Connecticut Flippers: How are you finding deals?

[Pat McCandless]

Hello fellow CT investors! 

After my first successful flip that I closed back on May 15th, I'm getting to the point where I feel like I'm never going to find another property where the numbers make sense. I've had tons of offers but all swings and misses. For those investors out there who are flipping SFR's, what is working for you to find your deals? Are you doing direct marketing? Do you have someone in the industry sending you constant money makers? Maybe I'm passing on deals because my margins are slimmer since I'm not a realtor saving on commission or using my own cash saving on financing costs. But I'm finding the MLS really hard to find deals here in CT, and I understand the MLS has a ton of competition but I also feel like the banks aren't settling low enough these days either. Are any other CT investors having success using the MLS & working with banks? Any pointers to start landing more deals?

[Kris Lippi]

Hi @Pat McCandless - deals can be found on the MLS. Especially if you have cash but that is not 100% necessary. I see a lot of flips houses hitting the market and when I look back at the transaction history I see that the flipper purchased off the MLS for a discount.

The trick is to find "motivated" sellers on the MLS. Usually people are not motivated when their house first hits the market. They think it is going to sell for a lot of money! So look for houses that have been on the market for at least 90 days and ignore what it is listed for. You can have a MLS alert setup for this. Then start looking for a few things.

1. Vacant home (you can tell from pictures)
2. Probate or estate in description
3. Houses that need work

I feel like people start freaking out around the 90 day mark and may start to entertain offers they previously would have denied. If you have cash or hard money and can offer a quick close they will start thinking they can get rid of it and be done with the house.

Not everyone is paying attention to this type of house that is still on the market but over 90 days old. They don't have the time to sift through all the other houses to find a possible deal.

Hope that helps some for you.