I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

The local market has a lot of opportunities, especially if you’re looking into multifamily or creative financing.

Private financing has many perks compared to traditional bank loans, especially if you're after speed and flexibility.

I have to trust not only that you can oversee the project and deliver on the financing, the leasing, and the management (none of which is in place when I deposit $100k into an account), but I would have to have an iron-clad partnership agreement.

Project running 2+ years late due to financing.

But are there also creative ways to finance a deal?

I used to work in finance and we could get clients approved for a HELOC in less than 24 hours which will be much quicker than the cash out finance.

You are particularly interested in short-term and long-term rentals, promising ROI, and locations with a mix of affordability and growth opportunities.Being willing to move and live in a part of a 1-4 unit property will help you get better financing, for sure, and require less down.

Everyone completes an application...don't you want to know who will be occupying your property? 

It takes time but worth it.How do you plan to finance your first property—are you looking at traditional loans, or have you considered other options like house hacking?