How to Find Deals on the MLS: A Step-by-Step Guide
Hey Flippin Fam! 👋 Today, I'm breaking down how to find killer deals on the MLS, even in markets you're not familiar with. // Here's my the process: 1. Choose Your Market - Research top cities for flipping (check out my top cities if you're stuck) - Use Google to find trending markets if you're exploring new areas 2. Set Up Your Search - Use Zillow or your preferred real estate platform - Filter for single-family homes - Set your price range (up to $100k in this example) - **Pro tip: Add keywords like "as is" or "investor" to narrow results 3. Analyze the Map - Look for outliers - properties priced differently from their neighbors - Avoid clusters of low-priced properties (likely indicates a low-value area) 4. Evaluate Individual Properties - Check property condition (occupied is often a good sign) - Look for properties needing updates but not major renovations 5. Use Zillow's Map Features - Enable "lot lines" view - Look for recently sold properties as potential comps 6. Select Comps - Choose 3-4 recently sold properties similar to your target - Be cautious with pending sales - final price may differ 7. Calculate ARV (After Repair Value) - Use the average price per square foot from your comps - Multiply by your property's square footage - Double-check against neighborhood "caps" to ensure realistic ARV 8. Run the Numbers - Use a deal calculator (like the Deal or No Deal spreadsheet) - Input property details, purchase price, rehab costs, and ARV - Aim for a minimum profit of $25k-$30k 9. Verify and Act Fast - Double-check your numbers using a deep dive calculator - Contact the listing agent to verify property status and any undisclosed issues - Move quickly if the deal looks good! 10. MAKE AN OFFER 🙌 Remember, practice makes perfect. It might take some time at first, but soon you'll be analyzing deals in minutes like a pro! Don't forget to grab your Deal or No Deal calculator to start analyzing like a pro!