Can you be sucessful in flipping only using the MLS for leads?

[RE in DC]

Can you be sucessful in flipping only using the MLS for leads?  I have heard you should send out mailers, but in this day in age, do people even check their mail?

[ReCoachDennis]

People certainly do check their mail. I like using Send out cards that look like greeting cards to people. You can personalize it and it works very well.

Your strategy should be a mix. With the MLS you may score a very low percentage of accepted offers due to the fact that there are so many competitors out there.

With private sellers, your success rate will be 3-5 times as great. Mix it up. You'll benefit from both sides of it. I just get better deals when I'm the only one dealing with a seller so I am biased to that.

Dennis

[RE in DC]

Thank you Dennis.  How do you know who to send letters to though?  If I sent out letters to everyone in my county (all within 10 miles with me) that would be 200,000+ people.

[tatertot]

MLS shouldn't be your only source, but yes, it is possible to buy good properties at a very good price off the MLS.

It helps if you have a good eye. The best MLS listings are often rough. Your typical retail buyer, looking at listed properties wants turn-key, so houses that need work are harder to sell. That makes it easier for you to get a lower offer accepted.

Sometimes a house in good repair just doesn't sell. If you have a good eye and can tell what the problem is, and you can fix it, you might have found a good one to purchase. Again, the longer it sits on the market, the more flexible the seller might be.

Occassionally, I've grabbed up a MLS listing where the listing agent made a huge mistake with the pricing. That usually turns into fisticuffs as investors rush in and try to grab the property. You must act fast, which means you must be able to recognize a great bargain immediately.

Just a note: I've never had any luck looking at properties that agents list as "fixer-uppers".  They are usually listed at a slight discount that doesn't even think about covering the enormous amount of expensive work the house requires. 

[RE in DC]

Thanks Tater.