All Forum Posts by: James Danchus

@James Danchus. Yup, you can wholesale off the MLS.

If the listing is active, lets say yesterday or recent in an area you are local to. And I am taking for granted by "wholesale" you mean working it less than fair market value for the area with or without respect for the ARV. Agents list at market value which is current, which can go up or down.

The integrity of being licensed requires agents/brokers to present verifiable offers to sellers/owners per their contract to reject, counter, or accept, regardless if its a lowball offer. In either event, the license allows them to advise, consult the owner/seller, but in no way permits them to withhold verified offers. So for current MLS listings, you would need a verifiable POF and an offer contract.

If you don't have an agent, more than likely the seller's agent will see a possible negotiable double commission when you walk into their offices with a verifiable POF in hand. LOL! They may go thru the procedures, etc., but the Broker can't brush you off. Why?

The POF letter has a record. My experience has led me to see, when we use other peoples money and a seller's agent, etc., contacts the OPM (our money source), a record has been developed for the issuance of the money that may be need to be held back. Folks don't play with they money when a request on an amount has been made.

So if its active on the MLS, have verifiable POF. The most important thing is to know a buyer that will pay cash for it and what they will pay before you walk into the agents' office. Not an email blast shopping for a buyer.

If its been on the MLS for a while don't forget the MLS is retail prices. LOL! There is a member here that whole tails at retail prices, not wholesale!

If it has been on the MLS for a minute, put together a verifiable POF and get an offer in front of the agent. I done it 3 times based on my training. In all 3 cases the contracts were 10 days to expire so I contacted the owner/sellers, and in each the brokerage purchased the properties.

All I know is I had verified POF, the ability to fund the purchase, and the owners/sellers never seen my offers.

Hi James,

Did you hear that on Tom Krol's podcast? Great stuff!

Reach out to the agent and say something like "hey I'm an investor and I don't have an agent representing me. I'm interested in this property but I can't take it near the price your asking. Is your seller flexible on the price? "

If yes, send a your offer price and terms and say that she can hold your offer for 30 days.

Next or if no, can I send you my contact info and criteria so if you come across anything you could let me know?

Get her email in your database and ping her with your criteria once a month minimum. Repeat with more agents and eventually you'll have all these agents looking for deals for you. The profit margin may be a little less but as long as your ok to give 3% commission most agents will be ok letting you make what you need.

Good luck! Message me if I can help.

A good rule of thumb would be to stop wasting money going to that guru's seminars. $5,000 per major repair is nuts. If you used that to calculate investments in this market you won't ever buy anything.