Every new investor wants to know where the deals are. The honest answer is that good deals are everywhere but they take work to find and even more work to verify.
The MLS is where most people start. Properties listed by agents on the open market. The advantage is transparency. You can see the listing history, days on market, and price reductions. The disadvantage is competition. Every other investor is looking at the same listings.
Off-market deals are properties that are not publicly listed. These come from direct mail campaigns, driving for dollars, networking with wholesalers, and building relationships with attorneys who handle estate sales. Off-market deals can offer better prices because there is less competition, but they require more effort to find and more due diligence because there is less information available upfront.
Wholesale deals are another entry point worth understanding. A wholesaler finds a property under market value, gets it under contract, and then assigns that contract to a buyer for a fee. If you want to understand how this side of real estate works and whether it fits your investing strategy, the Wholesale Property Guide breaks down the process in detail. For a first-time investor, buying from a wholesaler can be a way to get a below-market property without doing all the prospecting yourself, but you need to verify the numbers independently. Never take a wholesaler's ARV or repair estimate at face value.
Auctions and foreclosures can offer deep discounts but come with significant risk. Many auction properties cannot be inspected beforehand, and you may be taking on liens or title issues. These are generally not recommended for first-time investors unless you have an experienced mentor or partner guiding you.
The best approach for a new investor is to pick one or two deal sources and get really good at analyzing what comes through those channels. Trying to chase every possible source at once leads to analysis paralysis and burned-out weekends.