Lowballing MLS Listings…Yay or Nay?

Greetings everybody- I’ve got a new Q&A video for you guys today!

In this installment, I give my thoughts on shotgunning low offers on MLS listings, and also share some insight into how I hunt for motivated sellers on the MLS….check it out below and let me know what you think!

Enjoy the video, and have a fantastic week!

-Steph :)

  1. On July 11, 2017 at 7:55am, David P. Kushner said...

    As a Realtor/Property Manager, I find you to be very informative and on target. Thank you for your help and kindness. I will probably be joining your group shortly.

    • On July 11, 2017 at 10:21am, Stephani said...

      Hi David- thanks so much for the kind words, I really appreciate it!

      I look forward to hopefully working with you soon.

      Take care, and thanks for stopping by and commenting,
      Steph

  2. On July 11, 2017 at 7:55am, Leslie said...

    Loved the video Steph! I was wondering if you are required to submit a proof of funds letter with your offers on MLS listings. This has been a concern of mine since I don’t have enough cash in the bank. Any suggestions?

    Keep the videos coming please! My husband and I love them and have learned so much from you.

    • On July 11, 2017 at 8:02am, Stephani said...

      Hi Leslie,

      Yes, you will need a proof of funds letters most times when you are making offers on listed properties. You can get one on the cheap from a transnational lender (I think it’s $9/month for unlimited letters). Here is the company I recommend: http://fundthiswholesaler.net/proof-of-funds/

      I hope that helps- thanks for stopping by and commenting!

      Steph :)

  3. On July 11, 2017 at 8:15am, Jenny Wilhemsen said...

    Hi Steph,

    I got your email about the coaching opportunity and I am very interested. When will you be sending out the information? Thank you and thanks for the awesome videos!

    • On July 11, 2017 at 8:56am, Stephani said...

      Hi Jenny,

      I’ll be sending out an email later this week with all of the info, so keep an eye on your inbox!

      Take care and thanks for stopping by and commenting!

      Steph

  4. On July 11, 2017 at 1:17pm, Kia said...

    Hi Steph,
    Just wondering how do you get around putting down an earnest money deposit on the MLS ?

    Thank You, And keep the videos coming!! :)

    • On July 11, 2017 at 2:04pm, Stephani said...

      Hi Kia,

      If you’re making offers on listed properties, there’s really no way to get around putting a deposit down.

      When I was just starting out and didn’t have the cash for an EMD, I would partner up with other wholesalers when I got a good deal under contract and have them put up the deposit and then we would split the profits. I did that until I was able to come up with the deposits on my own.

      I hope that helps,
      Steph :)

  5. On July 12, 2017 at 9:58am, Darnita said...

    Hi Steph,

    How do you determine/calculate how much to offer on a MLS Listing to the agent and to buyers? Please help.

    • On July 12, 2017 at 12:41pm, Stephani said...

      Hi Darnita,

      The general formula for how much to offer is 70% of market value minus repairs minus your wholesale fee = your max offer. It varies, though, depending on the area- sometimes you can go a little higher and sometimes you’ll need to be lower.

      In this particular instance, I know exactly what the buyer is looking for and how much he is willing to pay for homes in this area so it makes it easy.

      Once you get to know your market better and know what the cash buyers are looking for and how much they are willing to pay, the offer-making process becomes a lot easier.

      I hope that helps,
      Steph

  6. On July 12, 2017 at 1:40pm, Rodney said...

    How does someone like me do Real Estate with no down payment money / earnest money ? What do you use to get Comps for a property other than the MLS ? These are my 2 most obstacles that is in my way to make Real Estate my Business and I need help with this please ? Can you help me with this in any kind of way ? Thanks for your time

    • On July 13, 2017 at 3:14pm, Stephani said...

      Hi Rodney, if you go after deals not on the MLS, you can usually get away with putting down a small earnest money deposit. On my first few deals I put $10 as a deposit and the seller didn’t care.

      You can use sites like Zillow and Redfin to get recent comparable sales. The majority of my students don’t have access to the MLS and they do just fine using those two sites.

      Hope that helps,
      Steph

  7. On July 12, 2017 at 1:43pm, Rodney said...

    How can you get a good deal under contract without putting down a down payment ?

    • On July 13, 2017 at 3:15pm, Stephani said...

      See my above answer about non-listed properties. :)

  8. On July 12, 2017 at 1:44pm, Rodney said...

    I missed your email about a coaching opportunity ? Can you send it to me please, Thanks

    • On July 13, 2017 at 3:16pm, Stephani said...

      Hi Rodney,

      I sent out an email this afternoon about the coaching. Doors will be open tomorrow (Friday the 14th) at noon. You can go here at that time for more details:

      http://www.flipthiswholesaler.net/enroll

      Take care,
      Steph

  9. On July 12, 2017 at 2:39pm, Darnita said...

    Hi Steph, that does help. That’s what I wasn’t sure about if I would use the same formula with a property that’s listed with an agent vs. a FSBO property. So the formula is the same?

    • On July 13, 2017 at 3:18pm, Stephani said...

      Hi Darnita,

      Yes it’s the same formula but if you’re going to be double closing and using a transnational lender you’ll want to factor those costs into your offer.

      Hope that helps,
      Steph