Agents and MLS listings

[Todd Gustafson]

Hi everyone,

I finally grew a set and contacted a local agent about a junker on the mls. Unfortunately, she claimed a contract is on the house, so it appears I may not get it. After questioning the agent, here are the brief details:

Listing price $29,900
ARV Comps (rough est.) $90,000 - $120,000
repairs - $22,500 (will use $30,000 as hedge)

House is a 2/1, not in a war zone and sitting on a beautiful 90 x 220 lot. I've convinced my dad to start investing with me (he has past experience in more traditional REI). Thought it will be a fun father-son project.

I was going to offer $23,500 based on the following formula:

ARV x .65, less 30,000, less 5,000 (hedge or wholesale, backdoor 2).

I'm curious. Can I wholesale or assign mls properties, or do brokers have a clause to prevent it? The agent stated she will send more properties to me like this one. I'd like to wholesale a few for the experience and some working capital.

Thought I'd share and get some insight as fas as wholesaling and rehabs with mls/agents.

TIA,
Todd