Anyone Still Finding Good Deals on the MLS?

Question

I hear a lot of investors say there aren’t any good deals on the MLS, but how many are actually putting in offers?

Just because a property is listed at 280K doesn’t mean the seller won’t take 230K. The numbers still have to work, but you won’t know how flexible they are unless you start the conversation.

It also takes time to go through properties, run numbers, and put in offers that might go nowhere. I do get why people get tired of that process, especially when you spend hours on offers that go nowhere.

Is the MLS really picked over, or are people passing because of the asking price and the time it takes to get something accepted?

Curious what you guys think. Anyone bought a good deal off the MLS recently?

Jorge Vazquez · Answer

Good to see you doing well, Patrick. I agree, there are still deals on the MLS if you’re willing to dig and make offers based on your numbers instead of the asking price. I’d also look at subject-to opportunities, especially when the seller has a low interest rate. If you can solve the seller’s problem and preserve favorable financing for the buyer, it can be a real win-win. Sometimes the best deal isn’t just negotiating the price , it’s negotiating the terms.

Daryl Correia · Answer

I buy about 90% of my deals off the MLS

Joel Bongco · Answer

Aloha Patrick, I purchase 95% of my deals off market. It can be distressed, vacant, probate, etc. Please DM me if you want to find something in your own backyard. Aloha! Joel

James Hamling · Answer

Time valuing, and time leveraging; paramount understandings far too few get.

Add in $-leveraging, and now you got the holly-trinity of wealth creation.

James Jones · Answer

Different channel, same discipline problem. I buy in Memphis almost entirely through wholesalers, not because the MLS is picked over, but because deal flow is my bottleneck at 236 properties and I cannot spend my week writing offers on listed houses. A wholesaler who knows my box brings me single-family under $100K in the same nine ZIPs, and I can answer in minutes: ARV $180K to $265K after rehab, rent clearing the 1% rule, 3BR+ Section 8 at $1,395 to $1,950, DSCR refinance at 70 to 80% LTV. If a listed house hits those numbers, it is a deal whatever the source. Most do not at asking, and my time is worth more than the argument. Pick the channel that feeds your numbers, then protect the numbers.

Marcus Auerbach · Answer

Yes, at least 95% MLS. Just closed 2.

The advantage is that the seller is already prepared and the deal is already structured; the listing agent has done a lot of work before the property and the seller is also mentally ready to accept an offer.

The questions weather MLS or off-market has been the same for the 15+ years I have been doing this. Houses did cost a third back then.

Yes, MLS is competitive on hot new listings, but 1 in 5 expires without a sale - and many have never received a single offer. You will find opportunity where you look, and in my case I look on the MLS.

Ashish Acharya · Answer

Patrick, I agree. I think a lot of investors dismiss MLS deals too quickly because they see the asking price and assume there’s no room to negotiate. I’d also make sure the numbers are being looked at from the after-tax side, not just the purchase price and projected cash flow. Taxes, insurance, financing, repairs, CapEx, depreciation, and potentially cost segregation can all change the economics of a deal.

The other thing I like to look at is what happens if the seller comes down $20K or $30K. Sometimes the property that didn't work at the asking price becomes a very different deal with the right negotiation. I’d rather run the numbers on 20 properties and make 5 thoughtful offers than assume there are no deals because the first few listings didn't work.

The MLS isn't necessarily picked over. Sometimes the opportunity is simply knowing which numbers are worth negotiating. Feel free to DM me, I’d be happy to send over a few resources that might be helpful.

Divin Kanyama · Answer

@Patrick McKeown The MLS is competitive, but that does not mean every listing is priced at the seller’s true bottom line. Asking price is only a starting point, and motivation can change after a property sits, a contract falls through, or the seller faces a timing issue. Investors who consistently review listings, run the numbers, and make defensible offers will usually see more opportunities than those who dismiss everything based on list price alone.

That said, volume should not replace discipline. A lower offer should still be supported by comparable sales, repairs, carrying costs, and the required margin—not simply thrown out to see what happens. Price is also only one lever; flexible closing dates, fewer contingencies, seller credits, or certainty of execution may solve a seller’s needs without overpaying. The tiring part is that many offers will go nowhere, but tracking stale listings and following up after several weeks can be where the real opportunity appears. Good MLS deals are probably less obvious today, not nonexistent.

Daryl Correia · Answer

I haven’t done a sublet to yet.

Anyone Still Finding Good Deals on the MLS?

Anyone Still Finding Good Deals on the MLS?

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