Is this TOO MUCH information?

Is this TOO MUCH information?

Hey Dg'ers, got a nicely priced property to sell from one oof my fellow wholesalers, making it a co-wholesale deal. I've sent a few emails to prospective buyers giving all info on the house except the address. Instead i give them the zip code and the 2 closest main cross streets when its a property i do not own. 1 of the guys emailed me back requesting the address. Should I give it to him even though he's made no indication of a confirmation on the deal? I find it ironic that every time I disclose addresses on wholesale deals I stop getting calls/emails and they mysteriously become sold. Or maybe I'm just overreacting. Should I tell him that I need an EMD or some other confirm to the deal because he seems pretty interested. Thanks in advance for your great RE wisdom

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Info

Only give them the property info, i.e. number of beds, baths, square footage... Never give the address, or area, until you have it under contract.
Unfortunately, you have probably made your investors a lot of money without making any yourself.
I would look at the investors you gave the info to, for the houses that got sold out from underneath you, and throw them out of your investor list. They obviously have no integrity and you don't want to work with those people.

Good luck,
Jim


Most real investors don't commit to buy sight unseen.

I am not giving anyone any earnest until I see the property!! You are wasting your time trying to do that. Thomas, you need to have a clear understanding with your fellow wholesaler on how you get paid when you bring in a buyer.How you will show the house, how the deal will close and how you will be compensated. It is all about what goes on between you and the other wholesaler NOT you and your buyer. CONTROL the deal.
People look at my stuff all the time and don't buy. By the way, county records will show who actually buys the place. If you think you have been circumvented, find out!

Michael

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Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


michael

so far he has emailed me requesting the address i met him from craigslist from his "we buy houses" ad. I believe he's in an llc and uses a hedge fund? Are those considered trustworthy? I still can't come to a decision on to disclose the address or not. He hasn't asked about a viewing and its a co-wholesale so theres no paperwork really tieing me to the property


wholesaling

Hi Thomas its legal and binding when you have a written agreement between the two of you, that keeps the parties honest and it goes along way in the court of law before a judge, hear say means nothing, get it down in writting, I would never give any one that address with out it being locked up by you, Jim

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jbischoff


jbischoff

i would like to but the thing about it is its a deal from another wholesaler so therefore im co-wholesaling. I have never seen an actual co-wholesale contract agreement before. Any references?


Thomas

Make some type of a JV agreement between you and the wholesaler with the term that Michael has listed above.
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If you ever furnish an address to a property to a buyer that you or your co-wholesaler do NOT have under contract, make sure that you have a bird dog agreement between you and the buyer with the address of the property on the contract.

If you have an ongoing relationship with him, I would always have my BDs send me leads via email. That way with multiple BDs, if more than one of them sent the same lead, the time and date showed on the emails to show which sent the lead first and would receive pmt if deal was made on property.

Karen

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great alternative Karen

I suppose a bird dog agreement would be more simple instead of the title company splitting money with 3-4 different people. Thanks Karen


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