I'm ready to finally dive in and find my first house to flip. Right now I'm starting to look on the MLS and so far all the deals I am finding that are even close to profitable are short sales but even those don't give me enough cushion that I would like and all those already have multiple offers. Am I crazy to think I can find a deal on the MLS in Utah county to flip? I know about many of the other ways to find deals, but right now I don't have the funding or desire to do direct mail and other targeted marketing strategies (cold calling, drive for dollars, bandit signs). I am willing to use a wholesaler but I don't really know many in Utah and how to use them. Right now my plan is to be aggressive on the MLS and place a lot of offers at the price that makes sense and hope someone will accept my offer. Any thoughts?
Answer is pretty location specific.
My area has enough MLS deals that I don't need to do marketing.
That being said, on any given day there might be not even one deal (at the list price), which means I need to be patient or lowball: my strategy is to be patient and either make a no-contingencies cash-offer the day it's listed or after 9+ months of steady price dropping.
Crazy? No. But understand that you might not (ever) find one on the MLS in your area.
Cash Free Alternatives - (if you are desire-free, RE is not the industry for you)
Stop into the local banks. Ask for current short sales.
Driving for Dollars (vital to understand neighborhoods)
Local REI meetings
Local City/Town clerks' office (great for finding places with overdue taxes)
@Barrett Anderson Try alternative sources, like Craigslist, as you know KSL is big in Utah, HUD website, or maybe try a local property management company and see if they are aware of any deals that may not be on the market. If it is on MLS, then a real estate agent is probably involved, and if an agent is involved, the sellers are most likely not that desperate to sell, and all your competition is going to the MLS as well. Go off-track and use a creative way to find a "true deal" that is not published and you can work with the sellers directly. That is where you will find a property that yields the profits that you are looking for.
It will be hard, you can try finding wholesalers by calling the numbers on bandit signs. It is most likely a wholesaler or fellow flipper and you can network with them and get on their buyers list.
Attend the UVREIA meetings, (if you aren't already) you will find all of your local players there.
Try reaching out to Matt Atkinson. He can help point you in the right direction for whatever it is you are seeking.
Thanks for all the reply's you have given me some good insight and have motivated me to get more creative in finding my deals. I need to start generating a list of good wholesalers as well.
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