Getting Kind Of Fed Up With BS From Sellers And Wholesalers

[John Thedford]

Anyone getting tired of the bulloney people say when trying to sell a property. It comes from Realtors, "wholesalers", homeowners, etc. Twice this week I was approached by people offering me "deals" with totally bogus inflated CAP rates. One is a local "wholesaler" that forgot to include maintenance and CAPEX in his calculations. Not only that, the place he is trying to push is a dump that is bringing in $650 per month. He states that as soon as the lease expires the new owner can get $875 per month. His assumptions are so way out of line it is ridiculous. Add together his bogus rental income and his items he used to calculate his operating expenses and the deal is lousy. I immediately opted out of his emails (though I didn't sign up to begin with). Got almost the same bulloney from a Realtor that conveniently left out vacancy and maintenance on the sheet they provided me. This was a broker...and I would bet they know better. The "wholesaler"...I don't know. Either way, there is a lesson to be learned: do your homework. It doesn't matter what or who is offering a property for sale. It doesn't matter what their credentials are. What matters is how truthful are they being, and how accurate their numbers are. Be careful.