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Basics of Real Estate Investments in Chicago

The fact of the matter is if you go out there and tell people that you are planning on buying some real estate investments, you will hear a lot of things from them. A lot of them would be horror stories about how some friend’s friend’s cousin’s brother lost all his savings.

To be honest, you could get real estate advice from your father in law, your parents, your brother in law, friends and just about anyone you tell. The best part is most of these people would be the ones who have no experience having real estate investments. Their home would be their biggest investment but when it comes to giving advice, they wouldn’t hesitate for a moment.

Few things that I have learned early on in my real estate investments career are:

I couldn’t listen to everybody. And I had to find a way to know who I should be listening to and who I shouldn’t be listening to.

During my research, I found a litmus test. I learned it from one of those investors wThe Basics of Real Estate Investments in Chicagoho isn’t giving you a get-rich-quick formula. He has been investing in real estate for quite some time now. Through this litmus test, he was able to determine which investment opportunity would be worth looking at. He used a simple way of analyzing whether a particular deal is worth investing or not.

The litmus test contained five questions and if the five questions were positive, he’d take the time to investigate. If it failed the five questions, he wouldn’t waste his time looking at it. Instead of five different questions, I came up with just one:

Will you invest in the same neighborhood, where you are advising me to buy the property?

The fact of the matter is when you ask that question, very few people will say yes. I think that’s an important question to consider when it comes to who to take real estate advice from. If they don’t want to invest in that particular neighborhood, are they really qualified to give you real estate advice to invest in it?.

Therefore, it is highly recommended that you only take real estate advice from someone who believes in investing in that particular area. This is something that you need to apply when it comes to coaches, trainers and so-called gurus.

What should be the goal of your real estate investments?

“Success is the progressive realization of a worthwhile goal!” -Earl Nightingale

This is one of my favorite quotes.  If you think about it, you’ll realize that success is not a destination but a journey.  That’s why; it is important to have “worthwhile goals” to attain success. This means that you come up with goals that are attainable and then work towards them.

A good real estate investment goal is to find a prospect, work on it to get profit eventually. Being a real estate investor, you need to assist people to achieve what they need. You need to create value for the buyer, so they would like to do business with you.

How to create that value?

Whether you are investing in Chicago or somewhere else, you need to create value for someone else. In case of real estate investments in Chicago, your property needs to provide that value to the tenant.

Chicago is the 3rd most populous city nationwide. It offers different opportunities for investors to invest in a range of properties. From single family homes to duplex, triplex to commercial properties, it is up to you to pick up a deal that suit you.

But as we have discussed above, you’ll need to find someone who can assist you during the entire process – someone who understands the area and knows the intricacies of real estate investment in Chicago.

The Basics of Real Estate Investments in Chicago

Turnkey investment properties hold utmost importance for investors who are just starting or who don’t have ample time to work as a full time investor. It gives you the opportunity to invest in cash flowing properties without having the baggage of managing the property on a day to day basis. But this doesn’t mean that you’ll invest in any property. It requires you to do some research or homework. You can find many people or companies willing to give you advice about real estate investments in Chicago. But you need to ensure that they are able to answer the question discussed above:

Will you invest in the same neighborhood, where you are advising me to buy the property?

They can give you all kinds of answers but you need to find the truth. You can easily do your research by looking at their real estate investments and finding out answers to the questions below:

  • What areas in Chicago are they are investing?
  • Are they asking you to invest in the same neighborhood?
  • Do they own a property close to the one they are trying to sell you?

You can easily find all of this information online. If you are looking for investing in Chicago, you can look for turnkey investment providers. If they are able to give you satisfactory answers, think about investing with them, otherwise move forward.

The second major concern about real estate investments in Chicago is to find the right property at the right price and profit margin. Most of these turnkey investment providers offer properties with tenants in place. Some of them even offer one-year maintenance free guarantee. These are the providers who have been investing in Chicago for a long time and are confident enough to offer such guarantees.

Apart from guarantee, you will also need to check your profit margin. What you will be getting in the end? Is it good enough? It is important to note that you will be different kinds of monthly profits based upon the kind of purchase you have made.

The basics of real estate investments in Chicago are pretty similar to other areas of the country. But what’s important is to find the right people to work with. Turnkey investment might be hassle free in future but it requires you to do some work in the initial few days.

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