More WHOLESALING MULTIPLE deals! 25/1 works again!

Just goes to show how important following up is. Thanks for sharing!

Happy 4th of July!!

You see, you can go on vacation and come back and pick up right where you left off

Congrats and good job!!

Andy Sager
DG's AndyS
CFIC and IE member

Please explain in detail how you are doing the LLCs and single closing.

I understand that you are buying in the name of an LLC, such as 123 Main St LLC, (or whatever the prop address is). Are you forming your LLC in your name only? Or in yours and end buyer's name? Are you using the end buyer's $$ and quit claiming to him?

Step by step details, please.

Thanks!

Karen

It is all very simple.

1. I have multiple shell LLCs created in advance. The Articles of Incorporation, in which I designate the LLC to be MEMBER MANAGED is created in advance.
2. I offer in an LLC until I get an accepted offer.
3. I market the property and find a buyer. Contract is signed, Non refundable earnest money, sellers right to sell property in a sole purpose LLC solely at the sellers discretion.
4. I then create the Operating Agreement for the LLC. The legal wording within the Operating Agreement allows for a change in members at any time and within the agreement I add my buyer as a signing member.
4. The buyer wires in his money 24 hours prior to closing. All the LLC docs are provided to the title company.
5. We then close in the name of the LLC that the P and S contract was originally made, but now the LLC has two signing members. The new member(my buyer) signs at closing.
6. After closing I collect my fee and remove myself from any ownership or managing position in the LLC.

This in a nut shell is how it works. There is a single closing, the deed is in the name of the LLC, my buyer has title insurance, everything just as if he made the original offer and closed the deal himself.

There are some legal docs needed along the way but it is really clean and simple. In Colorado where an LLC costs $50 it is way cheaper than a double close. I have no closing costs at all!

Hope that gives you the basic idea how the LLC transfer works. I am not selling real estate, I am selling the LLC that controls the real estate.

Michael

That is a great strategy!

Thanks for sharing!

IF YOU committ...YOU Can and Will

WHAT is stopping YOU???

Look at at ALL the Successful ppl HERE.

Go GET IT

Stephan, you are welcome. If we can't do a contract assignment, we do the LLC transfer.

Mike, what usually stops people is fear and a total lack of confidence. Like you said, if they will just commit, do it and learn along the way they can be successful.

Hey Andy, we are going to a local lake the 7th,8th and 9th to boat and do a little hotel camping with the grand daughters. We have to rush back to close a deal at 4:30 on the 9th. I am going to call tomorrow to see if we can move it to the 10th. Either way! Hope all is well in sunny Florida. Bring me another deal.

Teresa, you are welcome!

Michael

again, thank you for sharing the details of your deals!!!

Happy 4th of July to you too! What a great way to celebrate - getting your deals, and spending the day with the family... couldn't get better than that!
Val

Happy 4th to you and yours!!!

Michael

Nice going Michael......you are giving solid information on how you are closing these deals.....and different ways on how to get them done.....
Thank You.....

Regards,
Sharon

Congrats on your most recent deals Michael! Thanks for breaking the process down on LLC transfer, I was going to ask the same thing Being persistant always pays off.

Michael, I have read a lot of your threads the past couple days. You are absolutely amazing. I am just getting started and you are a great inspiration to not be afraid to try. Thank you for sharing!!

Thanks, I hope what I share helps people out.

Michael

If we gave up the first time our offer was rejected we would not do much business! Hope all is well!

Michael

Don't let fear stop you. Get the BASIC education you need and take action. I personally read Dean's books, joined the success academy and attended every REI function I could find. DG.com is a great site to learn on also!

There is one thing that is a FACT in this business. If you are not making offers, you have NO CHANCE of making money.

Good Luck,
Michael

Michael, how do you name your multiple LLCs - do you use a "series" system like Colorado Properties I LLC, II LLC, III LLC, etc.?

Do you file an LLC Resignation with the State to remove yourself from ownership/management?

Is conveying with an LLC easier than with a trust?

Thanks a lot.

Liz Eastlake
The Eastlake Group LLC

Hi Michael, way to go and thanks for sharing, much success, Jim

I use initials for my LLCs. Example: MM Home Acquisitions LLC then MN Home Acquisitions LLC and so on.

In Colorado this is not necessary. Just a few docs and a properly set up Operating Agreement. I know some states require paperwork filed with the Secretary of State.

Some private money and commercial lenders do not like to lend when the property is in a trust. They like to know what a trust makes private. Otherwise a Trust works fine and may be the best option in some states. Here, an LLC is best and easiest overall in my opinion.

Michael

Hey! Thanks! Are you back in town and ready to do some deals? I got a bunch of stuff to send you and talk about!

Michael

you're NOT getting deals or making any money!

Make Offers - LOTS of them!

FOLLOW UP on ALL of them whether you got the deal or not, NOW you'll have potential buyer!

I always say no offers = zero chance of making money. But you must first get the proper education to know what type of property to offer on and how to make the offer. Dean's education provides that part of the equation!

Then start making offers. Tons of offers!

Anyone that whats to wholesale should read 30 Days to Real Estate CASH. It is ALL in there. It may take longer than 30 days but if you do as Dean instructs in that book and don't skip anything or take any shortcuts you will be making smart offers in no time!

Michael

That is so true what you said Michael,if I make no offers, there is no chance of making money. Also I must be educated on how to make offers and the type of properties to offer. I haven't made any deal as yet. I joined the success academy almost a month now and I have also read 30 days to real estate cash. I have about 15 persons on my buyers list presently but I'm having difficulty finding an agent so as to get some listings.
Michael, do you know of anyone in the New York area(I live in Brooklyn) where I could Network with, I would bring the buyer and they could supply the seller. Or in whatever way I could get my feet wet...I'm so hungry to make a deal.
I have placed it in my goal plan to make a deal by the end of July, but things are looking a bit slow rite now.
Congrats again on your deals.

Kevin

THANK YOU SO MUCH!!!

That is an awesome breakdown! You are the best!

Karen

You are welcome! Hope it helped.

Michael

I don't know any one in N.Y. I would attend every REI meeting or event I could find. You could also place an ad in craigs list for wholesalers looking to co-wholesale deals.

Good Luck,
Michael

Great follow-up. Congrats.

Hi Michael,
I noticed on your mdhomeacquisitions.com website under testimonials that you were able to close on a property with liens. I had to cancel a pre-foreclosure wholesale deal because the seller had liens from his business on the title. It was such a substantial amount, there was not enough equity to cover the liens. Any suggestions on how you accomplished this?
Thank you!
Jennifer

The amount was not so substantial that we could not pay them off and still make money. She had a total of 5 liens I believe. We called the attorneys and the companies involved and negotiated a payoff amount much less than she owed. If the property went to foreclosure they would have gotten nothing, right? A couple took 10 cents on the dollar, a couple took 50 cents on the dollar.

Sometimes the deal just won't work, we then move quickly on to the next one!

Michael

Thank you Michael. Will take your advice.
Kevin

You are most welcome!

Good luck,
Michael