Are all good deals found off market?

Question

It seems to me after reading through various different threads that a lot of deals are found off market. So I guess what I really want to know is can good deals be found on sites like Zillow, Realtor.com, or RedFin? Is it necessary to build a large network through various real estate outlets to find the best deals? Thanks in advance.

Natalie Kolodij · Answer

An important thing people forget is: What a house is listed for on MLS doesn't matter.

The offer they accept is what matters. If a house is listed for $150k and your numbers put your MAO at $89k then offer $89k. If they accept it then yes, there was a deal on the MLS.

Matt Pastier · Answer

@Vinny Martin There’s definitely deals on the MLS. How many depends on the area and what you’re looking for, but to say the MLS has no deals eliminates possibilities. My only BRRRR was from the MLS and it was a steal. No one was looking at it because it was grossly overpriced. I ended up getting it for half of the MLS asking price. Other investors made assumptions about it and that’s why they didn’t get the deal.

Vinny Martin · Answer

Just want to supplement my original post with the question of whether all good wholesale deals are found off market?

Joseph A. · Answer

I found a deal on the MLS, I offered a little over half of what the property was listed for and they accepted it. When they didn't counter the offer I felt like that was too easy, makes me think I could have offered even less than that. It was still a great deal though.

Vinny Martin · Answer

@Natalie Kolodij

That's a good point to think about. Glad to have insight from experienced individuals like you. Still shifting my mindset. Thank you.

John Teachout · Answer

All of our rental homes were purchased off the MLS usually found on Zillow. We have been trying to develop some wholesaler contacts but not many in our rather limited area of operation. (within 30 miles of where we live)

I'll add that there doesn't seem to be many deals like there "was" back a couple years ago. We're always looking for that one that slipped through the cracks.

Patrick Menefee · Answer

@Vinny Martin I’ll close on 2 properties/10 units in the next month, both of which were found on the MLS and after some work will cash flow at about 15% conservatively (after expenses, 20% reserves, etc.).

You can find anything anywhere, it just depends on how hard and how often you look. Found an absolutely smokin deal the other day that i was going to offer above list for 24 hours after listing, and when we contacted them it was already sold. They’re out there, just keep an eye on things

Jason D. · Answer

@Vinny Martin 2 of my 3 BRRRs were found on the MLS.

Vinny Martin · Answer

@Russ Draper

In that case do you find your deals through Real Estate Meetups, connections with brokers, or some other way? What is the best way to go about creating your network within the real estate community? I'm new to this process so any insight would be helpful. Thank you.

Steve Rozenberg · Answer

I think a good deal is a deal that matches your goals and aligns with your specific strategy. Many people go into this without a goal or strategy so it is hard to define what is a good deal or bad deal. Could be cashflow, appreciation, debt pay-down, depreciation ,equity capture.. It really just depends what your goal is and if the deal matches that.

I would first suggest find your goal and work it backwards and you will find deals everywhere that match your specific goals

Are all good deals found off market?

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