Meeting with a Realtor, need some advice!

[Richard Pulido]

What's up BP?!

I'm a rookie wholesaler in the Inland Empire and I am on the hunt for those TLC/Handy-Man Special/Screaming Deal properties. As I've come to find out, they aren't just going to magically appear because I want them to...haha

I've heard through the grapevine that a great way to find distressed properties is on the MLS, so I've arranged to meet up with a realtor this week who works with investors

I just want to make sure I'm asking the right questions and insuring that my meeting isn't a waste of time for both of us

1. I'd definitely like to be added to his MLS automatic queries, so any deals that pop up are sent over to me

2. Go over any letter of intent tactics he knows of

3. Find out what types of no money down techniques he is familiar with

4. What kind of Investment properties has he been dealing with in the past 6 months

Any other suggestions guys? Any insight on how you work with your realtor would be greatly appreciated.

Also, how much do realtors typically get paid for sending leads?

Thanks for help in advance!

-Richard

[Hattie Dizmond]

@Richard Pulido 

You don't wholesale off the MLS. @Elizabeth Colegrove is spot on.  If it's on the MLS, no one has any reason to work with a wholesaler, and all you are going to do is annoy people who will then stop taking you seriously.  If you want to wholesale, you have to find deals that no one knows about...off market deals.

There are a number of ways to go about that and a number of avenues to take. For instance, you can buy tax lien properties and then wholesale them. You can go after REO properties that haven't been listed. And, of course, you can go straight to the owners via some form of direct marketing.

As a wholesaler, other than viewing the property, there isn't really any reason to need a realtor.  And, if you're truly wholesaling, why in the world are you worried about no money down?  You aren't purchasing the property yourself.

I would recommend you spending some more time getting educated, before you worried about a realtor or even doing deals.