Will Pay You $1500 IF your Buyer Closes!

Come on people. Someone on this site must have a real buyer. He/she buys my property, you make $1500!! No takers?

Mentoring/Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC

Is your property? Colorado?

It is in Trussville, Alabama. A suburb of Birmingham. Nice upper end area north east of town.

Mentoring/Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC

at least had some ppl try.

Explains the 98% drop out rate

You are so right. I know there are 1 or 2 people on here that can do this. It is much easier to read a motivational book and tell yourself you will take action that to actually do so.
Maybe some one will step up! Come on one of you 2%ers. Leave the other 98% behind.

Mentoring/Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC

This seems like a win-win Mike, but perhaps I see this as a weeding out process for those who constantly talk about not getting anywhere after they've;

1. Posted 50 different ads on CL

2. Been turned down by 97 real estate agents who they claimed didn't know what they were doing

3. Put up over 100 bandit signs

4. Signed up over 7,832 buyers

Hmmmmmmm

Or maybe $1500 is not good enough

I don't know. It seems like $1500 is a lot better than nothing!! Besides, hopefully this would be the first of many.

Oh well, I guess this is not the place to post about real deals anyway. I was just trying to give someone an easy deal. Of course they did have to have or be a real buyer. Never mind, back to the Dr. Phil stuff!

Mentoring/Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC

I just PM'ed you. If my buyer on my list will not buy I will market for one.

Thank you for the opportunity!

Property info sent! Let me know and thanks.

Mentoring/Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC

Waiting to hear back from a buyer I offered this to earlier this morning.

As Dan said - thanks for the opportunity!

Steve Hunter

I just hadn't posted until I find out. Thank you for the opportunity.

I am just starting out so I do not have a buyers list built yet. Thanks for posting and please keep posting! It gives us new ppl inspiration and the possibility of a deal.

Lynn

I been working with this guy for over 3 weeks trying to find a buyer for the property. The guy is desperate to sell and since I built a strong rapport with him, I don't think he has spoken to anyone else about the property. He initially wanted $65k for the property and now is asking $40k. He also has a 5000 sq ft lot for $15k that I got him down to $10k. The problem I am having is finding a buyer and someone from Pennsylvania to create the contract for me. I live in Virginia and all the title companies here only deal with VA Real Estate. I don't feel competent enough to create a contract myself. I am also new to this and just starting. I figure if someone is able to help me out and find a cash buyer who is willing to purchase the property at 65k and we give the seller $40k. Whoever I can work with can get $10k and I get $15k. Win-win. I maybe still be able to negotiate lower on the lot and we can discuss splitting the profit on that as well. I just want to make something out of this before it might slip away.

What will the property sell for after remodel/rehab?
What are the rehab costs?
What are the average DOM in the area?

Mentoring/Partnering Nationwide
Michael Mangham
MD Home Acquisitions LLC

I had another investor who was helping me ask the right questions to the seller. He lives about an hour away from Scranton, PA and when he drove by he was able to assess the repair cost at $20k, but after its repaired, the FMV would be around $120k. Its a 3 unit commercial and residential property. 2 residential units with 4 bedrooms each and 1 commercial/shop/store. Total of 3.5 baths. 4000 sq ft. total. I'm not sure what DOM stands for.

DOM = days on market.

Are the units currently rented? What are the rents on each unit?

What type of business rents the commercial unit?

Mentoring/Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC

Its been on the market for about 4 months and currently not occupied. Only I got from the seller is that it is a shop that has 2 apartment units next to it. I have pictures that I found of the property I found of zillow.com

Erbin, You have a lot of due diligence to do. Start another thread on your deal please.

Back on subject:

Still looking for buyers on my property in Trussville, Alabama. Will pay a $1500 fee to anyone that can provide a buyer.

Those of you that don't have a buyers list. Use MY property to add credibility to your marketing. It is way better to have property for sale that just run a ghost ad!!

Just a thought for all you outside the box thinkers!!

Mentoring/Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC

the contract is not assignable, do you mean its an REO? I'm just reading this now, and I don't qualify because I've closed deals before. But, I want to see why its not assignable? Do you mean you will have to substitute the buyer for yourself like I did with my short sale assignment? Or only option is double closing?

How are you! Glad you got your financing. Also think it is great that you have taken up wholesaling. Wholesaling short sales?? Why didn't you just double close it? Seasoning issues? Laws in California?

MY contracts are not assignable. For example, when I get an REO under contract and I put the property under contract with my buyer(in order to do a double closing) that contract is not assignable and has a non refundable earnest money clause. No one is going to run around looking for a buyer after they put my property under contract. I am doing dry closings here so I don't do the LLC or the trust thing.

Say I get a contract directly with a homeowner, that contract IS assignable. I assign that contract to my buyer with a non refundable earnest money deposit on the assignment contract. That eliminates people trying to assign my assignment contract. No daisy chains unless you put up the non refundable earnest money. This assures my buyer has money or his buyer is real.

I did a deal where I substituted my buyer for myself after I had the signed the accepted offer and it was a major pain. Basically had to cancel my contract and redo it all over in my buyers name. I was not able to scratch my name out and write in my buyers name so to speak. Convoluted pain in the rear to save $800 in closing costs. I will double close anytime! Might be different in California.

Finally, you qualify anytime!! Any one on this site that can supply a buyer for my property in Alabama is fine. $1500. I will most likely put this deal together myself. I just thought I would give people on here an opportunity to do a deal. I have gotten responses from 3 people. THREE people, no kidding.

Talk to you soon,

Michael

I'm game, I'll look for a buyer for you.

I have to say that the reason I couldn't double close is #1, there really wasn't enough room. At 2% of the PP, that would have meant me and my partner would have got nothing. But most importantly, it was a double short sale (1st and 2nd lien) with the restrictions on them that it can't be sold for 30 days; so that is the main reason for doing it that way. In CA, I'm looking at doing all my short sales and REOs that way. There are some restrictions here in CA that make it pretty difficult to double close, but that's for another post. I try to do double closings with my buyer's money when possible; but in CA.... *shudder*, let's just say you have to be very creative.

I see what you mean by non assignable now; means a whole 'nother thing to those of us in Cali. LOL

I posted on different forums as well about this property. Once I find a cash buyer in AL, I will refer them your way.

Why are you asking such a high amount of earnest money?their has been great deals,where their has been as little as 1-500 dollars of earnest money put down.

I deal with real cash buyers that commit to buying my properties. If they have the cash they don't mind the earnest. They are not playing games because they have no money. My non refundable earnest money keeps the newbies away! Unless they have the money that is OR have a buyer that has money.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

I am going to send it out to some buyers now and see if I get any kind of response. I don't have Alabama buyer's so much but I do have buyer's that will buy all over the USA so that cover's it there.

Lisa Calhoun

Hi Michael Iam trying to help you out on this, thanks, Jim

I am game for this. I have an offer in on an REO as we speak but won't know if it is accepted until tomorrow. I will look for a buyer for you.

Thanks for the opportunity,

Smttmal

I understand,not all cash buyers are serious,but that much em will be serious buyers.

Don't hesitate to give them the dial tone if they bring the BS

Good luck