Working with someone else!

7 Replies

Good afternoon all, wanted your opinion about a dilemma I'm having. I recently starting working with another wholesaler and it doesn't seem like it's going to last, however, before a just say the hell with it, wanted to get some feedback from the community.

An associate of mine that I've know a while stated that she had a property in an area that I know one of my new buyers had interest in, and come to find out I was right and things went smooth as silk. Closing in a few weeks everything's good to go have EMD, POF Contract signed and Title should be back this week. Everything's right on schedule.

Since then I've been hammered with more properties (Not complaining) however, my problem is, I'm not getting consistent information regarding the properties I've received, and the info lacks some basic info at times, i.e ARV, Sqft, Built date, Comps, contract signed date, some don't have Photos or a drop box link, etc

I would like to present available properties to my buyers that we are working on in a better fashion than as of late, and have not been successful in having this person complete a spreadsheet with the details I require to put together an effective presentation or at least a one page info sheet. I don't like how this makes me look... unprepared, unprofessional and not serious.

Should I:

  • Do my on home work on the properties taking my own photos etc...
  • How do I get the other person to give me what I need for the benefit of all involved with out being an *** about it. Which I can be, some would say i'm a control freak but what ever! 

I want to work with someone that is as committed to providing a great service for both ends of the spectrum and compliment one another. Both of us should be looked at in the highest regard when it comes to this business, or the desire should be mutual of both parties, I'm getting the feeling that it is not.... 

*** I may have just answered my own question ***

None the less, it will be interesting to read the feedback that this conversation get's and or questions.

Hi @Darieal Sutton, Sr. ,  my rule of thumb is '3'.  When I have a problem with someone I will address it and give them 3 chances to change or take an action.

You approach your business in a professional manner and it sounds like your associate isn't on the same page as you.  If this is indeed the case, I think it is time for your two to part ways.

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Thanks Paulette, I appreciate it. I've gone through this once already w/ her, and figured out a work around w/ me getting Text msgs, I send the info to my Evernote. Now, it's round two w/ working on getting this together w/ her. 

Said all that to say, i'm w/ you with. The 3 strikes rule and all.

Originally posted by @Darieal Sutton, Sr. :

Good afternoon all, wanted your opinion about a dilemma I'm having. I recently starting working with another wholesaler and it doesn't seem like it's going to last, however, before a just say the hell with it, wanted to get some feedback from the community.

An associate of mine that I've know a while stated that she had a property in an area that I know one of my new buyers had interest in, and come to find out I was right and things went smooth as silk. Closing in a few weeks everything's good to go have EMD, POF Contract signed and Title should be back this week. Everything's right on schedule.

Since then I've been hammered with more properties (Not complaining) however, my problem is, I'm not getting consistent information regarding the properties I've received, and the info lacks some basic info at times, i.e ARV, Sqft, Built date, Comps, contract signed date, some don't have Photos or a drop box link, etc

I would like to present available properties to my buyers that we are working on in a better fashion than as of late, and have not been successful in having this person complete a spreadsheet with the details I require to put together an effective presentation or at least a one page info sheet. I don't like how this makes me look... unprepared, unprofessional and not serious.

Should I:

  • Do my on home work on the properties taking my own photos etc...
  • How do I get the other person to give me what I need for the benefit of all involved with out being an *** about it. Which I can be, some would say i'm a control freak but what ever! 

I want to work with someone that is as committed to providing a great service for both ends of the spectrum and compliment one another. Both of us should be looked at in the highest regard when it comes to this business, or the desire should be mutual of both parties, I'm getting the feeling that it is not.... 

*** I may have just answered my own question ***

None the less, it will be interesting to read the feedback that this conversation get's and or questions.

Hey Darieal,

Question #1: Have you and your partner discussed a method to utilize within your partnership? They won't know unless you lay it all out.

Question #2: What made you decide to become partners with this person, if you didn't really know anything about their business model? It seems like you got one good lead from them that panned out and decided to file form 1065 immediately thereafter.  

Question #3a: How concrete is this partnership? #3b: Have you formed a legal business entity together, secured a FEIN together, opened a joint bank account or other legally binding business activities? If the answer is no to all of 3a, wonderful, no real worries here. If the answer is yes to any of 3a, ummm, houston, you may have a problem.

You seem like you are the more experienced (senior) investor in this venture and maybe they are brand spanking new. You may have to be more of a coach in this JV. If you're up for the task of coaching, great, stick around. If you aren't then you will need to cut ties a.s.a.p.

The two of you may need to sit down and establish a system at which you both are to follow to get things done in the most efficient and profitable manner. 

I am a firm believer in doing my own due diligence(had to learn the hard way too). The yin-yang in seasoned vs newb -- when you're dealing with someone that's seasoned you tend to get laxed and not check certain things out because you know(suspect) that they know better(more trusting relationship). Yet when you're dealing with a newb you feel like you always have to double or triple check because you know(suspect) that they may not know better just yet(lack of trust). Both have their perks and set backs of course. You may trust the seasoned one more and not perform any(or very little) due diligence and may get screwed still because of it. You don't fully(if at all) trust the newb so you do double if not triple the work for the same pay off.

Just giving some food for thought as the decisions are all yours to make at the end of the day.   

Kudos,

Mary

Are you taking deals from another wholesaler, who did their own due diligence, took photos, and got all the info on the property and then sending that to your buyers for a profit?  And you're mad that this other wholesaler is not willing to just give up all this work THEY did to secure a lead?  Maybe the other wholesalers buyers require less info because maybe they trust that wholesaler and your buyers want more info? Perhaps that first smooth property you had went that way because the other wholesaler couldn't find a buyer and you popped up in the right place at the right time with a buyer. Please correct me if I am wrong, but that's how it sounds to me. 

@Mark Redma,

Not mad at all, I treat people the way I want to be treated. I would provide consistent information because I know this is what's need to move things along. My buyers expect that because that's what there accustomed to seeing from me even though, I still send text msgs directly w/ "again, Consistent" details.

I thank you for you input and question :-) 

@maryB, two things, this person. Was a newbie when we first started talking, about a year or two ago and yes I am the more experience of the two. CC: @mark Redman, we had always kept in touch met up a a few meetings and the opportunity was right.

@mary, nothing in stone between us except for contract on the said property at the time. So we could (I want to now) restructure the relationship with more defined roles and responsibilities. 

Than you for you input.

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