Page 12 - From Ghetto to Gucci: The Basic Principles of Flipping Houses

would match the criteria you’re looking for in a flip. In a competitive market, these listings might
be up for only a day or two before they go pending. Oftentimes the MLS has a way of setting up
the listings to send new listings automatically based on criteria such as price and location.

Regardless, if you know what you’re looking for and check the MLS every day, you’ll be able to
find some deals this way.

However, the downside of the MLS is that everyone knows about it. Because it is the easiest
way of finding a flip, it is also the most competitive. Finding sales through your realtor’s network
is a way to counter the crush of people looking on the MLS and find the deal that you’re looking
for.
Once you’ve got your realtor, you can also ask them to look out for any house that’s coming
onto the market that would fit your investing criteria. A good realtor will actively look for houses
for you to purchase, because they know that they’ll be able to represent you when you buy and
when you sell. And your realtor will also have networks that you won’t be able to tap otherwise.

Your realtor will be able to ask their realtor connections if they’ve got anything coming up, and if
they’re representing a client who’s going to be selling a house, you’ve got that news before
anyone else on the market. I’ve personally bought a couple houses only because my agent
knew ahead of time that something was coming onto the market. That foreknowledge allows
you a crucial edge that can be the difference between profit and break-even.

But if you’re still looking for a house, you may also want to check out foreclosure sales.

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