Getting Rehab Deals Before They Hit The MLS
I am a new investor, and I know most good deals are "sold" before they hit the MLS. How would a new investor be able to find deals before they hit the MLS? Realtors these days are so busy, you can call them and tell them what you want, but they forget about you within the day since there are probably 20 more investors calling them right after you. Any ideas how to really get the rehab deals? Are working with Realtors the wrong way to get rehab deals?
In order to beat the street to the properties you'll have to convince an agent that your intentions are true and pure. Also that you are able to make that agent commissions. This will build loyalty and get them to call you first.
Now, to find an agent, look at several of the MLS listings and look for repetative names. This site, http://www.buybankhomes.com/ is great for pre-mls listings. Look for the names of either agencies or agents in your area.
Then contact them, take them to lunch, interview them. The position is like a job interview, not so much will they hire me but more is this agent capable of producing properties for me.
They start submitting bids when they call. If they feel your only kicking the tires they will soon grow tired of false hopes and move onto the next person who introduces themselves.
Good luck.
Jay
opps, last paragraph, should be, THEN start submitting bids when they start sending you leads.
Realtors can be good for finding rehabs, especially if you can see the listing before it gets to mls. If you are a serious buyer that can make a quick offer the realtors will seek you out when they first get listing. I have bought houses through realtors they they had just got listing and there wasn't time to get it listed. A realtor WILL try to sell their listing by themselves to avoid the commission. I work in one area only, I offer a $500 finder fee and have properties thrown my way all the time. If you are a rehabber you will be spending time at City Hall getting permits ect. Make friends there too. The inspectors know the area and have an inside track on people selling properties. I have got resent leads from City Hall of people that had started rehab but it was too much for them to complete and one I am working on now that building owner wants to sell after getting city inspection and finding out how much needed to be brought up to code.