Contract Assignment = $11,000 in 4 hours!!

sweet! really looking forward to when i get these types of deals. Can you explain in more detail on how you found this deal? i know you said by door knocking and foreclosures. Did you build your buyers list from bandit signs?

WELL DONE!!!

Congrats Michael! Awesome stuff! Keeping it cranken!

You are DEFINITELY MAKEN it happen!

Jen

To try and make this more realistic to everyone. You have made half of my yearly earnings ( being 11,000 on this deal) that i work 6 months for 40-50 hours a week in 4 hours. I make 20-25k a year at my full time job.

We get the Notice of default(les pendens) from the counties we work. We then determine with ones have equity and go after those. About 25 out of 400 a week.
I have gotten a couple of buyers that called my WE BUY HOUSES signs.
I do not market for owner/occupant buyers. I list my properties on the MLS when I sell. I market for my tenant/buyers for lease/options on craigs list. My buyers list is made up of rehabbers and landlord cash buyers. I found most of these guys by getting actual wholesale deals under contract and offering them for sale. I also have several squeeze page type websites that I use to build my buyers list. I have gotten several real cash buyers that way. Got a few from going to auctions and REI meetings also. Networking is key!!

Michael Mangham
MD Home Acquisitions LLC

true. thanks for the tips

Thanks!

Jen, I need to take lessons from you!!

Failed to mention on this deal. NO AGENT INVOLVED. Property was of course unlisted. This is the best kind of deal to assign!

Michael Mangham
MD Home Acquisitions LLC

You are a superstar. Good job.

Steve.

Awesome job!! This is bringing me encouragement. I am still working on my 1, 2, 3, and possibly 4th deal at the same time. i can't wait to be able to make an offer on them after all research and due diligence is done!

Anissa S.
On the Path!

What an awesome deal and thanks for sharing!!

I try to follow your posts religiously and find your no-nonsense/practical approach enlightening, motivating, and definitely realistic. You tell us what works for you, and believe me; I’m listening.

Besides Jen (she’s my home girl, you know); you’re my next favorite “DG Hero” and I aspire to be (and will) on the road to success as you both are, VERY soon!

I have faith that you’ll meet your goal of 40 while still reaping the rewards of the extra profits (pretty darn cool)…no doubt!

Keep ‘em comin’!!!

Thanks guys!

John, I think Jen is going to be the Matt of Alabama!

A couple of things I forgot to mention on this deal.

Zero, none, nothing out of pocket. No money deal. Not 1 cent.

Thanks Dean and the Success Academy. This is right out of the book. Could not have done it without the education Dean has provided. HE IS THE REAL DEAL!

Michael Mangham
MD Home Acquisitions LLC

Great deal, I like how you just ask the owner what that wanted. Simple.

I just have a question. Where or how do you know that a property has equity???

I hope you know how inspiring you are to us newbies!

I now know without a doubt, Dean is the REAL THING!

Wonderful for you. Wishing you loads of future success.

Linda

I am still new at this but I am starting to dip my toe in the water. Working full time slows me down a little but I keep plugging along. I am looking forward to using all the different techniques all my fellow DG members find successful. You guys inspire me!

How did you get the listing sent directly to you.

I'm curious because I have went to the court house in my town for probate and they will give you as many folders as you can carry to the table.

I was wondering if it was a specific place at the court house. Or some other form if info your using.

Thanks Frank,

Michael,

How can you tell which ones have equity prior to speaking to the owner?

Thanks,

Mark

You just keep amazin' us with Deal after Deal! Thank you for sharing the details of your success with us!
Just a couple of weeks ago you were saying that there was nothing out there-what a way to find the deals and make them happen!
Just awesome!

Valerie

First we go to the public trustee website at the county we are working. We then print out all the notices of default for the week. We do this every Wednesday. Some counties don't have a website so you must go to the courthose itself. We are lucky, all the counties we work have the info on their website.
We then compare lien amount, judgment amount or minimum bid amount to the market value of the property. If the lender is owed 30% less than the market value we pursue that lead.
Now this is usually only the first, it does not reflect a 2nd, 3rd, other judgments etc. This is what we call our "first cut" A lot of the ones that show equity really don't have any. Out of the 25 of so leads we get that show 30% equity each week about 1/2 of those turn out to be short sale leads for our short sale team. Out of the remaining 15 or so 10 of those guys are already listed with an agent, are working on a loan mod, another investor beat us to it or they just don't want our help. A couple have cured the foreclosure. We talk and try to put a deal together with maybe 2 a week. We start out with 400 NODs every week from 4 counties. We actually close on about 16 a year from this strategy. Short sales and assignments combined.
The whole process, getting the lists off the county websites, determining which ones show equity, calling, mailing and then door knocking takes up 2 eight hour days per week.

Michael Mangham
MD Home Acquisitions LLC

Congrat's Michael!

Love your short sale process. Need to step up my game.

Rodney

I sure do need to get inside your head. Great work man. I know that had to feel real good. Did you pop the cork? I certainly hope so. A night out on the town with the wife to wine and dine on steak and lobster dressed to the nines and in candlelight with the love of your life. Thats what I would do and savor the moment that got me there. Keep it up. When I get a little time I need to sit down and go thru all your posts and read up on door knocking.

Way to go Michael!!!!keep 'em cranking-thanks for sharing

how many is that this year...26??

CONGRATS - go get some more, plenty of them out there

FOLLOW Michael Mangham, he is a SUPERSTAR in REI. He gets these deals and makes the bucks because he's out there WORKING for it and he know what he's doing.

Hey michaelmangham I wanted to ask you how did you get your pre foreclosure leads? And what did do you say when you went and knock on the door, and there's someone living in it?
Thnk you

Reynold, all the info is already posted above. If there is not some living in it we don't say anything! PM me if you want our script. Also be prepared to explain how I will benefit from giving you the information that has taken us several years of trial and error to come up with what works.

Mike, thanks a lot! It means a lot to me coming from you! Only 21 so far, got 19 to go in three months. That is going to be tough! The bright point is I HAVE doubled my net profit over last year.

Michael Mangham
MD Home Acquisitions LLC

thank you so much for sharing all of that.

I called the town court house and they told me to pick up the paper this wed. to see notice of defaults. Does that sound right?

Talk about organized perseverance. I'm going to have to follow your lead. Thanks for the inspiration and congratulations on that deal.

Joe

Got 18 door knocks mapped out and ready for this week end. We will hit 9 on Saturday and 9 on Sunday. It is amazing the people you meet and the stories you hear.

Michael Mangham
MD Home Acquisitions LLC

You are def on a roll. I am so glad to see that you are doing well for yourself. I read your posts all the time and you have much to offer our newer students. My sincere hope for your success in 2011 and 2012 and beyond...Jan

Same to you and thanks!!

Michael Mangham
MD Home Acquisitions LLC

Congratulations, i have not done any deals yet... but reading all this comments i think i can do it, thank you again...