Should I….MLS…???

[James Mudd]

Okay…if my current plan is picking up 2 MF (2-4 plex) per year…is it worth the additional money to get full access to MLS. I have a real estate license that is currently inactive…do you think it is worth the money to make active and get full access to MLS? Will this help me to learn the market? If I study MLS on a daily bases, it seems I would have an unbelievable understanding of the market…what are your opinions..??

[John Chapman]

I'm in your market, and I've got to say I'm pretty underwhelmed with the MLS as a source for picking up deals. I don't generally buy those types of properties, but the number of them available for sale is pretty miniscule compared to what it was even 6 mos to a year ago. (I sometimes look, just to amuse myself). I do think MLS is critical for pulling comps, particularly as appraisals for MFs in the 2-4 range are based on sales comps. On that alone, I'd probably get the access.

I guess my bigger question to you is, why MFs in the 2-4 unit range? I've looked at them for years and never really liked them. (I bought one fourplex and would never do so again for a myriad of reasons.)