Wholesalers: How do you know when your investor is for real or just wasting your time?
I just want to figure out who is for real in real estate investing because i don't like wasting time with someone who's not going to buy. I went show a property to one of my investors yesterday; he told me he would buy the property if there was no termite issues. It turned out there was no termite. So i ask him if he is going to buy the house, his excuse is there was an issue with the rotten wood under the house that he didn't know about. Now he doesn't want to buy the house because of the rotten wood and he told me the price of the house is too high, and he wants to be all in 70%!. I thought it was just a termite check up. Now it seems like the price is too high for him, there is rotten wood, and he only wants to be all in 70%, and now he is telling me that renovation might go a little bit higher because the foundation is going to run $550 dollars per pier!!!!! The most my investors pay is $135 dollars per pier. I don't know how he came up with $550 per pier. Anyhow, a little bit more about the investor. He is a general contractor and he flips about 3 houses per year. Also, i send out all the information about my property before my investors going out to see it. The information includes the price of the property and the estimate repair cost to do the whole house. Also, a little bit info about the property that i was marketing to him. 115K Purcahse price, 100K Rehab, 290 ARV. He agreed with my ARV because he flipped houses in the neighbor hood before. I mean should i still work with this guy?