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Right MLS search for wholesale deals -- HELP!!

louismontes profile photo
  • Thursday, March 13, 2003 @ 12:38 PM EST
  • 4 Comments

Hi,

I brought this question up as post reply on another topic, but I think this may deserve its own topic:
here it is ...
Most "Wholesale" gurus say that you can search MLS for keywords such as "handy man specials" or "fixer upper", .... So having mentioned that, would I not get a lot of properties coming back from MLS search result that are placed by other investors? Meaning they already got the property under contract and now they want to wholesale it. So I am already too late and I should not be searching for keywords such as "handy man specials" or "fixer upper" to begin with. Right?

As a wholesaler myself, I do not want to search for the above keywords, since the properties most likely are taken by a wholesaler trying to flip it. So what should I search the MLS for to get the right properties for wholesaling???
I really want to start finding an agent but I need all these answered first. I am too confused to even start working with a realtor Help ....

thanks, Louis

Comments(4)

  • no photo
    11th March, 2003

    Hey Louis,

    I am not wholesaler, but deals in Illinois can be searched under "As Is", "Bank Owned", or "Corporately Owned".

    Hope this helps.
    [addsig]

  • no photo
    dshnaidman11th March, 2003

    Most homes that are listed on the MLS that are considered "handyman special" are abandoned homes, long term vacancy, long term rented, etc. These are the homes that wholesalers and rehabbers look for. They are not listed by investors.

    Here are some keywords you can search for that may get you some good deals on the MLS:

    flexible, quick sale, repossess, desperate, must sell, fast sale, just reduced, anxious, trasferred, motivated vacant, available now.

    Just keep in mind, sometimes, these words are put there because they want to generate a lot of showings:

  • louismontes
    louismontes13th March, 2003

    thanks for all the responses ...

    I have another question. I realize that sometimes a wholesaler has to make close to 100 or more offers before it get accepted. So working with an agent may require him to submit just that many offers to the seller's agent. Now, it seems to me that the agent is doing a lot of work faxing back and forth contracts and not as much potential for reward. Can someone explain that to me!!! How do the experienced agents handle dealing with wholesaler investors and the quantity of offers? I guess that is one reason I do not feel comfy working with agents... Don't want them to waste too much for their time ...

    thanks, Louis

  • no photo
    dshnaidman13th March, 2003

    Hi Louis,

    100 or more offers? If an investor has to make that many offers and only have 1 accepted, than I think they're not that accurate with their research.

    Before making offers, you'll have to find out as much information about the property, the owner and the comparables as possible.

    Of course if you tell the agent to submit 100 offers if you know your only buying one, you'll never have them work for you.

    I'm licenced in NJ, although I do not practice as an agent, I see how others treat investors. It's very hard to find an agent that likes to work with investors. Many agents think investors only lowball offers and they don't want to be stuck making embarressing offers to the seller.

    I myself do not really like agents. Out of about 10 that I call a day, maybe 2 get back to me if I'm lucky.

    So, when you do find an agent that is willing to work with you and provide you daily listings, hold on to them.

    Just a quick suggestion, make sure you know exactly what you are looking for when giving your agent your criteria. If you don't, they won't think you are serious and will not search for you.
    Be specific, for example: 2-4 family homes priced between $300K-$400k in Essex County with a 10% return.

    Hope that helps.

    Lots-a-luck




    Quote:
    On 2003-03-13 11:24, louismontes wrote:
    thanks for all the responses ...

    I have another question. I realize that sometimes a wholesaler has to make close to 100 or more offers before it get accepted. So working with an agent may require him to submit just that many offers to the seller's agent. Now, it seems to me that the agent is doing a lot of work faxing back and forth contracts and not as much potential for reward. Can someone explain that to me!!! How do the experienced agents handle dealing with wholesaler investors and the quantity of offers? I guess that is one reason I do not feel comfy working with agents... Don't want them to waste too much for their time ...

    thanks, Louis

    <IMG SRC="images/forum/smilies/icon_smile.gif"> [ Edited by dshnaidman on Date 03/13/2003 ]

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