Too much Time on MLS in metro area
Hey folks,
I'm still in the early stages of finding my first investment (getting a few pre-approvals, saving $ and reading everything I get my hands on)
My question is probably a silly one, but... am I right to question a listing that sits on the MLS for any more than 30 days in the metro area? I occasionally see deals that look good on paper, but have sat for awhile and it makes me wonder why every investor in the area has passed it by.....
Most Popular Reply
@Ryan Tuleja This could be a number of reasons
1) Is there a large influx of "like kind" properties available in your area
2) It could be over priced for "like kind" properties
3) Your analysis could be slightly off, build your team and leverage their knowledge of the area (find a real estate agent who invests in the same area) You may be working your numbers with a lower profitability than local investors
I suggest finding a local RE investor meetup or group. Ask these questions from people you meet face to face. You may find a mentor or an older investor looking to sell properties of theirs.