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Updated about 5 years ago,
Can other investors steal your deal?
Disclosure: Please let me know if this topic is in the wrong forum.
The following information is on a hypothetical basis that can be applied to a real-life scenario.
Scenario:
1. A new investor appears, let's call him (Newbie) and decides to start on his/her journey to realize his dream of financial freedom.
2. Newbie spends days/weeks/months learning and finally finds a "deal" and decides to wholesale it.
3. Newbie has lots of questions before making an offer (aka. deal is not under contract), including repair costs, attorneys, funding etc.
4. Newbie decides to ask other investors for advice on the property.
5. Other investors request address/pictures/info on the property.
6. Newbie provides information.
7. Newbie finds out another investor(s) have made offers.
8. Newbie loses the deal.
Has this happened to anyone during their journey as an investor? If it has happened to you, I would love to know how you handled it and if there was anything you could've or would've done to prevent it from happening. This scenario also poses the question of the level of trust/info you can give to other investors before a deal is under contract.
I would love to hear your thoughts!
Thanks.