Tips for Newbies - MLS deals part 2

[Bryan L.]

Yes, there ARE good deals on the MLS (read that again). I've bought around 30 houses over the years, and most of them have been MLS-listed deals (mostly REOs and HUDs). In the last 12 months, I've profited over $50,000 in MLS deals, in addition to picking up a cash-flowing rental.

People talk about how the MLS does such a great job of getting all of that information out there to the public, so there "can't be any deals on the MLS because of all of the competition". Actually, that previous sentence is part of the reason that there ARE good deals. Many investors don't actually "hunt" for deals on the MLS because they believe that there are no deals there. So, there's really not as much competition as one might think. So, it's a matter of perception.

Here's another example relating to HUD houses (HUD has their own website, but they are also listed on the MLS). People think that HUD will not accept an offer with a NTH (net-to-HUD) below 85%. Well, I got an offer accepted just recently at 60% NTH.