Agents and MLS listings

[Todd Gustafson]

Hi everyone,

I finally grew a set and contacted a local agent about a junker on the mls. Unfortunately, she claimed a contract is on the house, so it appears I may not get it. After questioning the agent, here are the brief details:

Listing price $29,900
ARV Comps (rough est.) $90,000 - $120,000
repairs - $22,500 (will use $30,000 as hedge)

House is a 2/1, not in a war zone and sitting on a beautiful 90 x 220 lot. I've convinced my dad to start investing with me (he has past experience in more traditional REI). Thought it will be a fun father-son project.

I was going to offer $23,500 based on the following formula:

ARV x .65, less 30,000, less 5,000 (hedge or wholesale, backdoor 2).

I'm curious. Can I wholesale or assign mls properties, or do brokers have a clause to prevent it? The agent stated she will send more properties to me like this one. I'd like to wholesale a few for the experience and some working capital.

Thought I'd share and get some insight as fas as wholesaling and rehabs with mls/agents.

TIA,
Todd

[Curt Davis]

Dustin - No sure about other areas or states but if a realtor gives out their info to a non realtor to acess the MLS they could get into big trouble that can result in fines and mls access canceled. So Not sure why you would suggest asking this of an agent though you have a relationship in place.

Maybe its different it your state and if so then great.