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Top End Properties' Blog

By TOP END Properties | Broker in Orange, CT

How Cash Buyer Investors can use the CT MLS to find Rehab Houses to Flip Real Estate For Profit in Connecticut

How Cash Buyer Investors can use the CT MLS to find Rehab Houses to Flip Real Estate For Profit in Connecticut

    There are many different ways to find houses to flip for profit. Some of these methods cost no money out of pocket and others require very expensive marketing campaigns.  But one thing is for certain, weither you are a seasoned investor or just begining investing in real estate the MLS is a constant source of real estate investment deals.

    If your new to real estate investing, it probably does not make much sense to spend thousands of dollars on mailing campaigns to find a single deal, so the MLS can help you jumpstart your flipping houses career without cash injection for marketing.  If you don't already know, the MLS stands for Multiple Listing System and is a database run by the Board of Realtors where all Realtors list and  find properties for sale.  This is the undispudely most popular way to market a home, and is also one of the best ways to find rehab properties for sale, But you'll have to be quick and on your toes if your doing it for investment. Also keep in mind that there may be more than one MLS for a given state and Connecticut has over MLS's with the most popular being CT MLS (State Wide) and CMLS(Consolidated aka Fairfield/Litchfield).

    Everyone on the planet knows that their are distressed properties for sale on the CT MLS, so this avenue is going to typically be saturated with investor cash buyers.  However that is not always the case if you are savvy, know where to look and move quickly with the right offer. Depending on your area there may not be a large pool of professional investor rehabbers available or they may be overly picky about the properties they look at.  One example is the 2-bedroom house with 5 rooms.  This rehab will get looked over by many investors because they set their criteria for only 3+ bedrooms.  But a savvy investor will look at this property and see if there is potential for that 3rd bedroom.  IF there is, this deal can probably we picked up with little competition.

    Other great deals on the mls can be recognizing an over priced rehab property. If the list price is clearly way above as is value, it may be worth submitting an offer that makes sense to you as an invesment.  There is a good chance that the listing agent may agree with your price and if it has been on the market for a while, the sellers may be fed up as well.

    Now lets get into the meat of the topic and that is getting daily automatic emails of new potential rehab listings (and/or) price changes based on criteria highly targeted to rehab properties in your area.

    First thing you'll need to do is work with a Realtor with MLS access.  They are going to be your life-line when buying investment property and you will need them to access properties. I suggest you work with a real estate agent/broker that you are very comfortable with and one that will be able to meet you at properties on extreme short notice.  The best deals are gone in the first couple days, so waiting for the weekend is not acceptable.  Additionally you'll want an agent who is familiar with flipping rehab properties, experienced with purchasing REO properties, and who is registered to access and bid on hud homes.  Additionally, if you feel inclined to use your agent to also resell your properties on completion, I highly recommend looking into their quality of photography and marketing real estate.

    Assuming you found the perfect Realtor to join your team (hint, me), next they will need to set you up for the email updates. I recommend you start out with a property no more than a 15-20 miles radious from your home because you will/should be visiting the property at least weekly.  List those towns in a word document and move forward.  Next figure out the maximum price you are willing to pay for a rehab. I highly recommend you advise your real estate agent/broker to send you deals significantly above your max price in order to locate over priced deals and provide room for negotiating down to your price. If your agent knows how to properly work the system and is a little savvy, these two bits of information along iwth your contact information is really all they should need to start providing you with great MLS deals.

    If your agent knows how to work the MLS Client database, they can enter your contact information along with your buying criteria and set your account for IMMEDIATE email updates on new or changed listings that meet your needs. 

    Heres how I would generally set-up an auto update for a cash buyer rehab investor.

    Type 1: Dirt Cheap Homes

        - Single Family Homes
        - Town(s)
        - Rooms: 5+
        - Price Range: less than $125,000
       
    Type 2: Rehab Keyword Homes

        - Single Family Homes
        - Town(s)
        - Rooms: 5+
        - Price Range $125,000 to $200,000
        - Keywords: Rehab, cash, investor, reo, ect

    I like to use both types because most often all properties under $125,000 in most regions of CT are rehabs worth at least looking into.  The second type search is everything above that threshhold (so you dont get duplicates) to a maximum value to increase deals that may have started over priced.  Even if you dont look at the over priced deals initially, its a good idea to keep a close eye on them and to be familiar when they do meet your price range.
   
    There are many other ways to highly target your criteria and include more potential rehabs that you want and less that you don't want. Your Realtor should be able to work with you and get your needs input very specifically.

    If you would like to receive rehab investment properties daily from me, please register as a VIP Buyer at www.rehabhousesinct.com/vipbuyers/ and you will begin receiving updates with-in 48 hours.

    Thank you for Reading and good luck investing in real estate in Connecticut.

HELPFUL LINKS:

HUD Home Store

Rehab Houses in CT


------------------------------------

Phil Zimbardi
Real Estate Broker
* HUD Registered *

TOP END Properties
www.topendproperties.com

Phone: 203-936-7776 (Cell/Text)



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