I am looking to purchase my first rental but I am having trouble locating deals on the MLS.
I understand there are many different way to find deals outside the MLS. I am open to pursuing those avenues as well. I am just curious to know if any one else is able to find deals on the MLS in Arizona or is it just me?
If you have found a deal recently it would be nice to know: area, purchase price, and bed and bath.
There are still a few deals on the MLS here, but they are few and far between most of the time. You have to be ready to act very quickly when one pops up. If the MLS isn't working for you, you should try to get on some wholesaler lists. Lots of trash to sift through, but there are some deals worth looking into every once in a while.
Any suggestions on how to get on a wholesaler's list? Do you have to be a full cash buyer to be on their list?
You can just Google 'Phoenix wholesalers' and then sign up for email alerts. It's as simple as that. You don't have to a be a full cash buyer to get on the list, but you need to have cash or hard money to secure the properties in most cases.
I agree with @Bob Okenwa , We just went under contract on our 4th property this year and 2 were from a wholesaler (purchased together) and 2 separate deals were purchased via MLS but we did offer the first day on the market. It takes a lot of sifting through the bad deals to find those that will work, AND you have to act fast. Thankfully we have a HELOC we are using for the short term financing.
@Jaime Paniagua going through conventional financing will restrict you from these good deals but if you have a pre-qual/pre-approval from a hard money lender would be able to pick something up. I have crunched numbers on a lot of deals and can now roughly tell if the numbers would work enough to make an offer. I do still follow up with running numbers on the BP calculator. Let me know if you have any questions or looking for direction, I'm not the most experienced but happy to help where I can. Of the four, 2 are in Mesa, one in Chandler, and one in San Tan Valley.