Wholesaling Reo

[Amanda Johnson]

Hello everyone,

I am new to the community and have been reading up on wholesaling REO homes. I am currently looking to wholesale homes located in the city of Detroit where property values are already low. There are many people looking to become home owners vs. renters and also many people looking to become landlords that are just unable to find the deals they desire.

Wholesaling homes will be a new adventure for myself and any advice will be greatly appreciated. I do understand that the market does not allow for much profit however even making a few thousand per deal would be a great start.

Please advise and thanks in advance for any help!

[Wendell De Guzman]

You can wholesale houses off the MLS ...I do.

But...I am an experienced real estate investor with a team of 2 real estate agents, 2 full time property acquisition personnel, 1 full time sales personnel and 2 full time VAs. We have a system for making offers on MLS-listed properties and we make literally, at least 100 offers everyday. And even with that, we only get 2 houses a month off the MLS. Luckily we have other sources, so we are at 4 houses a month.

So...others are correct - the MLS should be the last place for you to look for deals because there's way too much competition. To succeed, you need a system, a team and you have to make an insane number of offers.