Wholesale MLS property

3 Replies

Hey BP! 

I hope everyone had a great weekend. Here is the situation. I was contacted by a seller from my direct mail campaign. He has a house listed at 69.9K since March. He also has 4 other properties that he's willing to part with. I don't know if they are listed or not as he didn't send me any I do on them yet. I want to treat him right so that I have the opportunity to help him with the other properties. These houses are in Philadelphia. 

After viewing the property, I called him and said we don't tend to deal with MLS properties. He said we'll shoot me a number. We agreed at 12.5K. I don't have any contracts in place yet with him. I wanted to come to BP first to ask what I should do.

How should I move forward? What should I watch out for? How do you handle wholesaling listed Philly properties? 

Thanks for all your wisdom,

Mark

Treat him right? Help him with other properties? Do you have $12,500.00?

Did you tell him you are wholesaling the place? 

MLS means you'll have a Realtor to deal with.

Do you have a buyer already or are you trying to get houses under contract then go beat the bushes for a buyer while the owner takes the property off the market......during the summer prime marketing time? :)

Why is he willing to take $12.5k for a house that is listed for $69.9k ?

Is there a mortgage on the property?

He knows the condition of the house, has been holding it for years. No mortgage. He says that he hasn't had the time to rehab the property. He retired 5 years ago and has bought 4 properties since then. His wife wants him to fully retire and get rid of his holdings. 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here