Birddogging Gone South

Who would of imagined that the bird would get bite by the dog. Ouch!!!! This was my first attempt to wholesale a property in the nations capitol. In case you didn’t know, that would be Washington DC. In my humble beginnings I use to handwrite approximately 200 letters a month to vacant property owners saying I buy houses for cash. I would find these properties while I was delivering pizzas. A lady called me and expressed interest in selling and I proceeded to schedule an appointment. She told me that the property was vacant (duhhhh grandma), framed, electrical, wiring, plumbing, two decks, 2 units, basement underpinned, etc. After the appointment was set I researched the property and realized that is was in a very desirable neighborhood called Columbia Heights. The properties in that area were selling for $800K+ renovated. I was so nervous I called an investor and said hey man got this deal can you go on the appointment with me. I gave him the address and summary and he said with excitement (hell yeah)!!!! So we went on the appointment I was smart enough to bring the seller a plant to make me stand out from the masses. We found out her asking price and this investor couldn’t pay that amount. So I start shouting from the rooftops I got this deal in Columbia Heights condo conversion.( never, ever. ever .ever do this) The property was not under contract. I ran across this guy while delivering pizzas he seemed legit bank statement, developer, knew the area, nice condo conversion that I delivered to that he built, but I didn’t know him or anyone else that knew him. Okay, so the owner thought we were on the same team so this guy went direct with the seller under contract and we signed a separate finder’s fee agreement for $10K. He says I will close in two weeks. I was so excited. Two months came and gone and this guy was singing the same song two weeks. He closed four months later. He ended up reassigning the contract for $50K and the seller carried back a $200K note. I never received my fee by the way. I forgot to mention this was in 2016 and I just got a call from the seller to say she never got payed back the $200K note and was seeking litigation.

Lessons learned

• Always control the deal by putting the property in the property address llc
• Ask for a deposit when reassigning to be held in escrow by your title officer
• Never sign a piece of paper and not ensure it makes it to the title company
• Never believe just a bank statement one day the moneys there and the next day its gone
• Work with people you know and trust

P.S That dog still answers the phone for me and says give me two weeks!!!! (lol)