Wholesalers Are The Worst

[Philip Ganz]

I had a verbal agreement through a hard money investor to buy an 8 unit property in Providence Rhode Island from a wholesaler for 360,000.  The hard investor wanted to sell to me because I can get a bank loan and refinance the hard money loan making the hard money lender the 2 points. 

The wholesaler got the deal under the agreement for 320,000. The wholesaler then backdoors the deal and then tries to sell to someone else for 425,000. 

[Nelson Taylor]

Originally posted by @Philip Ganz:

I had a verbal agreement through a hard money investor to buy an 8 unit property in Providence Rhode Island from a wholesaler for 360,000.  The hard investor wanted to sell to me because I can get a bank loan and refinance the hard money loan making the hard money lender the 2 points. 

The wholesaler got the deal under the agreement for 320,000. The wholesaler then backdoors the deal and then tries to sell to someone else for 425,000. 

Unfortunately that gives wholesalers a bad local name. We’re a small community. It will come back to bite this person. PM me the guy’s name so I know to avoid him. I find there are a lot of sheisters in our market. Silver lining is that it makes it easier for the good ones to shine.