How To Find DEALS On The MLS Using This One Tool
She gets two sides of the buyer commission, and she gets a listing on the sale. And by the way, if she brings a buyer, she potentially can get four sides of this deal. Now she knows how she can make a lot of money. So she loves that I went directly for her. That’s how you got to be thinking about this business model is understanding the agents and what they’re thinking about.
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Yo, yo, what is up everybody what is up? Welcome back to the science flipping podcast. I am your host, Justin Colby. Now there is a question out there about whether there are deals on the MLS and my answer to you is yes. And I would encourage each and every one of you I don’t care if you’re just getting started, or you’re a seasoned investor like myself, start utilizing the MLS. I myself this weekend, Memorial day weekend, I actually got a deal contracted from the MLS that has six figures of profit in it after rehab. Now if you’re listening to this, I’m likely extending with this one last time, which is my live event, The REI masterclass June 24th, 25th in Scottsdale, Arizona, make sure to go to the website, thereimasterclass.com, I’m gonna give you early bird pricing, this is likely the last time I’m gonna be doing so. So go to thereimasterclass.com to get the early bird pricing, which again, is already over. But because of Memorial Day weekend, I wanted to hook you guys up as you are deserving to hit your goals this year, very tactical event, it’s not going to be a lot of rah rah, it’s gonna be in the trenches, how to do marketing? How to contract deals? How to build a portfolio? How to raise private money? How to get business lines of credit? excetera. That is this event, you wanna be there, thereimasterclass.com. Me and some of the top experts will be teaching you all of these strategies for two straight days. If you want to be VIP, and have a third day added onto it, there’s an option for you there as well, thereimasterclass.com.
With that out of the way, the best tool I can offer you right now is privytsof.com. Privy is a tool that gives you access to MLS’s in about 40 plus markets nationally. Now, if you don’t want to go national, and you want to do it right in your own backyard, and let’s say privy doesn’t have access in that market, then you want to work with the real estate agent. Now the conversation with that real estate agent should go something like this, which is “Hey, Mrs. or Mr. Agent, I’m looking to make some offers as an investor. Now I can’t buy every single home, I have some level of restrictions on cash, but I am looking to be able to get some good investment properties I might remodel them, I might buy them in a portfolio, I might end up partnering with another wholesaler and doing the deal in a JV. But either way, I need to start making some offers. And what I would encourage you is for you to represent me, Mrs. Agent, and I’m gonna give you the listing on the back end if I decide to fix and flip it”. How does that sound? Now you need to go into that conversation thinking this one thought, which is what’s in it for me, because that’s what the agent is thinking. So you need to show what is in this relationship for the agent for them to want to work with you directly. Now from there, you’d likely want to have that agent start giving you what I call drip emails, you’d set up some criteria that you want to be in what zip code, size of house, you know age bill if you want. But what’s most important is going to be some of the key words that they’re going to be searching for. I’m not as picky about size of home, age bill on the MLS. What I’m looking for is the zip codes I want in some key words.
Here are the key words that you’re gonna want to tell the agent to put in your drip: as-is, fire damage, TLC, fixer upper, those are just a couple keywords that are gonna trigger that this could be a good investment property. Now if they put those keywords in with the zip codes that you would want to be in, then you’re going to have drips each and every day likely giving you new opportunities for you to be making offers. I say this over and over and over again to all of you commitment, intention and action. I call it CIA, you need to take action above all else, even if those offers get rejected. Even if you’re making offers that are countered at too high of a number. Just start taking the action right? It’s a law of averages. You roughly need to make a 100 offers to get one deal which means 5 offers a day, 5 days a week. 25 a week times four that’s one month one deal for free, zero marketing budget. Now you might wholesale it, you might rehab flip it, maybe you keep it as a rental, maybe you house hack it. Either way, you’re getting your one deal a month that you so much need. Now again, if you don’t mind where you get it and you’re likely going to wholesale it anyways, then I would tell you to get privy, privytsof.com, privytsof.com. If you’re not watching this on YouTube, you should do that, because the link is right there. But I would tell you guys, this gives you access to so many different markets. As a wholesaler myself, it allowed me to buy 14, well, as a wholesaler myself, I’ve opened my business to a lot of markets. Now by doing that, because I didn’t just stick to Phoenix, I was able to buy 14 rentals last year alone in markets that have better cap rates that allowed me to buy rentals were in Phoenix, I wouldn’t have been able to get that type of cap rate. But the reality here is this by having multiple offers a day, let’s call it five in different markets. And by choosing the markets that you know where the buyers are at, you want to reverse engineer this. So obviously there’s a lot of buyers in Phoenix. But when I was going national, I had to figure out what market did I wanna be in relative to all the other markets? Well, I started with where were the buyers? I wanted to know where the hedge fund buyers were? Where were the eye buyers? Where are they at? Because those are some of the smartest people in the world because a lot of them are like Ivy Leaguers. And they go to school to get MBA’s, and they’re researching market data intensely, way more than I am. So why wouldn’t I follow them? Now in that case, once I see the data shows me that these are good markets that there are active buyers, then I just want to choose what markets do I want to be in, if I could actually buy one as a rental. So I’m not likely going to, you know, Chicago, Illinois in a market. And the only reason why is I love Chicago as a city. But do I wanna have rentals in Chicago? My answer is no. So I don’t utilize the MLS in Chicago even though I can using privy.
So whether you decide to do this in your own backyard in your own market, or you use privy to go nationally, the key here will be volume of offers, you want to do that setting up a drip in privy with key words such as: as-is, fixer upper TLC, needs some love. Those key words, then will be set in a drip for you in privy. And then that way you can get the emails just as if you had an agent sending them to you. That’s the power of privy, again, privytsof.com It is for $97 a month, it is the tool I’ve been waiting for, for years, I mean, literally probably close to a decade, because it gives me availability to have MLS in multiple markets, and not just be trapped into one market.
If you guys have ever well, if you guys have been following me long enough, you believe, you know, I believe in four key criteria, which is your network, the your market analysis, the ability to diversify, and do this anywhere. And then your ability to have multiple exit strategies. You know that to be true because if you’re if you’re just a wholesaler, you’re missing out on so many opportunities. If you’re just a flipper, you’re missing out on so many opportunities. Diversify that. So you’ve heard me say that over and over again. So why wouldn’t you diversify your markets, not just the exit strategy, but your markets. There are many markets that are much better cities for rentals than a market like Phoenix which used to be a great market, but it’s now been priced out. Point here is the MLS is real, you will get deals if you actually make the offers. So if you’re going to do it in your local market, or maybe there’s a market you want to be in that privy doesn’t have access to then make sure to connect with some agents. Number one rules your network and tell them what’s in it for them if they’re going to be making offers on your behalf? show them how they can make their money by representing you on the buy and listing your property if you decide to rehab flip it. If you show them that you will find realtors that are going to be a part of your team making offers on your behalf and on top of that they’re going to be great boots on the street, they can go open a home up if you’re going to wholesale it they can go get you pictures if you need pictures, you really want to do this, no matter the market.
Now if you are open to going in diversifying and going national and you want to use privy then make sure you’re doing a very similar thing finding an agent or if you have the expertise you can call the listing agent themselves and work directly with them both work find an agent to represent you or go directly with the agent that has the listing either are fine. I myself this weekend, I was able to contract a deal in Tampa Bay, Florida. I’m not very close to Tampa Bay but the deal makes sense and it Looks like it’s going to be a six figure flip, if I decide to flip it myself, or I might just wholesale it off. That being said is I had great conversations with the listing agent directly. I did not have an agent represent me. And the reason why I did that is I wanted to show her what was in it for her. If she represented me, she gets two sides of the by commission, and she gets a listing on the sale. And by the way, if she brings a buyer, she potentially can get four sides of this deal. Now she knows how she can make a lot of money so she loves that I went directly for her. That’s how you got to be thinking about this business model is understanding the agents and what they’re thinking about.
With that said, guys, it’s time to either get privy or work with an agent in your own backyard, privytsof.com. And lastly, make sure you’re at my event. This is definitely going to be reviewed at my event. We are going to be going over extensively how to use privy to the best of your ability. June 24th, 25th, Scottsdale Arizona, thereimasterclass.com. Get your tickets now. It is early bird pricing. Tickets are only going to go back up. I’ll see you guys there. Peace.
