How can I confirm a wholesaler is legit?

8 Replies

I have been looking for a good deal for quite some time now and have been talking to a wholesaler in KC, Missouri area. Problem is I saw the original deal from Criagslist and the poster claims to be a wholesaler from the area. The wholesaler also claims to have many deals and had emailed me pictures and info about the property, but no addresses provided. I did mention to the wholesaler that I will be an out of state buyer. 

How can I vet the person to confirm they are legit and not a scammer? 

Thanks all!

If they can't give you an address, they don't own it or have it under contract.  They want to see how much you will pay so they can make an offer and then maybe get it under contract.

Wholesalers that have real deals will provide an address.

Those who will not don't know what they are doing.  And are afraid you will go around them because they have no way to protect their interest such .

Originally posted by @Yer Xiong :

I have been looking for a good deal for quite some time now and have been talking to a wholesaler in KC, Missouri area. Problem is I saw the original deal from Criagslist and the poster claims to be a wholesaler from the area. The wholesaler also claims to have many deals and had emailed me pictures and info about the property, but no addresses provided. I did mention to the wholesaler that I will be an out of state buyer. 

How can I vet the person to confirm they are legit and not a scammer? 

Thanks all!

 I agree with Kim. If they won't provide the address they probably don't have the right to sell the property or they are "fishing" to see what you will pay. I don't do wholesaling but I do Turnkey (there is a difference) and all of the properties come with addresses and prices and pictures. There is no need to deceive. Either a property is worth putting on the market and they have the right to sell the thing, or something isn't right about it. I don't waste time with people who aren't forthcoming and you shouldn't either.

Thank you @Kim Tucker and Account Closed 

The person I spoke to seemed very knowledgeable and gave me great details of the property and the process we will proceed with. Even texted me pictures of problem areas, in the property, on the spot as we were talking on the phone. Probably not worth proceeding because of the red flags that are coming up.

Originally posted by @Yer Xiong :

Thank you @Kim Tucker and @Account Closed  

The person I spoke to seemed very knowledgeable and gave me great details of the property and the process we will proceed with. Even texted me pictures of problem areas, in the property, on the spot as we were talking on the phone. Probably not worth proceeding because of the red flags that are coming up.

 I get this occasionally as a lender.. people want to fish but don't want to give address.. not worth the time.. 

Originally posted by @Yer Xiong :

I have been looking for a good deal for quite some time now and have been talking to a wholesaler in KC, Missouri area. Problem is I saw the original deal from Criagslist and the poster claims to be a wholesaler from the area. The wholesaler also claims to have many deals and had emailed me pictures and info about the property, but no addresses provided. I did mention to the wholesaler that I will be an out of state buyer. 

How can I vet the person to confirm they are legit and not a scammer? 

Thanks all!

 lol lemme help you out here.

Ask them this "are you a wholesaler?" If they reply with "yes" they are not legit.

You can never "vet" a wholesaler really, especially one man bands.  All you can do is vet the deal. If you like the deal get it signed up, pay EM to YOUR attorney and then you can find out if he really has the property or not.  It really is irrelevant whether he is a good or bad guy etc. All you want to confirm is whether the deal is good and your attorney can sort that once you have a contract signed.

This is a simple solution I've done it hundreds of times.