Lots of investors are looking to get started, and as active real estate experts in Chicago IL, we get asked to share our secrets quite a bit.
One of the biggest questions we get from local investors is, ” How to find a good investment property in Chicago IL?”
With the flood of foreclosure deals all but dried up (compared to where they were a few years back), people are having to get more creative in finding the best deals on great local Chicago investment properties.
We source our properties from a variety of marketing routes—online, offline, etc.—so there is no one way that is the best way to find good investment properties in Chicago.
But the info below walks you through some ways you can put into action to find great properties to add to your investment portfolio.
Most investors are afraid of competition – they think that if they share their secrets, someone will steal their ideas from them.
That’s not how we work. We work with other investors to accomplish things together that we can’t do alone.
We share our learning and our philosophies here because we want to improve the quality of investment in Chicago to build stronger communities.
Ultimately, we’re all investing in the same places, so it makes sense to do it right.
We believe in collaboration. By sharing knowledge and strategies openly, we empower fellow investors to make informed decisions and contribute to the growth of our community.
Our goal is to elevate the standard of real estate investment in Chicago, fostering stronger and more resilient neighborhoods collectively. Ultimately, by investing wisely and collaboratively, we aim to create lasting value and positive impacts in our shared community.
How to Find Good Investment Property in Chicago
There are a few core principles that are important to understand if you want to get the best investment property deals.
First, think long term.
Real estate differs significantly from the stock market because it involves where people live, work, and engage in daily life—not merely abstract numbers on a screen. Unlike quick gains in stocks, substantial profits in real estate are rare and require a long-term perspective. There’s no room for shortcuts or assuming superiority over seasoned professionals who have honed their craft over years.
Success in real estate hinges on patience and a strategic outlook. If immediate opportunities in local investment properties are scarce, remember that real estate investing is not about instant gratification but endurance. It’s about building a portfolio methodically over time by leveraging multiple sources, such as our Chicago Investment Property Buyers List, to consistently access promising deals.
By adopting a marathon mindset rather than expecting immediate results, investors can position themselves to capitalize on opportunities as they arise, learning from past experiences to navigate future challenges effectively. This disciplined approach not only mitigates risks but also fosters sustainable growth and success in real estate investment in Chicago.
Second, focus on relationships.
The investment community in Chicago may seem expansive, but in reality, it’s relatively small and tightly-knit. A handful of brokers and investors dominate the local market, conducting the majority of transactions. Building relationships with these key players is invaluable for anyone looking to thrive in real estate investment in Chicago.
Establishing connections with these insiders can provide access to exclusive opportunities and insights. Engaging with them at local Real Estate Investor Association (REIA) meetings is a proactive step. Attendees often share valuable information about active real estate agents, reputable wholesalers, and upcoming investment opportunities. By networking effectively and making your investment criteria known, you can position yourself to receive leads on properties that align with your goals.
In Chicago, success in finding prime investment properties isn’t solely about market knowledge; it’s about cultivating relationships within the investment community. These relationships not only unlock access to off-market deals but also offer mentorship and invaluable guidance from experienced professionals who understand the nuances of the local market. Embracing this approach enhances your chances of securing lucrative investment opportunities that may not be available through conventional channels in IL.
Who should you get to know?
- A few of the top investment friendly real estate brokers in Chicago
- A couple real estate appraisers who deal w/ the types of properties you deal with
- The top handful of property wholesalers in the area
- The top handful of property rehabbers/flippers in the area
- Title agents that deal with investment properties a lot
Third, identify your target investments.
Successful investment, much like other endeavors in life, often rewards those who maintain laser focus. It’s about identifying your niche within the diverse landscape of real estate. Some investors excel in parking garages or storage units, while others thrive in residential apartments or retail spaces. The key to success lies in diligent research and analysis across different market segments.
By dedicating time to understanding each sector thoroughly, you can discern which opportunities align best with your investment objectives. It’s essential to look beyond flashy marketing and delve into the fundamentals of each potential investment. Once you’ve identified your ideal property type, developing a targeted strategy involves building relationships with property owners and positioning yourself as a potential buyer when they decide to sell.
While this approach demands substantial effort, it’s a proven method for building sustainable, long-term wealth through strategic real estate investments. By staying committed to your chosen niche and consistently refining your investment approach, you can cultivate a portfolio that not only meets your financial goals but also withstands market fluctuations over time.
In our business in Chicago, we specialize in sourcing properties at significant discounts and facilitating transactions with investors who are eager to capitalize on lucrative opportunities. Unlike typical real estate brokers, we focus exclusively on delivering exceptional deals to our partner investors. While exploring multiple listing services (MLS) alongside other investors is one way to uncover potential gems, our approach ensures that only outstanding investment prospects are shared with our network.
If you’re serious about investing in Chicago, we’re here to discuss your specific preferences, goals, and investment objectives. By understanding your criteria, we can tailor our efforts to match you with properties that meet your exact needs and maximize your investment potential.
Now equipped with insights into how to discover exceptional investment properties in Chicago, feel free to reach out to us with any questions or join our exclusive buyer’s list below to stay informed about our latest opportunities. Let’s connect and explore how we can help you achieve your real estate investment goals in Chicago.
Finally – use technology.
Sign up for our list of exclusive properties, and we’ll notify you instantly when we find a great investment.
We frequently source properties for deep discounts, secure them and then sell them for a discounted rate to the people on our list who are ready, willing and able to invest. There are other ways to get notified about properties on the open market – you should get familiar with searching the multiple listing services with the rest of the herd because every once in a blue moon a great deal shows up.
We don’t deal with average deals – we only pass along great deals to our partner investors. We’re not real estate brokers, and our business is a niche within Chicago.
If you’re looking to seriously invest in Chicago, we’d love to chat with you to learn your wants, wishes, and objectives.
So hopefully you now know how to find great investment properties in Chicago. If you have questions give us a call or join our buyer’s list below!