by Linda Pliagas, publisher, investor, agent
O
ver the years, I have purchased and sold many properties around the country, from single family homes to multifamily complexes, the location and type of property may vary, but one thing that they all have in common is that they were found on the MLS (Multiple Listing Service). Most investors are taken aback when I tell them that I find my deals on the MLS. What about writing yellow letters? Don’t you use bandit signs or do any cold calls? My reply is always: “Who has time for that?!” Why should I spend money and precious time on techniques like that when all I have to do is a quick MLS search to see today’s hot pickings. Driving for dollars? Have you seen the price of gas
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linda’s note
Why I click, not drive, for dollars
lately? No thanks, I’d rather comfortably kick back at home and click for my deals. Do you think distressed properties and motivated sellers do not exist on the MLS? Wrong! I found my three recent rehab deals on the MLS. That’s three single-family properties in distress with nearly $100,000 in equity in each one. I’ve also found my properties out of state on the MLS boards of their respective cities. I’ve purchased rentals in five states, all found on the MLS at no cost to me. The MLS has all sorts of distressed deals: REOs, short sales, probates, trustee sales, corporate-owned properties, as well as motivated
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sellers. Personally, I think the public Multiple Listing Service is the most under utilized and under valued investor tool that exists today… and it’s free! Most investors simply don’t use or don’t even know how to gain access to their local MLS. Think of the MLS as our industry’s library of knowledge that holds valuable treasures, much like the real thing. (Our own public libraries are also greatly under utilized… coincidence?) The MLS in Los Angeles, www.themls.com, not only provides guests with a listing of current properties, but it also has access to what is pending, on backup, and what just sold. It’s an invaluable resource! Some investors mistakenly think that Continued on pg. 62
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