Do's and Don'ts of Wholesaling with the mls?

7 Replies

I want to know what are your opinion on wholesaling off the Mls. I have heard that it's not a particularly good thing to do. I want to know how to do this while staying ethical and not pissing off investors? 

Take control of real estate by owning it and then resale.  Dont play games.

Frank

[email protected] | CA Agent # 01957844

some deals can be found on the MLS, usually though realtors' mis-pricing properties and/or sellers undervaluations (the latter isnt too common). however, if you can negotiate an MLS listed property down to a significant discount, then you might have a great deal.

your real job as a wholesaler is to find off-market properties at discounts - this is your value. simply passing off an MLS property with a fee attached is a little greasy.

[email protected] | 360‑927‑0959 | http://www.patbritton.com | WA Agent # 120557

is using expired listings from real estate agents the same way as well?

@Carlos Powell  Yes, in order to wholesale a property you must control the property.  Anything else is illegal, don't do it, don't even think about it.  

Using the expired listings you can contact the owner directly. You don't have to contact the RE agent.

I have never found a deal on MLS. Other sources may be more productive, in my opinion. I find MLS generally "Retail".

If MLS is your source, why do buyers need you? Anyone can do MLS.

Strive to be different!

Thank you guys for the advice. I don't intend it to be the main source of my deals but if i came across a good deal that specifically fit my buyers quailifications, talk them down with equity like Patrick said and send it to them? 

I tend to agree that wholesaling MLS is generally not a productive endeavor. However, expired listings can serve a purpose as often times they are overlooked by retail buyers, and the seller can sometimes be a bit more motivated.

I'd also suggest looking at HUD/Homepath listings as well :)