Investor · Chapel Hill, NC · Member since 2016 · 73 posts · 14 votes
I would love to hear personal experience of flippers regarding how they find most of their properties. Does anybody use Zillow or and other website. Is there to much competition on sites like that. I honestly am having no luck. I need a boost.
The investors I work with do a combination of things. No one method works all the time due to market dynamics and where information flows.
Many are on Zillow or Realtor or others. Some have access to the MLS. When they get an alert about a new property they call me up.
The other method is I come across something that I think an investor would look for and I let them know. I have prospecting searches setup in the MLS that sends me new listings/price changes/back on the market changes each night. Sometimes those will show up in the MLS before they show up on the search sites due to the delay in the feed.
The other is when I do prospecting for listings or when showing homes and I come across something of interest.
On a related note, I also use Zillow and Realtor as well. There are situations when a listing agent doesn't use the local MLS and uses a State wide MLS. I see that a lot with shortsales and foreclosures. Might also be because it's cheaper to use the other MLS. Zillow and Realtor will shows those listings. Also, Zillow and Realtor will show the FSBOs.
Also: Zillow is a good way to find houses coming up for auction and figure out where to participate. You can also search on the HUD store site. And also on HomePath store for Fannie Mae. HomeSteps for Freddie Mac. Those also show up on Zillow, but you might want to specifically search those sites just for those types of homes.
The investors I work with do a combination of things. No one method works all the time due to market dynamics and where information flows.
Many are on Zillow or Realtor or others. Some have access to the MLS. When they get an alert about a new property they call me up.
The other method is I come across something that I think an investor would look for and I let them know. I have prospecting searches setup in the MLS that sends me new listings/price changes/back on the market changes each night. Sometimes those will show up in the MLS before they show up on the search sites due to the delay in the feed.
The other is when I do prospecting for listings or when showing homes and I come across something of interest.
On a related note, I also use Zillow and Realtor as well. There are situations when a listing agent doesn't use the local MLS and uses a State wide MLS. I see that a lot with shortsales and foreclosures. Might also be because it's cheaper to use the other MLS. Zillow and Realtor will shows those listings. Also, Zillow and Realtor will show the FSBOs.
Also: Zillow is a good way to find houses coming up for auction and figure out where to participate. You can also search on the HUD store site. And also on HomePath store for Fannie Mae. HomeSteps for Freddie Mac. Those also show up on Zillow, but you might want to specifically search those sites just for those types of homes.
Thanks for the reply @Christopher Phillips. I noticed you said investors do A combination of things. I have heard from others that doing a combination actually hurts and its better to master one strategy. What would you tell people that make that argument?
Also I hear that a lot of investor find off market properties. Do you know anything about that?
I have heard that as well but I agree with @Christopher Phillips The big flip players (20+ deals a year) in our area all get deals from multiple sources. We are on our 3rd flip and so far they have come from 2 MLS deals, both foreclosures, and 1 cold call off market deal.
It's not a strategy thing so much, mostly a data issue since you can't always find things in one spot. Zillow is a pretty good aggregator of listings, MLS and FSBO, but sometimes things just don't show up there. As an example, only about 30% of MLS listings automatically syndicate to Zillow. The rest have to be put in manually by the agent or their office. Because of that, you're forced to look in multiple places to make sure you catch things early. I recently had this discussion about a listing in my area and there was a one week delay between the MLS and when it showed up on Realtor.com.
As far as off market stuff goes, that is a matter of getting to the potential sellers before others do. Could be looking at previously expired listings, preforeclosures, working with agents that alert you to listings before they are posted.
You could farm an area, sending out postcards or letters to potential sellers: "looking to sell your home?" Farming can be expensive, but if you limit it to postal routes or specific targets you can do it economically.
Some people talk to owners holding yard sales, knowing that people clean out their homes before listing them.
There is also driving for dollars. I have some homes near me that are sitting empty. It can take some time tracking people down, but it's one way to get in early.
Ahh Man thanks @Christopher Phillips.....I was under the impression that everything from the MLS automatically goes to Zillow. I think I am going to go the multiple source route myself. You are very helpful thanks man.
@Joshua D. Thanks man. That's what Im trying to become 20+ deals a years. Do you happen to know if any of the investor, invest outside of there state?