Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

43
Posts
6
Votes
Jeremiah M.
  • Saint Louis, MO
6
Votes |
43
Posts

Just did my first whole sale deal need advice on closing

Jeremiah M.
  • Saint Louis, MO
Posted

I just completed my first wholesale deal with a guy with whom I met and It feels so off from which he's doing things. He's busy and so am I so we usually text. He's agreed to coach me so to speak with three deals split in half. I brought a package of 5 worked the seller to 23k. Originally said we'd get 5 a piece. Seller went up on price and he told me go up he still had a buyer. We nailed a contact with two weeks. It's now a month later and things are just getting done. Whenever I'd ask how close are we to closing he'd beat around the bush and I never got a real answer. My seller started flipping out because we went a week over closing and I couldn't give a full answer since my mentor didn't give me one. He finally comes out and says first buyer didn't want to buy because of the price increase. But the whole time he kept assuring me that they were ready. Now it's time to get paid and I want advice because he wants to have everything wired to his account. I'm on the original contract seller myself and him. I didn't sign the other contract with the buyer; however I confirmed with seller that closing had been done. In my understanding I would get my own personal check from the closing company and he would his. He also says it's because it's good company on the contract as to why.One last thing is we have a signed contract for the three deals we do but I'm not feeling comfortable in working with him no longer since I was left in the dark for so long and huge lack of letting me know how things where processing on his side. He also told me that instead of the 2.5k it would be shaved off about 300 because of something or another. And I told him fine i just need the check and prefer to have it instead of waiting on it to get to his account or however it would work. Is this a normal thing or should I call title Co and find out if he's trying to get one over

Most Popular Reply

User Stats

217
Posts
115
Votes
Jimmy Murray
  • Investor
  • Warwick, RI
115
Votes |
217
Posts
Jimmy Murray
  • Investor
  • Warwick, RI
Replied

@Jeremiah M. It may be worth it to look into transitional financing so that you can close the original deal and then close it again with the end buyer. If your name is on the contract it's your deal.

I'd also recommend finding a new 'mentor'. Sounds like this one may be taking advantage.

business profile image
Lyon Property Group
4.6 stars
469 Reviews

Loading replies...