CAN RE WHOLESALE BE DONE WITH MLS PROPERTIES?

absolutely see my signature for the videos on how to use a realtor in Matt's 25-1 system. you need to read Dean's 30 days to real estate cash book the yellow one it is like a blueprint or recipe and it will tell you exactly what to do.

The answer to your question would be yes you can wholesale MLS properties. Now depending on if its an FSBO or REO would determine which exit strategy you will use when locking up each property. FSBO properties can be assigned/doubled closed to an end buyer but if its an REO your wholesaling you would need to double close or put the property in an LLC and sell your LLC to your buyer for your fee.

You are correct. There lots of free valuable resources which Dean and his team has provided for us.

YES you can wholesale MLS properties. Usually with MLS properties you will be required to put down earnest money of around $1000 for bank owned properties and then for standard properties (NOT REO or short sale) the earnest money are negotiable such as $100-$500. Usually, when making offers you can request your realtor to include a clause like this on the contract "This contract is subject to 14 business days inspection by buyer/associates. you are can get up 14 business days inspection or less but it all varies. That's why Dean has taught us to always build your buyers list that way when you lock up a property and its a very good deal it will SURELY sell fast.

When you make offers on mls with "ASSIGNS", offers like that nowadays are no longer getting accepted. All your realtor has to know is that "We are cash buyers and we use the cash being provided to us by our private money investors." Make the offer with your llc and when you find to a buyer, your buyers earnest money will be able to take care of your earnest money which you put down at first. Lets say the property which you made an offer was a standard sale and you offer was accepted and you found a buyer, you can contact your realtor and tell her you would like to add ASSIGNS to the contract which most realtors wouldn't have a problem going out of their way to talk with the listing agent so it can be done. Then all you have to do is to assign your contract to your buyer for a fee. Worst case scenario if the ASSIGNS can't be added, you just sell the llc.

When making offers on bank owned properties (REO's and Short sales) you can't include "ASSIGNS" on the contract. Make the offer in your llc and you could either sell your llc for your fee which is much easier or double close.

It's much easier when dealing with FSBO in terms of the earnest money, inspection, assignment of contract. You can lock up a FSBO property with as little as $1 and with 30 days inspection.

I hope it helps and good luck!

Favorite Quote Of Today: "A person who never made a mistake never tried anything new." - Albert Einstein

Yes, Yes, Yes!!!

go out and just do it!!! when you get a 'no' that means you're getting closer to a YES! (and you will also be gaining an experience that most people will not do!)

As Walt suggested, read DG's book 30 Days to Cash in RE... awesome book!!!

Join a rei club in your area and attend their monthly meetings! Network with other investors in your area; partner with them and learn from them!

The primary reason that many wholesalers shy away from the MLS is that often the profit margin is much less. These properties are not as heavily discounted (usually). In addition, it should be noted that any REO properties cannot be assigned, you must do a double close.

NATCHEZ MISSISSIPPI,
Thanks a lot for the response! I really appreciate it. I'm so glad I joined this Website! Yes, I downloaded both e-books: "30 Days To Real Estate Cash" and "Students' Secrets Reavealed". There's lots of REI Info. I went over the parts that describe how to work with a Realtor to find REI Cash Buyers, but haven't seen anything in how to do RE Wholesale with MLS Properties. It's probably in another chapter of the books. Thanks again for the video links and God Bless You!

Regards,

Ray26CT,
Thank you very much for the response. I really appreciate it. FSBO Properties are my best options. Also, I think if you want an REO straight from the bank, it requires a $1,000 fee/deposit. MLS Properties will be my last resort unless it's an absolute killer deal. I was just wondering on whether or not it was possible to work with MLS Properties. It's interesting how REI can be a "science", because you can try different permutations to achieve a profit. Let's call it "REI Science"...lol:) Thanks again and God Bless You!

Regards,

Yes you would need anywhere form $500-$1,000 Earnest money check when your offer gets accepted with an REO property, if you don't have the money you can simply get it from your end buyer or find someone to partner up with you on the deal and put up the earnest money and you split the wholesale fee with them. In most cases you can drag your agent out until 3 days to come up with the EM check.

all like minded and with common goals to be SUCCESSFUL real estate investors. with dean for us who can be against us....... thanks dean <<<<<<<

tcmiami,
Thank you so much for the detailed feedback! I really appreciate it. REI can be very overwhelming, but I think the key is one step at a time. Every day is a learning curve on REI. It gives me hope and motivation that there are great people here in this website, with a lot of knowledge and willing to offer help and advise. REI is truly a science! You are correct that working with FSBOs, things tend to be more flexible. Thanks again for your input and God Bless You!

Regards,

Valuni,
Thanks for the encouraging words. You are right, the REI Methods that DG teaches are not part of a regular RE Course for Realtors. They are unique and valuable. Joining a REI Club is a good idea. Last time I tried to join a REI Club in Thousand Oaks, CA they wanted $1,500.00 for training! I guess that particular organization was in the biz of making money through courses. Thanks again for the feedback and God Bless You!

Regards,

campbellsimon,
Thanks a lot for the input. I really appreciate it. I was also guessing that a "double closing" had to be involved. I also feel that "off market" properties have more flexibility. Thanks again and God Bless You!

Regards,

Ray26CT,
Thanks again for taking the time to provide vluable infomration. I really appreciate it! I'm also considering partnering with another RE Wholesaler. Thanks a lot and God Bless You!

Regards,

NATCHEZ MISSISSIPPI,
Thanks again for being helpful and for offering valuable assistance in this REI Adventure. Thanks for the encouraging words and God Bless You!

Regards,

Double closes are a way to get around the REO wholesaling limitation. They can be handled in two different ways. The easiest is to find a title company that will handle a double close and use the finances from the second closing to pay the first. The problem here is that many title companies are unwilling or unable to handle that additional risk.

The other way to complete a standard double close is to use transactional funding or a hard money loan to complete the first sale and then use the proceeds from the second sale to pay off the transactional loan. It can add a fee of 1 - 3% of the purchase price but creates the opportunity to at least make some money.

Just make sure you have a good deal and a buyer for the properties first, because the money is expensive to borrow and you want to be able to pay it off quick. You can also get the EM money from your buyer which is the best way to go!

campbellsimon,
Thanks again for the feedback. I really appreciate it. Thanks for the REI Science technique advise. I guess there are many ways to get around a REO. I will try to stick to FSBO or non-REO MLS properties if needed. Thanks again and have a great day!

Regards,

femailceo,
Thank you so much for the valuable feedback. I really appreciate it. Double closing would be an option for a REO. Thanks for the tips. I guess we have to think "Outside The Box" like DG says. Thanks again and God Bless You!

Regards,