OfflineThe market is tight, inventory is down, margins are slim BUT we have closed 4 deals so far in December and hope to slide in 2 or 3 more before 2015!
Something very interesting and a trend we have been seeing for about the past 18 months. AGENTS have been bringing their cash buyer owner/occupants to look at our properties, then adding their commission to our buy price and closing!!
READ THIS CAREFULLY. With properties being sold at such a high price that conventional formulas do not work for investor type buyers we are wholesaling decent move in ready houses to cash paying owner occupants. We have shifted with the market!!
Of course we still wholesale ugly distressed properties to our fix/flip investors but we are having much more success doing what I mentioned above.
The key of course is a CASH paying owner/occupant buyer. Who has those? AGENTS do!!You will be surprised when you find out how many regular homeowners pay cash.
Happy Holidays,
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
Happy Prosperous New Year to you and yours! 2015 is going to be an awesome year for all of Dean's ACTION TAKER students!!
Hope all is well and hope to see you soon,
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
I do what Mike does. I let them(agents) add whatever they need to my price. They are bringing the buyer so I let them decide the amount of commission they make. It will show on the HUD of course.
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
Of course this is happening in the Denver market. There are still many areas that have a lot of distressed inventory (sellers)
That is what is so awesome about this business. Once we develop the proper skills and systems we can do it nationwide.
Michael
Thers IS TOO many of them and LACK of deals... OR they may be catching on
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Simple market realities. No inventory/high demand.
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
Yes, it's a brilliant set-up and most often an easy sale too!
It works for us!
Happy New Year,
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
1st property of the year under contract today, Jan 5th 2013!! It is a move in ready property (something I would not have offered on 2 years ago!) I am sending it out to my agents to bring me their cash paying owner/occupant buyers.
Fee $10,000.
2 more coming today or early tomorrow off my Craigs list marketing. These will go out to my landlord buyers.
Fee $7500 each.
2 closings set for this week. One tomorrow, one Friday. Left overs from December that I did not get done before the end of 2014.
Fees total $5750.
2015 is off to a great start!
Thank you Dean!
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
How long do you have your contracts normally set to close on a Cash deal for owner occupant?
And what type have they been mostly, Bank Reo's or Fannie/Freddie..?
If the bank requested POF from liquid funds how did you produce it by using your own or the buyers?
Thank YOU for sharing!
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
I'll answer your questions in the order you asked.
30 days
Individuals and Estate sales off the MLS and unlisted sellers. No REOs or Fannie/Freddie. The contracts are made assignable and have no seasoning issues that way.
I provide my own POF when I make the offer to the type sellers listed above. No hassling with the banks with this strategy.
Hope that 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
Hey Michael,
Just came across this, and love it. Have you had to back out on any of these due to not having a buyer by the time your due diligence time was up? How long of a DD are you asking for?
Hope all is well, see you in May! Missed last year due to having our 4 year old grandson living with us, looking forward to The Edge this year!!
SEMPER FI
GET SOME!
Thank you Michael this really helps!
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
Hope all is well with you and Michelle. Tell her I said Hi!
We ask for a 14 day inspection and a 30 day close. So far we have not had to give one back when we are using this exit strategy.
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
You are welcome, 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
That's lovely!!! Happy New Year!