Finding wholesale homes on the MLS good idea?

Question

Hi guys! Need info on the best ways to find wholsale homes on the MLS. Is there a secret to it?

Anson Young · Answer

There are a ton of MLS secrets for sure.

I digress.  MLS tactics depend on the market, if you are in a soft or slow market, everyone is looking at the same deals.  In a HOT market, the MLS deals are few and far between, but a locked up deal with less competition is always sexy to an investor.  Look for bank owned properties, aged properties (older than 120 days on MLS in most areas), properties falling out of contract, auctions, etc.  Also look for mis-listed properties, something under "LAND" that is a duplex.  The amount of mis-listed deals I've bought is crazy, agents arent the sharpest tools in the shed and you can use that to your advantage.

Ken Yu · Answer

As a disclaimer, I've haven't closed any deals found on the MLS. But, as @Anson Young posted, your success depends on the type of market you're in.

While you can definitely find a deal on the MLS, the biggest problem is finding a seller who is motivated to sell, which is not easy to gauge by looking at a screen.

Sure, you can do some more digging and look up if the house's history, but all of that takes time and effort for a house that doesn't guarantee a seller who is motivated.

So my best advice is to send out a ton of offers. Use your time on the MLS to learn the market you're investing in, but opt for quantity over quality.

Carnell Webb · Answer

Thanks James!

Carnell Webb · Answer

Thank you Anson! That helps a ton!

Finding wholesale homes on the MLS good idea?

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