What is the best public website out there that is comparable to MLS access that one can use to look for properties if they don’t have MLS access? I want to also know what to to look for on a website in order to know if it’s a deal or not.
I just use Zillow and Realtor.com, myself. But the real deals are if you do as they suggest on the webinars and do Driving for Dollars or check Craigslist for leads. Then there are the eviction notices and foreclosures you can find at the court house. I'm just practicing for the moment as I'm not ready for more property until 2018, so I'm fine with using the internet to find practice houses. :-)
To know if something is really a deal, you really need to run it through the tools. Unfortunately, since you are a free member, you can only do so 5x. They are having a "sale" on Pro membership right now with discount code 1025 through Friday at midnight. Then in a week or 2, they are raising the price of Pro. But if you buy now, you're locked in forever. When it's time to renew next year, when newbies are paying the higher price, we will be locked into the lower, discounted price of this year. SWEET!
If you can't go Pro and have to do the calculations yourself, don't forget to include things like taxes, CapEx, vacancies, insurance, etc. Folks all have different numbers they shoot for, but perhaps a good thing to start with is a cash flow of $200/door (so $400 if you had a duplex) and 12%+ cash on cash ROI.
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