While everyone’s busy with direct mail campaigns and cold calling (not saying you shouldn’t do these) we quietly picked up 9 units last February using a strategy that was hiding in plain sight.

The goldmine? Expired MLS listings.

Here’s What Happened

I spotted a 9-unit property that had been sitting on the MLS for over 90 days at a price that was clearly too high. Most investors scrolled right past it. Eventually, the listing expired and disappeared from active searches.

That’s when we made our move.

We reached out directly to the owner and their broker with a simple question:

“Are you still interested in selling, or have your plans changed?”

Turns out, they absolutely wanted to sell.They were just stubborn about lowering the listing price publicly (pride is expensive in real estate). Because we approached after the listing expired, we negotiated a price significantly below what was originally listed.

Fast forward to today, we’re about to refinance and pull out over 60% of our invested capital. All from a deal most investors never even saw.

Here’s How You Can Replicate This Strategy

• If you’re licensed: Pull regular reports of expired multifamily listings from your MLS
• If you’re not licensed: Ask your broker or agent to send you monthly expired listing reports
• Take action quickly: Contact these owners with a respectful inquiry about their current plans
• Negotiate privately: Without the pressure of a public listing, you’ll often find more flexibility

This approach is like finding money in the couch cushions of the MLS. It’s been there all along, but most people never bother to look.

The best part? While other investors fight over on-market deals, you’ll be having calm, productive conversations with motivated sellers who’ve already experienced disappointment.