BiggerPockets

there ya go rodney!! you're gettin it now...call me when you have somethin that i can't find...look forward to workin with you--bryan

Rodney,

How close are you to Clinton, Kings Mountain, Fremont and/or Elizabeth City?

Scott

Originally posted by Jaremy Moritz

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How do I set up a PM, by the way? I don't mean to jack this thread...

On BP, you can only send PM to those who are your colleagues, unless you have a "PRO" or "MOD" account. Send Colleagure Request first; upon acceptance, you can PM away.

You know I think it can go either way...

an investor wont mind if I pick a deal of the MLS because if I get a deal off the MLS it is going to be a GREAT deal..

just because a deal was or is on the MLS does not mean it loses its value...the whole thing about having a packed and ready to go wholesale deal is because you have it under contact and ready to go....

no more play time with the seller with their prices and all the other frivolous things that go into a negotiation

Most of my deals are all FSBO that I get through direct mail but I have wholesaled deals off the MLS before because people understand what I just wrote about

Kristian - Are you only looking for deals in CA? You know the buck goes further in TX, right? Just kidding.

For every wholesale deal I get, I can provide pictures, repair scope and estimates, recent comparables, and a full property analysis. I agree, it does make it easier to sell your deals when you've got your ducks in a row, so to speak.

Alex - I do agree with your post and I have successfully wholesaled deals off the MLS, but I only do that if I can get it so much cheaper than it was listed for that I can sell it to my buyers and they KNOW for a fact it's a good deal priced below what it was listed for. When I market these deals to my buyers and I can provide my full analysis, it can be quite effective. Most wholesalers don't take the extra steps to provide value to their buyers along with good prices. Some of my best buyers don't even need to see the houses in person before they commit to the deals since I've built the "partner" relationship with them and they trust my property analysis.

I believe real estate, and especially wholesaling, is a people to people business. The properties are just the products being bought and sold. The investors who are in it for the "quick buck" and screw over their buyers and then wonder why their deals don't sell always amaze me. Too bad some people can't buy common sense!

I have to disagree with Jeremy about shooting for 10-15% list price on the MLS. The list price has NOTHING to do with your offer. If a property is LISTED at $50K and it's worth $130K, then you could offer $55K and you'd still be running away with a hot deal.

What you're concerned with is what your investors want, NOT list price. A seller can list their home at whatever they want. It might be close to FMV, it might be WAY underpriced and it might be WAY overpriced. Bottom line, do your own due diligence, and make offers that leave enough room for both your investors and yourself.

Bryan - that's exactly what I'm getting at. I have also had countless calls from newbies saying they have a great deal, only to find out it's an MLS deal priced well above current list price. Most of the time they don't even have a signed contract on the deal and the house is still in active status. I don't waste my time with that crap.

My wholesale buyers expect me to bring them great deals that they would otherwise know nothing about. Amost every investor I know of has access to the MLS, so if there's a deal on there, it will get snatched up quickly. If I was to try and wholesale deals above list price, I would lose the trust and credibility I've worked so hard to build over the years with my investors in a blink of an eye.

On the other hand, when I have an MLS deal available that's below what my buyers would even attempt to negotiate themselves, my credibility builds with them even more.

Sage - I understand your point, but in my market, hot deals like that go quickly. I don't make offers on MLS deals that have recently come on the market - there's too much competition on those deals and I can get better deals from my own advertising with LESS competition. If you're able to do deals like your example in your market, you're a lucky man.

I have wholesaled over a dozen properties off of the MLS,sometimes the price was higher than the listing price. If the numbers work than its still a deal. I do feel that private sellers are the best leads for wholesaling. Your bringing your buyer great deal that no one knows about. Little to no competition and the profit spread can be much better than a listed property.