25/1 = A $29,000 Check This Morning

I wish I knew 1/2 of what you know!! And you are a really nice person.

I know most/all agents and/or agency owners are very wary of "investors". So many really are seminar or webinar investors that do nothing but waste agents time. Dumb offers, no money/buyers asking for everything and giving back nothing. Then these wanabees quit, never to be seen again.

It makes it harder for the real deal like yourself! But you have done such a great job!!! Even where so many say it can't be done.

You set such a great example of determination and persistence! Never quit, use the failures as a great learning opportunity. One step closer to success everyone.

Michael

Good luck and thanks! However Colorado has very low inventory and high demand also.

Michael

This is so good to hear Michael. Congrats on your success.

Thanks for sharing!

Thank You!

Michael

You are welcome.

Michael

great deal, Michael! thanks for the encouragement

you are such an inspiration to everyone on this site! You just keep on rockin' it!!

Thank you for sharing!
Val

Keep up the good work Michael! its always a great feeling when you get the check after you put in the work. Congrats!

Thanks you newlyweds!

Michael

Thanks, Hope we inspire many!

Michael

Thanks guys, more to come!

Michael

AWESOME !!!!! WOW great work Michael n Deb !!!!!!

Hope all is well! Are you into the new house yet?

Michael

You truly are an inspiration Michael!
25 to 1 works!!

Thanks for sharing and encouraging others to GO FOR IT!!

John and Julie Wakefield

Seriously thanks for not being seceretive about things you do, especially to someone like me who's in the same backyard! I've been threw a ton of Downs the past 3 years and its nice to know I can truly HANG ON TO REAL ESTATE WITH MY LAST BREATH over everything.

Thanks Mike.

Michael, would you mind if I asked how you determined your price?

I was told 70% minus repairs. 525 x .7 - 100 = 267,500

If assuming 10% costs for the cash buyer to buy and sell minus 100k in repairs I only see a 50K profit to be made after the large cash out lay to purchase, fix and resell.

Can you help me with the numbers on this one?

70% does not work in a market like Denver. Maybe if you find an unlisted motivated seller. In this hot market that is getting harder to do. Here we are more like 80% to 85%. Margins are smaller. I would have never gotten this deal at $267,500! I hear Florida is also becoming a highest and best, multiple offer situation market. You are going to have to come up on your offers or get nothing.
Find what REOs are selling for, that is the bottom of the market. Then offer a little below that. Not some bottom market percentage minus repair formula. When the market drops and bottoms out again, then you can use that 70% formula again.

Hope that helps,
Michael

Bring me that deal and I will buy it! Hope all is well, call me anytime.

Michael

I have been watching you and reading about you for a while now and I'm very impressed with your abilities and consistancy. you are closing some large netting deals.

I love this site where i can read about others success, it just motivates me to do more and make changes so I can get more offers and which means get more accepted deals.

Thank your for your inspirations. Hopefully we will meet at one of deans events.

mikessler

We just have to do as Dean teaches! If you want to make money you must make offers. If you want to make more money you must make more offers! It works.

Hopefully I will be at the EDGE in 2014, so maybe we will meet there. If you are ever in the Denver area just let me know.

Thanks again,
Michael

Nice Job Mike I am sp impressed . Way to go!! I am still working to accomplished what you are doing. ROCK ON

You seem to be doing pretty good yourself!!

Thanks,
Michael

I'm a newbie to doing deals using an LLC, so when you say "I make offers in an LLC" you're saying that when you put a property under contract, you're using your LLC name and not your government name, correct or no?

When you assign the contract, you "keep" your LLC, what does that mean?

How do you sell your LLC? Are you in charge of doing the paperwork for selling your LLC, or is the buyer in charge of that? Is there any extra paperwork needed to be done at the courthouse or anywhere specifically to prevent IRS/Tax issues when filing taxes for that LLC, since you sold it.

v/r
Jose

First off I will say that you should contact an attorney that specializes in Real Estate. Not a generic attorney that does many things. Learn how the process is done legally in your state. I am not an attorney.

With that said. I make all my offers in an LLC. Such as - BUYER: My Own LLC.
If the contract is assignable I simply assign the contract. That means my buyer takes over the contract and my LLC is no longer the buyer. The new buyer becomes the buyer. Therefore I do not need to transfer my LLC. Now if the contract is not assignable I then transfer the LLC to my buyer.

I have all the LLC transfer documents that are supplied to the title company just before closing. Again, get with an attorney to get the docs drawn up. An operating agreement, a statement of authority, Transfer for fee disclosure etc. etc.

You will pay taxes on the money you made. Get with your CPA/accountant.

Good Luck,
Michael

I love seeing every new deal that you guys do!

Thanks for sharing!

Karen

Thanks for the feedback.

I was just wondering because I didn't want to lose the name of my LLC since I'm trying to make it stick to people's heads and make it reputable but it'll all be pointless, if I have to sell it to an end buyer (if this is the case, and it's possible to do per local real estate attorney). I'm guessing you have an LLC for that property under your actual main LLC?

v/r
Jose

great job !!

Thanks, its all fun!

Michael

We never sell our main business LLC! We just create sole purpose LLCs just for wholesaling the property in.

Michael