Lender 路 Santa Clarita, CA 路 Member since 2018 路 110 posts 路 48 votes
What are your thoughts on MLS listed properties (Redfin, Zillow, Realtor)? Does anyone find good deals this way? As soon as I find what seems like a deal I pause and wonder why, if it is a good deal, was it not snatched up prior to listing. Mind you i'm a beginner and am making the assumption that it was brought to a more seasoned investor before the agent decided to list. Is this just analysis paralysis or is there strong validity to this thinking?
Specialist 路 Saratoga Springs, UT 路 Member since 2017 路 12 posts 路 17 votes
7y
Hi Dan,
There are actually quite a few deals found on the MLS in LA. That doesn't mean you don't have to network as that makes deal finding easier - but there are deals on the MLS
I have a research assistant that looks at this for me nationwide.
Real Estate Agent 路 Jacksonville, FL 路 Member since 2018 路 33 posts 路 9 votes
7y
@Dan Schweit It really depends on the motives of the seller and how quickly they want to sell. They can sell quickly and take an off market offer in a few days if their agent knows the right connections. If they have a month or longer to wait, listing on the MLS is the better choice. This reaches a wider audience and garners competition among buyers. Most agents are bound to get the highest and best offer for their sellers, and will typically let their sellers know that listing on the MLS is the better way to go for this. In my area's case, the MLS listing also is a general contract between the agents in terms of compensation and what conveys with the property.
Real Estate Agent 路 Chicago, IL 路 Member since 2017 路 2k+ posts 路 2k+ votes
7y
MLS is great we find lots of deals in mls. As mentioned above don't assume properties that were passed on are trash. The things BP members look for (cashflow) is often not what the average owner occupant buyer looks for even on 2-4 units. Other strategy is just be quick. I check new, price change, reactivated mls search literally every day.
The advantage of the MLS is that someone has decided to sell their property.
The "other prospecting methods" are ways to find people earlier in the process.
For example pre-foreclosure leads have been around for a long time as foreclosure is an indicator that the property will soon be for sale.
Vacant property leads indicate that the owner has already left the property.
A newish source is HOA liens which is an indicator that there is a financial issue associated with the property.
Unpaid property taxes are a similar source.
Bankruptcy records are an interesting lead source as you can see when properties may be losing bankruptcy protection.
Several "I buy your house for cash" sites sell leads.
There are several others sources but that gives you an idea.
So basically you are putting a marketing plan in place and contacting owners at the opportune time. Then you help the owner solve their problem with the property.