New Orleans market is flooded with investors

[Brandon Clark]

Hey BP, 

Now I truly understand what the experience investors meant when they said that this market is extremely hot. To give you a quick summary of my day. My agent sent me 2 HUD homes a couple weeks ago. Today was day 15 on the market for both of them, meaning investors can now buy. My agent called me at 11am to tell me that house 1 had over 15 offers and the 2nd home also stopped taking offers. There was also a home that hit the MLS this moring and there were 4 offers already made. This was a bit discouraging to say the least. Seems like HUD homes are out the picture, well the good ones at least. Maybe even the MLS will fall short due to the aggressive buyers. Anybody using specific techniques to find houses in super competitive markets or before they hit the MLS? I know it's just day one but I wanted to hear you guys opinion.

Thanks again 

-Brandon

[David Dey]

@Jay Hinrichs I'll go ahead and give some education to my direct competition, since I've seen you give a house away to someone here :)

@Brandon Clark

The Problem with the MLS is that, as everyone has said, everyone is on there. The secret to finding actual deals in any market is to become a "professional problem solver," then put yourself into the place where problems are.

Try going to your local code enforcement office.  (The houses on that list are definitely people with problems)

Go "driving for dollars" and look for abandoned houses.  Do a little research on them to see what the mtg situation is, or as some golden nuggets are, you will find some to be estates. 

Check with your local probate court, and match the names of the decedent to the property appraisers office to see if they own real estate.  

See if any are delinquent on taxes or if the power is off.  These are great potential deals.  

Oh, make sure you get ahold of a great skip trace tool!!

I know this may not be the sexiest solution, but if it were easy, (like going to the MLS) everyone would be doing it.

Hope this helps.