First off-MLS property

12 Replies

Today I attended a closing for the first property I've worked on that was NOT on the MLS. Every property I've purchased in the past or have helped others purchase has been listed with a realtor.

In this case, this was a seller that was really looking to get out of the property.  It needed some work and they didn't really want to spend the money to fix it up and they didn't want to be landlords.  (The husband had actually gotten laid off from his job recently as well.)  I learned today that they've wanted this house gone for 6 years!

How did I find this house?  The seller had posted a Craigslist ad.  He really had no clue what it took to sell a house or how to do it.  And, he didn't want to list the house with a realtor!  The sellers had a friend living there and were barely breaking even on the property.

I felt good attending closing and hearing how thankful they were to be "done" with the house.  It's such a great house and it will be so nice when it's fixed up and rented out.  (I'm itching to get started on it and its not even my house!)

So the moral of the story: there are opportunities to be found if you're looking for them!

@Dawn Anastasi Good story and congrats! I just closed on a yellow letter house where the old lady had been bullied by the tenants for years. They had little idea about how to sell a house and even less knowledge on how to handle tenants. I ultimately helped get them out prior to close (threat of eviction coupled with some monetary incentives). Heard from a coworker who goes to church with her that if she had sons, she'd want them just like me and him. It feels good to help someone in a real bind, especially if you can make a few bucks in the process :)

Let us know how the final numbers on it look.

Congrats Dawn.  I assume it will be a rental.  Did you get this north of the 2% rule?

Originally posted by @David Moore:

Congrats Dawn.  I assume it will be a rental.  Did you get this north of the 2% rule?

Would I do it any other way?  :)

(This isn't my property however.  I assisted someone else buy it.)

Nice Dawn! Feels a bit odd at first when you go from conventionally buying via MLS to direct to homeowner, dosnt it?

Congrats Dawn! It just goes to show the power of REI, that someone can buy off MLS, use a realtor, and still be as successful as you have. Are you looking to branch into buying more properties off MLS for yourself or just take things as they come?

Nice job - love to see win/wins! Amazed you've gotten the returns you have off the MLS to date...very cool . Happy Independance Day!

That's great Dawn.  Enjoy the 4th!

Great story @Dawn Anastasi  !  It shows just how many ways someone can find a motivated seller.  Sometimes the options are so many we can get overwhelmed.  I always think it's important to master one area and then expand to another.  I think this is exactly what you are doing...Great work!

Great news!  I am always looking for a similar situation and it's encouraging to hear someone else making it work.

Thanks everyone! I found another off-MLS deal and am considering looking further into it. It's like buying a car, suddenly you notice all the other cars of the same make/model as yours.

Congrats Dawn. I am now getting started as a real estate investor. Even though I am starting simple and making offers on MLS listings, I am coming across quite a bit of FSBOs. What advice can you give me?

Thanks.

   

congrats. i have never found anything on craigslist that was even close to what i normally buy.. 

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