wholesale deals to evaluate

[Robert Uceda]

hello, I have done my due diligence to follow up on a mentor who has already been successful closing hundreds of deals for decades wholesaling. He is already successful and a proven winner. He instructed me to find a real estate agent who can supply me with a list of properties in distress (fixer uppers). I found one reputable one with Keller Williams here south of Denver. My question is - what do you look for in particular that indicates me that any one of these properties listed on the MLS are negotiable for a possible close? one that helps me get a seller to sign an assigned contract and close it with another buyer (another investor)? I already find it very useful to utilize the Bigger Pockets calculator, which I read and watched the tutorial. Thoughts on finding prosperous deals (properties below retail value)?

Robert 

Denver tech center resident

p.s. I'm also aware that I would be competing with several other investors with MLS properties. I realize I have to prepare bandit signs and other types of marketing that helps me to find prospective sellers and buyers.

[Bill S.]

@Robert Uceda is your mentor in the same market as you are? I would bet you a steak dinner at the Brown Palace that you will not find a 70% deal in Denver on the MLS. Wholesale and off market deals are running around 80-85%. There are flips being bought off the MLS with $20k profit on a $350k ARV home. Also, every home I have listed in the past 2 years that had "fix-up" listed in the description I received an all cash offer the first day on market around that 80% of ARV. Incidentally those same homes sold to end users for 10% premium above ask. I am not trying to dissuade you, just paint a realistic picture of what you face. I think a more instructive exercise is to take a few flips and work the numbers backwards. That will give you a better idea if your rehab numbers are in the ballpark.