Disclosing Wholesale intentions to agent

14 Replies

I am looking at a house listed on MLS. Should I tell the agent that I may assign it to someone for wholesale?

Haha - why do you think that having tied a deal up out of the MLS, it would make a good wholesale? Why is it that you are seeing it and retailers are not? How come someone would want to pay your premium, when they can just buy from the MLS - just like you?

I'm confused.  Can you not find an off-market "real" opportunity to wholesale to a retailer, or did they not teach you that in the boot-camp...? hahaha

I may tell them I buy to resell (possible owner finance) or to rent it but they usually dont understand wholesale or assign so I usually dont tell them, not their business anyway really as long as you buy it. If they figure out what it is they might become your next competition or blow you off.

Originally posted by @Ben Leybovich :

Haha - why do you think that having tied a deal up out of the MLS, it would make a good wholesale? Why is it that you are seeing it and retailers are not? How come someone would want to pay your premium, when they can just buy from the MLS - just like you?

I'm confused.  Can you not find an off-market "real" opportunity to wholesale to a retailer, or did they not teach you that in the boot-camp...? hahaha

 Well I'm not usually one to call anyone out, but who would ever want to learn from someone who is so obnoxious?

Oh wait you're an author? Oh, not really... it's an online book, that's really a sales pitch? A cheap sales pitch that tries a "takeaway close" of "our program is wait listed" before anyone expresses interest? This whole deal reminds me of one of my local (Las Vegas) ambulance chasers, flooding TV and radio and any other medium looking for naivety in people to take advantage of. Should we call you cheap suit Joey?

See anyone can be obnoxious, but I bet no one gets anything productive out of it.

@Adam Hershman  - first, please upload a picture as it would be nice to see who I'm talking to.

Secondly - just got an email from my CPA this morning; looks like I'll be needing to dump some cash via a retirement vehicle.  I see you are with Provident Trust - feel free to reach out and you might make some money on me.  Or, you can keep being mad at my statement of obvious truth...

You should see some of the email I get from "wholesalers"...dude, you know I am right :)

I agree  @BenLeybovich this website is made for investors and those willing to learn,but you should at least have your "learners permit" before signing up. There is a ton of articles that should give you the basics that has been answered time and time again. If I wanted to be a musician I would not ask what a C chord is.   

Originally posted by @Ben Leybovich :

Haha - why do you think that having tied a deal up out of the MLS, it would make a good wholesale? Why is it that you are seeing it and retailers are not? How come someone would want to pay your premium, when they can just buy from the MLS - just like you?

I'm confused.  Can you not find an off-market "real" opportunity to wholesale to a retailer, or did they not teach you that in the boot-camp...? hahaha

I have been wholesaling off of the MLS since before they started having "boot-camps". Just because a retailer sees it on the MLS doesn't mean they live in your city, have the time to look at every property or maybe they didn't make the lowball offer you did at the right time for the seller to say yes. If everyone looks at it the way you do then there is a whole lot of opportunity for everyone else that has been making money wholesaling MLS deals for years. If you can offer a deal attractively enough below the MLS price it will get bought by someone who wants it at a good price.

Hope this helps :)

@Sheryl Gurvey  The upshot of the entertaining insults flying around is that if you wish to become a Wholesaler (your Post reads as if you have never done so before), maybe a better approach to this Forum might be to post the actual numbers that make you think that this one might be worth getting on Contract? You must know what I mean by "numbers", right? But yes, I agree with @Ben Leybovich about how unlikely it is to find a magical deal that would appeal to savvy investors through the MLS. I also agree with @Jared K.

thanks for the useful responses.  I happen to have a lot of real estate experience, just not with wholesaling.  I have been a buy and hold investor 6 times over and managed a real estate closing firm for 10 years.  I am a paralegal with real estate as part of my job.  I have done tons of research and learning here on BP which is the best website I have ever been a part of.

I know that buying off the MLS is not necessarily the best way to wholesale and I am going for the direct Mail approach, but in the meantime I am practicing with deals that look decent POSSIBLY. Doesn't mean I am buying them. I understand how numbers work but I don't have any to give as I have not entertained anything yet. Still working on it.

I have read many a post where someone has found a deal on the MLS. I am only asking for opinions here. I certainly got some ????

Some people are just so angry and self righteous.  Geez.

thanks for the useful responses.  I happen to have a lot of real estate experience, just not with wholesaling.  I have been a buy and hold investor 6 times over and managed a real estate closing firm for 10 years.  I am a paralegal with real estate as part of my job.  I have done tons of research and learning here on BP which is the best website I have ever been a part of.

I know that buying off the MLS is not necessarily the best way to wholesale and I am going for the direct Mail approach, but in the meantime I am practicing with deals that look decent POSSIBLY. Doesn't mean I am buying them. I understand how numbers work but I don't have any to give as I have not entertained anything yet. Still working on it.

I have read many a post where someone has found a deal on the MLS. I am only asking for opinions here. I certainly got some ????

Some people are just so angry and self righteous.  Geez.

@Sheryl Gurvey  I agree that there are sometimes deals that are overlooked by buyers, although they're rare. 

There's one I'm looking at now that for good reason most buyers would have overlooked it: it's overpriced for the size shown, has way more repairs than you would initially expect, and the realtor is discouraged about it and just wants to get rid of it. In fact, it's got very convertable space ready to go, it's in a great area, and the sellers are now much more motivated than ever for having lost a few contracts on it. 

Recipe for a great wholesale deal, as far as I can see. 

@Ben Leybovich  There are sometimes good reason deals are overlooked, because the signs are misread/misleading.

@Sheryl Gurvey There are definitely good deals to be had on the MLS unlike most will tell you. For me being a licensed agent I can keep track and monitor them everyday and write lowball offers with ease. And I have gotten them accepted. I have also purchased deals from wholesalers that were on the MLS. Now obviously its much harder to find them on there then directly from the seller but don't let anyone tell you they can't be found. Numbers don't lie!

Originally posted by @Account Closed :

@Sheryl Gurvey There are definitely good deals to be had on the MLS unlike most will tell you. For me being a licensed agent I can keep track and monitor them everyday and write lowball offers with ease. And I have gotten them accepted. I have also purchased deals from wholesalers that were on the MLS. Now obviously its much harder to find them on there then directly from the seller but don't let anyone tell you they can't be found. Numbers don't lie!

How can the wholesaler list the property without ownership? Is this basically a "wholetail" - they close and take ownership and then throw it up on the MLS?

@Christina R. well they can't list it for sale on the MLS. But once they have it under contract they can market it to their cash buyer list or Craigslist. On the MLS it would just show as under contract at that point.

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