Best Strategies For Wholesaling Off The MLS
Wholesaling properties from the MLS (Multiple Listing Service) can be a profitable strategy when done correctly. Here are the key strategies for success:
1. Build Strong Relationships with Realtors
- Network with multiple agents who understand wholesaling
- Explain your business model clearly
- Demonstrate ability to close quickly
2. Search Smart
- Focus on properties listed 60+ days
- Look for keywords like “needs work,” “as-is,” “fixer-upper”
- Target properties below market value
- Set up automated MLS alerts
3. Make Competitive Offers
- Submit all-cash offers
- Provide proof of funds
- Offer quick closings (14-21 days)
- Keep contingencies minimal
4. Build Your Buyers List First
- Know your buyers’ criteria
- Verify proof of funds from buyers
- Maintain regular communication
5. Analyze Deals Properly
- Use the 70% ARV rule
- Account for repair costs
- Factor in holding costs
- Include your wholesale fee
Frequently Asked Questions
Q: Is wholesaling from the MLS legal?
A: Yes, when done properly with full disclosure and proper contracts.
Q: How much should I expect to make per deal?
A: Typical wholesale fees range from $5,000 to $15,000 per deal.
Q: Do I need a real estate license?
A: While not required, having a license can provide better MLS access and credibility.
Q: How long does it take to close a wholesale deal?
A: Usually 14-30 days from contract to close.
Q: What’s the minimum cash needed to start?
A: $2,000-$5,000 for earnest money deposits and marketing.
Q: Can I wholesale with no money down?
A: Possible but difficult – you’ll need at least earnest money.
Q: How many deals can I expect in my first year?
A: Most successful beginners complete 3-6 deals their first year.
Bottom Line
Wholesaling from the MLS can be profitable but requires proper education, systems, and relationships. Focus on building a strong buyers list, analyzing deals correctly, and maintaining professional relationships with agents. Success comes from consistent execution and following proven strategies.