How To Find Wholesale Deals On The MLS
Finding wholesale deals on the Multiple Listing Service (MLS) requires strategy and diligence. Here are proven methods to identify potential wholesale properties:
Key Strategies:
- Search for Distressed Properties
- Look for keywords like “as-is,” “needs work,” “fixer-upper”
- Filter for properties that have been listed 90+ days
- Focus on bank-owned (REO) properties
- Set Up Custom MLS Alerts
- Create alerts for properties under market value
- Monitor price reductions
- Track expired listings
- Build Agent Relationships
- Partner with agents who understand wholesale deals
- Request pocket listings access
- Get early access to new listings
Important Metrics to Consider:
- Property should be 60-70% of ARV (After Repair Value)
- Account for repair costs (typically $20-40 per square foot)
- Factor in holding costs and closing fees
Frequently Asked Questions:
Q: What is considered a good wholesale deal on the MLS?
A: Generally, properties priced at 60-70% of market value after repairs, leaving room for profit after renovation costs.
Q: Do I need a real estate license to find MLS deals?
A: No, but working with a licensed agent gives you direct MLS access and professional insights.
Q: How quickly should I act on potential deals?
A: Immediately. Good wholesale deals typically receive multiple offers within 24-48 hours.
Q: What’s the minimum profit margin for a wholesale deal?
A: Most wholesalers aim for at least $5,000-$15,000 minimum profit per deal.
Q: Can I wholesale properties listed on the MLS?
A: Yes, but you’ll need to be transparent about your intentions and may face more competition.
Q: How do I calculate repair costs accurately?
A: Work with local contractors to develop a repair cost calculator based on your market.
Q: What financing options work best for MLS wholesale deals?
A: Hard money loans, private lenders, or cash are typically the most effective for quick closes.
Bottom Line:
Finding wholesale deals on the MLS requires persistence, quick action, and strong analytical skills. Success comes from building relationships with agents, understanding your market deeply, and having systems in place to evaluate properties quickly. While competition may be higher on the MLS than off-market deals, the transparency and accessibility make it a valuable source for wholesale opportunities.