We need 50 REOs in Los Angeles!!

A request for 50 REOs is a little vague. What are you looking for? Are you looking to fix/flip or buy and hold? Average cost in LA is $250,000 and up. That is $12,500,000. That will be an impressive Proof of funds you will need to provide. Earnest monies will be non-refundable and contracts will be non-assignable.
Let me know what and where you are looking. PM me with all your company info, references, deal history, POF and I will provide the properties.

Thank you,
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Please PM me. If you are a serious buyer, I have a REAL bulk REO supplier.

~Tammy

There is no money here. He wants assignable contracts or to do double closings. You don't need money to do those.
I told him lets just concentrate on the deals you will be a CASH buyer on. Did not hear back. He has $15,000,000 in funds but wants assignable contracts.

Oh well, maybe I am missing something! Hey, if anyone actually closes a deal with Craig, please let us know!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

If you're a spammer or a scammer, you'll be discovered and removed from this site in a matter of hours, maybe less.

If you're a real investor, you should clear the air ASAP. Fill out a bio, post details of what you're looking for, apologize for not doing it right away, etc., etc.

The real members on this site are here for help and encouragement, and do not take too kindly to people trying to profit from or disrupt this community.

I for one, hope you're for real. Big fish doing big deals is an effective source of inspiration for less experienced and less heeled investors.

Hi Everyone they come in all shapes and sizes but are they for real, Jim

Sorry for the delay. I'm new to the site and didn't expect so much response. I'll be spending more time here and thank you to the ones who posted positive feedback.

A few things...

Michael, You are incorrect. I do not want "assignable contracts or to do double closings". This is a government agency who needs to spend money and we are helping them find homes. We cannot do either that you state - as then the homes "disqualify". They will buy with cash and there is a small finders fee that could equate to several hundred thousand dollars which I would gladly spit with people who help.

Their POF for $60M is 2 years old and I've requested and am waiting on a current POF and EMD.

My profile is being updated today.

I also have several homes in the midwest that are cashflowing and I'm looking for a cash buyer. We need the monies for a large project.

My biggest challenge is inventory. I have a TON of cash buyers but need matching inventory. If anyone has a solution, please PM me and let's make money TOGETHER!

Craig Faczan
CEO
www.TheRealEstateProperties.com
818.839.6621

PS Yes I'm for real. Ask anyone in the LA area and feel free to go to our website or on Facebook. If you question my integrity, go to my LinkedIn page where I have 49 recommendations from my collegues over the past 15 years. I may not be an expert (yet) but we are doing deals and have successful investment strategies for non-RE investors that offer much stronger returns than stocks (especially after Friday....LOL!)

Hi folks-

I spoke with my buyer today and the updated POF should be available in a few days - although my contact is going on vacation for 10 days later this week...and I'll probably lose the 4 properties ($500K) I've already presented due to this...UGH!!

So at this point, I'm not doing anything for 2 weeks and then... it's all chips in. I already have access to REO tapes through a partner - however they will not be an exclusive partner. We need around 60-70 properties.

I quote from the PM you sent me 5/31/12
"If they are non-assignable or if we can not do back to back on some of these, it is not a fit for this particular situation"

So I requested that we work on the ones that you would be using your funds to purchase outright. These of course would be double closings. Got no response.

Lets make this clear for every one on this site by you explaining how you will purchase a property.

Example:
I have an REO under contract and wish to do a double close with you as the buyer on the b to c transaction. How will you fund this purchase? My contract is non assignable and the earnest money is non-refundable. You must do your due diligence before you sign my contract. Closing in 14 days.

Explain how you will close.

Thanks and look forward to doing deals!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Thanks for your reply Michael-

I've learned more as things are progressing and my apologies if I was premature. HOWEVER, imagine if you ran across a $15M deal and could make hundreds of thousands of dollars on it without your own money...

I put a message out here and on other posts and my response has been overwhelming. They have to buy direct and there is a comission. If it's on the MLS and they haven't seen it, it the standard seller fee. If it's from a tape, well, we are working on that and like I said, my contact is going on vaca on thurs... Grrrrrrrrrrrrrr

I'll know more in 2 weeks. I now have access of REO Tapes in LA but for 60-70 properties, I'm willing to work with anyone who is legit. ow that I'm tapped into this "company", I'm going to attack them nationwide.

-Craig

I am sorry, but it is illegal for me (a non licensed investor) to accept a commission.

How would the deal be structured so that I or anyone on this site could make their fee legally and that your "company" would be willing to pay? How would we present a deal when they buy "direct"?

Also you did not answer my example deal question. A double close is buying direct from me, so??

You really need to work out these details 100% before you post blue sky.

Get it worked out. Hope to do deals in the future,

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Again, I'm sorry if this all was premature for the forum. Its actually good to see how serious everyone is. Some groups (i.e. LinkedIn are so much spam but this one is great!)

Let me rephrase "comission" as a "property management" fee - which is legal.

If its a MLS deal they havent' seen, we get sellers comission and depending on the # of homes and ease (and trust) of working with them equates the split (of ~3%) that we can work out. That's standard.

If it's a REO, we're working on a Property Management fee added into the house buy to get it when we close escrow - yet still needs to fall into their buying criteria). Again I'll know more in 2 weeks. They have never worked with an outside entity before but are kinda desperate and are open to making it work.

We can't do double closes with REOs or short sales - unless you know a loophole where they can still qualify a REO as a REO after an investor purchased it. If I could I'd be buying and selling at 30% margins I'd be quite happy but it isn't that easy. I can get homes but can I get enough? I want to find them more homes than they are getting on their own. I want all $15M! They need to "buy direct". Assignments probably wont work as well.

Again, this is complicated but if orchistrated right, could easily be >$200K! in 5 months to split (and I'm NOT looking for more than 2 players unless I HAVE to.) I want players on this deal! I wanted to post to see who can help me with the timeliness and size of this deal.

After this deal is worked out and all of the paperwork is secure, we go nationwide.

So that's the plan and although I don't have 100% of the details set out, its all in motion and my gut says is will happen for many reasons. I'll do it all myself but again, we need to look at roughly 100 properties to get 5 possible fits fromt he MLS - which is hours of work. The numbers are not in yet from the REO tapes too -however, those will be homeruns as they will be seeing "first looks". I want to flood them and get them 100% of the properties they need before they find ANY more. In 4 hours of work, I beat their entire team on new properties they have not seen yet.

If somone can help with answers, strategies and properties, they are in for a nice payday. Let's TALK if you can help me and I can help/pay you to do it.

Namaste

Hi Craig,

Any update on this? Last post was that you didn't have 100% of the details to answer Michael's questions. That was about a month ago.

Thanks!

Tom