How a wholesaler just lost me as a buyer

[Dave Hurt]

Hi folks,

Thought I'd share an experience I just had...especially for newer wholesalers out there trying to get started. I found a FSBO on Craigslist that turned out to be a wholesaler. Reached out to him about the property and told him I could come to see it that day.

We set the meeting and I drop everything & come out with my GC to view the property.  It has a TON of potential.  We crunch the numbers and determine an acquisition of 120k will net a solid return on the rehab.  I offer 120k all cash with a 21 day close.  He tells me he needs more for the deal to work on his end.

I don't negotiate against myself so I ask what he needs to say yes and get the deal done.  He tells me $130k and the property is mine.  DONE. My initial offer was purposefully on the low side so I told him I would raise my offer to $130k and let's draw up the contract.

He said he just needed to 'check with his partners' really quick but there shouldn't be any problems.  24 hours and nothing back from him.  I reach out to him and he apologizes for the delay and that after discussing they accept my offer of $130k and he will send the contract over immediately.

Some more time passes and I inquire about the contract...I've also informed my lender, GC, and attorney that we should have the contract shortly...he says he'll have it right over & he is excited about the prospect of doing more deals with me in the future.  In fact he'd already sent me another property that I was going to go view for a rental.

THEN I get a text (not even a phone call) to the effect of "Sorry someone just reached out and they are paying more so we're going with them".

This was after he told me the number they needed and I offered full asking price, told me they accepted my offer, and that he would send the contract right over. Just to chase a quick buck on one deal, he threw away the potential to do a bunch of deals with me AND do you think I will ever recommend him to any of my fellow investors that attend my meetup?

Reputation is everything in this game and this gentleman is doing a great job of tarnishing his very quickly.  Situations like these are exactly how wholesalers get a bad rep.

[Kevin Siedlecki]

@Dave Hurt - I'm with you on this one. Way too many people are way too short-sighted. A dollar today cost him who knows how many deals with you. One of the things I love about BP is that the vast majority of people here are interested in long-term goals that require offering high quality products and building relationships.