Hi I’m new to wholesaling and in the process of reviewing a good lead generated from Craig’s list. What sounds like another wholesaler presented a property and a price. Should I expect a 50/50 split? Or will I have to mark this up again if I’m able to turn it? Can I assign, MY contractually assigned position? If so, can I have some clarification on the papers needed to do such a deal? Any input would be a huge help! thanks for reading
I had a similar situation a few yrs ago when I first started, another wholesaler had a nice piece of property advertised for 67K I called him and told him I had a buyer that wud take it for 69. I called this buyer and told him about the house, he asked how I found it and I told him CL. Who’s an idiot? Well, this dipwad buyer cruises thru CL and calls the other wholesaler direct and I get cut out of the deal. I was angry with the wholesaler but I eventually forgave him and we’ve done 3 other deals together, 2 that have closed and 1 is in escrow. These are ones that he has found but didn’t have the buyers.
But, guess what, I sure as hell learned my lesson and I get his and everybody’s signature on my contract b4 I contact sellers.
Oh Yea, the buyer that cut me out of the deal is an ex cop retired now. He told me he wud give me a $500 finders fee, I told him where he cud put it. I wonder how much money he’s lost since saving that 2K cuz I been consistently finding some insane deals, but I sure as hell don’t call him. Looking back it was a great lesson and worth the 2K
Also, some newbie wholesalers run fake ads trying to get a buyers list. When they tell you it’s sold but they wud like to add you to their buyers list, I ask which course did you buy?
My method was to find the deals first, if it’s a great deal you gotta beat the buyers off with a 14" baton stun gun.
Let’s make some MONEY
Thanks for the response Rando! I’m sorry to hear that he cut you out of the deal. I hope it’s not a fake response, I’m familiar with the buyers list tactic(right up there with the “$10k each deal” posts. To this day my investment in my real estate education is $0, no paid courses or mentors! Hopefully my self teaching and trial by fire suffices!
Rando, your war stories are hilarious…
I’ve read a lot of randos stuff On here too and I agree lol. Another question, if this contract is assigned to me first, will I need a whole other purchase and sales to assign MY position? Or just the contract assignment?