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Real estate investment opportunities can be tough to find in Chicago, especially when you’re first starting out in the business. However, if you know what to look for and how to find it, you can have an easier time finding some good opportunities that can make you money with little risk involved. Here are some tips on how to find investment opportunities in Chicago.
Finding Single Family Homes
Look for single-family homes for sale. Single-family homes make up 72% of Chicago’s housing stock and are much more affordable than apartment buildings or condos. When buying, you may want to look for fixer uppers, which can be significantly cheaper than purchasing a home that needs no repairs at all. Fixer uppers typically sell on average $6-8 per square foot less than homes that are already updated and ready to move into.
Finding Multi Family Apartment Buildings
To find investment opportunities, take a stroll through the neighborhood you are interested in. Spend some time getting to know what buildings are for sale and which ones have a lot of vacancies. Keep an eye out for “For Rent” signs or empty commercial spaces as you walk around—these are clues that there might be an opportunity right under your nose.
Where else can you look?
There are a number of other places you can look for investment opportunities. Local government websites often have information about tax liens and other local property information that might be useful. Also, if you look into local development corporations or business incubators, they may have information on property listings as well. In Chicagoland there is the Cook County Land bank that may have an opportunity waiting for you to pick up.
Bringing it all together
Finding investment opportunities in Chicago is a matter of networking. Once you’ve identified your areas of interest (for example, distressed homes), network with like-minded investors who may have access to early-stage deals. Networking can take place online or at gatherings such as business conferences and trade shows. You can also conduct informational interviews by calling people and asking them questions about their line of work. All it takes is one lead that works out for you and your investment goals will be met quickly!
Check Out the Top Real Estate Investing Networking Groups in Chicago
As a property management company in Chicago, we at GC Realty & Development, LLC, are investors ourselves. Each employee of GCR&D are Chicago property managers and landlords themselves, and understand how to manage properties from the owner’s perspective. Get in touch with one of our experts to answer any questions and maximize your rental property profits.
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