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Jordan L.
  • Investor
  • USA
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86
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Do You Buy off the MLS in this Economy?

Jordan L.
  • Investor
  • USA
Posted Jan 14 2018, 01:24

I'm a newer investor looking to build passive income through buy-and-hold rental properties. I've set a goal to purchase at least 3 more SFR rentals in 2018 (I already own 3 rentals and one primary, purchased from 2014-2017). Yes, I realize this volume isn't impressive. I'd love to do more. Much more. I suppose you could say I'm setting a realistic goal for myself based on past experience.

Though I've just recently started putting in offers, I spend hours a week analyzing properties for sale in my target market.  Currently I'm looking in the Charlotte, NC area.  This is a hot, competitive market and I'm struggling to find anything that meets my criteria:  decent enough neighborhood that I would live in it, move-in ready or close to it, projected cap rate above 6.5% after expenses (including PM).

I don't mind making tons of offers and getting rejected over and over.  I don't want to frustrate my agent, however.

With what seems like sellers' markets left and right, is it moot to spend hours a day scouring the MLS and crunching numbers?

I should add to this that I live in California, and I work a 60+ hour workweek here with the goal of building capital so I don't really have the time, connections, or knowledge to look for off-market properties or remotely manage major rehabs.  I admittedly also suck at networking.  Introvert problems.

I'm thinking of shifting my target market to a less competitive area where I can get closer to the 1% rule in decent areas with a move-in-ready or very light rehab property.

Do you find what you're looking for on the MLS these days in your target market? If so, what are your criteria? I'm interested in hearing some more experienced stories.

Love BP and its wealth of knowledge!  You guys are all awesome!

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