Chicago-area investors scouting market for low-cost opportunities

Investor competition for foreclosed properties in metro Chicago is increasing markedly, according to a report by the Chicago Tribune, with many investors looking to convert the homes into rentals.

The paper notes buyers from all over the country are heading to the Windy City to scope out the growing foreclosure inventory, which includes a number of low-priced homes – many of which continued to drop in price during the past year.

Despite the considerable demand for the properties, one investor told the source the opportunity to buy low and make money off these homes makes checking the properties out worth it.

“There’s a ton of competition,” local investor Carl Courtright told the newspaper. “If you’re careful with your money, it lends itself to being a very solid opportunity.”

Recently, CoreLogic noted that the Chicago market has become one of the most popular spots for real estate investors to purchase foreclosed homes for sale, given the substantial foreclosure activity still occurring there.

Regional rental managers may benefit from the growing interest in area homes, particularly for large investors looking to purchase several properties. Many of these investors may require professional management services for the homes once converted to rentals.