I just received links to the MLS through my investor friendly re broker. I've been pounding the concrete looking for my first deal. My question is this, I know I have access some other investors in my area may or may not have. What's the advantage of having this listing? Actually, I have 2 list that are sent electronically directly to me first thing in the morning. My broker knows I'm usually up at 5 a.m. every morning although I've fractured my neck (Still use to getting up for work at this time after 5 months of recovery). Lol!
I'm still fairly new to REI but I know I have something here that's golden. The 1st list is of the criteria I sent to my investor friendly broker which I would have to go through his agency should I pursue any of the properties on the listing. The 2nd list is compiled of properties that currently came off the MLS and may be listed with another agency in 2-8 days. If not, the property probably went FSBO.
How do I use this information to get my first deal done?
What type of strategy should I use for the SFR acquisition with no money down on my part?
I'm looking to wholesale-flip my first SFR deal in which I already have my buyer.
I'm also looking into purchasing my first multi-unit building in which I will reside in one of the units while renting the others. The same questions apply to the multi-unit building.
Any advice, suggestions, or comments would be greatly appreciated!
D'Mark, Great topic to get some action on your questions! One of the things I do with MLS listed property is import that data into a spreadsheet and do a preliminary work up by viewing the photos to determine ARV. Once this is done, I shave it by 1% and choose that number for the sheet. This gives an illustration for my investors to quickly see what their costs will be to hold the property for 4 months. The tough part was importing enough data to make sense and limit unnecessary data. No photos are imported in this manner and I can whip one of these out in about 30 minutes.
The REAL first thing to remember is if the property truly is a good deal, it will be sold by day 3. These are never 70% of ARV properties so the investor demographic is a buy/hold or someone happy with 20k or so profit.
A list of properties that meet a certain set of criteria, and a list of expireds, nothing really special about that. As for the expireds, the reason they're expired is because they were over priced, period. No reason to think the owners are now magically motivated. They may be relisted, and may gradually lower their price, in small chunks, over time....nothing there for an investor. Curious as to your criteria for the other list....$/sf, area, beds, etc.?
A portal lets you actually enter/change criteria to run searches, usually not sold though. Sounds like you're just getting auto results from a search your agent established.
Hey Anthony & Wayne,
I thank you both so much for your input. Both comments have me brainstorming already! Wayne "You're Good!" But I've read somewhere that "it's what you do with that data or knowledge". I don't usually gamble, but I'm gambling on myself that this information will be put to good use because I'm still in the very early stages of REI. I read a lot, and you're right Wayne. If the property happens to get re-listed, the seller may be a little bit more motivated with a reduced price. I'm in no hurry. On the other hand, the seller may just go fsbo (off market). Although I'm new, when you're taught something the correct way, you usually do things right! As for the criteria, it's just your average stuff for a SFR that my buyers ask me to find. You have a "paint-by-numbers" system? I don't know why I ask that question. I was brainstorming while typing. Thanks again fellas!
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