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Closed another deal last Friday March 28th. $15,000 assignment fee!

Posted on: Mon, 03/31/2014 - 14:05
Closed another deal last Friday March 28th. $15,000 assignment fee!

This was an unlisted property from people that I worked with on a deal over 3 years ago. They called me to ask if I could sell it. They did not want to list the property, pay any commissions or closing costs and they needed to sell fast. They have a new place in downtown Denver that they are scheduled to move into April 15.
They said they would be happy if I could sell the place for $140,000. I did some research and the ARV was $225,000 for a remodeled 2/1 and close to $300,000 for a 3/1. This house had a sun room that could be converted easily into a 3rd bedroom. Rehab/remodel costs are $40,000 including the bedroom conversion or $25,000 to just remodel and leave as a 2/1.
So, I emailed them my purchase contract. They signed and sent it back to me. This happened all in the same day that they first called me.
I blasted this house out to my entire buyers list and sold it in about 4 hours for $155,000.
We closed last Friday. My sellers made $32,000 and I collected my fee of $15,000. My buyers are excited to do the property and have it ready to go in prime selling season. Win, win and WIN!
I never saw this property!! AND I learned that the little town that this property is located in is SUPER HOT. It's about 10 miles north of Denver. I increased my searches and marketing in this area needless to say.

On to the next one!!

Thanks for the GREAT education Dean!! What you teach is the REAL DEAL!!

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Mon, 03/31/2014 - 14:22 #1
WOW

What a quick turn around on that deal. Great job Mike. I was curious how the seller made 32k when you sold for 155K? Great job once again Mike. Keep rocking it!


Posted on: Mon, 03/31/2014 - 14:25 #2
Congratulations!

Excellent! Send some of that real estate success my way!


Posted on: Mon, 03/31/2014 - 14:40 #3
Corey

Their loan pay off was $108,000 and some change. So my buyers bought it from me for $140,000 plus my $15,000 fee for a total purchase price of $155,000. The sellers loan was paid off and they got $32,000 back to them at closing. Make sense?

$155,000 Purchase price
- $108,000 Sellers mortgage pay off amount
- 15,000 My fee
= $32,000 Back to seller.

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Mon, 03/31/2014 - 14:49 #4
I got it

Oh ok. So the seller wanted 140K to pay the existing mortgage and put some money back in there pocket. And your fee of 15k. Makes sense now. Thanks for the clarification.


Posted on: Mon, 03/31/2014 - 16:08 #5
Corey

No Problem, hope it helps!

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Mon, 03/31/2014 - 21:02 #6
Dan

We are working on it!

Thanks,
Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Mon, 03/31/2014 - 22:37 #7
Michael i love your posts they help me move

Michael,

I appreciate you posting these deals, you really have put together a dynamite business of wholesaling. I've been following the deals you post and it is just amazing what you are doing.

Thank you for your inspiration and i'm sure all the students that read your posts fell the same way

__________________

I always say Keep Moving Forward! Never Give Up On Your Dreams!

As Matt Larsen says "Feed the Need" - Edge 2013

Follow my daily investing journal and read about the deals I've done and am working on at:

http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...


Posted on: Tue, 04/01/2014 - 03:18 #8
Thanks Coach Mike

Hope to see you at the EDGE!

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Tue, 04/01/2014 - 15:31 #9
Awesome!!!

Mike!
what a great deal!! As you say, this business is a people's business!!!

Congrats again!!!
Val

__________________

Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


Posted on: Tue, 04/01/2014 - 15:57 #10
Hi Valerie

Thanks and see you at the EDGE!

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Tue, 04/01/2014 - 19:56 #11
Very Nice Mike !!

Very Nice Mike !! Way To Go,You Definitely Made This a Win,win,win
For Everybody Smiling Networking Is So Important for Us Just as Dean Teaches Us
And A Good Solid Buyers List , You Guys Are Crushing It Out There Smiling
Thank You For Sharing Mike, You guys are a True Inspiration !
TO OUR SUCCESS,
Darren


Posted on: Tue, 04/01/2014 - 21:24 #12
Darren

Are you driving that Corvette of yours? Coming to the EDGE?

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Wed, 04/02/2014 - 01:07 #13
Micheal

Not Driving it Yet Sad Using my profits from deals, Hoping to close
This deal this week or 1st of next Smiling
Absolutely coming to the Edge! All Booked in & ready to go
Looking forward To Talking with you Guys
Save a Place at The Dinner Table LOL
Darren


Posted on: Wed, 04/02/2014 - 05:22 #14
Awesome deal Michael. You

Awesome deal Michael. You learnt l a lot! I just love this story Smiling
WOOT WOOT!!!

__________________

"Don't tell me I can't, Tell me how I can."


Posted on: Wed, 04/02/2014 - 13:34 #15
Donna

Thanks and see you at the EDGE!

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Posted on: Mon, 04/07/2014 - 18:23 #16
Darren

See you at the EDGE!

Michael

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site