For many aspiring real estate investors, the Multiple Listing Service (MLS) represents the front door to the industry. It is the first place rookies look, the easiest platform to navigate, and the most transparent source of data. However, in the 2026 housing market, that door is becoming increasingly difficult to unlock. As competition for listed properties intensifies and profit margins tighten, seasoned investors are pivoting toward a more elusive, yet potentially lucrative strategy: the off-market deal.
On a recent episode of the Real Estate Rookie podcast, hosts Ashley Kehr and Tony Robinson pulled back the curtain on how they built their own portfolios by bypassing traditional listings. By sharing their personal “playbooks”—including the exact moments their first deals almost fell through—they provided a roadmap for beginners looking to find properties that haven’t hit the public market.
The Reality of the 2026 Market
In the current economic climate, finding a rental property on the MLS that “pencils out”—meaning it generates sufficient cash flow after expenses—is a significant challenge. Prices are high, interest rates remain a hurdle, and the inventory of high-quality, turn-key properties is often picked over by institutional buyers or seasoned flippers.
The term "off-market" refers to properties that are sold without being listed on a public exchange. While the concept is often glamorized as a shortcut to wealth, most rookies find themselves paralyzed by the lack of a clear starting point. To bridge this gap, investors must shift their mindset from "browsing" to "sourcing."
Chronology: From First Attempts to Scaling
To understand the efficacy of off-market strategies, it is helpful to look at the historical progression of Kehr and Robinson’s own portfolios.
Ashley Kehr: The Power of "Driving for Dollars"
Ashley Kehr, a veteran investor, admits she began her career exclusively on the MLS. It wasn’t until her sixth or seventh acquisition that she stumbled upon an off-market opportunity through a practice known as "driving for dollars."
While driving through a town where her children attended school, Kehr noticed a "For Sale" sign on a commercial building. She called the agent, who happened to be the son of the property owner. This chance interaction revealed a deeper opportunity: the owner possessed a portfolio of ten additional properties that were not listed on the MLS.
Kehr’s strategy was simple but effective:
- Direct Inquiry: She didn’t stop at the initial commercial property; she asked if the owner had other holdings.
- Persistence: She endured a period of "vetting" by the broker, proving her seriousness as a buyer.
- Creative Financing: Lacking the immediate cash to buy all ten properties, she utilized a commercial line of credit for some and negotiated seller financing for others, securing 12-month interest-only terms at 3%.
By 2021, these properties had not only provided cash flow but had doubled in value. Her ability to pivot from a single lead to a portfolio of six duplexes and a six-unit building demonstrates the leverage inherent in direct seller relationships.
Tony Robinson: The Wholesale Pivot
Tony Robinson’s entry into off-market investing took a different route: wholesaling. In early 2021, as he transitioned into full-time real estate, he used PropStream to pull a list of absentee owners and sent out direct mail postcards.
The result was an outlier success: the very first call he received led to his first closed deal. The property was in severe disrepair—no running water, no septic system—but the owner was highly motivated. Robinson secured the property under contract and, recognizing the heavy lift required for renovations, opted to "wholesale" the deal.
"Wholesaling" involves getting a property under contract and then assigning that contract to another investor for a fee. Robinson successfully assigned the deal to a partner with the resources to handle the renovation, earning a $30,000 assignment fee in the process.
Supporting Data and Strategic Pillars
The success stories of Kehr and Robinson highlight four fundamental pillars of off-market sourcing that any rookie can apply:
- Condition: Identifying signs of physical distress (boarded windows, overgrown lawns, or piles of mail) that suggest an owner may be overwhelmed.
- Motivation: Understanding why a seller is parting with the property. Is it a bad eviction experience? An inheritance they don’t want to manage? Financial distress?
- Price: Negotiating based on the seller’s specific needs rather than arbitrary market value.
- Timing: Being ready to close when the seller is ready to move.
For those looking to expand their toolkit, Robinson advocates for the "four pillars" approach, ensuring every conversation with a potential seller yields data on the property’s condition, the owner’s motivation, the desired price, and the timeline for closing.
Official Strategies for 2026
Looking toward the remainder of 2026, the hosts shared new strategies they intend to test, reflecting the evolving nature of the market.
Paid Meta Advertising
Tony Robinson is shifting focus toward targeted Facebook and Instagram ads. By leveraging his brand-building experience, he aims to create a funnel that attracts motivated sellers directly. While he cautions that this requires a budget—estimating that a truly qualified lead can cost hundreds of dollars—the scalability of paid advertising offers a high-leverage alternative to manually driving for dollars.
Assumable Loans
Ashley Kehr is focusing on "assumable loans," a creative financing method where a buyer takes over the seller’s existing mortgage terms. This is particularly valuable in a high-interest-rate environment.
- The Benefit: The buyer keeps the seller’s lower interest rate.
- The Process: The buyer must be vetted and approved by the original lender.
- The Gap: If the purchase price is higher than the remaining loan balance, the buyer must provide the difference in cash or secure a second lien.
Kehr emphasizes that this is distinct from "Subject To" deals, where the buyer takes over payments but the loan remains in the seller’s name. Assumable loans involve a formal transfer of the debt to the buyer, providing greater security.
Implications for the Modern Investor
The transition from MLS-dependent investor to off-market operator requires a shift in professional identity. As Kehr noted, she had to move from "browsing" to "acquisition mode," which often meant staying up late, analyzing deals, and building systems that could handle the influx of off-market leads.
The implications for new investors are clear:
- Don’t wait for perfection: You do not need a massive network to start. You need a list, a phone, and the courage to ask questions.
- Education is constant: Whether it’s learning how to evaluate an assumable loan or understanding the legal nuances of an assignment contract, the "rookie" phase is a period of intense learning.
- Consistency beats luck: While Robinson’s first direct mail campaign was a stroke of luck, the long-term success of both hosts was built on persistent, disciplined action.
Ultimately, the best real estate deals are often those that never hit the public market because the seller—motivated by speed, ease, or creative solutions—found the right investor before the general public ever saw a "For Sale" sign. By mastering the art of the off-market deal, the modern investor can bypass the noise of the MLS and build a sustainable, profitable, and scalable real estate portfolio in 2026 and beyond.
