Wholesaling properties on MLS

Wholesaling
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Wholesaling properties on MLS

David Schach
San Francisco, CA · Member since 2010 · 65 posts · 39 votes

A quick question for the wholesalers out there. In general what value are you bringing to a deal thats already on the MLS or advertised publicly? I found a property in my area that fits the 70% ARV less expenses if the bank accepts my offer. BIG IF! I know. But why would an investor give me any money on this deal if he knows thats its already publicly for sale and that he could just wait out my contract and make another offer himself? Do you guys have any success wholesaling publicly available properties? OR are you dealing almost exclusively with non-listed and pre-foreclosure deals? any comments would be great.

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  • Andy J.
    Wholesaler · Colorado Springs, CO · Member since 2009 · 286 posts · 255 votes
    16y

    What you're bringing to the deal is the opportunity to purchase the property. Most professional wholesalers work directly with the listing agent and they know when a property is coming available. By being able to put in the first offer (and have it accepted of course), often times the wholesaler is able to lock up the house under contract before anybody else has a chance. So as a wholesaler you now control the property, if an investor wants it, they have to come to you. I don't wholesale off the MLS, but I have purchased from wholesalers that work exclusively through the MLS listings. It can be done, no question about it.

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  • Brian Haskins
    Real Estate Investor · St. Louis, MO · Member since 2008 · 443 posts · 91 votes
    16y

    Some people try it and it may work. I know in my market people don’t want mls deals at all because they feel they can get the same deal themselves by just going to the realtor and making the same offer once their contract is done. A lot of people have success with reos but it's mostly deals that don't hit the market. You need to do your own marketing and deal with homeowners to really wholesale houses.

    Brian Haskins

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    16y

    We do a mixture of both. Many home we get are from the mls. Investors buy from us b/c of the system we have put in place. Also, investors do not have the relationships with the bank REO agents like we do and we also do volume and close every time. This is why the investor who is not doing volume will have a very difficult time buying mls homes especially if there are other wholesale companies looking at the same property.

    Curt Davis - KAIZEN Realty538 Reviews
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