First Post..Getting over the hump..finding the deal, financing & getting started in Chicago

[Jesse Billadeau]

Hello all,

This is my first post to bigger pockets!

I have had some real estate investing experince in the past but feel that I am at a bit of a standstill at getting my next deal. I live in chicago Il and I have sucessfully flipped a property when I was in college in DeKalb by finding the deal through word of mouth. (Dekalb is a much smaller town about an hour and a half from Downtown Chicago) , I have been actively searching for my next deal (mainly mls listings) in and around the suburbs of Chicago and have found it to be very competitive when it comes to good deals being on the market near Chicago. I often find myself in a multiple offer situation where the property usually sells for more than asking price.

I guess the main question I have is what are the best ways to find the deals? I have done some reading and have attempted some mailers, subscribe to realty trac, but mainly use MLS listings. I hear wholesalers can be a great way to go but am at a deadend when I try to find them. When I google real estate wholesalers in chicago the best thing I can come up with is the website www.myhousedeals.com which now wants me to pay for access to its site. I am using the 70% rule to make my offers and have begun to put offers in on properties with only seing the pics listed on the MLS on listings I know to be in good areas with good school districts that are REO or distressed etc. Mainly I see these foreclosures listed at about 10k under market value and the price I would need to get it at is MUCH less to be a sucessfull flip. I have put in approx 10 offers with the 70% rule ALL have eihter been rejected or already under contract witn no counter offer.

Any suggestions on how I should proceed or should I just keep plugging away? I get that its a numbers game, but I also know you just need to find that one motivated seller.

Oh and btw I am using conventional financing, while I have saved up a good chunk of change from my full time job I dont have 200k to invest for a Cash deal. I have tried a hard money lender and got burned to the tune of 5k so I am a little weary of them. I have EXCELLENT credit and money saved in the bank. I have been pre approved for a loan through a couple of different reputable lenders but I realaize cash is king on many of these deals.

I know that REI is my passion and that I have what it takes to be sucessfull. I feel like I am on the verge of something good, I just need that first break to get the ball rolling.

Any input is appreciated

Thanks
Jesse