*ATTENTION ALL WHOLESALERS!*

[Derek Antonissen]

Hey you guys, I wanted to open this forum for everyone who has done wholesale deals or any deals to share their story on their first deal! Things you learned, mistakes you made, etc. Let's hear it!

[Mateusz Prawdzik]

@Derek Antonissen Here we go again, another Fing rant of mine.... But I guess since I already started, might as well not complain.. So with that being said, let me tell you what happened on my first wholesale deal.. (Where I got screwed).

So this was like WAYYY back last year September 2016...When 18 year old me was just starting, in the business for maybe 2 weeks and I managed to team up with someone that had a deal. I asked him not to market it or blast it to anyone and let me market it for him. This was like a Co-Wholesale deal, but since i was JUST starting anything was better than nothing, AmIright? Ok, so we agreed to just let me know market it and I found a buyer in 1 hour. Great guy that I met, awesome dude, and really trust worthy, when says "I'll take it" he means it and usually closes fast.

Now as 18 year old me was just new and naive to think that this REI business was filled with trustworthy people, I decided to just do a handshake thing where we agree to something verbally, LIKE MEN and REAL BUSINESSMEN, and then call it a day because I thought it was enough... Little did I know, turns out some of these people in the business are snakes and karma is going to come around and bite them in the *** one day.

Now 1 month goes by and he still didn't close on it but he will be closing. The reason why he didn't close in the quick time frame is because the wholesaler didn't do a oil tank scan and it turns out there was dirty tank with soil in the ground. So it took a while to do some negotiating with the wholesaler (the guy that I THOUGHT was trustworthy enough) and my friend (that was trustworthy and was buying the property). Finally out of no where, the wholesaler throws a hissy fit and decides to back out of the selling to my friend RIGHT BEFORE we were going to close. We were waiting on them to call us back and get a call from the attorney and nothing for like 3-4 days. My friend got frustrated, as did I, because I thought this wholesaler, decided that he didn't want to sell to my friend again. Turns out, I was right. He finally calls back and says that we were dragging our feet and not closing when we SPECIFICALLY SAID, "call us back we are waiting for an agreement to close." And now they turn it around on us. At this point I knew that I was going to get ****ed, but I still wanted to get my friend the deal, so I was up this guys as convincing that they would close.

Lots of days went by and they finally did close... Now they close and I am waiting for a call for the check that we agreed to pay (6.5k)... Keep calling and calling... Nothing... Email... Nothing... Text.... Nothing... I call my friend and ask if he heard from him.. Nothing... Turns out, that they charged my friend an extra 15k for "DRAGGING HIS FEET" and not closing... and then kept me out of it and took what they AGREED TO PAY ME, and walked away. 

From that moment, I learned my lesson, only do business with good people. People that you KNOW FOR 100% you can trust, now my whole network is just 100% trustworthy people that are all handshake agreement guys and that don't go around each other like scumbags. To this day, I still talk to my friend and he supports me 100% to the fullest with my company and the rate I am growing it at. This was one of the best lessons in Real Estate that I learned ESPECIALLY because it was the first 2-3 weeks of my wholesaling career. I am now 10 months into REI and just turned 20... I have collectively done 8 deals with my partner, also a great guy, handshake agreements, no one goes around anyone. I am currently just now starting to grow my company and business to such a level where I can teach others and market/advertise/brand my company and generate my own leads as well. I wholesale still, but mainly build/develop/flip now.

This was the best wholesale experience I have, but there are so many more stories I have that helped forge me into who I am now. Please give me some feed back on what you think about this story, would you like to hear more about the flipping side.. Maybe another one with wholesaling? Maybe just life story in general? I would appreciate the support, great forum thread and would love to hear everyone else's stories. Thanks for reading this long rant/story.