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Updated almost 8 years ago,
Partnership for wholesale? Wholesaler wants me to find a buyer...
Hey BP folks,
Alright, I'm new to this game. In my marketing to find houses for sandwich lease options, I apparently texted a guy who is also an investor.
We got on the phone. After questioning me for a while on how I plan to do business, he tells me I'm doing it all wrong. He tells me he's been doing real estate for 30 years, I eventually will go out of business because he saw anothe company doing the same thing and they went under.
Then he says, "Here's how you can make money:" and gives me the addresses to two properties he has and tells me I can find buyers and make money. I mark up the price and I make my "commission" from the markup. I make money, he makes money, and we all go home happy.
I don't feel comfortable at all. Maybe it's because I didn't want to be a wholesaler primarily. Maybe it's because he beat down my strategy and then supposedly wants to do business, or maybe I should have expected that eventually. Maybe it's because I haven't seen any contracts.
This isn't exactly how I wanted to network and have somebody take me under their wing.
Any advice?