Where is the best place to find good deals on properties to purchase as an investment to rent? I keep reading that if a property is on the MLS you are not going to get a good deal. Can someone provide some insight? I am specifically looking in the West Palm Beach, Florida market.
Interested in this as well since I am looking to purchase my first home, flip and sell it.
I am new to investing but there are a couple of things I am quickly learning.
1) It is possible to find deals on the MLS if you are specific with your search and able to act fast.
2) It is as much a relationship business as a RE business. Networking at local REIAs, establishing relationships with investor friendly agents, property managers, contractors, wholesalers, and even other investors to bring you business.
3) There is also the REOs, auctions, and courthouse steps.
4) Doing your own marketing like a wholesaler would do.
It is a lot to do but after putting in the leg work you'll get the systems in place that will then work for you.
Hope this helps,
I've taken to sending out letters to owners of multifamilies (because that is my focus) in chosen neighborhoods. I go on property appraiser's website and search by subdivision and property use type. This gives me a list of property owners to send "yellow letters" to.
I do drive throughs before putting in an offer so I also come across quite a few boarded up houses on my way to look at an MLS listed property.
Getting off my main route and taking side streets has shown me an entire neighborhood I didnt know existed. I sometimes see neglected properties or learn of a new subdivision with plenty of multifamily property owners to write to.
I'm in West Palm Beach as well.
I think deals are every where the key is to look at the bottom of every stone. That being said, I have found AMAZING deals on MLS and the wholesales that I have been sent, so far haven't been better ;) so.... On the other hand, my buddies have done amazing with whole sale deals.
Firstly yo should go through online for better deals ever.You can contact with agent they will refer you great deals according to your requirements.An agent make interaction between buyer and seller.Buying, selling, renting the apartment is one of the best thing to do.
@Josh Benitez - Excellent suggestions by @Matthew Brill . The only thing I would add is that while there may not be good deals on the MLS at any given time, that's mostly because as @Matthew Brill said, the good deals get scooped up real quick. However, bad MLS deals can become good MLS deals if you keep following up with the agent every so often. Sometimes a seller isn't motivated enough when they list the property, but after months of it sitting on the MLS they get more motivated to sell at a more realistic price.
There are no easy ways to find good deals unfortunately...The best way to find good deals is pick an angle to work, and then work it patiently and consistently.