Two More This Week!

Why would you send earnest money with your offer up front What happens if your offer is not accepted.

Can you use the assignment strategy on REO's or will the banks not take the and or assigns,

Also I have a cash buyer and an agent but I have no money What strategy could I use to make some deals happen.

I know what my buyer's are looking for I have an agent sending me leads I need to know what to do next What would you do? how would you make an offer on these properties Knowing that you had to assign them because you dont have the money.
I am sorry for all the questions I just feel like I am right there i have gotten this far and now I am stuck.
I just dont know how to properly make an offer as far as what to say when sending in a low ball offer.
If you could shed some light on this for me that would be great Thanks.

I supply POF and Earnest money with my offers because when they see that they know I am a serious player and my offer has a much better chance of being considered. They know it isn't loaded with a bunch of weasel contingencies.
My earnest money check is not cashed unless the offer is accepted. I use a standard inspection period ( 3 to 10 days) as my only contingency.

On REOs I use a double close strategy using transactional funds. 99% of banks will not allow an assignment on REOs.

I would concentrate on finding distressed property owners and put them under contract and assign that contract to your buyer. No agent involved. The hardest part of this business is finding and putting a property under contract that is actually a real deal! Don't rely 100% on an agent to find your deals. You say you have buyers? What kind are they? Rehabbers, landlords? What kind of properties are you looking at?

Michael Mangham
MD Home Acquisitions LLC

Hi Michael,

I just sent you a pm. I am in a similar situation to Roads where I just need some light shed on how to put in offers. I am very interested in your system and want to learn so bad!

Please, any help would be greatly appreciated!

Greg Rowe
Elk Grove, CA

Got your PM. I hope what I sent you makes sense! No system will work unless you know the basics and have a real buyers list! Take the time to learn what you are talking about!

Hope to work together in the future!

Michael Mangham
MD Home Acquisitions LLC

Michael,

How much Earnet money do you offer to bank ? I was told it should be quiet a money to be considered as a serious offer.

KS

Michael,What are weasel contingencies? Could you clarify please

Weasel contingencies as they are lovingly called by realtors, listing agents, brokers, lenders are things like "subject to my partners approval", "subject to
financing" and many others! The lender thinks this guys partner could be his cat for all we know, wouldn't it just take one phone call to his partner to get the OK? Subject to financing is a given right?
Dealing with a homeowner is one thing but putting any silly contingencies on an offer on a REO is instant rejection in most cases.

We offer what the agent asks for as far as earnest unless it is totally unreasonable. It does not have to be any more that they ask to be considered a serious as long as you have good POFs!

Michael Mangham
MD Home Acquisitions LLC

Many DGers have responded to my offer to set them up with the system I use. So far no one has been ready to actually implement my system. I hope I motivated them to get going! What you need to know is the stuff you must know and have to make money in the RE wholesaling business.

1. Have a buyers list of active cash buyers. rehabbers, fix/flippers and landlords. Cash or hard money deals only.

2. Know how to accurately determine what a quick sell price is on the property you are looking at. What it will SELL for in today's market on the street or block you are looking at. We look for the ugly house in the nice area.

3. Know how to accurately determine rehab/remodel costs.

Number 2 and 3 allow you to know how much to offer based on facts.
Number 1 allows you to wholesale your actual deals quickly.

As soon as you have 1, 2 and 3 my system rocks!! Read all of Dean's books if you have not, all the ideas and ways to get a buyers list going are right in the pages of his books! Take action! His books have the info on rehab estimates and determining ARV!! READ, STUDY, then lets make some money!!

Going National!!
Michael Mangham
MD Home Acquisitions LLC

Thanks for the reply Michael.

Congratulations on your success, you are doing so great. I appreciate your wisdom.

Looking forward to working with you soon.

Greg Rowe
Elk Grove, CA