Hi Junkers:
You are missing a big part of the game... The MLS is a very powerful tool that will make you a millionaire in no time....
By using the MLS you can go in and do a search daily for all properties listed that are listed that day. You can also go in and do a "revision to list price" and find out what listings have lowered their price. These are truly motivated sellers and I would offer on these the day they lower their price!
Here is how the MLS game works... Every day you log on and pull up all new listings and filter out the ones that dont meet your criteria. You want to look for the ones that say: Vacant, fixer-upper, needs work, REO, seller moving, do not disturb tenants.. These are your best MLS prospects.... After you have a stack of newly listed properties to look at, you then map them out and put them and go look at them. You then come back and decide what you want to bid on them and offer on them the same day. If you see a property you really want to buy, stop everything you are doing, contact the listing agent directly and have them write a cash-offer on the property for you. You will be amazed at how many deals you get going direct. Think about it, the listing agent will double end the commission...
The most important part of playing the "MLS First Day Out" game is that you will build a repore with agents. If you offer on a property that does not get accepted, you can ask them the million dollar question: "What else do you have coming up that I can look at?" You can also do a search in the MLS and see who are the REO agents with the most inventory and contact them and see if they will contact you first before listing in the MLS. Some of my most profitable deals have come from REO Agents who call me before listing in the MLS:)
So to answer you question, if you learn to play the MLS game, it can be very profitable. When you go to wholesale just tell the listing agent you are closing in your partners name!
Best Riches,
Jeff Adam
