Getting into my first flip with property found through wholesaler

[Joseph Grullon]

Hey everyone, I am a newbie taking my first step into flipping. I found a property here on bigger pockets from a wholesaler. After researching the property address and calculating the numbers, I placed an offer sight unseen. The wholesaler sent me very good pictures of the property, but said it was currently occupied by a tenant, therefore we had no access to the property at this time.

The wholesaler sent me an assignment contract for the agreed-upon amount, and asked for a $3000 deposit. I signed the contract and have already wired him the deposit.

My question is, when I went to sign the assignment contract, I asked if I could see a copy of his purchase contract with the seller. Being that this is my first deal, there are things that I have yet to learn. He told me that typically he has no obligation to show me the purchase contract since this is an as-is assignment. The problem is that now the tenants are going to need to be evicted, as they are refusing to leave the property. We are set to close proximately three weeks from now, and the seller is not making himself responsible for the evection. therefore I would have to cover the eviction myself. The wholesaler said he would split the eviction cost with me.

I asked the wholesale again if I could see a copy of the contract and he said he doesn’t have to show it to me, that this is just a simple as-is assignment. Is that accurate?

Please and thank you so much for your help!

[Jonathan Greene]

This is the worst deal I have ever heard. Just consider your 3k a donation and walk away and never look back and never buy a sight unseen deal via BP again. If a wholesaler is taking a 40k squeeze on a 215k property there is more than one issue. He isn't that lucky. The tenants aren't leaving and for all you know they have no idea the house is up for sale, assigned, or anything else. I wouldn't even be sure there is a property at this point. Saying the wholesaler could have been more transparent is like an actual full set of comedy. Just donate the money and do better next time. This one ain't it.