Tommy Dobczyk warns against signing an NDA before a seller reveals a property's address. When a Dixon car-wash seller demanded an NDA upfront, it signaled they were hiding something or didn't actually control the asset. Get the basics first, then decide if the deal is real.
Why is it better to buy the business and not just buy the business and the land and own both? Yeah, but there's, there's not an actual address. So it says the address is undisclosed, but I know where it's in Dixon. It's in the next city over. I know exactly where it's at. But it says that I have to sign an NDA final package and then I could get the exact address. It's a car wash.
Well, Anytime they won't release an address prior to signing an NDA leaves me very red flag. You can dig up on that on why it's a red flag on Deal Hunter. Deal Hunter will explain that. Like, there's just, there's just a few reasons why that's just horrible business practice. But Basically an NDA before you— and we don't have control of the sale of this thing. We're just trying to get fish offers out of people and get your information, get very detailed information from you before, you know, uh, before we actually talk to you about anything. And that just, to me, it's like, yeah, it's— it— they're hiding something. They're trying to— they're trying to keep something from being taken away from them somehow. Right. It's very creepy to sign away all my rights to something, um, that I don't even know if I'm ready to talk about.
Uh-huh.
You know what I mean? So then at that point, this person has an NDA that I signed about a property I don't even know if they have any control over, and then they need to disclose the property in the NDA so that I know I'm getting covered. They can't just be a blanket NDA. Oh, you can't buy any real estate in this state without talking To me first. That's not an NDA, you know what I mean? So tell me the damn address or pound sand. Not interested. Like, pull it up. You don't need their NDA. I just— I refuse to sign something before I know if I want to— if I'll deal with it. So, all right.
I'm looking to see if I could find it on my phone while you guys are looking over this.
