Anyone Here Finding Flip Deals on the MLS?

Question

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 · Answer

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.

Michael S. · Answer

@Zach A. - rarely in the Huntsville market does a property listed on the MLS work as a flip.  We bought one in 2020 off the MLS that we flipped and made a reasonable profit on.  But that was 2020.  I can think of only two others that we bought off the MLS since then for the sole purpose of flipping the property.  One we lost 5 figures on (the market turned while we were rehabbing it, and we ended up being upside down).  The other went over budget, and we converted it to a furnished long term rental when completed, which has done just ok.  All our other flips were sourced off market.

Account Closed · Answer

Hi @Zach A.

I actually found my first Columbia, SC flip right on the MLS. It had multiple offers, but I was able to negotiate the price down from $150K to $115K. After a rehab of around $73K, I sold it for $255K. Deals like this do exist on-market, but you just have to be able to recognize them.

If that’s challenging, it’s important to work with an agent who understands the market and can help identify opportunities, like I do for my clients. That guidance can be really valuable, especially when you’re getting started and navigating a competitive MLS.

Jaron Walling · Answer

Indy investor - rare to find anything worth flipping on the MLS, and making good profit doing it. We closed on a distressed SF two weeks ago that we found on the MLS, and are full speed on the remodel right now. It's a good deal but will probably lead us to hold and BRRRR the property. That was plan B so I'm not worried about it.

If we could have bought for $10-15k less (off market) it could be homerun flip, but I'm a realist and see the increased supply and price reductions going on in most markets.

Chad Shultz · Answer

I usually focus on other areas, like foreclosure and private properties.  When I have time, I will look through the MLS, but I don’t personally put a lot of effort there.  When they are publicly posted, there are a thousand eyes on them already.

Peter Mckernan · Answer

Yes, there is a client that I have, we have bought some homes off the MLS. The first one was great.. he ended up making around 30K on the deal. This was a turn time of about 3 months.

Emily Valenzuela · Answer

Hey Zach,

As a former real estate agent I know for a fact there are deals to be had on the MLS. When I was an agent I would often track properties that I considered to be "MLS gems" properties that where in need of an update or serious repairs. I would run numbers on them from an investor perspective. I would then track those homes to see where they closed at. Over time I started to notice a few of the homes closed at what I would have offered or at least with in $5k of my number. As a real estate agent I was not able to succesfully do an assignment of contract and I did not have any cash on hand to close. So for me this was just a learning excercise I performed regularly. Now that I am no longer an agent I am not privvy to the closing numbers, but I know that those deals are still out there.

Just as with deals off the market remember to do your homework and stick to your numbers. If you go through the trouble of running numbers on a house, make the offer that makes sense to your strategy. If they say no just move on to the next one. Best of luck to you my friend and if you ever decide to check out the Austin, TX or Killeen, TX markets please feel free to reach out.

Chad Shultz · Answer

Finding a good deal on the MLS is tough.  I have done about 50 flips and only bought 2 off the MLS.  You really need to stick to your numbers and allow room for depreciation in this market.  Proceed cautiously.

James McGovern · Answer

There are lots of properties on the MLS. The big challenge is that when it hits the MLS flippers come out of the woodwork and drive prices up

Account Closed · Answer

@Zach A. Going over asking isn’t always the deciding factor. I’ve had success making my offers as clean and competitive as possible, with fewer contingencies and flexible terms. Building trust with the listing agent also helps, since sellers want confidence the deal will close. That approach has allowed me to win multiple-offer situations for both myself and clients. I also try to focus on homes that have been on the market 30+ days to limit competition whenever possible.

Anyone Here Finding Flip Deals on the MLS?

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