FAKE Cash Buyer Stole My Wholesale Real Estate Deal!
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- Опубликовано: 2 июл 2024
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If you want to wholesale real estate, you've probably considered what might happen if someone steals a deal from you. Well, I had my very first stolen deal experience and I'm here to share all of the details with you.
I'll be answering questions like, how to find a wholesale deal, how to negotiate a wholesale deal with a seller, how to find a cash buyer for a real estate wholesaling deal, and of course, HOW TO PREVENT YOUR DEAL FROM BEING STOLEN!
This was a creative financing, subject to deal, so if you've got any interest in that, stay tuned.
I'll also talk about the affidavit of memorandum I used, and why it didn't end up mattering.
All of that real estate wholesaling information and more coming up!
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![How To Find Cash Buyers Made Simple! [Wholesale Real Estate]](http://i.ytimg.com/vi/5gT6K2-Yphg/mqdefault.jpg)
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He's burning so many bridges. That negative behavior is going to catch up with him and when it does, it's going to be devastating. The world is so small why would you do someone dirty like this? Thank you for sharing!
Doing dirt never wins in the end! He will get his!
Keep memorandum on file. Clouds title. You’ll get paid when they need to transfer title. Fee will be whatever you want it at that time. Just a delayed payout. Keep up the good work.
Great info
Write contracts that penalizes the seller if they give the contract to someone else
Leave your memorandum in place, so that if they try to refinance, or sell the home they got to come back at you and make you whole, for back stabbing you on the wholesale deal.
Lili,
You really should call him out. It’s people like him that give wholesaling a bad name. Let’s protect others. Especially because I do deals on Oklahoma as well 😂😂
Definitely! I would put that dude on blast for sure. He needs to be exposed in that area and run out of business.
Yeah you really should I’d like to know and the rest of the realestate community would like to know. He’s making other realestate investors look bad
Agreed..you should
Yes, we need to know who the bad ones are! I am a new end buyer and want to know people who want to help Tulsa and our people.
@@lisacole11 are you still buying properties?
Once it’s time to record the sale, it will not be approved until they speak with you! So you didn’t get the 8,500 today but trust in 3,5, 10 however many years when he does try to sell, they’d have to talk to you first. At that point you can charge 20k.
We got your back Lili! Where they @??? I just wanna talk 😤😤😤
No kizzy, send that nigga @
😂😂😂👏🏽👏🏽👏🏽👏🏽👏🏽”COME OUTSIDE...AINT NOBODY GONE JUMP YOU!” 🤫
@@therealgogogigieverything damn we all here for lili huh? Lets find this dude 💀
I know I'm a year late but I'm still ready to... talk to them lol
🤣🤣😭😭
Yep..I keep a very small list..and I no longer post on groups. Jerry's tactic of looking for flippers in the immediate area has been the best and fastest way to get real buyers...💪🏿✊🏿
Such a good video. You explained this very well.
I want to thank you Lili I been watching your video and also I'm trying to start doing wholesaling too. But before I start I'm just trying to get all the information I need before jumping into it. But want to thank you for the video and good luck on your journey 👍
WOW, so sorry this happened to you. You are awesome and great things are going to happen to you. This is just a tiny bump in the road.
You're content is great! Something similar happened to me before I had a house under contract. Keep ya head up
I’m excited!
You got it keep going Tis is just growing pains weed em out and keep it moving to much success
Keep that cloud on that title and never take it off...Eventually that thief will try to sell it, but won't be able to or it will go back to the seller (the responsibility will) due to that thief's negligence to pay. It'll come back to you down the line. And when you get a call from a closing agent, asking if you will release it, then tell them your $8,500 fee plus interest (if you wish) to release the property from hostage. Or, just take it over at the same price on your contract or with a lower principle balance (since the thief is paying it) and a higher market value due to appreciation!
OMG I've learned so much from this video!! Thank you so much!
What a backstabbing..... karma will get him don’t worry sis.
Right broski
love ur attitude. lovevur content a d transparency. its truly refreshing. they give a fool a million dollars a d he will lose it, take a million dollarsrom a wise man and he will get it back. u r wise, and u will get it back.
keep ur head up, keep doing what ur doing and u will be rewarded.
u r making an impact on ppls lives. i know bc im one of those lives u r impacting
From what I can see that others have done when it comes to subject to, they don't assign the contracts, they look for lease/options while holding onto the property after making a payment or two. I wondered about assigning a subject to deal, now I know the risk of doing so thanks to you. Definitely subscribed
So happy to have come across your channel. So many practical experiences explained. It’s like you’re always answering a question that I develop as I’m brushing up on everything wholesaling.
I've been trying to learn and absorb as much info about this business as possible and really enjoy your videos. I've been wondering lately, "what is to keep a potential buyer from just going behind your back and undercutting/stealing your deal?" Sorry this happened to you. I would put him on blast for sure. Do you file a memorandum with each deal? I've heard mixed advice on that.
Damn that sucks! Screw people who steal deals! Hopefully they will get their karma back! Keep going, love your videos!
❤😊 I like the background - lighting and colors.
Put him on blast!!! Did you record the affidavit to cloud the title when you contracted with the seller??? Not sure about your state, but maybe with a recorded affidavit, when the property is refinanced or sold, someone would have had to pay you a fee down the road to clear the title! Awesome video Lili!!! Super happy for you!!!!
Love this. Much needed.
thanks for watching!
What a costly lesson but I know you will make it back 10 fold. Thank you for sharing I learned a lot.
I didn't even know that problems such a s this can occur.thanks for the knowledge 😉
Thanks for sharing 😍
Looking forward to more classes on" subject to "deals and creative financing deals. Terrible about that backstabbing wholesaler.
I love Creative Financing. Definitely helps monetize more leads .Taking title is a must for me on Sub2 . That's sucks what happened to you.. Not a loss but a learning opportunity.As always another 🔥🔥🔥🔥🔥 video
Thank you!!
This set up looks great 👍
Solid content!
Your right, I was in real estate investing for 10 years from 2004-2014 and let me tell you I could right a book, so many demons in the business then, and even worst now, never let anyone know where your property is until you do your homework, and even then only let investors know the vicinity like 15 blocks away, these folks are sharks and vulchers, TRUST KNOW ONE, when you get a deal and do your inspector and make that offer, draw up a memorandum and file it at the court house, will protect your deals, no one can buy or close on the property unless they get your permission to release the memorandum 😁 yeah if you don’t sign the release they can’t go around you to do the deal behind your back. Also charge a non refundable fee that way you will get serious cash buyers, the best cash buyers are those who work a 9-5 or those who go are not greedy and successful , if one won’t pay believe me there will be one who will, oh yeah you were doing a seller financing, different from a straight assignment on a wholesale, which a memorandum will be effective and protect your interest in the property, continued success 🥰
It’s okay hun they will get what’s coming to them!!!!
Yasss!! We need the creative financing strategies sus plz and thank you!😁😅🙌🏾😎
I would love to see more sub2 and creative financing vids.🏦
Thank you for the great content. You mentioned creative financing strategies when you were discussing the
Subject-to approach. This is a great point of discussion that I would appreciate more information from you about.
Per your request, here is the most creative emoji I can share-my favorite emoji: ✊🏾
You got it!
Amazing lesson
Memorandum would have protected you if you had cause in there covering the transfer of title to anyone other than who you chose etc. So just beef that up and still use obviously. However, great advice and great video smart advice on just moving on!! It's not worth the time or negative vibes doing anything else and making sure dude isn't on any future lists of your or those you deal with so thank you! Great reminder! Thanks again! Stephen
The video editing is so flawless, I thought the whole video was done off memory and completed in one take. 💯💫
Thank you!
JT hustlez sent me here you did it again JT hi 🙋♂️ lili I’m here to learn!
Ayeee welcome!!!!
That dude is going to be out of the business by next year. People aren’t gonna work with him if he’s sketchy
If it'll make you feel better, sure. But Trump didn't get to where he's at by playing fair.
Good video and better lesson. FYI, you could still put a lien on that homeowner. No court involved and he can't get another house until he pays you.
I'm watching this in July 2022. I hope you get whatever fee you want when the Tittle changes hands. A "Verified Buyer" is a must!!! You know someone's performance you can see on Zillow like cites or county records. Thanks, Lili for the lesson...
You are awesome 😱🤯🤜🏼
Competition sucks especially when all the valuable information is on RUclips
Had this happen this past week, took me 3 months to get this lead under contract. Would of been a 22k fee. Super demoralizing when it’s only 3rd contract
You need to call out the snakes, protect other wholesalers. This wholesale world is small and we need to police ourselves
It's called "Specific Performace" that forces the seller to stick to their agreed portion of the contract. I just ran into the EXACT SAME ISSUE HERE IN SA TX. My spread was 20k in the fee this past October. Mentioned it to a "buddy" and seller suddenly wanted to back out the next day... just found out last week it was the "buddy". People can be so scummy, I'm sorry this happened to you.
You gotta good thing going. Keep it to yourself.
@@jjwms33 that's the damn truth! Lmao LESSON. LEARNED.
@Lili Not saying I support it, but you can def still snitch them out to the bank. You probably know this, but knowledge of the subject to may trigger the bank's "due on sale" clause which would force the owner to immediately owe the entire outstanding balance of the mortgage, effectively killing the deal.
I have not had any issues with using ncdna agreement an memorandum of affidavit I also use Jerry Norton tips by going after on market deals too
Out of all the youtubers I watch , she the only one who really deserves the likes and watch traffic, we love you girl, keep on educating us ❤️
one thing you could do is have buyers provide proof of funds
Make more subject to 💪🏾😎
Lili when you be offering another
FREE
*2021 Wholesaling Kick Off Event*? Thanks....C
You the best
You better than me because i would 100% say that dudes name... gotta call out the bad ones to keep the integrity of industry.
I’m so interested for the zoom call on dec 28 😁😁😁
are you signed up? See you there!
But I’m pretty sure that once they do try to sell the house, you’d be able to add a fee since you have that legal document in place.
Quality over Quantity
Can you make another video on subject two is? Have you ever closed a subject- to deal? Also, my main question of concern is- how does the investor make payments on a subject two deal? Wouldnt they need the personal information of the seller? Thats what confuses me the most.
You get authorization to release loan information and a limited power of attorney from the seller in order to get loan information and make direct payment to the mortgagor
Oh man so i obviously missed the free class. Any chance of a series pdf type thing
This happen to me as well!
Are you still doing the zoom classes on how to find genuine cash buyers ? Do you provide mentorship?
I had 2 deals stolen from me recently... A single family and a 60 unit complex
This is why I always look at my "cash Buyers" profile and see what they post. Also ask them about their recent purchases. If it doesn't add up in your head, don't give them the address. It's so simple to see the fake cash buyers. Also Lili, Cloud the title next time
What does "cloud" mean?
@@tyrahpastrana1546 Basically a Memorandum and other info is sent to the courts to say that either you have an off market property under contract and that if anyone goes behind your back or the seller backs out, If stated in the REPC, you can take them to court, But like i think I heard LiLi say, and like a lot of other investors and wholesalers, its not worth it to take them to court when you could spend your time looking for more properties. I know everything there is to the game, 718-679-2994 is my contact info, I'd be glad to mentor you or anyone else free, I recently averaged 4 deals/ month in 2020, this year I'm moving on to better opportunities. Getting my licence and becoming a shareholder in a real estate company. I'm only 20 years old, I do this for 20 hours a day, daily. Hard work and the willingness to learn goes a long way.
@@tyrahpastrana1546 ruclips.net/video/HRb0DbjTEK0/видео.html Watch this video to learn more about A cloud and Memorandum
Yes! Very smart
Hey Lili.. I love your channel and the content u provide from a beginners perspective as Im just beginning myself. You're doing an AMAZING job and I 120% support u.. BUT..lol.. I am curious🤔 Why not expose the creep? Its guys like him that give our industry a bad name and why they're currently enforcing laws against Wholesaling specifically! If we can't trust the individual why would a potential client, u feel me.. we're out here to help! People like him I feel should be exposed for those of us who looking to squad up with each other, thrive and be ethical! Just my opinion.. what u think?
It happens. It’s almost like that’s how you get broke into doing this, get started. Have to get scammed first lol
🥶 I need ice cold creative financial strategies
Hi, in California where the recorder office and assessor office are closed, where do you go to file a memorandum? Please help... Thank you
🥸🥸🥸🥸🥸🥸creative finance video please!👾👂🧠🦾
A recorded memorandum is essentially a lien on the property. You should get your money whenever title transfers.
I got scammed twice so i’m sorry this happened to you. it happens to me in facebook groups and things. had a deal the seller backed out and told me that the guy who told me he was interested in buying the home stole the deal from me then after that i bought a cash buyer to the deal and the guy wanted to split my profit 50/50 i said ok but soon as he found a buyer he said i would get nothing so i’ve learned just to not really trust anybody because these people are so sketch wen they could just ask to work together i’m sorry that happened lilli
did you have the house under contract?
Wow. That's messed up!
This whole situation is a lesson learned, and for sure you’ll get that $8500 times 10 and as for the thief, .. he/ she will not be in business for long... Love ❤️ your content by the way 💯💯 much respect
This was a good instructional video. Just a suggestion here. Maybe you can do a video and name the thief who stole your deal so that we can avoid this person. Just an idea.
Real estate is a cut throat business! Even real estate agents steal each others deals.
That is a crazy story! Is there any risk in a subject to deal where after a certain amount of time the owner can claim that he/she still owns the home because the loan and deed is in his name?
Great question!
It is a great question but I believe the way it works is once said property is sold the original owner is entitled to the equity that was in property up until contract and the equity accrued after contract would be new owners.
Thanks for this! No one else talks about this stuff. Can I do a sub to with a sales agreement and deed to avoid the risk? Newbie here.
Curious to learn more about Subject-To 🥸
What if the smell in that house wasa dead body lol but seriously thats the type of thing I worry about getting into this business ,pls tell me I'm tripping!!!
Never blast out deals via email
also, please do more 👩🏾🎤🧩⚖️💸
Newbie question - Why not use a hard money lender or private money to buy the house yourself? Say a 10 day closing. Then once the house is yours, use the next 20 days to find a cash buyer for more? All before your first payment is due. Unless I am missing something (very possible), this seems like it takes away the risk of someone stealing your deal.
HML/PL rarely lend 100% of the funds. you're thinking more about a transactional lender, they charge very high interest, but it's worth doing the research into them if you're considering that strategy
So is it safe to say I should stay away from the homes with that type of situations
do you personally check every house your wholesaling? do you drive to every single house? or do you not have too?
That’s crazy 🤦🏾♂️
I know right!?
subject to seems very risky because the "buyer" is making pymts to the mortgage company but what it the homeowner wants their property back? since everything is in the original home owners name this maybe an issue. also what if the "buyer" stops making the mortgage pymts and since its in the home owners name who will be held liable?
a subject to is a sale, so the homeowner cannot get their property back. that's why you have to have the proper disclosures and CYA letter. And definitely make sure it's closed with an attorney. You don't want a judge thinking you took advantage of some old couple. lol. And if the buyer stops paying, yes the homeowner is on the hook. However, that is all disclosed in your documents that the seller signs and understands when your attorney explains it. Make sure they initial each page too! However, the ethical thing to do if the "buyer" can no longer pay is give the property back. And trust me, it's a plus for the seller. They get their asset back with a lower principle balance, an appreciated home, and possibly any repairs or upgrades made. I tell my sellers..."if the worst case scenario is better than your current scenario, then is there any reason not to move forward??"
You people are doing that scumbag a favor by not publically outing him. You are opening things up so that he can scam someone else.
Flipman always said that pigs get fed, hogs get slaughtered.
You SHOULD call out the name of this skunk! Simply to avoid having another person have their deal stolen by this guy.
Dang 😵 That's awful ..Its a jungle out here ..Agreed build rapport. With your buyers ... No worries tho that guy that did that just created bad karma for himself ...
I Love you so you know whatz up. Just let me know how you want to handle it. I got people in Oklahoma to help them make things right with you. Let me know, the love is always there..Also post their name so we can avoid this low life...👊
📳 Here's my 'most creative emoji you can find' vote for more videos on creative financing. The emoji is my phone vibrating with deals, lol.
Call the guy out!!!!!
Do you have to get a memorandum for on market deals as well. Also does it cost money
💠💠💠 more creative financing please
Your doing wholesalers in your area a disservice not telling them who stole your deal.
Yeah, Jerry Norton put his dude --name and all_ on blast. The guy was a shyster. Look that video.
@@labrae he sure did.
Maybe she dont want to beef with them?🤷♂️
@@thesmithfinancialreliefgro271 I dont have it at the moment but look up Jerry Norton use the words Stole My Deal
What type of contract did you use for the sub-2 deal?