Wholesaling MLS listed properties

[Alexander Chavez]

Hello,

I am new to REI and have a few questions dealing with wholesaling. I would like to hear anyone's experiences in wholesaling properties that are listed on the MLS. How has it gone with this? Do you deal with the seller or the sellers Realtor and how welcoming are the Realtors to these types of deals. I will be operating out of Chicago so if anyone from Chicago would like to share some experiences and or tips I would greatly appreciate it.

Thanks! 

[Andrew S.]

I'm not a wholesaler myself, so feel free to ignore this, but from a conceptual angle, wholesaling MLS properties seems like an extremely tough proposition to me. There are a couple of BP podcasts where people talk about doing it successfully, but I think you have to really know what you are doing to pull it off. You'll somehow have to succeed in talking the seller/agent into a VERY large discount in order to create room for your own cut in the deal. Since the property is out there for everyone to see, you'll basically compete with your own customers.

Again, apparently, it can be done, but I would probably focus on wholesaling unlisted properties if I were in that line of work.