Finding Deals on the MLS is easier than you think.
There is no secret to success in real estate. I don’t have any magical skills, or insider knowledge(well maybe a little, but I am about to tell you what it is). What I do have is years and years of experience trying to sort out how to get to the good deals, quicker and more consistently. I am asked this question all the time: How do you find such great deals? The answer is simple, they are right in front of your nose, most people just don’t know what to look for. Good thing for you, you know me! I have compiled a list over the last 13 years of real estate investing that discovers literally dozens of potential deals, each and every single day, no matter what market I am looking in.
In today’s real estate investing blog post, I wanted to share the #1 way I use to find profitable deals off the MLS (I call this my MLS Hack or insider information). Now I am not talking about having your agent start the search for you…they generally don’t know what they are looking for either. I am talking about a ninja way to uncover HUGELY profitable deals that other investors skip right over! Intrigued? You should be because right now there is a shortage of inventory and most investors are fighting over what little deals they can find. But not you… not after you read this!
Now, as a new investor one of the first Power Team members you should recruit is an investor friendly real estate agent (unless you are licensed yourself). FAIR WARNING: they are really hard to find outside of Young Realty Inc. Focus on building rapport with them by showing them HOW you can benefit them and in exchange you will need them to do the following for you:
SET UP A CUSTOM SEARCH TO NOTIFY YOU OF THE BEST LISTINGS
The MLS is simply a giant database of active, pending, and sold listings that constantly changes. Have your agent set up a custom search that notifies you whenever a certain action occurs on the MLS. That “action” can be a new listing within your target area and target price range, a listing that changes from “Pending” back to “Active”, listings with high Days On Market (DOM), or listings with one of the following “keywords” within the “public remarks” and/or the “Realtor remarks” section.
Handyman Special; Motivated; Fixer Upper; Fixer; Foundation Repair; Investor Special; Quick Sale; Rehab Needed; Repairs; TLC; Owner Will Carry/Finance; Lease Option; Bring All Offers; Estate; Must Sell; Divorce; AS-IS; Damage; Fire Damage; Corporate Owned; Quit Claim Deed; Engineers Report; Death; Probate; Owner Financing, Bank Owned, Attention Builders and Renovators.
Remember to have your agent set up your notifications to be “immediate” if one of your search criteria is met. And lastly make sure they set it up using “contains” and not just “starts with”. This will ensure you get to look at any listings that have any of your keywords in the description areas.
And once you do find a deal that looks like it could be a winner, simply have your agent call the listing agent and begin building rapport (and eventually make an offer). The key is to aggravate the sellers housing pain and remind them that you are a cash buyer that is interested in helping them out (for the right price)!
Hope this helps you get more deals and make more money as a real estate investor. I know these key words have made me a small fortune.