Mobile, AL · Member since 2010 · 238 posts · 44 votes
I have started searching the MLS (Realtor.com, Zillow, etc.) for properties to wholesale, primarily to sell to buy and hold/landlords. BP actually has a calculator for analyzing properties. I look for certain properties, for now I am looking at SFR, and if they meet the criteria (say $150* cash flow (after all the bills are paid) and a Cash on Cash Return of Investment of 9%+ I will make an offer on the property. Is anyone else doing this?
This is an easy way to analyze 10 or more properties a week. I do this in addition to D4$. I also have a lead generating website (just a few months online).
Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
7y
@Doug Haisten
If you wanna make it as a real wholesaler in this business do not try to regurgitate leads off of MLS and give them to buy and hold investors
As an investor that does buy and holds there's nothing worse when I get an email or text from a "wholesaler" telling me they got a great deal and it's just a house that's been languishing on MLS that everybody sees and knows about.
As a wholesaler you gotta bring a real deal to the table not a house that already exists on a network that everybody looks at..MLS
Wholesalers that do what you do have absolutely no credibility in the industry and they don't survive.
Stick to driving for dollars, SEO, probate...etc... Bring a real deal to the table and you will have great relationships with buyers.
Mobile, AL · Member since 2010 · 238 posts · 44 votes
7y
We may use the term MLS too broadly. Almost daily I get listings from an agent based on a criteria, SFR, certain SF, highest/lowest price, # Bd/Ba. I may only get one, sometimes 2 or 3. I also get listings from Realtor and Zillow. Those as of yet aren't defined as well as with the agent but I can blow through those listings quickly. If a house meets a simple criteria I look deeper into the property and its all about the rents/expenses. If I look at 20 a week that's only about 3 hours of time. I spend more time D4$ a day for that time. That's 80 analysis' a month. Bound to find 3 or 4 to offer on. If I only pick up a deal or two every couple of months that's more than I had. I keep D4$ and SEO.
Investor · Raleigh, NC · Member since 2013 · 1k+ posts · 708 votes
7y
Originally posted by :
#2, everyone asks that. The landlord could but that can be said for any deal, why doesn't the investor buy from the owner. In this case whether I find the deal by direct mail, driving for dollars, or a web site it is the one that puts in the effort that finds the deal. I am learning most people aren't looking at the MLS. Not all the properties of course are deals. I have sent out thousands of mailers too unknown unseen properties (bought a list) and only get a few responses and even fewer deals. I have 500-600 properties I found D4$ and sent mailers to and get 2-3 calls a month. The investor could do (and probably is doing) these things too.
Anyone with access to MLS (via a realtor or direct access) can get daily, automated searches. When the parameters are chosen carefully, it just takes a few minutes every day to review those searches. I think you are wrong in assuming "most people aren't looking at MLS". I think ANY even halfway serious investor will happily spend a few minutes a day scanning MLS searches.
Yes, ANY investor (at least local ones) can also drive for dollars and assemble the same 500-600 property list you did. However, very few have the time and/or inclination to do so. Also, not everyone wants to go through the trouble of contacting those 500-600 owners and generate the 2-3 leads a month. That is real work! Therefore, THIS IS WHERE YOU CAN ADD VALUE as a wholesaler.
Just scanning searches on the MLS adds little or no value to most people, so nobody will be prepared to pay you a fee for finding those types of properties.