OfflineJust did a really sweet contract assignment today and had to post!
Here are the details:
A homeowner called on a bandit sign placed in his neighborhood. He had a house completely free and clear that was in such bad shape he could not sell. I looked at it and it was a solid little brick 4/2 tudor/ranch in a hot area on a nice street. The inside is a complete gut. Kitchen, bathrooms, flooring, paint,windows, wall and ceiling repair, totally ugly through out !!
The area comps at $300,000. I got it under contract for $100,000. I called a CASH buyer/rehabber that I have sold 2 houses to already, she knows and works this area. She came over right after I signed the contract with my seller and he left. She signed the assignment contract for $120,000 after 45 minutes of looking around and numbers running. We both agreed that the rehab will be $90,000. She will have $210,000 into it, and net of $60,000! She is happy and could not care less that I made $20,000. Nor did she consider waiting me out to get it cheaper because she knows it would just go to another one of my buyers.
The assignment fee was $20,000. We will close in 7 to 10 days!
THANKS TO DEAN AND THE ACADEMY!! I would not be doing what I am doing if I had not seen Dean's infomercial and ordered his books! Studied and applied whats in there!! Its ALL there! This is deal 7 for 2011!!!!!
Michael Mangham
MD Home Acquisitions LLC
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
What can I say to that. Beautiful. Don't you love it when a plan just comes together. Truly a great deal...Jan
Michael that is really great, you won't have any trouble getting to twenty this year. Maybe by June. GOOD JOB.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I wish there were more success stories out there like this. That's so awesome! Keep up the good work, Michael.
The numbers sure do not lie. More success to you.
God Bless
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
James,
The goal is 40 this year!! Waiting for the young guns to supply me with a couple of deals. They are trying and learning fast! The pressure is on!
Looking for deals in Denver and the surrounding areas. Anybody have anything let me know! We could make some $$$$ together.
Thanks Jan! Wish I could do a couple of those every month! The IRS would love me!!
Michael Mangham
MD Home Acquisitions LLC
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
Michael that is why I said by June.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Thank you Sandra!
I love your quotes and verses! I like Jeremiah 29:11
May the lord bless you in all you do!!
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
what a nice pay day $10k an hour not bad at all thank you for your post we learn from you mike
Michael, now that's what it's all about!
what a fantastic deal. It's nice to hit a home run once in a while, isn't it?
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Thanks for sharing with us!!! definitely a motivation for all of us!!!
So... 33 to go??
Will be looking out to read about them... so excited for you!
valerie
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/...
What an AWESOME SWEEEET DEAL and one heck of a a great motivator for us new investors!!
Thanks so much for sharing and showing us once again that it CAN be done (not that we ever doubted it)!
Great job.
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
Thanks Guys! You know I said it took me 3 hours but that does not account for the signs placed, fliers handed out, cards, mailers, phone calls, door knocks that did not produce a red cent, you guys know what I mean.
Thanks again everyone, 33 to go is right!
Michael Mangham
MD Home Acquisitions LLC
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
Michael you said it right a lot of people especially the new ones don't realize all the things behind the scenes that have to be done to make those deals start happening. They only see the glory and $$$$$$$$$$$$$
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
is the harder we work, the smarter we look. There is always a lot of basic work that goes into every deal. Marketing, advertising and other administrative stuff. However, when we do it constantly and have a plan, it looks easy. Great job again Michael....I truly mean that.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Great job michael... That was easy 20k in the bank..
I hope the new guys see its possible, But it takes real work and getting out of your comfort zone, taking action and learning as you go. Common sense and never stop learning, EVER! No pain, no gain!
Michael Mangham
MD Home acquisitions LLC
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
sharing Michael. It's nice to see the real deals and how they were done.
"Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude."
Shaun Omar
DSD Investor Group Inc
www.dsdinvestorgroup.net
www.decoscapesinc.com
http://h1.flashvortex.com/display.php?id=2_1315708016_24517_144_21583_70...
If you put your mind to it, anything is possible.
Michael, what are you door knocking for?
Michael Mangham
MD Home acquisitions LLC
Amazing Michael:) That is super amazing:) Congratz!
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
www.virtue-investments.com
I (my team) am door knocking pre foreclosure leads. Finding unlisted short sale leads and pre foreclosures with equity. You know, talking face to face with homeowners in distress. WAY more effective than mailers, bandit signs, websites, social media etc etc.
Michael Mangham
MD Home Acquisitions LLC
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
Great job. We are very happy for you. You have done a great job over the last year or so. Keep up the good work. Thanks for all of your posts.
Steve and Veronica
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
Wow that is great, and yes very motivating. I also understand the comments about the behind the scenes work. There is so much that goes into the preparation to doing a deal. That's the phase I'm still in now. I just finished setting up my 800# and mailing out my post cards. Dare I say that it has taken me 3 months to get this far. (Along with making business cards, web sites, bandit signs and email accounts. And going over contracts, researching the areas I want to focus on, and finding buyers.) Whew, I can't wait for this all to pay off because right about now my husband thinks I'm crazy.
Thank you for reassuring me it's all possible!
-Allison
Life is full of choices, and these choices become your reality... YOU are in control of your future! YOU decide the direction your life will take. YOU have to make things happen, no one will do it for you!
When opportunity knocks, will you answer?
NO I HAVE TO be like Mike! LOL! You're the man with the plan. And if I haven't already told you........CONGRATS on the deal that 90k rehab is gonna be a big one but I know you've had your fair share of em so I bet it was great to get a break from all the REO's blah blah blah and just do a straight out assignment to your buyer!
Thanks for ALL of the info.......greatly and deeply appreciated!
You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do things you think you cannot do. Tough times never last, but tough people do.
See Where The Journey Never Ends At: http://www.deangraziosi.com/real-estate-forums/investing-journals/69250/...
Chase Brooks
www.brooks-investments.com
Hey Michael,
Thanks for sharing. Stories like yours are a big motivator to me. I just started in my RE journey and to be honest, I'm shaking in my boots. But reading stories like yours are very reassuring and help give me that extra boost of confidence I need!
Keep em coming!
Christa
♥ Christa
You are AWESOME! Such an inspiration!
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
You should read the thread I started Change Negative in to support,better yet have your husband read it.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Great Job Michael!! WOOT WOOT! You are just KICKING it! That's what REI dreams and realities are made of! Now, I wonder if your door knocking would work here in LA, I think I'd be afraid of getting shot... Instead of road rage... home rage! Tried it once and got scared half to death by the reaction of the homeowner!
Michael
congratulations on a job well done and thanks for all
the info and advise that you provide
Regards
Tom
Great to see someone out there getting it done, I am looking forward to a time when i can be posting stuff like that on a regular basis!
Michael Starzec
PA
Behold NOW is the accepted time, behold, NOW is the day of salvation