I AM JUST STARTING OUT, I HAVE 2 QUALIFIED BUYERS AND IN THE PROCESS OF FORMING AN LLC. ONE BUYER SAYS IF I CAN GET HIM A DEAL WITH A 20 TO 30 THOUSAND PROFIT HE WILL PAY ME 3000 UP FRONT. BEFORE I GO TO HIM I WANT TO MAKE SURE MY INFORMATION IS RELIABLE. I HAVE COLLECTED MY COMPS INFORMATION FROM BOFA.COM. I AM NOT SURE HOW RELIABLE THE INFORMATION IS AND NEED HELP! AND WHEN I PRESENT THIS TO THE INVESTOR I SHOULD HAVE PICS, COMPS, AND ??? I REALLY DON’T WANT HIM TO TELL ME ITS NOT A DEAL AND STILL STEAL MY INFORMATION.
The best way to protect yourself in that situation (until you have built up trust) is to NOT give out the exact address. Or you can use a contract with the investor that among other things states that if he/she does purchase it, you are due $X.
That being said, investors do not normally want to steal your deal to save themselves $3k when they are looking to make $30k. They’d much rather have you continue to bring them deals and pay you to do so, then get a bad name and/or reputation by ripping someone off. I am not saying that it doesn’t happen but start putting deals together and you will quickly learn which investors to do business with and which ones to stay away from.
try to use a few comps sites to see if there is consistency among the prices you are getting. homeprofile.com gives you a free 3 day tria
Even though I have access to the MLS I still pull comps from 5 different sources to get a more accurate picture. My favorite is Courthouse Retreival System (paid service).