Bumps In The Road

Where I am now on my quest to become a guru is "wholesaling" properties, otherwise referred to as "bird-dogging". in the last week I missed out on 24k due to negligence! I could have been 24k richer, instead I'm 24k exhausted.

The short end of the story is 3 deals that didn't go through because I wasn't dealing directly with the end seller, rather I dealt with liars that claimed to have full control of the property, and buyers that lied about having liquid assets that the didn't.

The most frustrating situation occurred as follows. found a package deal, 2 brown stones on bushwick ave, collectively valued at 1.1M, had 2 very hungry investors, POF and LOI ready. the morning the contract waS to be signed I find out the the property is sold. Add to this nonsense, had the deal gone through, the investment firm with the "control" of the property was charging outrageous broker points on the property.

end result, no sale, no cash for my bank. but here is the great and very valuable result.


1- I learned to never attempt to do business without having the contract sent to me for my personal review BEFORE I shop it around.

2- GO STRAIGHT TO THE SOURCE! I will still try to wholesale deals because they are everywhere and you can make a few grand on them quite often. But now I'm going to start going straight to the bank for my own REO's.

now I'm going to either get my hard money lenders to outright buy the REO and double close. and or hold the REO with 5k-10k and double close.

so overall the week was great.

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