OfflineThis was a 3/2 sf that the seller had listed for $125K with an ARV of $149k. He had done all of the rehab ( kitchen,bath, paint,etc:) except for the carpet. We negotiated the deal down to $85.3k and got it under contract. I assigned the deal the next day to one of my buyers for $95k. The whole deal took 3hrs to include walking the property. BOY-O-BOY does this stuff work!! Hope to have deal #2 by the week end. THANK YOU DEAN AND THE SUCCESS ACADEMY!!
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Man that is so inspiring!!! Great job, you just made it seem so simple!! I'm on it now!!! COngrads!!
"I would have lost heart, unless I had believed that I would see the goodness of the Lord in the land of the living. Wait on the Lord; be of good courage, and He shall strengthen your heart; wait, I say, on the Lord!" Psalm 27:13-14
Thanks so much for posting your latest REI success story.. My wife and I just recently joined the Success Academy, and are hoping for the same type of success to come our way.. Awesome
Kingston Investor
Hi Mark congradulations, I think sometimes when we try something new maybe we feel we dont know enough to go out and start, but by doing even if its not quite like we may like it to be we are building momentum and we get better the more we try and keep learning.Not many of us were taught on how to ride a bike but we got on and if we fell we just got more motivated and kept trying till we got it and then off we were riding all over the place and really enjoying it.I love this business and I like problem solving and enteracting with new people.Were so proud of you and see its not so hard, wishing you the very best, Jim
jbischoff
Hey Mark, im new here, and i kinda wanted to know the script or how you came to 85.3k.
did u have to physically have to get the ARV yourself by comparing houses sold around it with the same lay out (3/2) to see if in fact it was a real ARV?
did you do a certain % to get to your first 75k and then offer it the seller directly or to the agent representing the seller?
thanks and sorry for the questions, just trying to get the meat of things ; )
Thanks guys for your coments, Essence, Teisa, Charlie, Jim & Irvin, you asked about scripts, talk to these people as if you've known them for years, don't be nervous. I talked to 2 buyers today that said they got comps on a property that I just got under contract and said that I was paying to much for the property, I took em to school on how to get proper comps and now they are competing for the property. Get out there and start making offers, your scared and that's understandable, but don't let it paralyze you. Every one wants an absolute when it comes to real estate investing so they don't screw up, if you cover yourself in your contracts, you'll be ok. Come back here to DG.COM before you make the offer and we'll help you , but get started, NOW!!!!
Excellent Mark! An Assignment fee of $9,700? Not bad for 3 hours work. haha
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich
Thanks Chris!!
Congratulations, Mark! One question. How did you determine your fee? I've heard it could be 3-4% of the FMV. Is this what you used? Some people like Matt Larson typically get $7,500 some $2,000. How does this work?
Barb
I've heard so many people talk about the Success Academy. What exactly is it? Was it a weekend kind of deal? Was it live or did it consist of conference calls? Over how long of a period of time did it last? What did you like the best about it? What could have been better?
Thanks for any information.
Barb
Hello Barb...there isn't a set amount you get for an assignment. Typically it's between $5-10k. I know investors that have gotten more and some only a couple thousand. It depends on how the deal is structured. As far as the success academy goes, you go through the course at your home with the course material and they assign you a coach and you have access to the advisory line six days a week. You go through the course at your own pace.
hope this helps, let me know if you have any other questions!
Mark
This is incredible! $9700 on a first deal! I need to get out of SOUTHERN CA and start wholesaling the midwest! That's for sure! Way to go!
Congrats Mark,
Keep the momentum going. It's encouraging that deals can still
be made out of the MLS. Just as Matt & Dean mentioned
in the video about the Calif market, offering up to 85% of FMV.
It's not much for wiggle room.
Btw, in this case, how will your realtor get paid? Will you be paying out from your assignment fee?
Thanks Tammy for the kind remarks!
Mark
Hey John....my realtor got paid from the seller who I contracted with. All realestate commissions get paid from the sellers proceeds.
Mark