Finding Hidden Gems On The MLS Is Easier Than You Think!
Hey Cody Sperber the Clever Investor here and 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). Now I am not talking about having your agent make offers on bank owned, HUD, or short sale listings…. ohhhhh no, 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 unclever 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). 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; Lease Option; Bring All Offers; Estate; Must Sell; Probate; Divorce; AS-IS; Short Sale; Damage; Fire Damage; Corporate Owned; Quit Claim Deed; Engineers Report; Death; Probate; Owner Financing.
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.
Until next time,