Shopping Other People's Deals- "Wholesalers"

[Stephen Barton]

So, I just got a deal under contract that is one of those "once in a lifetime" type of deals and I had one of my prospective buyers reach out to me and tell me that he is getting this deal shopped back to him for way more than we are asking. Absolutely just drives me crazy. If someone does not have permission to shop a deal- then do not do it! 

I have done two "bird dog" deals in my career so far and I have to say that it was WAY more work to do this than it is now to find my own deals. I mean really, it is just silly for any wholesaler to think they have to get started this way. I will tell you from the perspective of being broke just over two years ago that the way you really get started is:

Go find a deal on your own- not someone else's deal, but your own actual deal. Next, find someone whom you really look up to and tell them about your deal and ask them if they would be willing to work with you to help find a buyer. A real mentor (or someone who wants to make money at least) will be delighted to work with you and they will split that deal with you 50/50. 

That is how I got started and now I can do my own deals. One thing I know that I cannot do is try to pawn another wholesaler's deals off as my own thinking that I will make some money. You should know that the good wholesalers put their deals out there at the prices that appeal to ACTUAL CASH BUYERS that people spend so much time looking for. 

Wanna find some cash buyers? GET A GOOD DEAL! Ha! The real cash buyers will find you and you will not know what to do with yourself. Treat them right and treat them fairly. Do not play buyers against one another. Sure, price offered means something- but not everything. In the real world, someone who can actually close on the deal FAST, FAST, and FAST will be the best buyer you can every choose. Someone who will not haggle with you when you have a couple of criteria that you are asking for in a buyer like- I make buyers pay for closing costs and I do not prorate taxes. Typically, good wholesalers will do a double close or they will close on the A-B or acquisition of the property then when they sell the B-C they have closing costs on both sides. We always try to get our buyers to pay this since we are paying closing costs on the front end to buy the deal from the original seller- this can get expensive.

If you really want to wholesale to get started then find someone who you look up to in your area. Ask them if you can buy them a cup of coffee. I just had someone ask me if I would be willing to help them and I thought to myself, "Self, why don't more people want help learning how to do this?" It takes getting out of our comfort zone- Nothing Ventured, Nothing Gained!