Are you buying off of the MLS?

Question

Are you finding deals on the MLS for any investment strategy (BRRR, STR, LTR, etc)? Just looking to stir up some convo.

Jonathan Greene · Answer

There are ALWAYS deals on the MLS, you just have to know where and how to look. Back on market properties every day on a hot sheet is a key focus so you can find all the deals that just fell out because of inspection issues (usually comes with a price reduction and an acknowledgment of what just happened because they know the new buyer will find it) or because of failed mortgage contingencies (these are the best because they are closer to closing and need to close so you can just hop into the deal that had and close quickly). It always depends on what you are looking for and how you look on the MLS and how hard your agent looks for you (no autoemails every day) if you do not have MLS access.

Jaron Walling · Answer

The better way to say it is TRYING to buy off the MLS. Every property we have looked at in last 12 months went pending in 3 days, if not 3 hrs. It's wild.

Went $5K over ask on the last one and didn't get the property. Reallllly slowing our search moving forward (investment or primary residence). Planning to spend the majority of my time looking for off market opportunities, networking, and investing in myself in 2022.

Jordan Moorhead · Answer

I just signed a contract for one off of the MLS today and have actually bought all of my househacks off the MLS. We bought around 10 last year off of the MLS

Brad Jacobson · Answer

Definitely still buying off the MLS. With such insane appreciation these past few years, there are still a lot of homes being posted for way under market value because agents and sellers just aren't keeping a good pulse on the market.

Many people make the mistake of thinking the listing price is law and if you get it for under the listing price you got a deal. That's incorrect. Remember, the list price is often just the guess of an agent and many agents don't do a good job of it, especially those only doing 1-2 transactions per year. If a house is priced $100,000 low and you pick it up for $60,000 over list, you still got a great deal.

Don't shy away from the MLS!!

Corby Goade · Answer

Absolutely. Deals come from all kinds of places, it's silly for people to say that you HAVE to buy off market, that shuts new investors down immediately. I've bought most of my portfolio off of the MLS.

95% of transactions happen on the MLS, it's ridiculous to think every one of those is a bad deal.

Alecia Loveless · Answer

@Johnathon Sesi I buy both on and off the MLS. I’ve got my eye on a property now on the MLS that needs a total rehab. I plan on going to see it quickly. It’s about a 30 minute drive from my main investing location. If the drive inconveniences my contractor too much I will pass even with the super low price because without the great rates I get through this contractor the rehab would be five times as expensive to hire someone else.

My last deal was from the MLS that I closed yesterday but the one I closed 3 weeks ago a realtor brought to me before it got listed and I made an offer slightly above what the seller wanted and she accepted to avoid the hassle of having lots of people going through her home.

Conner Olsen · Answer

@Johnathon Sesi I find that if you have the right strategy the MLS is a great place to find deals! Pretty much every SFH in Austin works with my strategy of medium-term rentals.

Christopher Bell · Answer

@Johnathon Sesi there is always going to be a deal you just have to wait for the right one and be on t of it or just wait for a solid market opportunity. The last place I bought cash flows 1400 a month bought right off the MLS was for sale by owner and was on the market for over 80 days.

Jordan Moorhead · Answer

Signed another off of the MLS last night! This one wasn't technically on the mls but came from the same listing agent as a result of us asking if they had anymore they want to sell.

Matthew Irish-Jones · Answer

@Johnathon Sesi I own 45 doors. 4 of them were purchased off market the rest came from the MLS.

Our brokerage only works with investors, 90% of the deals we do are from the MLS.

Are you buying off of the MLS?

Are you buying off of the MLS?

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