What's the best way to find good deals using the MLS?

[illiniryry]

Hi, I have MLS access in IL and I was just wondering if there are any real estate investors out there that use the MLS to find deals.  I've heard from a couple people that the MLS is not the place to find them, that the best deals are the ones no one knows about.  How do you go about finding motivated sellers?  I've gone through the lis pendens (pre-forelosures) list and called people that are delinquent on their mortgages but I haven't had much luck with that.  No one is willing to sell their house or work with me that is going through foreclosure, so it's been tough finding deals.  I have looked at a couple rehabs but I'd much rather do a financially distressed property, I just have no clue how to look for them.  Can anyone help me out?  Thanks in advance.

[tedjr]

Howdy Illniryry:

All I do is search for houses that are below $30K. I search in several markets on line at Realtor.com. I stay pretty busy buying in this market plus commercial deals at Loopnet. In some markets it is really hard to find good deals on MLS and in some there are VA and Hud deals everywhere. I just offered $5000 yesterday on a $17K listed 1 br house and will probably get it. Sure it needs $15K in rehab but it will rent for $400.

[gcenteno4]

Have you visited RehabList.com?  This is the website for wholesale real estate.  Check it out today at www.rehablist.com

- German

[reiauctions]

I've found deals on the MLS.  You're usually looking for properties that have been on a while (more than 90 days).  I've found the REO's start to deal after it sits awhile.  Wait for the REO's to drop their price and then be quick to view and make an offer.  

[snowbank]

Howdy Illniryry:

All I do is search for houses that are below $30K. I search in several markets on line at Realtor.com. I stay pretty busy buying in this market plus commercial deals at Loopnet. In some markets it is really hard to find good deals on MLS and in some there are VA and Hud deals everywhere. I just offered $5000 yesterday on a $17K listed 1 br house and will probably get it. Sure it needs $15K in rehab but it will rent for $400.

What area?

Also, how have you done on loopnet?

[tedjr]

Howdy Bill:

I am in Austin Tx and look in  Killeen, Waco, Temple, Corpus and am buying a duplex in Athens for $15K.

I found a 31 unit apt deal for $159K and a 30,000 foot office warehouse for $165K on Loopnet. I look every day.