$12,000 fee on contract assignment!

This deal came as a result of the 25/1 offering strategy. It worked AGAIN!!

Thanks Dean!!

Michael

That's awesome Mike. Keep those deals & stories coming.

I have a lease/option property that the tenant/buyer is exercising their option and closing April 15th. Wait till you see the numbers on that deal. I'll post after closing.

Michael

Is that the LLC flip strategy?

Yes, I offer in an LLC with NO MENTION of wanting an assignable contract. That seems to be a deal killer around here. If you ask for an assignable contract or put and/or assigns after your name, agents are wise to this and won't except the offer. SO we offer in an LLC and when we have our buyers non refundable earnest money we THEN request an amend to make the contract assignable. We put in the amend that our earnest money will go hard. We have not be turned down once to amend the contract to an assignable one.

Michael

Michael,

I love your strategy of converting to an assignable contract after you have a buyer locked up. I'm sure the extra incentive of making your EM go hard upon acceptance of the amendment is enticing.

As always great job on this deal and excellent tip!

Is your LLC a saleable one incase they don't accept the amendment? Was this an REO?

It was not an REO. We don't have any luck getting an assignable contract on REOs. The LLC is sellable just in case. If they won't sign the amend to change to assignable we can then just sell the LLC. Have not had to do that yet. We are batting 100% so far using this strategy.

Hope all is well,
Michael

Hope to see you at the Edge!

Michael

This strategy works when you use it the way Dean teaches!!

Michael

That's cool Mike I see you racking it up in Denver...I commend you on that...Keeps me inspired...

Another way to do it is to act as buyer, when you have buyers lined up, you can say "My partners and I are interested in such and such...and both of our names will be going on the offer to purchase...here is our proof of funds" Most buyers will give you permission to use their proof of funds and add your name on the contract if the BUYER knows you are a wholesaler...The agent will ask you for all full names going on the contract...Then tell the buyer, you will be backing out at closing, and your non refundable deposit will have to be given to you at that time or upon signing of contract to get you out of the way...Don't tell an agent you are the wholesaler, it will put them off and kill the deal, call you names etc....

That is a good strategy Vonny!
I just prefer to have total control of the deal and then send it out to many, many buyers.

Good Luck!
Michael

thats awesome, inspiring I would like to do that too, w/i have in my contracts are that emd w/be turned in 72hrs after acceptance of contract & I have assignability in it too & I have that in there because I am trying to wholesale deals in the 3 days i have to turn in the emd.

What I am thinking is that i could take off assignability & find the buyer in the 3 days or 2 days & once i do have the buyer ask them for assignability & tell them emd w/go hard as soon as I pay it(but the buyer really will)

but my question is will my buyers really want to do that? not having any more of an inspection period either? meaning they wont be able to get their emd back?

Thanks for sharing your strategy, I will be using this when I submit offers and get a property under contract. Mike your rocking the real estate world.

The key is to have experienced buyers that have their teams in place. Pros can do an inspection and come to a buying decision in less than 24 hours. With inventory low and demand high REAL buyers know to act quickly.

See you
at the EDGE!
MIchael

Thanks! We just keep doing what Dean Teaches.

Michael

Hi Michael nother deal completed and your off to the next thanks for sharing your doing well there, much success, Jim

We just keep making offers and building our buyers list. For us, everything else is just 'busy work'.

Hope all is well,
Michael

Staying busy keeps you focused and in the game I love your strategy mike

You are living proof that Dean's 25-1 strategy works! Thanks for inspiring me and everyone else on here!!

Another great deal. I love what you said about not getting a deal if you don't go for it. You are absolutely right. If you don't try you sure won't get anything. You have to make those offers to see what can happen.

Great job!

Michael and Deborah, it was amazing to meet you. you did a fantastic job at the edge. I know a lot of people talked about your abilities to create deals and do so well in a tougher market it gave a lot of people hope that they can create a lot of deals in their markets.

I still love reading your posts, it gives me the excitement to make more offers and put more deals together. thank you for inspiring so many.

Mikessler

It was great meeting you at The Edge. I hope that my message concerning competitive markets helped people out for sure.

Keep an eye out for my upcoming deals done in May post.

Michael