Deal stolen by potential partner - how do I prevent this!

[Dillon Randolph]

Hey BP family,

I hope everyone had a great 4th weekend!

I had found a deal here in Austin, TX and was talking to a private lender/partner about the deal (not on BP to my knowledge). This person ended up going around me and buying the deal for himself. I made the mistake of giving him the address of the property and naively trusted him because he was referred to me by someone I trust very much. 

My question is when presenting a potential deal to an investor how can you both present all of the necessary information about the house and protect your interest in the deal? I know it may be as simple as DON'T GIVE IT AWAY IDIOT but at some point the investor has to know it is a real property. 

Thanks in advance! 

Dillon

[Mindy Jensen]

@Dillon Randolph, you said you got this person's name from someone you do trust very much. Have you gone back to them and let them know what happened?

Also, take their name, and burn it into your brain as someone to not ever do business with again.

You've already been told multiple times to have it under contract first, so I'll just chuck another vote on that pile, too.

There will be other deals. Better to lose what sounded like a fairly small deal in the scope of things and find out their true colors at a low cost, than to have wasted any time building a relationship with someone who is not trustworthy.

But definitely let your friend know so they stop recommending this person.