First Lead Learning Experience

[Mateo Duba]

Hey BP fam!

I just started working at wholesaling with my partner and we went driving for dollars around the city of Miami.

We took down a bunch of leads with Deal Machine to organize our prospects. Doing that helped my partner and I collect a bunch of possible leads to cold call, qualify, and work at getting better at this business. Which is exactly what we did.

We came across a lead (For Sale by Owner) and called the dude who lived there. Once he answered and we started qualifying him or not, we eventually got the appointment to see his house.

It’s right next to a big mansion that is being constructed. Good neighborhood, good area near the water, 5 minutes away from the beach.

We went to the house to check it out. Once my partner and I got there, he had another family viewing the house. The owner claimed he had the house appraised, the market was going up by 1.2% each month in the neighborhood and that the house is “undervalued” at the price he is listing it for (550k).

We viewed his listing on zillow, and it’s been on the market for 200+ days. He initially had it listed for 600k. Now it’s at 550k because his house needs immense remodeling. I’m talking floors, walls, ac, kitchen, bathrooms, and adding fixtures to the ceiling because the house has barely any lighting, except for standing lamps but no ceiling fans.

My partner and I are offering him 500k, we told him that’s the only price we can entertain at and he said he’d speak with his wife and get back to us.

He got back to me today and he was like “Do you guys have proof of funds?” and then he specified that the contract cannot be assignable... He even insisted we pay $20,000 in escrow.

I am not sure if this guy is just trying to exit the deal because these are terms we clearly can’t meet. If he wants to make sure we have the funds? This guy is giving us a hard time and we might just take this as a learning experience and move on.

Let me know what you guys think.

Thank you