The other day a prospective duplex investor told me he only wanted to work with the listing agent for any property he purchased.
His reason? Too many cooks in the kitchen.
There’s a flaw in his theory, however.
At the rate the great duplex deals are flying off the market in Minneapolis and St Paul right now, by the time he figures out who the listing agent even is through either a sign in the front yard or a listing on Realtor.com, it will probably already be gone.
In fact, I went through brand new listings just yesterday where there was a parade of Realtors and clients coming in and out of the duplexes?
Because the minute the property came on the Multiple Listing Service (MLS), their agents immediately recognized them as good deals and good fits for specific clients. In one case, the agents coming in and out had been waiting for the property to come on the market. Most had seen it when it was on a year ago as a short sale, and the bank refused to accept a short sale.
Realtors who actively prospect for listings are your best bet for finding a good duplex investment. Off the top of my head, I can name any number of distressed properties that will show up on the market in the next 12 to 18 months either as short sales or foreclosures if their owners are unable to obtain loan modifications.
I can also tell you who may be interested in selling in certain neighborhoods because they tried once before, and their property left the market before it sold. In some cases, those owners now even live out of state!
But guess what? I only share that information with people who eat in my kitchen; not with those who take my secret ingredients over to my competitors.
If you’re in the market for a Minneapolis, St Paul duplex or investment property, or one anywhere, find a Realtor who specializes those kinds of properties.
In the long run, you’ll find the food tastes better.