Need some help with my first wholesale

13 Replies

I found a great house on Zillow , I contacted the listing agent for a walk through so I could see how much work would be needed for the house so fix up , with that being said I’m stuck with questions . Whats next after I calculate the total repair and how much the house could sell for once fixed up ? How do I get a contract of purchase ? What happens if I can’t find a assignee to the contract? Honestly if someone could help me personally close this deal I will definitely send a percentage . Thanks

It’s not going to happen…..you’re dealing with a mls listed (retail) property. The whole world has seen it and not bought it, there is no possible “wholesale” deal here. 
Also, I'm assuming you can't show a Legit POF in your name, which would likely be required to get under contract, at any price.
Trying to wholesale off the mls is a delusion. 

@Brandon Matos I agree with Wayne. Also, if you are buying off MLS you may as well use your own agent - the seller pays for it but at least you have someone in your corner to properly create the contract and point out things to look for. But trying to wholesale off the MLS is going to very difficult.

I don't totally agree with the post above, but they do have valid points. It is possible to wholesale off the MLS, it's just more difficult. If your going to go at the MLS for wholesale deals, your better off going at them AS SOON as they hit the MLS to avoid Wayne's point about the whole world seeing it & not buying it. You'll definitely want to have POF which you can acquire from a google search or by building relationships with hard money lenders. You'll also want to be pretty accurate with your numbers as far as ARV & repair cost. Essentially, you need to have your ducks in a row.

You don't need your own agent to do these deals, it actually would be to your benefit to build rapport with the listing agent, & to let them know that you don't have an agent representing you, & that they can represent you & take full commision on the deal. You'll have to use the standard realtors contract (All contracts are assignable unless it specifically states on the contract that it is not), & if you can't find an assignee within your due diligence period, you walk away from the deal. You really don't want to make a habit out walking away from deals though, so I highly suggest you are accurate with your numbers.

It is definitely way more difficult to wholesale MLS deals, but not impossible.

Good luck

Originally posted by @David Emanuel :

I just want to say this, If you believe you "can't" wholesale deals on this MLS, then you are correct. If you believe you "can", then you are also correct.

This is not a pep rally, it's business. You are not going to make money wholeselling off the MLS.

Originally posted by @Wayne Brooks :

It’s not going to happen…..you’re dealing with a mls listed (retail) property. The whole world has seen it and not bought it, there is no possible “wholesale” deal here.  
Trying to wholesale off the mls is a delusion. 

Gotta love blunt, correct answers. 

You are not ready to do this yet if you are asking these kinds of questions and are trying to wholesale off of the MLS. Hit pause and spend more time learning the right way to do this business before you get into trouble doing something you are not supposed to. Get yourself organized and educated, then you will be ready to start buying. The shortcut is to partner with or work for someone experienced and learn from them.

@Terrell Garren

As I said, whatever you believe is correct. This guy said he is trying to do his first wholesale deal. This is probably his first real estate deal he is trying to do period. We don’t know his situation, and I don’t think he should be discouraged from trying to do it that way if that’s what he wants to do. It’s not impossible, and it’s one of the ways to get started in this Buisness with no money.

Maybe it’s not as sustainable as the other ways to wholesale, but it is possible, and it’s a way to get started, learn some new skills, build relationships, and make some money

Originally posted by @David Emanuel :

@Terrell Garren

As I said, whatever you believe is correct. This guy said he is trying to do his first wholesale deal. This is probably his first real estate deal he is trying to do period. We don’t know his situation, and I don’t think he should be discouraged from trying to do it that way if that’s what he wants to do. It’s not impossible, and it’s one of the ways to get started in this Buisness with no money.

Maybe it’s not as sustainable as the other ways to wholesale, but it is possible, and it’s a way to get started, learn some new skills, build relationships, and make some money


Wholesaling off MLS

 

So you're going to go on the MLS and make a low ball offer with no intentions of buying it. Then you are going to sell that contract to someone else on the MLS for a higher price within a few weeks? Why would any seller accept your offer? What are you going to do if you can't sell the contract?