OfflineI just found out that a person I was partnering with on a 75M deal got all the profits from the deal, and it was supposed to be a 4 way split between his partner and him and my partner and me. There was a pretty hefty profit from that property - over 1M.
I am not mad - I should have made sure all the contracts were in place and not given up control of the property and let someone else handle everything. I am rather dissapointed though that someone I was working with could do that.
Just be careful dealing with people when wholesaling properties with other people you don't know very well.
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I'm sorry to hear that.
Are you the one who brought the buyer?
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
I am also sorry to hear, that. What a great reminder for us all to make sure to have those contracts in place before we give up the info!! I know in business you can't always be the nice guy/gal and expect others to have the same integrity - but that person will get what's coming to them, as that was just dirty.
Lesson learned, and like Dean has said in past blogs - a key to being successful is how fast you can recover from things like this! Vent, get it all out, and move forward!
May your next deal make you even MORE than this one would have brought you
The Browley Team
Working Towards Success!!
I moved forward from it already, but it is like being punched in the gut when someone you thinks is a friend does that. We worked on this deal for at least a month and a half, and many others - but now I am wondering if he really was doing deals behind my back with my buyers as well.
He said he would do an NCND, but they don't really hold up in court, so I just said well I trust you - lesson learned in that : )
I brought him to the property, and someone he knew had the buyer. The kicker was that I had the loan ready to purchase the property, and hold for 6mos - 3yrs if we wanted to allow time for an end buyer, but didn't go that route.
Overall, I just feel bad for my friend who got the property in the first place- we were partners on this deal - because I brought the person to her and she could have really used the money more than I could, at least my husband has a job and we have some income coming in from that.
She is great, she said the whole thing happened so we could learn who we were dealing with. God is great in that manner. Better things will come our way.