130: Rookie Reply: How to Spot Scam Wholesale Deals
This week’s question comes from Rob on the Real Estate Rookie Facebook Group. Rob is asking: How do I make sure a wholesaler that is sending me deals is not a scam?With wholesaling, as with any other sector of real estate, you’re always going to have your good and bad actors. Many wholesalers are running professional businesses, but some are simply inexperienced, while others have malicious intent.Here are some suggestions on weeding out wholesalers:Have your attorney look over the assignment contract to ensure it’s legalIf a wholesaler ever asks you to send funds directly to them, they’re probably not legitKnow your numbers, so any suspiciously good (or bad) deals can be written offContact wholesalers on your own so you can do due diligence upfront And more in the episode…If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).Check the full show notes here: http://www.biggerpockets.com/rookie130
Show Notes
This week’s question comes from Rob on the Real Estate Rookie Facebook Group. Rob is asking: How do I make sure a wholesaler that is sending me deals is not a scam?
With wholesaling, as with any other sector of real estate, you’re always going to have your good and bad actors. Many wholesalers are running professional businesses, but some are simply inexperienced, while others have malicious intent.
Here are some suggestions on weeding out wholesalers:
Have your attorney look over the assignment contract to ensure it’s legal
If a wholesaler ever asks you to send funds directly to them, they’re probably not legit
Know your numbers, so any suspiciously good (or bad) deals can be written off
Contact wholesalers on your own so you can do due diligence upfront
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://www.biggerpockets.com/rookie130
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