Lender · Santa Monica, CA · Member since 2012 · 29 posts · 3 votes
Hi
I am trying to figure out the best ways to get ahold of pre foreclose lists, vacant property lists, and any other type of motivated seller listings. How do some of you guys get ahold of these?
Also curious about the advantages of being able to use the MLS for investment purposes. I know the MLS gives you more thorough info for MLS properties but what are the other specific advantages? Do you get access to pre foreclosures or any other information not available to others?
I currently have my license but haven't hung it with a broker so am trying to figure out if it is worth it for my purposes to get mls access. I don't really have any interest is being an agent but just to help find rehab deals and realize REOs and SSs on mls aren't to profitable so mainly just want access to off market deals.
Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y
I can't speak for California, but here in Denver MLS access is great for research, etc. The public side of our MLS is very good, almost realtime for new listings, but they can't check solds, etc.
You might check with a few local title companies for lists, but every agent has access to those.
If you want the real deals, you have to get boots on the ground. Networking is also a good way too.
Real Estate Investor · Boca Raton, FL · Member since 2013 · 56 posts · 4 votes
12y
I agree Matt I'm dealing with trying to get some good list. I'm thinking of going to the city halls and make some phone calls. I heard most of these lists are free but you do have to do done groundwork.
Real Estate Broker · Orange, CA · Member since 2008 · 380 posts · 87 votes
12y
The best list are the portfolio list from back in the days of stated, no doc, option arm and sub prime loans. The big banks gobbled these loans up for 20 cents on the dollar from the smaller banks as they were closed the problem is the big banks from public and government pressure will not foreclose on these folks BUT they will expedite a short sale you just have to get the right list and talk the sellers into short selling their house where they're living for free. Probably not a easy task done ethically.
Developer · Andover, MA · Member since 2008 · 1k+ posts · 489 votes
12y
@Adam Paxton there are many advantages to having MLS access and being your own real estate agent. I'm not sure what type of investing you are interested in but for a fix and flip guy, you can use the MLS/RE agent license to:
- pull absentee listings
- comps
- search for listings
- knowing about properties as soon as they hit the market (you don't have to rely on an RE agent)
- search for RE agents that focus on the type of properties you want to buy
- identify areas that have the highest sales volume (this is where you want to buy when flipping)
- get into properties on your own
- are able to control the deal
Here are some ideas on how to find listing:
- absentee - MLS
- pre-foreclosure - Listsource.com or newspaper
- tax lien - town treasury department
- probates - probate court or newspaper
- equity leads - Listsource.com
Lender · Santa Monica, CA · Member since 2012 · 29 posts · 3 votes
12y
Thanks for the responses.
@Justin Silverio great info. Those are great pros to having MLS access. Im also trying to figure out how difficult it is to find a broker willing to let me hang my license with them without the intentions of operating as an agent typically would and if there are any conflicts of interest in making my own offer on properties through their company. WOuld love to be able to make my own offers since then I wouldn't have to rely on finding an agent willing to make high volume offers for me but at the same time I would be a little weary of doing it myself considering i don't have experience writing up purchase contracts and could get myself into a bad spot if i were to make mistakes.
I am looking for property to rehab myself and have access to funds to do so. I would be willing to work with other investors in the socal area with rehab experience if anyone else out there in the area is open to discussing this possibility.