Don't Write Off the MLS... just yet!
One of the biggest complaints that I hear from investors right now is the common phrase, "I can't find any good deals!" I would encourage folks to look at things a bit differently... especially in respect to the MLS.
Having had many calls with people who swear that they strictly buy off-market, I would argue that they may be missing out. In Indianapolis, we are in a unique time within the market where things are selling higher than normal.Hence why sellers have been throwing properties up for sale at absurd price points to see if someone is dumb enough to buy.
That being said, a hot market has created an influx of new brokers within improper training and lack of experience. If you have access to the MLS yourself, or are working with a broker who has some experience under his or her belt they should know that new brokers often make mistakes when listing properties on the MLS. These simple mistakes can often be caught and turned into huge opportunities.
If you do not have direct access to the MLS ask your broker to set you up with a broad auto-search. This should allow you to have a closer look as to what is going on and off the market. Most brokers do not have the time to consistently peruse the MLS at all hours of the day, but if you can find the time you may be surprised by the amount of opportunities that are out there.
In utilizing this strategy myself I was able to find a 10 unit apartment complex listed for $125,000. I found this property at 2am while I was searching the MLS ( I don't sleep much). Long story short.. an unsophisticated broker was representing an unsophisticated seller that priced the property similar to that of a single family home. Needless to say I was a happy camper to find that it spits out around 3k/month.
Opportunity is everywhere... you just have to go out and capitalize on it!
Cheers,
Zach