Are Loopnet Deals good?

[Roscoe Parsley]

Hello,

I have been trying to get my start in real estate by "flipping" a house. I have flipped one, (my primary residence) and made some very solid money on this house, about 40% profit. Anyways, now that I am trying to find another house, I notice that the good deals absolutely FLY off the market. I'm talking, under contract one day after the deal hits MLS.

My question is, I know that real estate investing is intense, and cut throat. The good deals are eaten up immediately. Is Loopnet a good source to find a good deal? I have seen some things that have been on there forever, and upon a closer look of the proforma, it seems to be a solid deal. While I know the proforma income is most likely overstated, and the expenses are understated. I just wonder why the property hasn't sold. Do the good investors see this, and just ignore them? Do the hot ones fly off of loopnet? I suppose I need to put in an LOI and get the property in the due diligence to see if it is a good deal.

Any insight on loopnet would be greatly appreciated.

Thanks,

Roscoe