My Deals

I got four offers accepted today. That is a record for me!

2 short sales
1 REO
1 Estate sale.

I am not going to keep any of them. Just going to wholesale them. SO I have only gotten half the deal done on these. The other half is getting them sold to my buyers and closing!!

$6000 in earnest money due by Tuesday!! Better get my buyers lined up over the weekend!

Two of the properties(the short sales) were supplied by my mentee's. I am doing all the funding, contracts and supplying the buyers, title company, everything. We are splitting the net profit 50/50.
What an education for them!! What fun!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Hi all. I need help structuring this deal. I want it for rehab, if I can get it.

Here's the situation...

Call from bandit sign...Motivated seller, estate sale, not on mls
10K rehab (carpet, paint, porch rebuild and bathroom/kitchen update) ok...maybe 15K

MINimum arv 150K (bare min. i KNOW i can sell for)
realistic arv 180K
Highend arv 220K

Seller owes 130K, (that includes back taxes..will sell for that. But she took too long gettting back to me (3 weeks since original call) and I lost my buyer for assign (found new project). Plus, with finding out what owed to mort leaves nothing for my buyers (most want 30% or pay less than 100K)

A while ago I discussed a property that I had under contract in which the tenants had lived there for 30 years. I almost let this deal go because I had a hard time showing it with the tenants and their 30 years of stuff still in the home(in one room there were boxes stacked almost 8 feet high that took up the whole room). Then one day late January I received a call from the owner stating that the tenants wanted to finally move . Although they didn't technically get moved out until this past Saturday, I immediately got an extra set of keys from the owner and put a lockbox on the door. I slowly (due to the fact that the tenants still hadn't completely moved)showed it to many potential buyers.

I am trying to gather more info from those who have been investing for some time now or from those who have just started. I went to Dean's Event this weekend here in Dallas, TX and he had one of his students doing the presentation. By the end of the conference, it was basically trying to sign us up to his academy for the 3 day course and we would have to invest about 2K of our own money. now, it seems like a great deal, because of the return we get from them, however, if you do not have the 2K then what?

ARV $170k easy
Repairs $15k
Under Contract $95,500

Typical 'Bread n' Butter'
1400 sq ft
3/2 Ranch
1.5 acres

Repairs: cosmetics,paint, upgrade faucets,lighting ceiling fans...easy one

I just came back from closing our IRA deal. I bought it in my roth IRA for $14K and resold the property for $19K in about 4 weeks, considering free craigslist marketing of the property, getting the property under contract, and closing process time. We didn't put any money into, so I did basically wholesale the property to another investor. Now I can see my Self-Directed IRA growing faster than the traditional IRA market. The traditional stock market cannot beat $4K in a month and Tax Free! but Real Estate can do!

Fyi... for anyone interested about Self-Directed IRAs, my wife, Jeri, has done a lot of reaseach about UBIT (Unrelated Business Income Tax) as you could be taxed from flippling in your roth IRA, which will depend on how you structure your roth IRA and deals.

I just got a reply (my first potential customer, no less!)from my website.
His situation is this:
He is considering selling his house. He is currently replacing flooring and sheet rock. He currently owes $20,000 on a mortgage.
Can a profit be made from this venture?
Also, would it be ethical and legal to bring in a buyer by offering it slightly below FMV(the median FMV for his area, which is a small town is $48,500) with an explanation to the buyer of the mortgage situation? Or should I consider another option aside from personally buying it with my money?
This is preliminary as I have not yet received a reply to my inquire as to the details (foreclosure, ARM, condition of house, etc). I'm asking this for advance information

This deal came from an agent at my church. It was a unlisted pre foreclosure that was going to auction March 5th. Another investor had this under contract at $75,000. A very good price. He came back after inspection and asked for a $15,000 price reduction. A $60,000 buy price.
The agent talked to me at church and asked if I might be interested and if I would make an offer and close by the end of the month he would terminate the agreement with the other investor.
I went over after church and knew right away that I could do the flip myself or wholesale it. It took 2 weeks to get the thing terminated and my contract signed and returned, I was thinking it might not happen.

Just this past weekend while going to go look at a house that is for sale in the area I ran across two other properties that are for sale in the same area, just one street apart. I wrote down the phone numbers and was able to contact one of the sellers of these properties.
After talking with the seller I found out that he has two properties he is trying to sell and found out why in the conversation as well. He is a school principal and is just tired of renting and does not have the time to keep up with these properties so he is selling them.
One is currently rented out and the other one the tenants recently moved out so he is doing work to this property.

Hello Everyone, we are excited about using our IRA to do real estate. Traditional IRAs are not paying much, but how about $4K in a short timeframe after paying closing costs? No investment will give you this return other than Real Estate!

We just received final HUD and closing schedule on our IRA flip with funds confirmed by Buyer. We bought this property in our IRA for $14K got it under contract in less than 30 days without any repairs for $19K. We used craigslist to market and found this great cash buyer!

Self Directed IRAs are tax free but you need to understand the rules and how to do it, so you can protect yourself from UBIT (Unrelated Business Tax Income).

Tom and Jeri