Fix and Flip in Southside Chicago
Hello, looking to do my first fix and flip in South side Chicago. I’ve been outbid in the last 5 offers I’ve submitted. Would like to connect with seasoned investor in this market to get tips for what I could be doing differently. Thanks
Most Popular Reply
Thanks @Samuel Pavlovcik.
@Gbemi Munis - I'm also being outbid on many potential projects. It's not necessarily a bad thing, as you need to protect your margins, but the key is to increase your at-bats to find one that does hit. Below are a few high-level ideas that may help:
-There are like 20-25 Facebook groups dedicated to Chicago RE, and almost all of them have wholesalers posting deals - Southeast Chicago Real Estate Club, Chicago Real Estate Investors, Windy City REI, Best Chicago Wholesale Deals Live, Straight Up Chicago Investor Club, Chicago Real Estate Investors.....etc.
-The Cook County Land bank website has dozens (maybe hundreds) of heavily distressed properties, many of them in Southside neighborhoods. Check them out for free.
-On deals you were outbid on, follow-up with the agent wholesaler in 2 weeks and remind them you're there as a back-up offer. A lot of deals fall through and very few investors follow-up to catch them on the rebound.
-Start some type of direct campaign whether it be calls or mailers (AND STICK WITH IT AS IT TAKES TIME)
-Really take the time to intimately understand your areas of focus, ARVs, and rehab costs. The more guesswork you can eliminate, the stronger the offer you can present.