Whats left for the little guy?

[Michael Derziotis]

I have been searching the mls and other websites everyday and night. Seems that there are not many good deals here in indy for a flip. I'm not sure if I should put this on back burner or keep at it. Long term goal is to buy and hold but need to generate a little more income first. I'm going to my first local REIA meeting in a couple of weeks hoping to gain some contacts. Any more suggestions, input ??

[Bryan L.]

@Dev Horn - Your thought process on over-priced REOs is exactly the reason why there are deals there for the rest of us. Thank you. ;-).

Have you never gotten an offer accepted for 60% of list price? I've bought them at lower percentages than that.

Let's just see about some that I can easily remember (I may be off two or three grand in my memory here or there):

47, listed for 75

18, listed for 49 (or was it 51?) (my opening offer was 12 if I remember)

7, listed for 22 (it dropped from 22 to 9 in one day, and I eventually got it for 7)

31, listed for 47 (that was a HUD from this spring)

I'll admit that there may be better deals on non-MLS, and that may be a better place for a wholesaler to focus, but there are deals on the MLS. I've made about 45K this year on MLS deals. And I have another one in the works where my total rehab costs will be about $500. And I'll make over 10K on it with a list-price set well below comps in order to sell it fast.