I've seen opinions that seem to be all over the map. So I thought about asking the question: Is it worth pursuing a buy & hold property once it's hit the MLS? Is there a preferred method of pursuit?
In the grand scheme of things, I'm sure there are an infinite number of variables for any/every situation.
@Tim E. why wouldn't you pursuit a property off the MLS? If the numbers work does it matter where the deal comes from. The largest problem you run into with MLS deals is multiple offer situations. The best way to pursuit an MLS deal is by making an offer that make sense, know your max and stick to it.
@Tim E. There are plenty of deals on the MLS. You just have more competition because everyone knows about them. Shawn's advice is spot on. Don't overpay!
Personally what I did many years ago is have my Realtor pull up recently expired listings on the MLS. Then I sent the owners letters offering to buy their property. Especially if the property is vacant and it sat for 6 months on the MLS without selling, you may be able to find a motivated seller.
Thanks for the responses. I'd read a lot about some folks who don't bother with MLS listings due to the competition and/or mark-up and the slow turn around of info. Good to read that one can still find a prospective deal by pursuing listings.
I asked because I'm trying to pursue a lead that was found on the MLS, but I'm having trouble getting the required information from the agent in order run the numbers. I'm doing my own due diligence, but I'd like to see if I'm closer than just "ballpark". This is the third such listing where I've run into where getting current rental info is slow and problematic. My fear is that I'm wasting too much time pursuing info for a property that may not work.
You may be wasting time looking for info but you're also learning and improving your system for it. If your Realtor isn't getting you the necessary info then maybe its time for a new one.
In my experience you will likely miss these deals if you are waiting in the realtor to share rental comps with you first.
I recommend working a farm area with whose comps you are already familiar or checking craigslist for current rentals in your area of interest.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing