Can you wholesale deals on the MLS?

Question

Hi wholesalers!

I've seen some wholesalers say that they are consistently getting deals on the MLS- their method involves making LOTS of lowball offers. My question is, can you wholesale deals off the MLS? If you can, how is it different from a normal wholesale where you sign a purchase and sale agreement with the seller and assign?

Thanks!

Jay Hinrichs · Answer

@Tim Gordon  some truth to those that cant succeed teach..

but others that hit the big time make so much money teaching that the only thing they are buying is ocean front in Newport Beach or Lido island  ...  ( Vertucci   and Montalongo respectively )

When you make it to the top of the teaching business your making so much money that there is absolutely no need to be in transactional real estate..

I was with these two on their accents  funding their students.. I wish i could have done what they did frankly.. :)

now those guys teaching wholesaling thats a has been... and in many states completely illegal the way they teach it.. so much abuse in wholesaling i think over the years states are going to really start cracking down like we are seeing in OH  FLA  CA OR etc.

Tim G. · Answer

The guys selling the courses telling you that you can do this, they stopped doing this themselves and got into the business of selling courses to tell you, you can do it.

Lets think for a second, if wholesaling houses for thousands of dollars was super easy, why would they setup a course, and sell a program for income? Its more work.

Seriously, at this stage in the market. Those who can't succeed, teach.

Michael Guzik · Answer

@Scott Michael The wholesaler was an agent and listed it and we bought it for cash. Type the @ button and then people's name so you can tag them brother it makes it much easier for us to see your comment/reply to us!

@Tim Gordon I agree 200% with what you said brother that is so true and there is such a huge influx of gurus in today's real estate world it is bonkers. Selling a program is much more work and they usually get very uptight when you ask how much money they make from deals and real estate. I went to a real estate conference and the guru showed us his 1099 and he was making over half his income from selling courses and coaching lol! Although I appreciate his honesty I feel like that is not who you want teaching you.

Michael Guzik · Answer

@Scott Michael Those wholesalers are right they probably make hundreds of lowball offers to even get one response. It depends on how much time you want to invest in that.. To myself personally I think it is a foolish way to spend your time. However I can say that you can re-wholesale a deal off of the MLS. We recently bought a commercial building for around 75k off the MLS (it was a wholesale deal), we then ran a CMA and realized that we could easily wholesale it again for around 85k so we did. The gentleman that purchased it from us invested about 5k in gutting it and wholesaled it AGAIN for 100k LOL! We learned a valuable lesson and I'm sure the first guy did to, do your research and take your time knowing what you have before you wholesale. The first gentleman could have made 25k if he had done his research and invested 5k into gutting it, and we could have made another 10k if we had dug a bit deeper. We have purchased deals off of the MLS that were wholesale deals but we don't chase after people who have listed their home for sale on there. However if you do want to do this I would only go after people who have either a property in horrible condition, or have had their house on the market for a long time. I still believe that you should focus your efforts elsewhere but it's your decision. Good luck brother I wish you the best!

Jonathan Tang · Answer

you can find pre foreclosures on the MLS which are owner occupied and you can wholesale on those correct?

James Green · Answer

@Scott Michael, I agree with @Tim Gordon ! There are a lot of moving parts with trying to wholesale a mls property that you don't have with off-market properties. Also, do you have an agent or agents that will submit these numerous low-ball offers?

Tim G. · Answer

Can you, yes. But, why would an agent take an offer lower than all the other offers so that you can wholesale it to your buyers? This model worked well in a buyers market, a sellers market? Not sustainable.

Scott Michael · Answer

Awesome story bro and from the looks of your profile you are killing it in S.A.!

Question, when you say you bought a deal off the MLS that was a wholesale, how did that work? It was listed first then another wholesaler tied it up, then sold you the contract?

This won't be my main strategy, I have a marketing budget I am utilizing but I am thinking about doing this as well, like you said, only to distressed properties that are listed.

Can you wholesale deals on the MLS?

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