Houston MLS (HAR) Success?

[Anil Sinha]

Just curious if any Houston area members have had recent success finding fix and flip deals on the HAR website? Good deals don't seem to stay on the market very long.

[Ann Watkins]

@Anil Sinha and @John Malahay

The HAR MLS is our Houston Association of Realtors Multiple Listing Service. It's one of the most user friendly and recognized (in the real estate industry) MLS systems out there.

As a broker and an investor I find all my deals on HAR. And yes, as some have said, investors know they have to get in quickly to find the good deals, but that also cash is king. Not to say you cannot get a great deal using financing, but when a seller is evaluating multiple offers, a clean offer (not asking for a lot of seller contributions) with a quick close, is the offer which quickly rises to the top.

One way to make sure you get the newest deals as soon as they come out is to work with a Realtor. There are lots of great agents here on BP, so your job is to find one who understands investment property analysis, knows the market and just as importantly someone who you can establish a good rapport with.

But before you do any of that be sure to have your financing in order. If you're having your loan financed, have your approval (not a pre-qualification) in a letter form before you start looking. If you're using a HML (hard money lender) make sure you understand how this works and what will be required of you to even get the funds.

The other thing a realtor can do for you is to set you up on an automated email notification for the type of property you're looking for in whatever areas you want to invest in locally. This is how I get the best deals, yes as a Realtor...I even set up the auto mailer for myself.

I know at 2:00am in the morning if a new property which meets my specific criteria, has hit the MLS, has a price reduction or a change in status. The last property I bought was in just this fashion. A property I had seen and really wanted posted at dramatic price reduction at 2:15am (I happened to be up...as I usually am) I prepared a full price offer, copy of earnest money check, letter of approval) and emailed my package to the seller's agent.

The seller accepted my offer by 9:00am that morning...most folks were just waking up. I on the other hand was patiently waiting for my banker to respond to his email...which he had been sent already. By noon, documents were signed and back in my hand. Done!