Pocket listings/ off market deals

[John Tarricone]

Good morning everyone.

A friend of mine who is a real estate investor told me, "if you see it on the MLS, it's too late".

While I think there is some truth to that statement, I don't completely agree. I think there are good deals to find on MLS.

With that said. I’m ready to buy my second multi family and I’d really like to find a killer deal to get some decent cash flow.

Do you believe off-market/ pocket listings is the best way to go? If so, what are some good ways to find these properties.

I’m located in Rochester NY. If anyone knows of anything in the area. Let me know!

John T.

[Jonathan Greene]

That's what investors say who don't know how to use the MLS to their advantage. I have a full off-market business and I still buy on the MLS all the time. I have an offer going out today and they are expecting four others - big deal. I just take my shot, just like I do off-market. The MLS is a hotbed of deals in any area, you just have to know how to look for them. Here are two great ways to look on the MLS for deals when you have a license or have someone who will do this for you:

1. Get alerts in your target area for BOM (Back on Market) homes. These are homes that were pending with a deal, but fell out for whatever reason (inspection, mortgage fail, crazy buyer/seller). When they fall out, the sellers were expecting to close so you can often hop back in and ride the coattails of the deal that was working. This works especially well for approved short sales because the process is set.

2. Look up expired listings, but ones that expired between 3-6 months ago and have not relisted. In the first 3 months the sellers are sour and hate their agent because their home did not sell. By 3-6 months they realize they are sitting in the same property they wanted to get rid of and might be open to off-market (no realtor, they blame everything on them) deals.