This one came from door knocking pre foreclosure leads that have equity. We could not find the owners phone number on this one so we mailed a post card. Got no response so we went to the property and door knocked. It was rented, we spoke to the tenant and she supplied the owners contact information. We left her a voice mail and mailed her a postcard. A few days later she called and said she just wanted to "quick sell the property". I got my title company together with her, got the payoff with all fees, attorneys fees every thing. I asked what she wanted and she said she would take $2,000 over the payoff amount.
Here are the numbers;
Under contract with seller $124,000
Assigned contract $135,000
My Fee $11,000!!
My buyers numbers are
Buy it $135,000
Remodel $15,000
Below market sale price of $185,000
His selling and holding costs (cash, no money costs) $10,000
Net profit $25,000
60 day turn around or less.
Tenant has 30 days to vacate, they were on month to month lease. We are helping them find a new place.
We close Nov 1st. Simple assignment of contract with buyer I have done several deals with already. Done deal!!
Michael Mangham
MD Home Acquisitions LLC
19 to go to hit 40 in 2012. GULP!! My profit has doubled but not my closings. It ain't over yet!
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
Congrats on your humongous profit. Way to go.
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.
Thanks, just need to do more!!
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,
CONGRATULATIONS! I love hearing these stories, they are truly inspiring for everyone! Don't stop, you need to hit your goal!
Great job
Karen
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
_____________________________________________________________________________
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I liked how you were persistent by sending mail first and when that didn't work you took it further and knocked on the door. I know how awkward that is. And then took that further and found out who to contact.
Good work on your deal!
Say no to the good and YES to the BEST!
I liked how you were persistent by sending mail first and when that didn't work you took it further and knocked on the door. I know how awkward that is. And then took that further and found out who to contact.
Good work on your deal!
Say no to the good and YES to the BEST!
Great job guys, it lets me know it's possible!!!
Thanks for sharing.
Destined 1
Got 9 to door knock tomorrow, did nine today. Got a couple of bandit sign leads today. Put out 15 signs last night
Got 2 deals from fellow wholesalers to check out tomorrow.
After church of course!
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
Micheal. Great deal.
Thanks also for sharing your info. I guess I've been on the right track but just didn't know it. I spent so much time while bird dogging looking for Pre-foreclosures with equity in other towns. Now I need to do it locally.
Looking forward to more of your words of wisdom
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
I have called almost every phone number in my county looking for some info about finding a "notice of default". No one has been able to even confirm that these exsist, or help me in any way shape or form.
Is there a specific name for this document? How should I go about looking for these notices?
registry of deeds told me the only info they have about forclosures is only published in the newspaper...
Went to your bio page to see where you are located, but there is no info there! I was simply going to google your county, go to their website and look under the PUBLIC TRUSTEE for notices of default or "les pendens" what ever they may be called in your county(s)
If homeowners are being foreclosed on in your county(s) they must be receiving some kind of notice right?
If you can't find out, just let me know the state and county(s) you are working and I will let you 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
My kinda deal! See you at the top soon!
"AL"
Send me the no equity leads that are no more than a few payemnts behind and I'll give u $1,000 for each one I buy or assign
Rando1
Rando
If you are interested in doing pre foreclosure deals here Google "The Colorado Foreclosure Protection Act" Read it VERY carefully. Then let me know how we will track the leads I supply and how I will be legally compensated. I have a team of professional short sale negotiators that work short sales. Here in Colorado the average cure amount is pretty high. $10,000 is low. $20,000 is average. Kind of hard to do subject tos or lease purchase with cure amount that high.
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 I just updated my profile. Thanks for taking the time to give me a hand. I live in Rockingham County NH.
This is awesome Michael! I also believe that you will reach and even surpass your goal by the end of the year Out of curiosity, what ever happened with the large duplex ( I think it was a duplex) that you got a few months back?
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.~
Here are the numbers;
Under contract with seller $124,000
Assigned contract $135,000
My Fee $11,000!!
My buyers numbers are
Buy it $135,000
Remodel $15,000
Below market sale price of $185,000
His selling and holding costs (cash, no money costs) $10,000
Net profit $25,000
60 day turn around or less.
Tenant has 30 days to vacate, they were on month to month lease. We are helping them find a new place.
We close Nov 1st. Simple assignment of contract with buyer I have done several deals with already. Done deal!!
Michael Mangham
MD Home Acquisitions LLC
19 to go to hit 40 in 2012. GULP!! My profit has doubled but not my closings. It ain't over yet!
Michael,
congrats! Quick question - of the 19 deals so far, what's the most productive strategy been for you.
Just starting out and appreciate your "gems" that I read on the 30 Day RBBP blog.
Thanks and best regards,
Bob Woloss
After much research and cost, time frame analysis I discovered that scraping an old duplex and build ind a new one is far more complex, time consuming and expensive that fix/flipping residential properties!!!
About 12 months to get and the permits, plans approved by the city, build time and list and sell. Also came in about $100,000 higher than we projected! So I have decided to wholesale the property to one of the developers that works the area.
However, what an education!! I really learned a lot on this even if it did turn out to be a MAJOR disappointment!
It will be deal 22 and I should make $15,000 on it. Thats a long way from $130,000! Oh well!
Bob, as far as contract assignment, working directly with motivated sellers on unlisted properties with no agent involved has worked the best by far.
A couple of the rehabs we did ourselves were REOs and we have wholesaled a couple of REOs also.
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
Hi, Michael, I'd to know how did you get your sqeeze page set up?
Thanks
Dennis
- Truly believe in yourself! -
Dennis
PM me for info.
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
When are you going to be in Dean's books? You're doing awesome. Around here investors aren't happy with 80K-100K in equity after repairs, so every one of my wholesale deals has fallen through. Gotta find them with at least $150K equity; makes it really tough out here! It isn't for lack of trying though. Most pre foreclosures out here are flipped in value so we have to use different methods. So looking forward to doing a flip with you in CO! Keep up the awesome work!!!
I think it's awesome you're doing so well! Being a CO resident myself, it's motivating to see real deals being done in the area! Keep up the great work and good luck with reaching your goals!!
My guys out here are happy with a 15% ROI, some will go as low as 10%. Still looking for the one that we can do and talk about on DG!
Mike, PM me if you are working in Colorado. We are looking to buy yesterday!
If you need help contact me also.
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