THE PROPERTIES YOU WON'T SEE

[Larry Fullard]

Hi! my names Larry, im a Travel Nurse new to B.P. and to Multi Family investing. Currently looking to purchase my first Multi-Family in AZ with an FHA (stay in one, rent out the others). Im looking around on some of the more popular websites like Zillow, Loopnet, Realtor etc. I've heard from Podcast like biggerpockets that these websites are where listings go to die, mostly it seems b/c they have already been swept through by other people by the time they are posted. The thing is I never really get an answer as to where I should be looking for the best options as an alternative. Any help on where to look for the best deals, or who to get in contact with for the options that get picked up before they hit the web?

[Geordy Rostad]

@Larry Fullard Good deals come up on the MLS all the time. Even if they don't look good at first, you can also make an offer on something to make it into a good deal.

I've found about 5 good deals this week on the MLS that I am pursuing. I think I found 2-3 great ones last week.

Don't believe the nonsense about the MLS being where deals go to die.

A couple of weeks ago a deal came up that was a home run. A house for $269k around here built in 1996 and needed about $40k of rehab. ARV was about $425k. I offered $272k site unseen but the agent came back and told me they wouldn't sell to anyone who had not seen the property and they were only showing the property between 2-4pm on Friday afternoon. I didn't have time but I sent my inspector friend who is also a broker. He looked it over and gave me the nod. The house ended up going for $290k. If not for the strange rules around the showings, it probably would have gone for $335k and still been a decent flip. I passed on it because I was more interested in another deal at the time (which blew up shortly after).

Keep your eyes open on the MLS and you can find several of these types of deals per week. Look in the outer areas for them.