How many buy off MLS?

Question

Hey Guys,

I am an investor but have my real estate license purely for my investment needs, how many of you are routinely finding deals on the MLS? In Austin it is a hot market and I'd say 80% of inventory on the MLS is already remodeled and selling for top dollar.

Bryan L. · Answer

Over my investing career, most of my buys have been MLS-listed houses.  So far this year I have bought 3 MLS-listed REOs to fix and flip.  One has already been sold, and the other two are on the market and getting showings (but no offers yet).  I also got my license primarily for my investing business.  Couldn't imagine doing this without it.  But I'm also trying to diversify and find other types of deals (not listed) as well.  Got a call today from a lady who saw one of my bandit signs.  She sounded at least somewhat motivated.  We'll see.

Travis Daggett · Answer

Andrew-

We've bought a number of deals in recent months off the MLS. However, it's rarely as easy as it sounds, right?

• We've established relationships w/ agents that can act fast and help us make offers quickly.
• We use systems and processes to make HUD offers in volume.

Hope this helps!

Justin S. · Answer

@Andrew Ferguson There is another thread that may help you:

MLS Offers Thread

Jay Orlauski · Answer

there is still deals on the MLS, at least here in Fresno -  just be sure to connect to a Realtor with direct access to the MLS or you wont get up to date information. Zillow and other places like that are notorious for being out of date. Local magazines are usually a bust too , since by the time they are proofed and distributed , the houses in them are usually under contract - of course that is here is Fresno - obviously the markets are going to be different elsewhere - good luck!

Engelo Rumora · Answer

Hi Andrew,

We are based in Kansas City. We don't buy too many of MLS these days. We find better deals elsewhere.

Thanks.

Matthew B. · Answer

It depends on your individual market. In my area, the hedge funds are buying up anything they can find listed on the MLS, which has reduced inventory significantly. This has resulted in higher prices and houses listed on the MLS, whether they be REOs or owned by a private seller, are much less likely to accept an offer that is below full retail price. I can find properties on the MLS that I can buy and hold, but flips are almost impossible to find at the moment.

Deborah Burian · Answer

We have purchased properties off the MLS before during and after the bust.  about 75% of our inventory came from there.  Buy and hold.  Just gotta keep looking and sometimes be prepared to move really quickly.

Jason Walkowicz · Answer

I've bought two houses in the last month or so off the the MLS one was a rental with seller financing and the other was a Fannie Mae rehab deal.