Anyone Here Finding Flip Deals on the MLS?

[Zach A.]

I'm working on my first flip and have been digging through the MLS regularly. Every now and then, I come across a property that looks like it might work as a flip. But then I start second-guessing myself—if it’s really a good deal, why hasn’t another investor already scooped it up?

I know a lot of people focus on off-market deals, but I’m curious:
Have any of you had real success flipping houses you bought straight off the MLS? Was it a hidden gem, a long-sitting listing with motivated sellers, or just great timing?

Would love to hear about your experiences—good or bad—and any advice you'd give someone looking for flips in a competitive MLS market.

Has anyone had luck acquiring houses to flip straight from the MLS? I see some that may work out from time to time but then I think. . . is there a reason another investor hasn't snatched it up already?

What have been your experiences? 

[Andy Sabisch]

Most of the properties we have purchased in the past few years have come off the MLS. There are deals out there often due to a poor listing by an agent that should probably be flipping burgers, properties that are a cosmetic train wreck and the photos are no plus or priced too high. Like an off market property, see what the spread between buy and sell is and make an offer - the worst thing they can say is no. We recently found an MLS property that was a bank property and the listing was terrible. My wife has no problem offering a low ball offer and in this case it was accepted - looks like a minimum of $75K left at the closing table when we sell. It had been on the MLS for over 45 days and we did wonder why it had not been snapped up. The deals are there - use the tools here on BP and work a few deals to see what to offer.