What NOT to do as a wholesaler

[Dawn Anastasi]

So there is this property I would like to buy that has been sitting for a while and looked like a dump.  I am a cash buyer and when I say I'm going to buy a property, I buy it. This is exactly what a wholesaler wants.  However, I have found that dealing with "some" wholesalers or those who claim to be wholesalers, is extremely frustrating.

Here's a situation I'm dealing with now.

I saw a property advertised on Craigslist.  There was no contact name, no company name, no phone number,  no link to the wholesaler's website. The text was similar to other ads online and the properties are owned by different people so I can make an educated guess it's a wholesaler.

Wholesaler tip:  Put a phone number and contact/company name in your ads!

I email the anonymous address on the Craiglist ad.  I ask a few questions about the property and when I can see it.  I get the words "Lockbox XXXX" with a lockbox code where the X's are.  That's it.  No answers to my questions, no offer to meet me at the property, nothing.   Not trying to get to know what type of properties I'm looking for.

Wholesaler tip:  Be more personal with your responses.  This buyer could bring you more business in the future.  You don't have to spend a ton of time on a more friendly response.

I go out to the property with my contractor and get an estimate.  I determine that this will be a good deal and want to buy the property.  I check Craigslist again to make sure the ad is still there (because I have no idea who I'm dealing with, no name, nothing) and the ad's still up, so I assume the property is available.  I email the anonymous wholesaler that I'm interested in buying the property.  So far no response.

Wholesaler tip:  Be responsive.  If you don't post a phone number, how are you going to get interested buyers to call you?  If you only post an email address, then check your email periodically.  You will lose sales where you ignore the interested buyer.

These are some reasons why wholesalers get a bad name.

Is the property still available? I have no idea. Don't know who posted the ads. I have no phone number, so I can't call anyone. I have no idea if the wholesaler even has any right to market the property. They were able to give me a lockbox code and the property is not on the MLS, so that's a start.