Buy and Hold Investors: Offering on the MLS

5 Replies

Good evening BP members,

For those of you that have bought properties off of the MLS for the purposes of buy and hold using the BRRRR method.

Do you guys always offer below asking price? Or do you all try to meet the seller first to build rapport and then offer your deal? Also, what is the success rate that your offer is accepted? 

@Daniel Mendez you do not meet the seller when a property is on MLS you deal with the agent only. Whether you offer above, below or at list price depends on the property and how good a deal it is for the are about there is no hard and fast rule to offer below list price.

@Daniel Mendez I got a duplex on the MLS for less than half the asking price and then used the BRRRR strategy. They are out there. It's a numbers game. Keep looking and keep making offers!

Originally posted by @Matt Pastier :

@Daniel Mendez I got a duplex on the MLS for less than half the asking price and then used the BRRRR strategy. They are out there. It's a numbers game. Keep looking and keep making offers!

 Congrats, Matt. If I may ask, this duplex that you found, how long had it been in the market for? Was their pushback to your offer? 

I buy primarily off the MLS. Sometimes my offers are significantly below list, sometimes significantly above list, sometimes moderately each way and sometimes right at list. All depends.

@Daniel Mendez It has been on the market for about 5 months. There was definitely pushback and the first time around I had to walk away because we couldn’t get to the price I needed. 4 months after that he was desperate to sell and he came around to my offer. Real estate investing takes patience. Some deals, like this one, can take a long time to close. I did a write up about this deal in more detail on my profile if you’re interested.