Story about how my deal was stolen

[Account Closed]

I debated for several months whether or not to put this story up on BP... but I feel I would be doing a disservice to the BP community if I wouldn't, especially to all the wholesalers in the Oklahoma area. Several months ago, James Martz (Jemco Properties LLC) went around me to buy a duplex I had under contract .

Through marketing efforts and diligent research, I was able to get this duplex under contract in the OKC area. The seller was behind on taxes for several years and property needed some cosmetic work. My intention was to flip this duplex and put it on the market after a light cosmetic rehab. However, the inspection report revealed issues with roof and foundation issues, even though this property was built back in 2005. The margins now were a bit too tight to make it work as a flip. but the deal still made sense from a buy and hold perspective. I decided it would be a better idea to wholesale this deal since I'm not a buy and hold guy.


I initially put the property on the BP market place and had a ton of interest but decided it would be a better to put it on the MLS and let a realtor handle all the process. After getting authorization by the seller to get the property up on the MLS, my realtor started advertising the property and we received tons of showing requests from other investors. My plan was to double close the deal. We had a blind offer from Jemco Properties, owned by James Martz. A day later, my realtor told me this guy had changed his mind. No specific reason was given.

Then the fun part begins. I  tried calling the seller multiple times because we wanted to show the property to other investors but he wasn't returning my calls. At this point I figured I had made a huge mistake. I had put up an inspection report up on the MLS with bids from GCs and a scope of work. Anyone with this information could literally just walk directly to the seller and steal the deal from me. After making  several calls to the seller for several weeks, I decide to give up. I even changed my caller ID but the seller would quickly hang up the phone because he was avoiding me. It was clear that he had made a deal with someone else. 

The title company e-mailed me to let me know someone else was trying to close on this deal with the seller . Eventually the contract expired and there was nothing I could do about it. 

[Caleb Heimsoth]

So much of this doesn’t make sense to me. If you had a lot of interest on BP marketplace why post it on the mls? I’m not a wholesaler but I can only imagine the amount of additional headaches you’d have in that transaction.

I’m a normal, 1 or no agent transaction, you’ve got the seller, the buyer, lender and title company. In your case you had all of that plus yourself and an agent. That is a lot of Moving parts for one deal