Deals Where are they??

Question

I wanted to start a chain mostly for newbies who are looking for their first deal and are itching to get their feet wet in real estate. I wanted to know if you think the MLS is the best way to find deals nowadays or if you would recommend that newbies look on craigslist or For Sale Buyer Owner (FSBOs)? Where are you finding the most great deals in such a competitive market lately?

Shawn Ackerman · Answer

@Melissa Gittens THE PUBLIC RECORDS.......In my market all the information you need is either on the tax assessors website and or the counties Land Management System(LMS).  were talking code violations, tax bill payment history, owners contact info etc....I know every state/county is different however if your in an area that has that info readily available, JACKPOT!!!

David Krulac · Answer

I use the MLS every day, however when I tracked the source of purchases for the book only 25% actually came from the MLS.  I have 20 acquisition methods including Sheriff Sales, Tax Sales, Foreclosures, Auctions, FSBO, word of mouth, letter solicitation, REOs, government agencies (bought first house from Highway Department see BP Podcast #82), and Probates.  I do look at Craigslist every day also, but haven't gotten a deal there.  I've seen properties on CL for long times, one in particular has been on for 3-4 years FSBO.  Obviously not a deal at the offered price and lower offers have been rejected.

If you are serious about buying tell everybody you know and meet that you want to buy.  Have professional business cards which tell the story of what you want and who you are.  @Joshua Dorkin brought up on BP Podcast #82, the list used by TV's American Pickers that says what they are looking for and that they hand to every prospect when meeting.  Your business card should have the same function.

Shawn Ackerman · Answer

@Melissa Gittens Best of luck to you.  Your most welcome.

Melissa Gittens · Answer

@Shawn Ackerman That is great advice! Thanks! I will have to check it out my self :)

Anthony Dooley · Answer

I find deals on the MLS, but I'm sure in some markets it is more difficult to find. Keep in mind the listed price has absolutely nothing to do with how much you are willing to pay based on your numbers and expected ROI.  Write an offer and see what happens. Don't worry about hurting anyone's feelings.

Matt Therialt of Epic Real Estate Investing uses a letter of intent to present offers to the seller prior to writing an actual PSA.  I think this is a great way to sift through all of the NO responses and get to a YES.  Then write the contract.

Joe Villeneuve · Answer

Yes.  By all means the MLS is the best way.  You need to find an investor friendly REA, then sit down with them and set up your own personal "feed" with multiple zones based on the markets and property profile you are looking for.  You'll get notifications when these properties are made available, or when changes are made to them in the listing.  You can set the frequency of notification as you want.  I get them immediately.  Why wait?

Jordan Schneider · Answer

As a realtor, of course I feel somewhat obligated to say the MLS is the best way.  If used correctly it is but deals are found through many sources.

You can certainly post on CL looking for people who are looking to sell as well as write to people who have already posted properties to sell.

Try door knocking on old, rundown homes to see if they may be interested in selling.

Direct mailers are another route and word of mouth is also a great way to spread the word.

Try posting on FB buy/sell groups telling them who you are and what you are trying to accomplish.

Best of luck!

Arpan Patel · Answer

I say check the MLS at first - Redfin, Zillow, or other spin offs the MLS - because it doens't cost anything and you can get used to running numbers quickly and knowing your area. The others are good as well but they just don't have the volume so you'll get less practice but if you are adopting an all of the above strategy, you'll get your reps in. We find everything on the MLS honestly and we are in Chicago. The frequency of the subject property being a deal is probably lower then if you went with some paid sources but we make that up with volume of analysis. I hope that helps and happy hunting!

Deals Where are they??

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