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The Number One Sign Another Investor is Trying to Steal Your Wholesale Deal


Q: Gerald, I’m trying to wholesale a property I have under contract to buy.  I want to protect my deal from other investors who may try to go around me and steal it from me.  Got any advice for me? Carmen, Reading, PA

A: Hi Carmen, this is one of the most frequent questions I get from investors working on their first wholesale real estate deal .  What I’m going to do is give you the #1 sign that another investor may be trying to steal your wholesale deal.

Before I give that to you I want to make sure you are on solid ground yourself.  The first question to ask yourself is: do you really have a good real estate deal under contract with sufficient profit for another investor to step in and buy and make money?  Was the signed contract you have signed by all of the current owners of the property?  In trying to assign your interest in the property, are you dealing with real buyers or with other wholesalers?  Remember, when you wholesale, you need  a rehabber that has the money and the intention to actually buy the property.

I’m asking all these questions because at the end of the day, if you don’t really have a solid deal, then there’s really nothing for you to protect.  So, as promised, the  #1 sign that another investor may be trying to steal your wholesale deal or at a minimum isn’t really a serious buyer (serious wholesalers only deal with serious buyers) is their unwillingness to put down a deposit.  Money talks, so if they’re not willing to put their money where their mouth is then they’re not worth any of your time.

Thanks for your question, Carmen, good luck.

For more real estate tips and information, visit my blog at geraldlucas.com.

 

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