What percentage of your deals come from the MLS using the 70% rule?

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Hi everyone, 

I was just wondering how successful investors are finding great deals on the MLS. I've offered several thousand dollars over asking price on properties in the southside suburbs of Chicago. Everyone has been outbidding me so far.

What is your approach when submitting offers for properties listed on the MLS? Do you use the 70 % rule? I feel the market is so competitive and perhaps most people don't follow this rule. It's also possible I'm being very conservative on my repair estimates. Any feedback would be greatly appreciated.