VIRTUAL Pints and Properties Meetup

[Jonathan Bombaci]

I run a real estate team out of Lowell MA (North of Boston) focused on helping investors in our very competitive market. The Myth "there are no good deals on MLS" is one we encounter all the time. Everyone wants the off-market stuff but what I find is most of the off market stuff has hair on it. There is normally a reason why they're not marketing it on MLS and it's not because they want less money. Don't get me wrong, you can find great deal off-market but when dealing with new or newer investors risk tolerance plays a factor.

We can still find plenty of good deals on MLS but they are few and far between and when they come up they don't last long. I scour MLS everyday and when we see a good one we try match them with the investors in our network who's strategies best work for the property.

I’d say more than 1/2 of our properties come from MLS and at least 1/2 of my personal portfolio was “on market” in some way, and trust me we don’t buy bad deals. 

For example there was an 11 unit that came on MLS 20% below market value so we talked to the agent and figured out what the seller wanted. Then brought the right investor to the property and while there was competition we got it locked up at asking. The offer was in and signed before the end of the 2nd open house. The key is to find the right matches and act quickly and decisively.

What deals have you found “on-market”

Best,

Jon