Quick $10,000 assignment!!

Way to go Michael! Your the man!! Ive been on here for 6 or 7 months and have read almost all of your posts, along with many other peoples. BUT, yours excite me the most! You are definately the doer. Ill be there soon too, and hopefully will be PMing you plenty for some good to the point stuff!! Keep em comin; Ill be readin.....

Michael Great work you keep that pace going and you might even pass the Matt.

Ross, glad my posts are enjoyable for you. I hope the stuff I post will help people in the real world. I think it's important to give back!

Jim, I don't think I will ever pass Matt! I am going to try and avoid buying and holding SFHs and keep doing what I do while moving into multi family commercial deals. Just one or two ought to do it. I don't think I will ever stop wholesaling! Rehabbing is fun too and its a decent little paycheck when done properly. How is auction world where you are? Here people bid trash up to near retail.

Michael Mangham
MD Home Acquisitions llc

Michael They did that to one I wanted last week they bid it up 40k over what it should have went for. I started my rehab today.

Great job & nice post!... good information.

John Petersen

Indeed. Good job. Never give up. Keep em coming

You always have something exciting going on!

are all going to move to Denver!! LOL

Nice move again. You have it down to a science....Jan

Michael,
You are showing everyone here that deals can be done over and over.
Its not that hard IF they follow the path/road thats been laid out for them by Dean.

Good Job,

Michael,
Congratulations on your success! I'd also like to thank you. I have been reading your posts and you are very inspiring to those of who are just starting out and feeling scared about this whole process. I really appreciate the specific details you give in your posts - they give me information that will be so helpful when I am ready to do my first deal! Thanks again.

My "mentor" does it again! Great deal, Obi-Wan!!

good job...congrats.

I better do something now that I have not done! I must give my wife a lot of credit for her part in our business! She handles all the pre foreclosure calls and mailers. She does the mailings to expired listings, buyers, asset managers and absentee owners. She organizes our leads, does follow up and turns them over to me when it is time for me to hand them over to our door knocking team. She does around 100 calls and mailings a week. She is great on the telephone and has no fear! She makes my appointments with homeowners.
She also does the writing on all of our bandit signs(my writing is terrible!) 25 to 35 a week.
We work great together as a team and I know I have not given her the credit she deserves! I thought I would do this BEFORE she notices(then I would be in TROUBLE!!)

Thanks again James, Sac-town, Greg, Karen, Bill, Jan, Mike, Denise and Jon!!

Michael Mangham
MD home Acquisitions LLC

Michael, I have to tell you that you inspire me. Your post was just the kind that I needed and I am so in need of getting an assignment like that of my own. I am happy for you.

Hi Michael,

Congratulations and thank you for sharing it with us! Very inspiring! And thanks for reminding us that it takes talking to more than 3 people to find the deals! I love that you share the details!

To all of our continued successes!!
Warm regards,
Angie

Michael,

YOU should know better by now---ALWAYS Thank and PAY your ppl well.(esp WIFE)

BTW... I've done assigments with 3-4 hrs involved and usually profit the 10k, so when you compute the numbers, you're earning $2500-3333 an HOUR. NOT bad wages. Most REInvestors make more than REAgents. How much TIME did you have on this one or average?? (everyone wants to know)

IF you or anyone else can find ME a J.O.B.(just over broke)that will pay me THAT wage, let me know,until then, I'll keep on ENJOYING what I do.

I LOVE what I do!!!!!! HELP People.

REI is the GREATEST Business in the world!!!

As always, Thank You for SHARING-'cause WE know you're NOT bragging-just showing and encouraging the others to just DO IT!!

NOW-PAY the WIFE...again...I know I'm married too.

Michael,

I love readying your posts! Thanks for giving your wife credit, she seems to work very hard as well. Keep them closing!

Lori

Great deal Mike & wife ! THanks for posting the details for us all. Again, it goes to show how some hard work and effort can pay off - AND I'm figuring you used none of your own money to do it? You are super lucky to have each other as such a dynamic team to work together!!! I see big things coming for you guys - keep on making those deals!
PS - You shared how you find all your sellers - but how about your cash buyers list? What strategies do you use for that?

Mike, I failed to mention the wife gives me my allowance! I have to ask permission to buy lunch! Just kidding, it's truly a family business.
As far as time on this one, I will have about 4.0 hours into it, this includes going to closing!

Lori, Thanks and I hope I can help you get going!

Laura, Thanks for the kind words, glad to hear you enjoyed the book I recommended!
You are right, well, almost no money. I put down $100 earnest money with the seller. The next day I got $1500 from my buyer, so I had $100 out there for less than 24 hours.
As far as buyers, I did all the things that Dean teaches! I got some real live cash buyers from craigs list ads. I went to every REI club meeting I could find and joined a couple of clubs. I attend them all the time, I run ads in craigs list and renew them twice a week. I have met fellow investors at properties I was looking at. Went to county trustee auctions. I go to any real estate activity that I hear of. Word of mouth and referrals are now happening! I have buyers hooking me up with other buyers! I actually have a waiting list of buyers waiting to purchase one of my deals.
I have never stopped building my buyers list. Tonight I am going to a meeting put on by a local hard money lender. I will speak very briefly on the deals I have and how to contact me. I will promote our full service wholesale program where we can provide contractors, realtors, title company and of course the hard money that these guys have available to fund my deals! Start to finish wholesale deals if needed.

Hope this and all my posts helps some one TAKE ACTION.

Michael Mangham
MD Home Acquisitions LLc

Well done Michael as always. Congrats.

Sandra

Your posts are always an inspiration to all of us. I have been a member of DG.com for 2 years now and although I've done a lot of "behind-the-scenes" stuff with setting up my business, I have not done a deal yet. I started a postcard mailing campaign but I didn't get any responses. I'm going to start making some bandit signs this weekend and start getting them put out along with some flyers I've already printed.
I do have some really important questions that I would like for you or any of the other successful students to answer.

What is a typical day in life of a full-time investor consist of?
Where do you start each day looking for deals at?
What do you do on a consistent basis for finding and building your buyers list if you don't have any deals to show them?

I want and need to be successful with real estate and I'm at the point where I have learned all I can learn from books, webinars, etc. and now I have to start putting some deals together. I don't have any good real estate clubs around here for me to network with and I don't know any investors who could mentor me. I've done everything on my own up to this point and now I feel like I'm just spinning my wheels and not moving forward. Any advice would be greatly appreciated.

Rick

The day for me starts the night before when I fill in the spots on my day planner that are not full yet! I plan for the next day in advance! So I don.'t have a set schedule however I do prioritize the things that will make money. Looking at properties and making offers comes first!
I look for deals everywhere. The night before I put in lockbox requests for the REOs I want to see. I organize pre foreclosure leads for the wife to call. If i have any homeowner appointments I take care of them first, then see the REOs. Come back to the office and make offers. Then I do bandit signs, researsh the next days properties, go to REI meetings, touch base with buyers etc.
I do all the things on this website that coaches recommend to build buyers list.
The number one thing you must learn is to evaluate properties and find REAL deals and learn how to present the deal.

Michael Mangham
MD Home Acquisitions LLC

AWESOME deal you guys !!!! 10,000 assignment sweeeeeeeeeeet.congratulations on working as a husband wife team !!!! you two are considered a mastermind !!
keep up the amazing work and cant wait to hear more of your deals.
jay

Somehow when I know the details of how a successful DG member do things and when they do it or in what order, it gives me a sense of security and encouragement to take action.

One thing that I would like to ask is about what contingencies are you guys using to be able to lock up REO and short-sales. I have notice that banks do not like assignments and they won't give you a lot of time to find your end buyer, also the transactional funding companies that I have talk to want both contracts (me buying from the bank and me selling the property) to be able to open escrow, but the contracts that the bank wants to use forces me to open escrow right away put the deposit and that doesn't give me time to show the deal to my buyers.

How are you guys doing this???

Thank you again...

How do you qualify your cash buyers? I have abuyers list with some buyers that say they are cash buyers and some are financing buyers. How do I qualify them to see if they are real or not?

Thanks for the time to answer my question.

Elix has the right idea when he requests their corporate docs and a bank statement. I don't do that, but I should. What I do is talk to them and see where they are at. I ask them point blank if they will be using their cash or someone else's. Finally, if the say they want to buy one of my deals, I tell them that the $2500 earnest money check is non refundable. If they have cash and want the deal this is no problem. If they have nothing and just want to lock up my property while they search for a buyer, this stops them dead in their tracks. I don't mind if they bring in a buyer, they just have to have them in place in advance.

Juandavid,

Yes we do this, you do have to have the buyers money in escrow, usually 24 hours in advance. The funder needs your contract for the b to c closing and the contact(closing agent) at the title company and the HUD and deed packet from your a to b closing. We closed on one of these Thursday the 14th.
We provide POF and a copy of the earnest money check with every offer, we use the inspection period as our only contingency. We ask for 10 days from mec.
It can be done, but you need real cash buyers and a real wholesale deal to present them with. Once you do it you will see the process is not hard, its having the deal and the buyer that is!

Hope this helps!

Michael Mangham
MD Home Acquisitions LLC

Thank you for your prompt resonse.

I realy want to do one of this, I am currently truying to buy an appartment for me an dmy wife to live and fix up in the mean while and then sell or rent. But I want to do wholesale deals and I just have one more question.

*When you put an offer to the bank do you use your oewn contract or you use the purchase agreement they post on their MLS listings. I have seen that they prefill everything including ernest money, days for inspection etc...

than you,

Juan D Cruz
HTTP://WWW.CRUZINVESTMENTS.COM

The realtor will supply the contract, just tell the realtor you want 10 day inspection period. If you want an accepted contract, you will give a copy of the earnest money check for the earnest money amount they request. Remember, they do not need the check until after your offer is accepted and both sides have signed the contract. Then you will have 24 to 48 hours to supply a real earnest money check.

Michael Mangham
MD Home Acquisitions LLC

Wow, Mr. Mangham!! You make it seem so easy. I am very happy and excited for you and Mrs. Mangham. My daughter and I are getting so close to "jumping into the pool", we can "taste it"! And to know you are profitting from real estate, right here in our town, is just the inspiration we need.

Thank you for sharing your tips, tricks and techniques. They are very interesting, exciting and helpful.

Congratulations.