Buyers Agent

[Donna T.]

Hello,

I am very new here. I want to start with wholesaling properties because of cash and credit limitations. I was contacted by a Buyer's Broker (agent) offering listings through email, negotiating, etc. I have a pretty good idea on how to find and build a buyers list. A little green about how to find properties. I have been checking FSBO sites, put a couple of ads on Craigslists looking for properties. If this was answered somewhere already, just point me to the post.

Thanks a bunch

[Jon Holdman]

IMHO, no. As a wholesaler, you're essentially acting as an agent. Yeah, yeah, I know all the stuff about being a principle to the deal, etc. But that's just to avoid having a license. So, when you're buying via an agent, you're creating a daisy chain and two (or three) people are trying to take a slice out of the deal.

Of more significance, your buyers have access to the MLS, too. I do often check listings, especially from a wholesaler I've not dealt with before, to see if they're on the MLS. If I see a deal from a wholesaler at, say $90K, and I find it on the MLS for $85K, that wholesaler goes into the "joke" category. I get automated listings from the MLS every day from my buyers agent. Does this wholesaler really think he or she is adding any value by tacking on $5K and showing me a listing I've already seen?

Same if a wholesaler gives me some other wholesaler's deal.

Now, if you get on the MLS, make dozens of low ball offers, and actually get something under contract at a good price, then you are adding value. Otherwise, you need to get out and find deals.

The gurus make it sound like wholesaling is easy. Its not. It takes a LOT of work to find deals. Direct mail, billboards, newspaper or craigslist ads, bandit signs, etc.