Wholesaling Starter Questions

[Andrew Davis]

Reading through a bit of the material in the wholesaling forum and have a few questions so far:

1. What is your process for wholesaling, assuming you've been successful? IE did you build a list or were you active in the market and found your connections led to wholesaling?
2. Is the MLS system useless in building a list of homes due to Realtor agreements (meaning the Realtor attached to the listing has exclusive rights on the property)?
3. How much evaluation/analysis do you perform on properties that you find when building a seller's list (for example, an owner calls after receiving your mailer with a price, do you visit the property before responding, rely on your knowledge of comps in the area, etc)?
4. What software, if any, do you use to build lists (aside from the obvious like Excel or Access)?
5. Would you recommend purchasing a sellers/buyers list, and if so, where would I find lists (for instance, InfoUSA has huge mailing databases, but I don't know how helpful they'd be in this case)?
6. What legal documents do I need for wholesaling? I plan to do any business through a pre-existing LLC. I know at a minimum that I'll need a contract with the seller, but what should I do when reaching out to buyers (NDA, etc)?
7. Last but most important: What would you do differently if you had to start over?