Updated over 5 years ago on . Most recent reply
From wholesale, to birddog, to disaster
It's a new year and what a way to start my year as well as my real estate investing journey. I had been in contact with this seller for some months now. My original plan was to sell the property but we could not meet at a common ground. I kept in contact with this seller just for the simple fact that circumstances could change and oh boy did they? This seller had decided to rent the property out to some section eight tenants. To make a long story short, the tenants ended up setting the property on fire and I was the first phone call the seller made. Well that is after speaking to the attorneys and her bank and all. This was my first deal and being that I really didn't have to much knowledge on what to do I just told another investor in the area about the property and would just shadow him so I could learn everything necessary. To make a short story even shorter, this investor(who's name will not be mentioned) ended up stealing 20k of insurance money from the seller. OUCHHH. Me nor the seller have been able to reach out to this investor and it really does suck for the seller who is kind of stuck with the property. I just felt like sharing this with the bigger pockets community to get others inputs on this deal. Once I have any updates I will be sure to post them.