Should I….MLS…???

Question

Okay…if my current plan is picking up 2 MF (2-4 plex) per year…is it worth the additional money to get full access to MLS.  I have a real estate license that is currently inactive…do you think it is worth the money to make active and get full access to MLS?  Will this help me to learn the market?  If I study MLS on a daily bases, it seems I would have an unbelievable understanding of the market…what are your opinions..??

John Chapman · Answer

I'm in your market, and I've got to say I'm pretty underwhelmed with the MLS as a source for picking up deals. I don't generally buy those types of properties, but the number of them available for sale is pretty miniscule compared to what it was even 6 mos to a year ago. (I sometimes look, just to amuse myself). I do think MLS is critical for pulling comps, particularly as appraisals for MFs in the 2-4 range are based on sales comps. On that alone, I'd probably get the access.

I guess my bigger question to you is, why MFs in the 2-4 unit range? I've looked at them for years and never really liked them. (I bought one fourplex and would never do so again for a myriad of reasons.)

I guess my bigger question to you is, why MFs in the 2-4 unit range?  I've looked at them for years and never really liked them.  (I bought one fourplex and would never do so again for a myriad of reasons.)

James Mudd · Answer

Thank you Brianna…that sounds like a pretty good relationship.

Brie Schmidt · Answer

@James Mudd - I live in Chicago so I can't recommend anybody.  But I networked and found a rental agency with a good reputation who does some sales.  I called the managing broker and told him I wanted somewhere to hold my license for free and would be buying about 1.3M in real estate over the next 3-5 years and I wanted a 15/85 split.  He said no problem.  So I basically call him when I am under contract and give him the heads up.  He also lets me list my rentals as the listing broker so I would only pay 1/2 commission to the renting agent - though I have never had to and always rent out my own it is a nice backup.

James Mudd · Answer

Thanks Matt, I agree….and Fred, I just looked at that site and it looks great…very affordable sponsorship.  I will let you know what I decide to do.

Fred Makaye · Answer

@James Mudd Im not in any way affiliated with them but their website looks like it could be exactly what you need. let me know how it turns out if you use them I might want to use them when I finally get my license  http://www.texasbrokersponsor.com

Matt M. · Answer

You might see if the MLS down there has a public site. Our MLS up here in Denver has one with almost real time data. (Actives only).

MLS is great for comps, etc as mentioned above.

I would activate your license and find a low cost brokerage that will allow you to do what you want. Don't forget, you can do deals with friends and family for an added bonus.

James Mudd · Answer

Thanks for the replies…Andres, I will check out Redfin…Brianna - I should probably find a broker so I can be the real estate agent for my own deals…do you know a broker with low fees?….John - would love to know your experience with MF…maybe there is something I need to know?…would love to pick your brain sometime, maybe I can be a value to you as well…let me know if we can meet up for lunch or dinner…my treat of course !!!

Brie Schmidt · Answer

I am a broker too and have had / not had MLS access.  If you have redfin there is no need to have access for searching.  BUT - If you are representing yourself and earning a commission on deals I find it much easier to schedule showings and deal with everything when you are the buyer/broker and in the MLS.  I make over 11k this year on brokering my own deals

Andres Piedra · Answer

Depends on your market.  If you're in an area well covered by, let's say Redfin, I think you're wasting money on the MLS (by the way, I have the MLS as a Realtor).  You can really learn a market on Trulia, Zillow, Redfin, etc and then if you want to narrow it down, bring on your Realtor to pull full listings for you from the MLS.

If you're in DC, Maryland or Virginia, I can help there. But, otherwise, link up w/ someone else.  As you probably already know, the MLS can be costly. I think I pay $165 every 3 months.

Should I….MLS…???

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