Finding Deals in LA.. MLS??

Question

Ok BP, seeing that the LA market or So.Cal for that matter is heavily saturated with wholesalers, bir dogs, and others. What strategies and systems are you using to find deals? I rencently turned to the MLS to search, however I can not get a REA to submit offers for me as my transactional funding, is not considered valid POF. I have active REAL buyers that will buy, and looking for various deals, REO's, Fix and flips, the problem is finding them. I have invested in software to help, with absentee owners, and other lead generating techniques, however I am finding it difficult to find anything. So again I turned to the MLS. So question:

1. Is the MLS a viable lead source? If so are there any "simultaneous close friendly" realtors out there??

2. If MLS is a solid source, then how are you all submitting offers? And closing on them??

3. If the MLS is a dead source, what do you suggest? My main strategy is wholesale.

Again, I have active REAL buyers in LA county, Orange County, and Riverside County, all legit, just need real deals to present. I know formulas and deal analysis, just need the goods 😁

Any advice would be appreciated as I would like to close another deal before the end of summer, and 5 by the end of the year.

Many thanks,

Jorvon

Psalms 37:23

Jorvon Smith · Answer

Hi David,

Ok here is the deal with MHD... I have closed a couple of times on properties posted there, and they were legit FSBO's. It's funny b/c both times, I am fully convinced it was pure coincidence (or Devine blessing =-) ), as the moment I paid fro the 34.99 subscription, a lady from Santa Fe springs was selling her home, as her husband had just passed. Another deal, same thing renewd my subscription, went through the whole "bogus leads" and all, however I somehow stumbled onto another deal.

So in short, to answer your question, yes and yes. Yes they do have good deals, and yes it can be a place where bad deals are puched.

Hope this helps.

Blessings,

Jorvon

Jorvon Smith · Answer

Scott,

Thanks! You are right. MLS is tough, so I'm now going back to the drawing board. What part of CA are you in and what are you doing, if I may ask.

Scott Williams · Answer

Can you use your end buyer's proof of funds?  Some of the flippers I'm aware of are giving agents their buying criteria and proof of funds, then the agent writes offers on behalf of the end buyer.  MLS does seem to be pretty tough way to find viable deals at the moment, at least in So Cal.  Good luck!

David Ferrette · Answer

@Jorvon SmithI have seen that website before (myhousedeals.com).  How do you like that site and are they really deals or just a place where bad deals go to get pushed?

Jorvon Smith · Answer

John,

Thx fort the insight. To answer your question,

I have been able to either one get to the homeowner directly (myhousedeals.com) has worked for me, or co-wholesale with others. Buyers are not my problem. As it pertains to MLS, I am not being out bid, it's that I can't find a realtor who will sub my offer with transactional funding. They see the letter and reject it as not serious.

John Curtin · Answer

Hi Jorvon,

How have you been closing deals so far ? Is it no longer working ? Have you been outbid ??

The MLS is pretty straight forward as far as what's out there...getting a"deal" depends on how fast you act and how attractive your offer is. Also DOM can also play a part in getting a good unit but this is pretty straight forward info

Best of Luck

JC