What MLS Searches to Practice as a New Broker/Investor at My First MLS Classes?

[Burt L.]

Finally get to go to MLS classes after comleting real estate school and want to focus on REO's to rehab initially. I wonder what to emphasize in doing searches as a beginner?

I've seen many keywords in other posts such as "fixup, handyman special " etc. I finally made it to MLS classes - any suggestions on what to search for, or other thoughts?

[J Scott]

Here's how I do it...

I will set up searches based on my price range and property criteria, and then just go through all the new listings every day. I have one main search query and several "specialty" searches.

For the main search query, I search the main zip codes I focus on, up to $100K list price (I don't purchase higher than that), 3+ bedrooms, 2+ bathrooms, built after 1978. My search query incorporates both new listings and modified listings (price drops, for example).

On a typical day, this search will return about 50 listings. I click through each listing, and can tell which ones are foreclosures in about 3 seconds (either by the agent, the private remarks, or a couple other fields that make it obvious). About 95% of the listings won't be very interesting to me, and I'll spend a few minutes reviewing the 5% that are.

For those, I'll look at pictures, tax records, comps in the neighborhood, etc, if I don't already know that info off the top of my head.

I then send any listings I'm interested in (generally 1-2 per day) to my project manager to take a look at for me...