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
Job well Done.....We Are looking for 40 more uh? LOL "Get her Done"
Great Job. Mike!! Great speaking with you!! Thank you for the advice! That motivates me to get started!! Now assignments to me are clear and easy after seeing this post!! Thanks Mike!!! Got some friends that want to do this also!! It could save their financial hide as well as me and my wife's!!
Steve B
The more people I talk to and the more posts I see the more excited I get!! Wait until I tell my wife. We have a way to contact Owners and get Sellers now!!
Steve B
lol Tammy,
yes, I think the doorknocking does take some knowledge and courage!
maybe I'll try that when I have more experience like you Michael.
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/...
Wow! What a great return! Not too sure of many jobs where that is possible in 3 hours... Congrats!!!!!!
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
If you don't mind me asking, in what city was the home located?
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Its just the sort of deal I need right now although I would settle for a 5,000. deal just to get started. I gotta put the pedal to the metal if you know what I mean. If it wasn't so damn cold in Colorado I might consider moving back. However I love this mediterainian climate I am in. Bird dogging is how I am going to have to get started. I am happy for you. Even if you tally up the hours spent on the admin and prep and add 3 hrs its still a whole lot of change per hour. Wonderful! You just keep on keepin on and keep putting your posts up because you are a beacon of hope for me. By the way I have been dubbed the Rocky Mountain Kid. Have a great day !
Michael, That is wonderful. I always get so much knowledge from you , James and Bill. Keep us posted when you close.
Take care
Curtis Fillers
(Charlotte,NC)
Michael, Wow now that's making things happen.
TG
MD
"With God All Things Are Possible Matt. 19:26"
"Give a Man a Dollar he's Rich For The Day, Teach a Man To Make a Dollar
He's Rich For Life" - T. Grant
The home was located in Denver, Co. PM me if you want and I will give you the address, you can check it out on TOTALVIEW if you want.
Tammy, Valerie. We send our door knockers out as a team. Never by themselves. It seems to work best when the husband stands back and lets the wife do the introduction. No one has been shot or stabbed yet! However, a few doors have been slammed!
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
Congratulations Michael!! Seeing you and others do this, takes away all excuses and crutches for everyone else. I really hope you surpass your goal for this year, with time to spare.
DC Terry,Sr.
Thanks so much for sharing the details! And, Congratulations to you!
Deb
I have plenty of cash buyers in Denver, Can't keep my pipeline full of deals is my problem now. Anyone that can supply me with real wholesale deals in the Denver area I will split the net profit at closing with you 50/50! I need 2 for myself by April 2nd. My two rehabs will be closed by then! Have standing requests for 6 properties as we speak from my rehabber/cash buyers!! That is a total of 8 properties I need under contract ASAP!
Let me know!
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
Now go get another one.
Randy
www.adeptpropertiesllc.com
That is a wonderful thing and I am so excited for you!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Michael, that sounds like a REAL challenge, huh?! Wish I lived in your area. I'd be more than glad to try and help supply you some deals.
Like (I think) Jim said; you'll have 20 by summer and on pace to break 40 before the end of 2011 for sure!!
You 'da man!
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
You definitely are a superstar on here at DG, and I for one appreciate your input and comments on here, it keeps us rookies motivated. Way to give back to the community and MUCH continued success!!
KO
(I was not meant for a cookie cutter life!-KO)
www.kenjamproperties.com
Great job Michael,
Thanks for sharing the deal to show just how it can be done.REALITY!!
Only 36 more? OOOpps 33 more
Mike
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Very nice. Quick and easy. In and out. That's great!
To get something you've NEVER HAD
DO something you've NEVER DONE.
That's FIRED UP Michael!! But your success comes as no surprise......BECAUSE you planned for it!
Some may think "oh they got lucky" NO SUCH THING AS LUCK! Made a plan, executed your plan, yielded the results.
Learn / Plan / DO / Reward - THEN repeat! lol
Great job!
Jen
Michael, that's great! Keep up the good work! A real inspiration ! ~BobD
Thanks for sharing it with us... Great job!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
On to the next!
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
To Michael and Whom ever wants to read this,
Congrats on your newest assignment, It gives us new folks(MY FIRST DAY) Encouragement. I hope(Know) one day I will be on the other side of this post and share an assignment like this one, with all you fine people.
Well you have to start somewhere and this place is as good as any, So
WISH ME LUCK!!!!!!
Eagerly a new family member James W.
Michael,
That was an awesome deal. Thanks for filling us in on the specifics.
Ty
Yesterday is history, Tomorrow is a mystery, and Today is a gift...
Ethel Griffin
...So don't throw away a gift, do it today as tomorrow is not promised.
Thanks for sharing your great deal Michael. I have a couple questions about how you constructed it with the seller. You said you got the house under contract for $100,000. So since its under contract, you won't have to pay that $100,000 to the seller until you assign it to your rehabber/cash buyer correct? What contracts did you use to get it under contract and then assign it to your rehabber/cash buyer? I have a rehabber/cash buyer in my area that I am going to contact and see if I can assign deals to them for an assignment fee. I am still getting started so any information you can provide is appreciated. Thanks.
Travis Vinje
"Knowledge is Power!"
I will never pay the seller, the buyer I assigned the contract will pay at closing!
I used an agreement to purchase contract with the seller, then I assigned that contract to my buyer using an assignment of contract contract.
Most rehabbers love contract assignments, they are quick and easy. The hard part is getting the deal under contract that you can assign to a buyer! A deal that is a real deal. If you can't find those and market them properly to your buyer you won't need any contracts!
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
Always good to hear of success! Great job!
~BobD
http://www.reivirtualoffice.com/cmd.php?af=1321909
Actual closing date later than we first thought. Closing will be Monday, March 21 at 9:00 AM. 10 days later than we planned, but no big deal!
The seller has a second house that he currently occupies. He is taking the money from this deal and moving into a retirement community. We will be putting his second house under contract after closing on his 1st property. He owes $35,000 on this one, It needs a $25,000 face lift. The ARV is $175,000. Going to offer $80,000 but will go as high as $90,000. We will see. Can flip it for $97,000 no problem. Another contract assignment. Hope he accepts $80,000!!! Might do this one myself, who knows.
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
It sounds like you're on a roll Mike. Keep up the good work. I double closed on a property last week netting 43k and am assigning one tomorrow for 9.5.
The hard work definitely pays off and there is only more to come! Wish all of you the best and Profitable Investing!
-C