A few months ago I got a call from a guy that said his mom had passed away and he had just put his dad in a retirement home. He said he was helping his dad sell the house to help pay for those expenses. The house was in a town about 60 miles away. I had a bird dog there that I had met several times and we had looked at several deals together and had become friends and email buddies. His name is Arcinio and he just happens to be a Preacher. I told Arcinio to go check out the house and get some photos and talk to the sellers and see if we cud do a deal. The house was really gorgeous but was suffering from years of neglect and was still full of furniture and the old mans stuff, Anyway, the Preacher says the sellers want all cash and their not interested in doing a deal with us. The house wud sell for over 200K after repairs. Gorgeous neighborhood. I told Arcinio lets get it on an option and we can get them cash. I cudnt get Preacher man to send me any of the photos or give me much more info. About a week later I txted the sellers son and asked if he wud take $135K for the house. He txts me back and says we signed a contract with Arcinio and wer having a highest bidder auction in a few weeks. I immediately emailed Arcinio and said, So, were having an auction, am I invited? He emailes me back and it was almost comical. Oh, hey, Randy, I been so busy I forgot to tell you and oh yea um wer having a highest bidder sale and please dont think I wud ever cheat you cuz our friendship and our partnership is worth much more than some profit. Then he goes on about how bad the house is and how its gonna take a lot of cleaning and carpet replacement and bathroom upgrades and he thought he cud get $10,000 profit and asking if I wud accept $4K and he wud do all the work. I said OK and sent him an agreement to sign. I was starting to have some bad thoughts about the fast talking preacher. Almost 2 months later I’m thinking what is going on? I emailed him and asked why are you dragging your feet on this? He said he had to remove 2 dumpsters of trash. But I know he didnt do it, he hired his church flunkies to do it. A few days later he calls and says the seller is pressuring him to sell the frikin place cuz they want their money now. Arcinio wanted to know if I cud help him sell it. I placed several ads on Craigs list and soon got a call from a guy that said he was a cash buyer and was willing to pay $150K I asked can you do $165? He says I can do that. I called up Arcinio, they met the next day and went directly to the Title company and started a 5 day escrow. A week later Preacher man emails to say he has to use transactional funding and its expensive and wants to know if I can take $1,000 off my finders fee to help pay for that. He said he needed to borrow 125K I emailed him back, “so your buying the house for 125 and selling for 165 and u want me to take off a grand off my measley finders fee”? He replies yea ur right a deal is a deal and I’m a man of my word, u will get your 4K. He says I’m not making as much as u think, I got all these expenses and capitol gains and I gotta pay you. I’m really having some adverse thoughts about now. A few days later he emails that he is using the buyers money to fund the entire purchase. I warned him, if the old man and son know how much your making its going to kill the deal. Well, guess what? The old man goes in there to sign the papers and starts asking a lot of questions and is a bit upset that this smooth fast talking preacher SOB is making 40 frikin Grand on his house. The deal was to close the next day. The Title company sent Preacher an email and said they cudnt go forward on the transaction. I was almost glad it happend. Was it devine intervention? Or just plain stupidity, dishonesty and greed? I lost a lot of money on this deal, but I sure learned a heck of a lot from it all. Randoskie
How did you lose money on this deal?
About a week later I txted the sellers son and asked if he wud take $135K for the house. He txts me back and says we signed a contract with Arcinio and wer having a highest bidder auction in a few weeks. I immediately emailed Arcinio and said, So, were having an auction, am I invited?
Screw me Once, Shame on you.
Arcinio wanted to know if I cud help him sell it. I placed several ads on Craigs list and soon got a call from a guy that said he was a cash buyer and was willing to pay $150K I asked can you do $165? He says I can do that. I called up Arcinio, they met the next day and went directly to the Title company and started a 5 day escrow. A week later Preacher man emails to say he has to use transactional funding and its expensive and wants to know if I can take $1,000 off my finders fee to help pay for that.
Screw me Twice, Shame on me.
The deal was to close the next day. The Title company sent Preacher an email and said they cudnt go forward on the transaction. I was almost glad it happend. Was it devine intervention? Or just plain stupidity, dishonesty and greed? I lost a lot of money on this deal, but I sure learned a heck of a lot from it all. Randoskie
Screw me Thrice, pay the price!
Vent, get over it, and don’t deal with this dawg any more.
Ashon said it right…get over it. There are way too many other deals out there to sit and sulk over this one.
Now don’t get me wrong here…I’m not trying to be rude. But in the time it took you to write this post, you could’ve went out and found another deal! This wholesaling game is not about getting every single deal you think you should get. It’s about getting all the deals you can.
Reminiscing over a lost or stolen deal or trying to sue someone over it won’t do anything for you but waste your time (and probably your money too.)
Kick that deal to the curb along with the birddog that stole it. Simply let him know that he won’t ever have the privilage of working on deals with you. Then go out and get more deals than he can even dream of!
Hi,
I never, ever, ever pass my responsibilities as an investor to my bird dogs, if someone calls me it is my deal and I either look at it directly or I send someone from my office who has been vetted, has the right professional knowledge and is bound by an employment contract.
I only talk to bird dogs when they bring me a deal and I immediately have a contract between me and the bird dog created for that property (project) which outlines our relationship and creates the covenant of “Non Disclosure”, “Non Circumvention” and “Non Competition” as well as laying out the terms and conditions of the bird dogs payment.
I never pass the buck, 60 miles come on; I have driven upwards of 500 or 600 miles to look at a property in one day and tie up the deal or flown thousands of miles and looked at, evaluated and tied the property up in contract same day or next morning.
You asked for this to happen, you invited it as your supposed to be the investor and there supposed to be the bird dog, experienced vs learning!! Like Duke said, get over it!
GR
To make a long story short…
This is about as hilarious as it gets!!!
I’d just shoot the bird dog since he won’t hunt like you trained him.
:biggrin
Legal disclaimer - The above was a sarcastic remark. I am not advocating the use of a gun on the preacher in this case.
Wow, that’s quite a story. Just be careful when doing business with other people the next time. :smile
Boy did the Ole preacher have it coming :evil
Haha, what I learned is worth much more than the few Grand I lost. Isnt that how you get your best lessons?
I think this is the best way to deal with Bird dog next time. Great lesson learnt there.