Finding A Deal In Chicago - MLS???

[Anthony Fecarotta]

Am I crazy for thinking I can find a deal in Chicago on the MLS? I've been preparing for my first purchase for about 6 months now, and the one thing I haven't considered is finding the right deal. I've been reading into it, and it seems the general consensus is that you can't find a deal on the MLS; especially in Chicago. Does this seem like a fair assessment? Should I be looking into other methods of finding a deal?

[Ibn Abney]

@Anthony Fecarotta i would disagree. Deals out there! I actually feel like MLA prices are coming down as well! I do have one under contract now. Its a foreclourse but was via the MLS

Few tips for shopping the MLS:

1. Dont waste time setting up a showing for properties you are interested. If the numbers work and assuming you know the area well, Just write an offer. People waste alot of time waiting to view units. in the meantime, serious investors are winning bids on the unit. Take care of any issues during the inspection period.
2. have a broker relationship established prior to making offers. Moving fast is key and if you dont have a dependable broker to write/submit offers, your deal can not happen.
3. Alot of greater areas on the upside. Dont be afraid to come more south/west of the city! Alot of good things are happening.  Lower property values, equals lower taxes, but yet rents are strong!
4. educate yourself on construction. The best deals will need work/rehab. Turnkey is overpriced.

good luck!