anyone still Finding deals on MLS?

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anyone still Finding deals on MLS?

Marsha Rost
Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes

Is anyone here still finding deals on the MLS? Or is it mostly off market now?

I have been looking for a year, have made god knows how many offers and have had no luck.

I looked at a property a few days ago in need of a total redo. Nothing could be salvaged. Listed for 225k. According to my realtor the best I can get for rent if I do a nice renovation would be 2k. That would mean negative cash flow. And this was the best deal out of all the other ones I have seen in the past year. I made a lower offer but the owner came back at 200k and wouldn't come any lower even though the property has been on the market for almost a year.

the deals my wholesaler sends me aren't any better.

Where are those deals that everyone talks about with the 1% rule? Heck I can't even get close to that Number.

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Frank Wong
Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
7y

Hi Marsha,

Yes, I still buy and find all my deals on the MLS. I invest in Dallas Ft Worth market which is very competitive like Houston. Just closed on a property last month. Are they harder to find? Yes. They are still out there.

If you have been looking for a year with no success and made countless offers you need to reevaluate what you are doing.  You need to look at how you are analyzing the properties, what areas you trying to buy, price point, quality of property, finance terms, contingency term, you need a complete game plan.

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  • Frank Wong
    Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
    7y

    Hi Marsha,

    Yes, I still buy and find all my deals on the MLS. I invest in Dallas Ft Worth market which is very competitive like Houston. Just closed on a property last month. Are they harder to find? Yes. They are still out there.

    If you have been looking for a year with no success and made countless offers you need to reevaluate what you are doing.  You need to look at how you are analyzing the properties, what areas you trying to buy, price point, quality of property, finance terms, contingency term, you need a complete game plan.

    6Reply
  • Ebony S.
    Contractor · USA · Member since 2016 · 23 posts · 25 votes
    7y

    Everyone and their Mom uses the MLS. It's way too competitive. There are websites out there specifically for real estate investors and others looking for off market or wholesale deals. Many have better deals than what you can find on the MLS. You can keep trying to find a needle in the haystack ( a good deals on MLS) but it is an uphill battle, as you're finding out. Diversify your sources.

    Warmly,

    ~ Ebony

    1Reply
  • Bill Goodland
    Rental Property Investor · Allentown PA, United States · Member since 2016 · 567 posts · 442 votes
    7y

    Seems like @Brandon Turner and @David Greene talk about this on the podcast practically on every episode, but sometimes you can't just look for good deals but rather make good deals. As an investor, if you are seeking the profits others want and don't have, try looking for or doing the things others aren't willing to do. Driving for dollars and marketing to motivated sellers is a start. Whether it's creative strategies of taking a reasonably priced house on the MLS and finding ways to create value by adding an extra bedroom or even an additional floor to the house, there are multiple strategies to make deals work in this market. If your idea of a deal is a paint and carpet rehab, in a hot market that will sell quickly for a 30k+ profit, then yes deals are hard to come by. But I would just recommend continuing to build your network, research strategies to get access to off-market deals, or find ways to make a deal out of the listed homes that work in your market. Keep at it, and best of luck.

    3Reply
  • Sam Shueh
    Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    7y

    Suggest you go to cheaper states mid west. 1% is a theoretical dream like perpetual machine that will run by itself for ever.

    0Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Ebony Scurry

    Can you please share the name of some of those sites.

    Thanks

    0Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Bill Goodland

    Thank you for your input. I have been looking at houses that need quite a lot of work actually not just paint or facelift. And I have been keeping that advice about adding value in mind. Have not had any luck yet.

    0Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Sam Shueh

    I might actually have to do that as I am not getting anywhere here in Houston

    0Reply
  • David Avetisyan
    Rental Property Investor · Glendale, CA · Member since 2013 · 685 posts · 334 votes
    7y
    Originally posted by @Ebony S.:

    Everyone and their Mom uses the MLS. It's way too competitive. There are websites out there specifically for real estate investors and others looking for off market or wholesale deals. Many have better deals than what you can find on the MLS. You can keep trying to find a needle in the haystack ( a good deals on MLS) but it is an uphill battle, as you're finding out. Diversify your sources.

    Warmly,

    ~ Ebony

     Would you be so gracious enough to share some sites that one can seek off market properties?

    Thank you in advance!

    0Reply
  • Mark Sewell
    Investor · Houston, TX · Member since 2017 · 1k+ posts · 871 votes
    7y

    Marsha, they can be found.  What part of town are you looking in?

    0Reply
  • Shari Theodozio
    Atwater, CA · Member since 2019 · 12 posts · 6 votes
    7y

    I live in the central valley in California and have access to the mls because of my job.  I do appraisals for bank owned homes that are always listed on the mls.  There are some really great deals due to the condition of the homes if you want to rehab them.  But, they go quickly, so check often.

    2Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Mark Sewell

    I'm looking at the Near Northside (Northside Village). That's my main focus. And I have also looked at Independance Heights and Oak Forest areas.

    2Reply
  • Lamar Hopkins
    Member since 2019 · 1 post · 0 votes
    7y

    Don't give up. As you continue to search and network it will happen. I'm with Keller Williams and I have bought houses in the MLS and outside. Keep looking and network network network. It will happen.

    0Reply
  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    7y

    @Marsha Rost

    I agree with @Frank Wong you might have to adjust with the economics of the market. Where cash flows were $500 and better they are now at $300. Work with some wholesalers and let people know what you are doing. I have bought off market, direct from small local banks and the MLS this past year. MLS is crazy competitive.

    Good Luck.

    0Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Shari Theodozio

    Recently I only saw one of those pop up in the area I am looking at. But that's a good suggestion. Thanks. I will keep that in mind.

    0Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Mark Sewell

    And I see on your profile you have completed your first project. Congrats. How did you find your deal?

    0Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Lamar Hopkins

    Thanks for the encouragement!

    0Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Kenneth Garrett

    Some good suggestions there. Thank you.

    0Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    7y

    If you need help finding deals in the Midwest let me know. I live in Toledo so I am centrally located between Michigan and Indiana and obviously Ohio :) not afraid to travel if needed!

    0Reply
  • Andrew FidlerBusiness Member
    Real Estate Broker · Toledo, OH · Member since 2011 · 384 posts · 434 votes
    7y

    @Mike Mocek- glad to see you on BP mike. 

    [email protected]419-410-3836
    LaPlante Real Estate
    WebsiteView Page
    0Reply
  • Jace Holt
    Investor · Eastern ID · Member since 2017 · 69 posts · 53 votes
    7y

    I find deals on the internet, but I don't approach anything without trying to create some additional form of value for the seller, myself, the broker, and the investor. If you can't specifically point to where you are adding significant value to the deal for everyone, I think your going to spend a lot of time wondering why good deals don't exist.   

    2Reply
  • Kelly DeWinter
    Member since 2018 · 259 posts · 159 votes
    7y

    Yes; The MLS is a good source of properties, The important thing is to be aggressive, Most (not all) agents are not, they look for the easy sales. Be aggressive, persistent and consistent. When I use an agent I have a standard MRIS contract filled out and a template in Docusign. I don't wait for an agent to fill out the info, I fill it out and send it to them. If a deal is at an impasse with the sellers, meet with them and present your case especially if the property has been on the market for awhile, 90% of the time properties that are sitting only sell when there is a price reduction. Meeting the sellers could get them to understand that better than an agent can.

    2Reply
  • Marsha Rost
    OP
    Rental Property Investor · Houston, TX · Member since 2018 · 73 posts · 22 votes
    7y

    @Kelly DeWinter

    How do you arrange to meet with the owners?

    0Reply
  • Edward Liu
    Palo Alto, CA · Member since 2017 · 230 posts · 200 votes
    7y

    If you are looking at Houston only, it will be extremely hard or near impossible to find 1% deals.  All my Houston houses were brought 4+ years ago.  Now, I don't even bother to look at Houston or Austin.  The cash flow is not there.  Those who found deals recently likely don't meat 1% rule.

    However, MLS or similar sites are good tools to use. I use them to find many deals in other cities.

    1Reply
  • Courtney M.
    Lake Elsinore, CA · Member since 2018 · 235 posts · 300 votes
    7y

    I have bought from the MLS. But, I live in CA and purchased in MI. Sometimes you need to move to a different market to meet your goals.

    I bought a pretty standard property last year but my goal this year or next year is to get a rehab property. I really want to ability to "recycle" my cash and create value in the process.

    1Reply
  • Mark Sewell
    Investor · Houston, TX · Member since 2017 · 1k+ posts · 871 votes
    7y
    Originally posted by @Marsha Rost:

    @Mark Sewell

    And I see on your profile you have completed your first project. Congrats. How did you find your deal?

    I got that one from a local wholesaler - he picked it up as a probate deal, seller lived in OH and the property had some issues.  I will also hasten to add that was not a good deal by any stretch, but I really needed to take action and get started. 

    As I recall, there was a website that you can pay to join.  Not going to recommend that, as I don't think that too many of those deals are any good.  My personal opinion on wholesalers is that you need to get to know them.  If they are putting deals out to their list, putting them out on FB, then probably they aren't the best deals.  ARVs get overstated, and repairs get understated.  Most of those are not quite what they are advertised to be -- but, some are good deals, so you kinda have to sift through them.  It is a ton of work, doing the dd on all these deals. 

    If I run across anything in that area I will keep you in mind.

    1Reply
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