Using MLS for investing leads?

9 Replies

Hello,

New guy here on the forums. I have MLS access and wondering if anyone here is using it for getting investing leads. Like contacting expired listings but instead of listing them, marketing to them as an investor to purchase. Anyone do that? If not, do you use another technique?

Yes lots of people use the MLS for leads.

  • Expired listings
  • Long days on market
  • price reductions

These are all good techniques for using the MLS.

I don't know about now but four years ago when no one was buying homes in California the MLS was my playground. Today every one of those homes is worth twice what I paid, I don't think I could do that again in my lifetime buying on the MLS. I was lucky and had the funds at the right time.

Now I look for homes you need cash to buy because they are in too bad of shape to get loans on, these are the ones I can make good money on right away. 

Originally posted by @Ned Carey :

Yes lots of people use the MLS for leads.

  • Expired listings
  • Long days on market
  • price reductions

These are all good techniques for using the MLS.

 Yes, I've read about looking for those kinds of listings but then a question comes up, for those that are still active, is there any "catch?"  What I mean is, it seems it would probably be more difficult to get a low, sensible enough price since their agent is involved.

Originally posted by Account Closed:

I don't know about now but four years ago when no one was buying homes in California the MLS was my playground. Today every one of those homes is worth twice what I paid, I don't think I could do that again in my lifetime buying on the MLS. I was lucky and had the funds at the right time.

Now I look for homes you need cash to buy because they are in too bad of shape to get loans on, these are the ones I can make good money on right away. 

Wow, you must've made out well! Did you buy those properties following the ARV 70% minus repair costs etc.?

I think the best way to go is to buy off market or FSBO in California.


My 2cents,


Joe Gore

Originally posted by @Joe Gore:

I think the best way to go is to buy off market or FSBO in California.


My 2cents,


Joe Gore

 Yeah, marketing to expireds seems the best and maybe easier.

Just run a street name and get everyone on that street, including their name, sellers name, and price.


My 2cents,


Joe Gore

Originally posted by @Dale Shin :
Originally posted by @Jeffrey C.:

I don't know about now but four years ago when no one was buying homes in California the MLS was my playground. Today every one of those homes is worth twice what I paid, I don't think I could do that again in my lifetime buying on the MLS. I was lucky and had the funds at the right time.

Now I look for homes you need cash to buy because they are in too bad of shape to get loans on, these are the ones I can make good money on right away. 

Wow, you must've made out well! Did you buy those properties following the ARV 70% minus repair costs etc.?

 When I started I didn't know any rules! Lol 

I did know what the rents were for each house and what the monthly costs were, then I figured out what materials would cost for each home and did all the work myself. This is where I saved a lot of money because if it's on a house I can do it. The last house I did I gutted it and rebuilt it.

I made out very well, every property has doubled in price or more! And I have good positive cashflow since the houses didn't cost much to buy. I actually passed up a bunch of places because they were under 50K and I couldent get loans on them. I did manage to talk my broker into doing a loan on one for 47 but he said it was a one time deal and to keep them over 50.

Originally posted by @Dale Shin :
Originally posted by @Ned Carey:

Yes lots of people use the MLS for leads.

  • Expired listings
  • Long days on market
  • price reductions

These are all good techniques for using the MLS.

 Yes, I've read about looking for those kinds of listings but then a question comes up, for those that are still active, is there any "catch?"  What I mean is, it seems it would probably be more difficult to get a low, sensible enough price since their agent is involved.

In part it depends on your market. Sometimes the MLS is a great place to find deals, sometimes it is much more competitive and can be really tough to get MLS deals.

Yes an agent may push a client not to accept a low deal becuase they are confident they can do better. However if a deal has been on the market for a year and agent is likely take what he or she can get.