Double closed REO. Made $12,000

Thanks for sharing that

Michael! You have some great buyers it seems. Tammy

1st REO Offer Accepted. WOW! finally, it works. I was so excited to hear the news from my agent. $60K - offered $53k ACCEPTED. HAPPY DAYS ARE HERE AGAIN! - ARV $138K. Sweet deal.

Jean, you are welcome.

Tammy, I am always adding to that list. I actually rotate my call first buyers so one of them gets first pick and then the next deal another gets first pick. My problem is supplying the deals! I can't keep up with the demand.

Deborah, Way to go! Are you going to wholesale or do the fix/flip OR? What are the rehab/remodel costs?

Michael

cool deal its things like this that get me going i'd really love to cash a check like that on a deal. on to the next one!

Keep up the good work

Thanks everyone.
Dean and the Success Academy teach the REAL DEAL!!
You just have to take consistent action.

Now go make an offer!!!!

Michael

Michael,

Great job and thanks for sharing here on the DG site.
You're an inspiration!

Leilani

Hi my name is Amer,i need help with this program.my buyers keep telling me to stay away from Reo properties and agents.i deen party of the program since the december of 2011.there is no help for me on this site.

Your buyers should not care WHERE you get the deals as long as the numbers work for them (real buyers anyway)

Leilani,

Thanks. Find me a deal in the Denver area!! Did you get the invitation to my last investor meeting?

Michael

I so look forward to reading about your deals, they are always interesting and inspiring.

Really great advice to keep up with offers that aren't accepted....I have gotten several deals by submitting offers once a week or as soon as the counter/rejection came back. What is the tracking systen you use for this? I am always looking for organizational tools.

Thanks for sharing

Judi

I guess I am kind of old school. For every offer I make I provide a POF letter. I download the letter and make my notes on the letter. I then file it in a 31 day file. I put it in the file 7 days from the day I made the offer. In 7 days I check the status(if I have not received a counter or an out right rejection already)Then move the letter 7 days forward in my file. Sometimes I resubmit in 14 days, sometimes 30, sometimes 45. Just depends on the status of the deal. If it goes under contract with another buyer we watch these daily. If they fall out of contract we resubmit on the spot.

I know this could all be done on a nice spread sheet. For me, this way is actually faster and easier to manage.

Every day I have new offers to make and old ones to follow up on. It really does not take that much time. I spend more time doing the due diligence on the properties before I am make the first offer. Then the paperwork goes into the system and the follow up takes place.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

REO'S take TIME but they pay off

That's awesome Michael! $12k from a follow up, that could of been lost money if it wasn't for your "re offer" lol I've gotten a few offers rejected.. maybe I should go back and offer again? So how many months or weeks do you usually wait to re submit an offer?

You share so much of your knowledge with us, that you deserve all the success you achieve. Congrats on your double close REO and others in the mix. God Bless.

Sandra

Great job on a well deal done!

How are you able to send the property to your buyers if everyone sees the REO properties on the MLS?

-Aaron

I love reading the details of your deals. Thanks for sharing because it keeps me motivated. Congratulations!

Way to go Mike and thanks for putting your method of resubmitting offers. GOOD STUFF!

Shooting fish in a barrel these days, huh? I'll be there soon. Thanks for the share. Very motivating.

Michael,

That is awesome! Can you share how you were able to double close an REO and get around the 90 day flip rule? I love learning new tactics

tell us all the details, we're all ears
keep moving forward, rob

Amer, Believe me, Dean is NOT a scam. Some people just are not cut out for this business.

Carol, Are you talking about the Fannie Mae 90 day no flip rule. It is not really 90 day no flip. You can flip those all day long if your gross profit does not exceed 20% of your purchase price. You only have to wait 90 days if you are going to sell for more than 20% of your purchase price.
The lender in this case (Aurora Loan Services LLC)had no seasoning issues. Nothing was in the contract stating a specific seasoning issue. My title company processed the paperwork, no problem.

Michael

This is great! What an example of persistence. I totally agree that we really need a system for following up on properties we have previously made offers on. Congrats!

Wow, that's a great thing to have. Thanks for showing us different important ways of getting to a payday this business. Each way I've read dealt with persistence and timing and that's very inspiring!

Always a pleasure to read your post, especially this one since you assigned a REO. It's so difficult to focus on just one technique when each post on a different strategy gets us eager to make an attempt. But just knowing REOs can be assigned sounds like sometimes thing to look into to once I get feet wet with a regular assignment. Thanks again. Wishing you many more.

Alton

It is always nice to hear someone's success story and how they got there.

Viki Huerta

Don't want to confuse anyone. I DID NOT assign this contract. It was a non assignable contract as most REOs are. That is why I did the double close.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

In Dean's book, 30 days Real Estate Cash, it give you a formula to go off of. All my offers have been rejected because it is too low. I see what you did..so what am I not understanding?

Any advice would be greatly appreciated.

michaelmangham, by the way!

Congratulations, and thanks for sharing advice, Mike. You ARE a great example for us to follow!