With some of my clients, I've seen discounts of 30% to 90%.Here is a real-life example: I invested in a $50K note; it was second TD but with significant equity (over $200K) protecting my investment. 

A good investor agent that is plugged in with local wholesalers, is prospecting, and marketing on their own will have plenty of discounted off market opportunities that will have less eyeballs on them then the MLS.

So theres decent equity, but it’d need about 20-30k in rehab.I really want to hear all your opinions on this transaction.Give it to me straight up, am I being stupid by doing this deal and risking it all, or is this something I can profit from without too much headaches..Money (3k) is already in escrow with an addendum that if foreclosure filings has begun it’s refundable. 

If you're expecting property owners to sell their home to you at a discount, you'll need to earn their trust - whether that be by demonstrating a successful track record with purchasing/selling similar deals OR by meeting them face to face and separating yourself from the dozens of local investors and realtors.Lastly, I'd recommend searching past posts related to this topic as well as checking out books related to your target investment strategies.All the best!

Discount Brokerages are LOOSING market share not gaining.

Let me get this straight.

Just a few other tips - you can increase your weekly and monthly discounts. 

I don't hold them in my portfolio but I do wholesale them to other investors since the discounts are deeper.  

His solution was to wrap this loan straight into a loan I already had with him.

Your value is, to provide sellers that don't want to list, with a way to get cash for their house and provide buyers with discounted off-market properties they can buy to make a profit on.I am not saying it is not possible to wholesale from the MLS, but it seriously defeats the purpose.Focus on becoming the person/company that offers the most and best value and you will succeed.