid - blocks with boarded up houses. 

Streets w/ houses that are well maintained. Most of the north side are fine. You're investing your time by driving for dollars, Go for the nicer neighborhoods where there are more margins. 

It takes the same amount of time for you to drive there vs a not-that-great areas. 

@Matt Boyle self study. I got the material from Inland Real Estate School. Half way through.

@Chris T. So I'm looking for houses boarded up but in nice neighborhoods?

I d4d's yesterday and wrote down 40 addresses on the south side of Chicago. Ok neighborhoods but on the average 1-2 vacant houses on the blocks I drove.

@Pnade Marsh  

That might be a good strategy. Nicer neighborhoods with 1-2 vacant houses. It could mean it's up and coming, or the other way around. 

I was saying "what to AVOID", blocks of vacant houses where there are no demand for renters, home owners and investors. 

@Pnade Marsh I went the self-study route as well. Keep trucking! You'll get it done! Im starting to research some investor friendly sponsoring brokers. Ill keep in touch and let you know what I find.

@Pnade Marsh if you ever make it to the southside wholesaling please let me know would love to connect!

Ill send you a em

I'm also in the wholesale market. If there are any investors involved on the site. I'd be happy to work with you!

So it's been nearly a year or more.  How are things playing out for you @Pnade Marsh?

I hear a big company is snatching properties up for large commercial development between bucktown and Lincoln Park. Sort of following the river south  to about Goose Island area.

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