What data should I retrieve from MLS to properly analyze deals?

[Mychal Manning]

Hello Fellow BP investors! I’m looking to get started in the wholesaling business in Chicago. I’m here to ask a couple of questions regarding this preliminary stage in finding deals. I have a close friend who is a licensed agent(I also plan on getting my license within a month or so) and I’m trying to find hot zones in my targeted areas. He is allowing me access to the MLS thru him but I’m uncertain what data is best to have in order analyze comps/potential deals. Here are some things I plan on asking: -Comps in my target area -Hot Zones Things I’m unsure on: -What data I should prioritize without having a subject property to allow me to find potential deals -should I continually check in with him to record update data? How often should I update my data? -could I set something up on MLS thru him where he can send me updated data? -Are there any resources outside of the MLS for me to utilize? If anyone has experience as a wholesaler or an agent working with investors, I’d love for you to chime in and let me know any tips or suggestions. Thank you in advance!

[Jorge De Jesus]

There are ways to scrub the MLS, you should definitely look at school districts first or wherever in your area there is a blend of employers and there has been growth in population and real estate cash sales.

BUT

Then you should just be an agent

BECAUSE

As a wholesaler I find off market deals and I am singularly focused on providing value to those who, for whatever reason, won’t deal with problem properties themselves. I understand wanting to have multiple sources of potential leads. But at the beginning you have to farm and mine small and then go wide to go an inch deep in just wholesaling