OfflineWhile everyone was at the EDGE having fun and getting motivated I was working RE hard. Put together two awesome deals here in Colorado. While my teams across the nation are making multiple offers!!
1. 6 Townhouses that are 80% complete. Developer went broke. Got this bank owned property under contract for $1,650,000. This property is in the LODO district of down town Denver. Can see Coors field from the roof top decks! I have 2 contracts on my desk as we speak for my full asking price of $1,790,000. Waiting on 2 more possible offers before I sign one of them. One offer may be coming in from a fellow DGer!
These properties have an ARV of $3,300,000. They need $500,000 to complete construction. The dry double close will take place before the end of May.
2. Got a fire damaged house under contract for $222,000. Needs $200,000 to fix and repair. ARV is $620,000. Got it under contract with my buyer for $235,000. Will also dry double close this one before the end of May.
WOW!! As I was typing this my agent called to let me know that we got an accepted offer on a house we have been working since December. This one has structural issues and the city will not let anyone in the house. Seems the previous owner thought he would add a basement and dug along and BENEATH the existing foundation. We looked at this one when it became an REO. The bank freaked out when they learned of the problem and my structural guy actually reported this to the city. No one but contractors with appointments can enter the property.
Here are the numbers.
Under contract for $30,000
My sell price $42,500
Rehab/remodeling needed $25,000
Structural repairs $19,500
Total acquisition costs for my buyer $87,000
ARV is $140,000
If this deal lasts 12 hours from the time I blast it out Monday morning I will be amazed. In fact ANYONE on DG that brings me a buyer before Monday I will split the $12,500 50/50.
I LOVE WHOLESALING! If anyone says you can't do this business the way Dean says you can, no money out of pocket, just laugh out loud, not giggle inside!!
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
That 1st deal is INCREDIBLE! Are you direct to the bank? I'd like to hear more DETAILS about how you did this one! I have one rehab going on, and one offer accepted during the EDGE on a FSBO. But you Michael, are kicking major BUTT and I so want to get to your level!!!! This is awesome!
coming your way!
Thank you, thank you for sharing, caring and helping us so much.
Like Tammy, I want to pick your brain as well. While you were missed at the Edge kicking booty was the better choice.
In an effort to turbo charge, one thing I am working diligently on is working outside my local group. Of course I have studied all the ways to attract buyers and my buyer;s list has been built through:
- going to my favorite REI club
- telling everyone I know (I am getting better at this)
- Bandit signs, bandit signs, bandit signs
But, Michael, if I asked you the A,B,C's on blitzing locked-up props to wholesale, what would you say?
PS I'm taking RG's advice and getting the social networking going. I'm trying to figure out the best way to delegate that and keep the "voice" of N3Q as we do it.
Thank you and with great respect,
Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
Michael, curious as to how you managed a dry closing with the town houses. Didn't you have to go thru the bank's escrow agent?
Tammy,
Nope, not dealing directly with the bank, nothing fancy, I made my offer though the listing agent that had their sign on the front door of each unit. Tammy, you ARE at my level!! If not higher! There is a lot of luck involved I think. I was looking at a property that a fellow wholesaler had about 6 months ago. I wanted to see the status, if he had sold it or what. I was in the area so I just cruised by and saw the tiny FSBO sign in the window. It is still available so I am working on this one again. These townhouses were on the corner of the same street and I thought I would call and ask about them. That's it!
Tina,
I would say I am able to wholesale because of HOW and WHERE I got my buyers.
1. The county public trustee auctions. Every auction/county I could find. There are guys there with hundreds of thousands of dollars in certified funds bidding on properties. They are REAL. They are actually ACTIVE. They actually have MONEY. They are looking to BUY now. Look for the guys that are doing all the buying. There are usually 5 to 8 real guys at these auctions. Watch whose bidding. There are a lot of wannabes there to. Avoid them.
Keep it short and sweet with these guys, DON'T go into your qualifying the buyer script!! Just say, Hey, I have and find great deals that are every bit as good as what is available at the auction. Sometimes a lot better. Would you like me to contact you with what I have and when I get something new?
What real investor would say no to that? Get their contact info (their card) and hand them your card, thank them and go to the next guy. These guys don't want to hear a speech or be qualified, they want to see a DEAL.
2. Stop by every rehab/remodel project you see and ask for the owner/investors contact info. You will usually talk to a foreman or the GC. Ask them if you can see (admire) their work. Let them know you can provide properties for the owner. This keeps the GC, foreman , crew, busy working. They will give you the owners info and/or pass along your card to the owner/investor. It will be in their best interest if you have presented yourself correctly.
3. Ads on craigs list. NOT ghost ads.
Tammy, Tina,
I think you can see a pattern forming on what I do. Others do things in other ways, this is just me and what I do. I get out in the world and talk, market myself face to face. I am always out looking at REOs and leads that come in from my bandit signs (sellers not buyers)working the pre foreclosure market/door knocking. I let everyone I come across know what I am doing and hand them a card. When I am out driving and I see an estate sale or garage sale sign I go by and see if the house is for sale. I go to every REI meeting or event I can find. I NETWORK WITH OTHER WHOLESALERS. They have buyers, sellers and properties too!
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
The a to b (the bank) has their closing all set up with me as the cash buyer. They have no clue about the b to c taking place first and the money being wired over to them. I think when they see that $1,470,500 (earnest is $175,000) wired in they won't really care where it came from!(They will see it as my money) Now if they knew in advance they might not have accepted my offer.
It's all fun!
Michael
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 on the deals you had, I love reading the info and how you put deals together. Keep going man, you're an awesome wholesaler!
"You deserve to be successful"
Gabriel Do Carmo
www.gdc.usapropertywholesale.com
Great deals! Congratulations!
We need more information to give to the buyers such as location, right?
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.
Michael,
I remember you saying that you would miss the Edge event because you had some big deals going on that same weekend; well, you have shown us, once again, how the great re investors do it! just amazing! your tenacity is incredible!
thank you for sharing with us your strategies- sooooo nice of you!
Val
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Tammy,
PMed property info. Good luck!!
Valerie,
Part of this business is giving back. I am excited to see my nationwide teams starting to make offers and get their systems in place. Soon THEY will be on the way!!
Thanks!
Gabriel,
Thanks, I love wholesaling. I also have two major rehab/remodels in progress as we speak. A couple of L/Os, looking to do more L/Os. REI is just great!!!
bahney,
Thanks, more to come.
As always I give thanks to my Lord and Savior Jesus Christ. He is truly blessing me. I am and will always be obedient with his money.
Michael
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
Amazing job wholesaling those properties. You seem like you got a lot going on in REI which is great keep up the good work and hope you close that deal soon.
By the way thaks for helping me with the POF info.
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"
Congratulations Michael! Do you also invest in Texas?
Cris
Micheal
Great job, keep it going, you will succeed!!
Kim
The way you keep your eyes & ears open and put yourself out there is something we can all learn from you. Keep pushing and sharing, thank you!
Moving forward daily will get you to your goals!
"You become what you study" - RTK Rich Dad Poor Dad
http://bulkassets.com
Is the earnest money non-refundable and did the bank stipulate the amount? How much time do you have to deposit the earnest money from the bank's acceptance of your offer?
We actually have a 30 day due diligence period with the bank before the earnest goes hard. Our earnest was $100,000, the bank stipulated the amount as they usually do. Our buyers earnest is $175,000 and it goes hard in 5 days. Our buyer will be ready to close before our due diligence period is over!
We have multiple offers now. Still waiting on one from a fellow DGer's team. I will make the call on Monday AM. Get the contract and the earnest in certified funds from the buyer I pick. Decisions, decisions!
Again, not one tiny red cent out of my pocket.
I put this deal out to my buyers list 24 hours before I signed the contract. No address of course. I had 6 interested buyers or groups go in the first day. Several others the next day.
Really not much different from wholesaling a single family home in Detroit, just moved the decimal point to the left three places!!
Michael
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
Thank you Michael for the guidance; I found all my buyers from REI Club Meetings, my clients in Multi Family (of my design/contractor business) and through networking with rehabbers, other wholesalers and even from Realtors. While I have met with 3 hardcore guys from the auctions, I haven't stayed in contact with them, but I will. It is easy for me to talk with them. I know they are busy focused people and I stick to business short and sweet. Thank you for letting me know your way. Your time is appreciated.
RE
Nope, not dealing directly with the bank, nothing fancy, I made my offer though the listing agent that had their sign on the front door of each unit. Tammy, you ARE at my level!! If not higher! There is a lot of luck involved I think. I was looking at a property that a fellow wholesaler had about 6 months ago. I wanted to see the status, if he had sold it or what. I was in the area so I just cruised by and saw the tiny FSBO sign in the window. It is still available so I am working on this one again. These townhouses were on the corner of the same street and I thought I would call and ask about them. That's it!
Tina,
I would say I am able to wholesale because of HOW and WHERE I got my buyers.
1. The county public trustee auctions. Every auction/county I could find. There are guys there with hundreds of thousands of dollars in certified funds bidding on properties. They are REAL. They are actually ACTIVE. They actually have MONEY. They are looking to BUY now. Look for the guys that are doing all the buying. There are usually 5 to 8 real guys at these auctions. Watch whose bidding. There are a lot of wannabes there to. Avoid them.
Keep it short and sweet with these guys, DON'T go into your qualifying the buyer script!! Just say, Hey, I have and find great deals that are every bit as good as what is available at the auction. Sometimes a lot better. Would you like me to contact you with what I have and when I get something new?
What real investor would say no to that? Get their contact info (their card) and hand them your card, thank them and go to the next guy. These guys don't want to hear a speech or be qualified, they want to see a DEAL.
2. Stop by every rehab/remodel project you see and ask for the owner/investors contact info. You will usually talk to a foreman or the GC. Ask them if you can see (admire) their work. Let them know you can provide properties for the owner. This keeps the GC, foreman , crew, busy working. They will give you the owners info and/or pass along your card to the owner/investor. It will be in their best interest if you have presented yourself correctly.
3. Ads on craigs list. NOT ghost ads.
Tammy, Tina,
I think you can see a pattern forming on what I do. Others do things in other ways, this is just me and what I do. I get out in the world and talk, market myself face to face. I am always out looking at REOs and leads that come in from my bandit signs (sellers not buyers)working the pre foreclosure market/door knocking. I let everyone I come across know what I am doing and hand them a card. When I am out driving and I see an estate sale or garage sale sign I go by and see if the house is for sale. I go to every REI meeting or event I can find. I NETWORK WITH OTHER WHOLESALERS. They have buyers, sellers and properties too!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
I've got most of the auction buyers from the auctions in 3-4 counties buying from ME -not the auctions--REAL CASH BUYERS!!
They get better deals from me than the auctions and cant wait for the next deal since its delivered on a 'silver platter'.
I've picked up deep pocket buyers by stopping in on rehab jobs and just asking who owns it. This WORKS!!!
You're exactly RIGHT in ALL post #4
THIS is HOW its done!!
"1. The county public trustee auctions. Every auction/county I could find. There are guys there with hundreds of thousands of dollars in certified funds bidding on properties. They are REAL. They are actually ACTIVE. They actually have MONEY. They are looking to BUY now. Look for the guys that are doing all the buying. There are usually 5 to 8 real guys at these auctions. Watch whose bidding. There are a lot of wannabes there to. Avoid them.
Keep it short and sweet with these guys, DON'T go into your qualifying the buyer script!! Just say, Hey, I have and find great deals that are every bit as good as what is available at the auction. Sometimes a lot better. Would you like me to contact you with what I have and when I get something new?
What real investor would say no to that? Get their contact info (their card) and hand them your card, thank them and go to the next guy. These guys don't want to hear a speech or be qualified, they want to see a DEAL.
2. Stop by every rehab/remodel project you see and ask for the owner/investors contact info. You will usually talk to a foreman or the GC. Ask them if you can see (admire) their work. Let them know you can provide properties for the owner. This keeps the GC, foreman , crew, busy working. They will give you the owners info and/or pass along your card to the owner/investor. It will be in their best interest if you have presented yourself correctly.
3. Ads on craigs list. NOT ghost ads."
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thank you for the tips; I'm ON IT!
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
Looks like your getting ready to move to a new Tax Bracket. lol Great job my friend. I never really pursed Auctions, but I will now. I have noticed over the last few years that you do spend alot of times out and about, more then anyone else I know.
Thanks for sharing this , keep us posted .
Best Regards,
Curtis Fillers
(Charlotte,NC)
sorry i didn't get to meet you at the edge, but i certainly am happy for you.
i'm currently living on the eastern shore of md. looking for deals to wholesale. if you send me your criteria i'd be happy to look in my area for you while i build my buyers list.
congratulations again and keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
Michael you are just killing it. You don't get distracted and your don't "try" you just "do". Congrats. We are all learning from your posts.
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
I love hearing of this kind of success....
I'm getting closer and closer every day to hitting the ball out of the park...it feels really good!
Thanks for your education!
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Congrats on another job well done Michael
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.~
Thanks to all!
Lenee, beautiful little youngster! My son was 7lb 14oz too! That was almost 22 years ago however! Enjoy!
Curtis, You are right about the taxes!! Definitely go to the auctions and watch for the guys that are actually bidding. As far as getting out, some people may do it from home but not me!!! I would never have known about some of my best deals had I not been out and about.
Rob, I am building teams nationwide that include buyers, sellers and select investors. My criteria is: any decent area with low average DOM that I can realize a 15% ROI.
Gena, I hope my posts help out and thanks again.
Linda, Keep going, make those offers and on to the next, then the next and then the next. Soon you will get one!
Michael
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
Wow Michael
This is making my palette water. . .wait. . .did that sound bad? No puns intended and I'm not sitting in front a plate of food but this is all getting me excited about the possibilities out there. I'm still trying to understand how to work the numbers when evaluating potential deals and estimating the rehab/renovation costs. Math was never my strong suit. Thanks Michael for keeping me inspired.
Anissa S
Your confidence is a boost to us reading how you look at and do your deals.
Congrats!!
HEY MAN I DON'T YOU , BUT YOUR HOW TO BE BOLD AND GO AFTER IT MIND SET IS GREAT!!! PLEASE KEEP INFORMING US ...I'M NEW HERE ON DG'S SITE, APPARENTLY YOU CAN GET MOST QUESTIONS RESPONDED TO WITH.... KICK ASS PROVE, I'M VERY HAPPY TO BE A PART OF THIS NETWORK OF PROS ( NOW AND UP-COMING)
Harvey Sanford
you go Michael and Deb
You can always find Gold nuggets on this site
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-