$36,500!! Did it just how DEAN says to do it!! CLOSED 5/14!!!!!

This is awesome!

My intern and I have a lead on an off market property we are going to wholesale as well, and its about the same price, and its value is worth about $1.4M. We are in discussions with the seller now; now I know what my profit aim should be following in your brilliant footsteps!

That's just so awesome to get a deal like that by putting two and two together (3 rent signs in a row).

I have a question, why was there two contracts and why were you taking them to the title co instead of the end buyer?

Hmm, re-read your post, the amount of the earnest money was more than your assignment fee so you are holding the buyer to the actual sale as well as your assignment fee. You take it to the title company so they know to deduct that amount from the original purchase price and you know when the closing is set then.
Correct?
So if it was two contracts you're doing a double closing instead of assigning then?

Thanks and great job again!

True proof of Dean's techniques working. Thanks for the encouragement.
I'm going to start driving more and opening my eyes to oppotunities that are right around the corner literally.

Great job and I hope the 10k assignment works out well also!

Mark,
This is a simple contract assignment. One closing only. The two contracts are:
1. The original contract between the seller and myself. (The contract I assigned)
2. The assignment contract between my buyer and me (assignor). Shows what I got the deal for plus my assignment fee for a total of what my buyer (assignee)will owe at closing.

I took the two contracts with the earnest money to my title company. My contract required $45,000 in earnest. My buyers earnest covered that! I will get a check for $36,500 at closing. The closing agent will hand me the check at closing and my assignment fee will show on the HUD1.

Mark. I am in no way worried about this deal NOT closing. When a buyer puts down $45,000 non refundable they WILL close. Also this was a rehabber that bought, she will fix them up and sell them to the "end buyer".

Tammy,

Hope the deal works out for you! Thanks for the complement but I think we are all following in Dean's brilliant foot steps!

Gabriel,

Thanks and you are welcome! Get out there like you said! That is where you find real deals. We have found deals from estate sale signs, for rent signs, fsbo signs and the profits are always better than the REOs we do off the MLS, ALWAYS!! NO AGENTS INVOLVED!!!!!

Again, I must give ALL credit to my Lord and Savior Jesus Christ. With out him, I am nothing.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

This is a great story!

I'll bet you thank God every day that you found Dean!

Karen

this is a great TRUE story! Thank you for sharing that deal with us. Inspiring!!!

Fantastic deal, you must have one heck of a buyers list.

I sit here shaking my head and laughing, you are the man Michael. You are a hard working REI and your are rewarded for your HARD WORK and NEVER GIVING UP attitude. THANKS!

When your putting forth the efforts, they will eventually pay off!

Thanks for you inspiration!

Rock on!

Linda

You guys keep hitting the ball out of the ballpark! Awesome! congrats again!

Karen,
Thanks and I do thank God for Dean and the Success Academy. They gave me everything I needed to start TAKING ACTION.

Tammy,
You are welcome, I hope it inspires others to take action

Cathy,
Thanks! I do have quite a buyers list. I had several other buyers looking at this deal. I am constantly adding new cash buyers.

Jack,
Thanks for the kind words and you are right, I do this full time. I can't be denied.

Linda,
Thanks as always. Keep doing what you are doing! You are getting closer each time you look at a property!!

Michael

Thanks! We take many, many swings and strike out many times until we connect! I never mention all the almost deals, or they want to much or they owe to much or the numbers just don't work deals that we look at every day. All the REO offers that are rejected or countered at FMV. Rejections and dead deals daily!

Like Dean says, you have to be making multiple offers in order to get one every now and then.

Michael

I expect to be making a big plunge soon. Getting my ducks in a row to ensure that the mortgage will be paid. Thanks for sharing the details of your transactions. You are an inspiration to us all.

Sandra

You really put deals together and remain on point so few opportunities slip past you. Congratulations.

Thanks,
Joe

Nice!!!!

Keep bringing them checks in

If I didn't say it before, I'm saying it now. You ARE amazing!

Congrats

Andy Sager
DG's AndyS
CFIC member

Congrats on your amazing deal. Great job...

Thanks you guys!

Michael

Great job Michael,

This is why I come to this site, it's realtime and realistic. Thanks for sharing.

Michael,

I am perplexed by your attitude, your sincerity, how you share with us how you achieve your goals! and of course, by your deals!!! as you say, we have to be out there every day, making it happen if we want to achieve success. Thank you so much for inspiring us and keeping it real!

... just an awesome feeling to read your posts...

You are reaping the rewards of keeping your eyes and mind open to your surroundings.

I'm sure we all have deals right in our own neighborhoods that are just waiting for us to take action on.

Great post and congratulations!

Michelle

How about sending some of that magic my way?? Way to go!

Dan,
We are working on it. You are taking all the right steps. Remember, I do this full time. You still have college to take care of. I know we will be doing deals soon!

Valerie,
I hope what I share does inspire people to take action. So often I see people on here that i know are fearful of taking action. They ask all sorts of questions, spend time here and are making websites and all sorts of things that they really don't need to be doing. Thinking they are being constructive when they are just avoiding.

As always, thanks for your kind words,

Michael

At work we have a course called operational leadership. Part of the course discusses the need for everyone on a team to develop the same mental model. The mental model I get from reading you awe inspiring posts are definitely DG inspired action.

Thanks for sharing the details.

Judi

Thank you for the posting. I admit to being apprehensive and there are a few reasons for that. I appreciate the information that you put into this posting and rather than just looking at the numbers that are definitely nice, I am looking for insight. The only support I have is that which I am able to gleen from this DG site and I am trying also to be careful. I do spend a lot of time on the computer and I understand that I need to spend less time on here and get out in the field. With the price of fuel and I am paying $4.15 a gal at Costco, I have to ration my gas and plan my outings. Needless to say I am on a very limited income and could become homeless if I don't make something happen quick. It seems to me that I should focus on doing a little more driving for dollars looking for those for rent and fsbo signs. Yesterday I gave my business card to the man who was servicing the pool 2 doors down. I asked if he sees a lot of fsbo signs and he said yes - he gets around all over the place. I told him that I would give him a finders fee for each one that I was able to close on that he had sent my way. He took my card and I am hopeful. I can not stop there and will look for other ways to get the word out. I have not had any success online.

Thank your for your time and your inspiration. Always trusting in the Lord. TRUST is key.

Michael, how did you handle the EMD in your offer? What was the wording in your contract with the original buyer that let you wait until you could get the earnest money deposit from your end buyer to open escrow? What was your escape clause and how long did you have to find an end buyer?

Great idea asking the pool guy. A good person to ask is the mail man. They get around the area for sure and know of a lot of vacant and for sale properties.

I try to combine tasks. When I go look at a property I drive around while I an in the area, I always have a bandit sign or two with me. I might stop and put one up while I am in the area. Three things at a time!

Faith, trust and obedience!! Praise JESUS!!

Michael

I had 48 hours after the contract was signed and accepted to supply earnest. My seller had no idea I was looking to assign the contract. I never disclose my exit strategy to a seller. All I say is I am closing with cash, either me or one of my associates. I NEVER say I need to find a buyer to make this deal work. Tom, if I had told the seller that I was not buying it myself and had to look for buyers he would not have done the deal. Would you?

There was no wording in the contract other than earnest money is due 48 hours after MEC. I actually got to stretch it out a day because of the week end.
My escape clause was a 7 day inspection period. So I had no extra time, I had to have a committed buyer with $45,000 in earnest within the time frame of the contract between the seller and me.

I knew I could do this. Great houses in a super hot area. I knew I had a least 5 REAL, active cash buyers that would be all over this deal. Sold it to the first person in. Had 3 more wanting it. Now I am just going to have to sell those guys something this week I hope!

Fun stuff!

Michael

What's MEC?

The additional info is going to be a big help to me. Praise the Lord and have a beautiful Easter.