CLOSED!! $7,500 in 2 hours!! Deal 29 in 2011!!

Great job Michael! I'm sure you'll hit that 40 if you keep the momentum going, good things happen to hardworking people like you!

Btw, wouldn't you have to disclose the dry closing to the bank? Just trying to understand the nuances of a dry double closing.

Hi Michael,You know it couldnt of happened to a nicer guy, an hoping an wishing you the very best an Ill know you do just fine, Jim

Thanks guys,
Ken,
The title company requires my buyer to sign a disclosure statement. When I go to the A to B the title company knows my funds are already in escrow. As far as I know they think I am closing with cash, I have never seen or signed a disclosure for the lender. I personally never supply the lender or their agent with ANY information other than I am closing with cash.
It is all about having the right title company for the b to c. I know they are not doing anything illegal. Just not supplying TMI!

Michael Mangham
MD Home Acquisitions LLC

I'm fired up as if I did this deal! Congratulations Mike! Okay, you have one more month this year. Go get another one! Best to you the Mrs. in 2012!

"Al"

I'm fired up as if I'm the one that did this deal! Congratulations Mike! Okay, you have one more month this year. Go get another one! Best to you and the Mrs. in 2012!

"Al"

Way to go brother on another fine deal !!!!! Always enjoy hearing you nail another one and learning the details!! great 2011 for u and 2012 to be even sweeter for you! !
Jay

I'm really learning a lot from you and others on this site. I'm so psyched for 2012!

Blessing,

Linda

Thanks you guys!

2012 is going to be great! Going nationwide with teams on the ground in multiple states. PM me if you are interested in learning how and doing deals the way we do them!! This is not bird dogging or networking! 50/50 split on real deals!

Michael Mangham
MD Home Acquisitions LLC

This is just fantastic! Bravo!!

Can you explain a couple of things...

1) Do you show proof of funds on the purchase from the bank?

2) Is your "B to C" or second closing written with you as the seller of the property... ie... first your A to B escrow closes (you buy it from the bank, then it's yours), then you own the house, then the second B to C escrow closes? How would the money transfer from the B to C escrow to fund the A to B purchase?

Also, since you sell to other investors, is that minimizing your problems with contingencies and inspections, etc?

Would love to know these details if you have a minute!

1. I submitted my offer to the bank using my POF and a copy of the earnest money check.
2. I close the b to c FIRST. It is all about having an investor friendly title company. They then wire the money over for the a to b closing. That's how it works. After I close the a to b I go back to MY title company(b to c) and pick up my check.
When I sell to investors I have the contingencies in my contract.
All inspections must be done prior to signing of contract. No inspection period.
Earnest money is non refundable unless seller does not perform.
My contracts are non assignable.
When my contracts are signed I have a real buyer!!
When I buy from the bank I have NO weasel contingencies in my offer. Only the inspection period. If you offer on an REO with a bunch of contingencies your offer will not be considered.

PM me with any questions

Michael Mangham
MD Home Acquisitions LLC

I'm going to ask a couple of my title people if they would be willing to do this.

The companies I use are both large (Fidelity, Lawyers), and small. Which type are you having better luck with?

Ones that don't work with banks. The ones that REO listing agents don't use. Ones that are not realtor/agent type thinkers.
The two I use the most are owned by active investors, not ex agents/brokers from main stream Real Estate. Those guys will always say it can't be done.

Tell them you will practice full disclosure with your buyer.

Also, I am in Colorado, don't know how it is done in California or if it can be done there. I would think so. The real key is having a buyer that actually has cash and will close. allowing you to use his money to fund the a to b.

Michael Mangham
MD Home Acquisitions LLC

This encourages me to get my Butt off the coach and get REO's done.

Way To Go!

on another successful transaction and a fantastic year
Regards
Tom

You're a wealth of info.
This is very useful in helping others as what can be done and how to do it.

Thanks for sharing and can't wait to see what your final year-end tally ends up being.

That is awesome. Keep up the good work!

How you are funding your deposits is my main question. I know of some people who were investing to resell B to C at retail, they were using a $1 .oo dollar deposit. Not sure if that hurt any of their deals or not.

Curious, and congrats,........

gil

I fund my deposit on the a to b by putting the exact amount down the seller/lender requests when offering on REOs. On this deal, the bank asked for certified funds in the amount of $1500. I signed all the banks addendum's gave then the cashiers check and left. Went over to the property, met my buyer, had him sign MY purchase and Sale contract and give me the required $2500 NON REFUNDABLE earnest money check. Went to my bank and deposited the check. Covered my check PLUS $1000.

Now if you are dealing directly (no agent involved) with a home owner you can put just about any earnest money down that you want in to. We usually give $100 as earnest on our P and A contracts with a home owner. People give $1.00 or $10.00 Whatever.

Another note: If I am dealing directly with a home owner I use an assignable contract and just assign the deal, No double close needed.

Any one want to be mentored/partner with our national team? PM me.

Michael Mangham
MD Home Acquisitions LLC

okay mmangham, so the a to b and b to c closings are done at two different locations?

It sounds like you have the "double close" enigma all figured out and wrapped up. You KNOW end of the year pressure will grease the wheels for all investors. Were you afraid maybe you offered too much when they accepted your 1st bid amount with no counter?

You have a ton of experience, plus you're well-heeled, and you don't waste your time trying to beat up the REO holder - a tip all of us can use, for sure. Don't worry about being "11 short" of your goal. You have all the connections and momentum you need to do 40, 50, or 100.

With 4 solid weeks left in the year, I would just "open fire" if I were you and let all your markets have it! (Not saying you're not already.) If you focus more on "I have 30 more days" instead of "dang it, I'll never make it," you might just squeeze a few more out of thin air you never expected.

You've proven already that you're set up to rapid fire, and this last 30 days will make or break many asset managers' careers nationwide. I guess just push until you're out of breath, then start shoving (sounds like giving birth, huh? LOL). I can easily see you reaching 37 deals, with a half dozen more pending by the time the non-investors of the world are getting smashed on grocery store champagne and vomiting in the streets. Best of luck to you man, you can dooooo it!

Very Nice!! I am not there yet but keep pushing forward. I will strive to be where you are at by this time next year. You inspire me to keep pushing forward!! Are you gonna have 30 in my the end of the month

Steve

Rodney, Get that offering system up and running, now is a great time to pick up older REOs!

Tom, 2011 was great, 2012 is going to be awesome! Building a national teams of TRAINED associates!

Mark, glad I have helped you and thanks.

Ryan, thanks, I intend to!

David, I had no concern that I paid too much. I ran the numbers, knew what I could pay and made the offer. I really don't play any games when offering on REOs. I make my highest and best on the first offer.
I have around 50 offers out currently on REO properties, will add 4 to 6 today. Locally and for my mentoring students. They don't have the knowledge or connections, so I make their offers through my company until they are capable of doing so themselves.
2012, here we come!!

Steve, #30 is already in the works, don't know if it will close by Dec 31st. Got multiple other in the pipeline with the possibility of closing them in two weeks. Again 2012 I am going national. Building a team of knowledgeable PLAYERS on the ground in select states. NO BIRD DOGS. REAL DEALS!!

Can't get buyers? Agents won't work with you? Afraid to make offers? Don't know how to evaluate a deal? What strategy to use on what deal?? PM me if you want these problems solved!!

Michael Mangham
MD Home Acquisitions LLC

All title work in from the bank!

Closing B to C at 10:00 AM Wednesday Dec. 7th.

Closing A to B at 4:00 PM Wednesday Dec. 7th.

That is 13 days from under contract to closing! Not bad.

Got #30 under contract today. The lead was supplied by one of my mentoring/ partners. I supplied the contract and earnest. Will have my buyers looking tomorrow. I will supply the assignment contract AND the buyer. Will split the net 50/50 with my student!! Walking him through the whole deal.

I mentor! PM for details.

Michael Mangham
MD Home Acquisitions LLC

Nice to hear someone is doing well, keep it up Michael.

There are lots of DG students doing well!

Michael Mangham
MD Home Acquisitions LLC

Closed B to C at 10:00 AM walked out at 10:20. B title company wired my purchase amount to A title company.
Went to A to B closing at 4:00, walked out at 4:30. Emailed docs to B title company, they will wire my $7500 into my business account first thing in the AM!!

Emailed the big time REO listing agent and pointed out that this is the 2nd one of his listed properties that I have closed on this year. Asked if he had anything one of the asset managers he works with is motivated to get rid of.

On to the next!

Michael Mangham
MD Home Acquisitions LLC

It is really not that confusing when you actually do it!

Michael Mangham
MD Home Acquisitions LLC

Congrats
on your deal s!!! I know your busy and I did pm you....waiting to hear back from you. Just curious on how u transfer ownership from b to c when a to b has not been done yet? ? Don't u need the sign from a to b BEFORE ..b to c ?? Am sure it can be done but interested in HOW?
Sounds like u found a gem in title company. have not asked my title company about if they can do these but i def will now!! Maybe we can work something here in NY together.interested in learning more.
Jay

It is really simple. The deal, the b to c, is contingent on the a to b closing! My buyer is fully aware that the a to b must close. After the A to B closing, I supply the paper work to the B to C and "done deal"!! If for some reason the a to b did not close my buyer would get his money back.
I have several great title companies here in the Denver area. Just like getting a good agent to actually work with you, you have to know how to present yourself and what you do. Then PRODUCE!

Missed your PM. Contact me again and I will supply my contact information. Then we can talk!

Michael Mangham
MD Home Acquisitions LLC

First..I must say Congrats!! I have a few questions, 1. How did you get the REO (a & b I am assuming is bank and you. B & C I am assuming is you and the endbuyer??
2. What language did you put in the contract to protect you if you couldnt find a buyer, or if buyer backed out..
3. How much earnest money?

4. Did you estimate your own repairs, or did the bank tell you the estimated repairs?? I didnt know if there is any special formula to use..

I dont have any cash reserves to put down in earnest money..I need to get a deal or two before I can.

I appreciate your willingness to share.

Thank you!

Holly