How do I verify buyers for wholesaling?
I posted an ad on Craigslist and I had an investor reach out to me and tell me that he is looking for wholesale deals in the area that I live.
Upon further inspection via White Pages and LinkedIn it seems that he is legit and in my area but how do I know for sure? Are there any questions that fellow wholesalers on here ask potential buyers before working with them to screen them?
Thanks!
Most Popular Reply
Hi @David Johnson! The question I always ask is: "When can you send me proof-of-funds?" Then, I pay very close attention to what they say and also what they do.
If they hem and haw and question why I need one, I immediately know they are not for real. Serious cash buyers have no problem providing POF.
Then, if they send me some BS generic POF letter they pulled off the Internet, I immediately know they are not for real. If, instead, they send me an actual recent bank statement showing sufficient funds to invest in my deals, we've got ourselves a winner!