How to Wholesale Real Estate Using the MLS
Steps to Wholesale Real Estate Through the MLS:
- Get MLS Access
- Partner with a licensed real estate agent
- Consider getting your own real estate license
- Join your local real estate board
- Search for Potential Deals
- Look for properties listed 90+ days
- Focus on distressed properties
- Search for properties with price reductions
- Target properties needing repairs
- Analyze Properties
- Calculate ARV (After Repair Value)
- Estimate repair costs
- Use the 70% rule for maximum allowable offer
- Account for your wholesale fee ($5,000-15,000)
- Make Offers
- Submit multiple offers daily
- Include inspection contingency
- Add assignment clause to contract
- Find Cash Buyers
- Build a buyers list
- Network at real estate events
- Use social media marketing
- Join real estate investment groups
Frequently Asked Questions:
Q: Do I need a license to wholesale from the MLS?
A: While not required, having a license gives you direct MLS access and more control over transactions.
Q: What’s a typical wholesale fee?
A: Most wholesalers aim for $5,000-15,000 per deal, depending on the market and property value.
Q: How many offers should I make daily?
A: Successful wholesalers typically submit 5-10 offers per day to maintain a healthy pipeline.
Q: What’s the best way to find cash buyers?
A: Network at REI meetings, use social media, and partner with real estate agents who work with investors.
Q: How long does a typical wholesale deal take?
A: From contract to close, most deals take 15-30 days when working with cash buyers.
Q: What makes a good wholesale deal on the MLS?
A: Look for properties 20-30% below market value with motivated sellers and clear title.
Q: How do I calculate my maximum offer?
A: Use the formula: (ARV × 70%) – Repairs – Wholesale Fee = Maximum Offer
Bottom Line:
Wholesaling through the MLS can be profitable with the right strategy and systems in place. Success requires consistent effort in making offers, building a strong buyers list, and accurately analyzing properties. While competition may be higher on MLS deals, the transparency and reliability of listed properties can make it an excellent source for wholesale opportunities.