Nathan Payne shows Utah wholesaler Kirk three ways to find comps in non-disclosure states: hire an agent as a dispositions manager for MLS access, network with agents through REIA events and Facebook groups for partnerships, or use recent sold data and active listings when MLS is unreliable.
Finding comps in non-disclosure states. All right, Kirk, so step up to the plate, um, unmute yourself. And if you aren't someone I'm talking to, please mute yourself so it doesn't mess things up. But Kirk, uh, what's going on, man? Where are you?
So I live in Utah. I've done most of my work kind of out of state just so I could do it virtually, but recently I started looking around in my own neighborhood, uh, just because everything's priced higher. I figure there's probably better profits and I know the area better. But one challenge I'm having is It's a non-disclosure state, and so finding comps is tricky. And so, I've watched the videos about finding an agent friend and kind of paying their fee so that you could use their access to the MLS. But is there anything else that you would recommend? Because I know you're in the same area as I, so what would you say to someone who wants to do it in the same area?
Great question, man. So, good to see you. You were at our monthly mastermind meetup. Good seeing you again. So, This is what we did. We hired a dispositions manager in our company when we first started that was an agent, right? So we were able to use his login. That's what I did. I said, hey, look, when I was newer, right? And he still works with us today. So I reached out to someone and said, hey, look, I'm starting this wholesaling business. I'm going to need someone to dispose properties. Would you like to join the team? I found someone that was investor-like minded. I paid him a commission off of the deals that we would do. He could still list properties if he wanted. But what we would do is, you know, work with him. He could help us sell our properties. And that's how I got his login. So number one, what did I do? I didn't— he's not my business partner. He was an employee. I hired him on commission. So you can hire someone that's an agent and just say, hey, I need someone to help me out in the business and then strategically use their login, right?
Do you pay him? You said commission. He's commission-based, or do you pay him a salary?
Commission-based. I say, hey, off of the deals that you sell, I'll give you a commission for disposing the properties. That's one way to do it. We were doing, when I first started, when I hired him, we were doing like 3 or 4 deals a month at that time. And that's brought him in saying, hey, there's money to be made. So that's one, right? Number 2 is you network with local real estate agents and you go to local RIAs, real estate investor meetups, and you say, "Hey, I'm a young hustler. I'm a young guy that's trying to get deals and I'm looking for an agent to network with and that will give me their login." You can ask people and some people will be like, "Yeah." I mean, it's a give and take, right? So you could say, "Hey, look, any deals that I can't wholesale, I'll give them to you and you list them." And that's the second thing I would do to get login to MLS. Third is, This isn't really getting logged into the MLS. This is just not needing an MLS login necessarily. You— the way that the market is right now, how it's trending down, you can't even really use comps. I'm not saying you can't, but it's more difficult to use comps right now to comp a property. You have to use selling data or active properties to determine the value of something. And I made a video about that. Jerry made a video and, you know, I teach that. I teach how to actively run comps, using sold data, selling data to be above the, above the curve or whatever the word is. Like, it's always changing in real estate. So that's kind of what my suggestion would be to you would be is either network with someone, bring them on your team, let them know, you know, if you don't feel comfortable bringing anyone on right now because you don't feel like you have enough deals or you, you know, anyone you feel comfortable partnering with, just go to some local REAs, go to the Facebook groups that are in Utah, say, hey, I'd like to network with some agents that are investor, um, investor-minded, uh, and chat, get their login that way, or just use selling data or actives. Because right now it's, it's kind of tricky to use even comps because, you know, a comp 6 months ago isn't even relevant.
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