OfflineThis deal came from an agent at my church. It was a unlisted pre foreclosure that was going to auction March 5th. Another investor had this under contract at $75,000. A very good price. He came back after inspection and asked for a $15,000 price reduction. A $60,000 buy price.
The agent talked to me at church and asked if I might be interested and if I would make an offer and close by the end of the month he would terminate the agreement with the other investor.
I went over after church and knew right away that I could do the flip myself or wholesale it. It took 2 weeks to get the thing terminated and my contract signed and returned, I was thinking it might not happen.
We had started at $85,000 but after seeing the inspection report I also dropped my original offer. I offered $76,500, I wanted to give the seller a little more money than he had agreed to on the other deal. His pay off is $45,000. He accepted and signed the contract.
Monday night at around 10:00 PM I blasted it out to my buyers list.( A few of you DGers may have seen it) Yesterday I had 11 people wanting the deal. The first guy in signed the assignment contract. 10:00 AM. Contracted price $76,500, my assignment fee of $8500 for a total purchase price of $85,000.
Here are the final numbers:
ARV $215,000
Rehab $60,000
Buy price $85,000
67% of ARV for my buyer.
My seller is happy - $45,000 minimum net profit
The agent is happy - $3,000 commission
The seller is happy - $28,500 to him at closing
I am Happy - $8,500 (could have made more) ON TO THE NEXT!
This is the third property I have provided for this buyer in the last 10 months. He has a very nice office in Cherry Creek (high end area) that he has offered to let me use the conference room for my training classes! Of course he is asking for another property. I MET HIM AT THE PUBLIC TRUSTEE AUCTION.
My agent friend from church says he has several other pocket listings and gets them all the time. He said he was just tired of dealing with non producing Investors that were a PAIN AND ALL TALK.
THESE STRATEGIES ARE STRAIGHT OUT OF DEAN'S BOOKS AND THE SUCCESS ACADEMY.
1. Network and pass out your cards everywhere you go (even in church)
2. Go to the county public trustee auction to meet REAL, ACTIVE cash buyers face to face.
3. Make it a win/win/win situation for all involved.
4. Above all, TAKE ACTION!
Thanks Dean!!!!!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
THIS is the way its done!
GREAT job Michael.
Having everyone/everthing in place so when a deal comes along its executed QUICKLY and Easily.
$2833 an hour is not bad wages,huh?
WIN WIN WIN--NO losers
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thanks, the deals just keep getting easier to do once I find them!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Great job, I'm sure this gives others motivation to continue working. Nice work.
"Winners never quit and quitters never win."-Vince Lombardi
Rick
Rick Cooper Investments
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/98042/...
My website: http://rickcooperinvestments.usapropertywholesale.com/
Linkedin profile: http://www.linkedin.com/pub/rick-cooper/50/538/a7a
You're really tearing it up out there ... I sure could use some of your wholesale experience here!
Michael, and thanks for sharing!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Thanks Rick and Tammy!
Gary, I would love to work with you in Florida. The wife and I are buying an RV and will become REI snowbirds! My youngest daughter will be a senior next year, got to get her through High school and into college! We are looking to head out in October of 2013. Really want to get a team established in Florida, Alabama, Georgia, Texas and Arizona. (working on that as we speak) We will be RVing around and doing business. What fun!!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
congrats on that amazing yet simple whole sale deal! keep up the great work. Hope to hear more success stories from u. I hope to share my first deal.. soon too lol.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Good job Michael!
We did the RVing think from 1999 to 2007; Jill & I, along with our son Joe would take off every year for 2 months in the summer when Joe got out of school, we traveled all over the country ... including out west, Canada & Alaska. It was awesome !!! We've done closings while on the road also, only problem we had once was there wasn't any Bank of America's in West Virginia & made a wire transfer difficult.
We could use a good partner that knows what's happening. Congrats again.
Congrats Michael! Another slam dunk
Thanks for sharing.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Nice job and good problem solver! Are you guys going to the edge this year? we should meet there! take care, Tom and Jeri
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
Thanks guys!
Tom and Jeri, I won't be at the Edge. I have several major projects that will be in crucial stages In April, May and June. Along with my wholesale business, my mentoring students and continued business building I will be to busy working!
Who knows? Maybe next year. Would like to meet everyone from DG face to face. That would be fun.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
as you say you could have made more. maybe you'd have to sit on it longer.
the best point made here is you made money and eveyone is happy and a winner. do the deals, the money comes almost as an afterthought. great job and way to take action. keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
Wow, this is a very nice deal! And inspiring ! Keep up the good work & Thanks for sharing ! ~Bob
Congratulations Michael. It is always exciting to hear the details of your RE transaction. Thanks as always for sharing. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
You are the Man !!
What an awesome deal.Can't wait til it all works out smoothly for me and I know exactly what to do to get those deals done.
RVing would be soo much fun, would love to do that someday.
What a beautiful life.
Thanks for taking the time to share with us.
Many blessings.
Peace,Love and $$$
XO
Angie
Rob and Bob - Thanks! The more I do the MORE I do!!
Sandra - Always glad to see your posts and thanks!
Angie - Remember I am here if you need help! Thanks for the kind words.
Dean taught me. GOD is blessing me!! I love putting that money in the offering basket after I do a deal. I know it helps do the work of my lord and Savior Jesus Christ. Giving is so important. The Lord is responsible for the success I am having, not me!!
Thank you Jesus!!!!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Nice one Michael!
It only proves once again, "It's not what you know but who you know!"
I'm sure glad I know you!!!!!!!
Your next deal is right around the corner. I can feel it!
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Nice Job... Its is investors like you that reassure me that wholesaling is possible.
Thanks
Kingston Investor
so do you mentor students outside of your state?
Andy,
I laughed when you said you framed a copy of my check!! Lets get a couple more and make them larger $$$!!! Thanks and good job. Looking for more always! Got 2 closings scheduled for Tuesday. How is your Florida buyers list coming along?
Charlie and Teisa,
Wholesaling is very possible, in fact it happens every day. You just have to provide REAL wholesale deals to your REAL cash buyers.
Dan,
Building a nationwide team that works together to do deals. As we speak!!
Thanks everyone and on to the next deal! Last night (Friday) I put out 15 bandit signs, came home and submitted 4 offers complete with POFs and an earnest money check for each one. Earlier in the day I met with my architect at my latest fix/flip and we finalized the floor plan. I then drove the area looking for FSBOs and for rent signs. Found none in the neighborhood. It's a $700,000 plus area so I would have been surprised to find anything but I gave it a look anyway. Worked on two of my students properties, determined ARV, repairs and made their offers for them. Set up a PM guy for my next fix/flip. Talked to a couple of my realtors.
The point of the last paragraph is, you have to get out and get in this business, everyday, full speed ahead. Network, network, network and learn in the real world. Get out of your comfort zone and constantly try to ACQUIRE properties WHILE always building your buyers list. For most (99%) making REAL money will not happen sitting behind your computer.
Good luck everyone! Make REI FUN for yourself!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Just wanted to say I closed on this one at 11:30 this morning. Walked away with a check for $8500. Established a relationship with another title company that will work with investors. The escrow officer was very friendly. She said anytime I want to use them she would be glad to do a O and E and a title search up front before my inspection period expires! Dry double close I asked? No problem. They will do that also.
Another team member added into the title company column.
I have three offers to make tonight. Its 8:30 here. Going to get them submitted and call it a day.
On to the Next.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
You are Very motivational, you are where i want to be soon. It must feal GREAT to recieve that $8500 check! Cant wait till i am able to get my first deal done and recieve a check too.
Thanks for your post Michael..
Robert.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"