Wholesaling non REO MLS listed properties?

Question

I've submitted 162 offers on MLS properties last week and got one accepted and already have a buyer lined up. My question is, is anyone else having any luck doing this? I'm trying to automate this as much as possible but I can't find an agent to work with who is willing to give me the full MLS listing with the listing agents email address so that I can submit the offers myself (automating it making it easier for the realtor).

J Scott · Answer

There's a site out there called BiggerPockets.com that I hear is really good when it comes to real estate investing...I think they might have a couple thousand threads about wholesaling as well...

Brandon Spearman Sr · Answer

You are absolutely right J. Scott.  Just signed up to BiggerPockets.com on Monday.  Can't believe how much information is on this site, step by step instructions too!  Almost blew 7k with Renatus Real Estate Group on "Real Estate 101" courses; luckily I found this site and put a stop payment on my funds being withdrawn.

Monica Breckenridge · Answer

The market is getting tough in some area's.  Ryan please be careful, if your getting that many accepted you are probably either paying too high or you are in an area that doesnt have much competition.  I had a good friend that was getting all her offers accepted because she was over- paying.  She ended up filing bk and getting a bad reputation.  She had a ton of private investors who lost their money.  One thing would gonsouth in the deal and she would be upside down.  She also wholesaled a lot of her houses to newbies who lost money.  Again giving her a bad reputation again.

Sent from my i pad

Account Closed · Answer

Wholesales are a great way to also get properties, but may i suggest tax sales.  They are what i work on during the summer and get some deals better than MLS or wholesale buys.  MLS is to competitive during the summer for me and i usually get my inventory during the winter.

J Scott · Answer

That's what we like to hear!!!

Drew Dickinson · Answer

Awesome post Elijah... It's posts like that that I'd never thought I'd see on a free site.  Good luck Mike.  All I can say is that it would definitely be worth your while to get your license.  A lot of places (at least around me) have programs that will basically give you the requisit credit hours in a matter of weeks.  Some are online too.

Brandon Spearman Sr · Answer

Mike!  My name is Brandon.  I'm new to wholesaling and I am still educating myself.  Can you recommend any books or good sites?  I want to memorize the process for wholesaling properties.

Thanks in advance. Cheers.

Elijah Rubin · Answer

Hey Mike,

I get your frustration as I read thru the post and alot of people didnt really answer your questions. As you are already putting out 162 offers to just get one accepted doesn't seem like the best use of time. I struggled with this same area about 2 and half years ago. I decided the only that will make me valuable is by me bringing Non MLS / Off Market deals to the table that no one else has in my market will make me more of an asset to my investors as they have a million realtors that can make a billion offers for them same inventory. Over the last two years I have been going after Probate deals, Inheritance property, Property Hard Money lenders had to take back and they know I have 30 guys a day who call me just to see what new off market deals I had available and the Private money lenders will give me 3 - 5 days to move it to my investors data base to get that property liquidated for my Private money lender. Plow the fields others wont and there will be deals to be had. Im in Arizona and the market is picking up and I have found more deals reaching out to a couple of city violation enforcement reps as they see homes that are distressed and I send a mailer out to those homes that they recently put the violation notice on  and this has been another good source that I have gotten some deals from. Im a big believer in each one teach one... Hopefully that gives you a couple of other options to look into....

Carl Randal · Answer

Mike,

Forget using a Buyer's Agent.  They are "Retail" salesmen and usually not willing to put their reputation on the line for what it takes to assist a wholesaler.

I use a combination of a Realtor's site and Zillow.  Today, most realtor's have a website search engeine that is tied to the MLS.  I use Zillow to search for the properties that fit my criteria, and I take the MLS# from the Zillow site and run a search with the Realtor's site to verify that the property is still available (as you may already know, Zillow isn't always up to date). Once I verify that the property is still available, I go ahead and make my offers diretctly to the listing agent using the Agent Contact information found at the bottom of the property page found in Zillow (I really like all the informatioin Zillow provides).

As for making a lot of offers, cudos to you for your persistence.  I'm pretty much in the same boat as you as far as making a lot of offers and getting most rejected.  I live in a pretty strong maket and it is tough to get all those "fantastic" delas you hear about.  I suspect that these deals are primarily found in the "Sand Belt" and "Rust Belt" areas of the country.  Sand Belt being Florida, Arizona, Nevada and California; Rust Belt being NE places like Philidelphia, Michigan and Ohio....just my take.

Sorry for the ramble, hope the first/second paragraphs help.

Regards,

Carl

Jerry R. · Answer

Ryan is right when he says find a business partner with the mls access. You could also try to become an assistant to an agent to get the access.  It's against the terms for an agent to share their mls access (at least where I am).

I know where I am, I need to submit a ton of offers to get one accepted, probably close to the same number you are submitting, it's hard to tell as I have not had an offer accepted in months.

A far as REO vs regular sale, it does not matter much if the numbers work. I'd rather take a regular sale over a REO if the price was right. I have never bought a retail home to wholesale yet, but my market is fierce.

Good luck and nice job getting an offer accepted.