Law Of Momentum

Wise words from a wise man. Thanks, cbr.

i really wish you lived close to me, because i would love to have you for an investment partner.YOUR HERO,SULLY.

Sometimes I re-read you post just like I do the book to make sure I am getting it right. Thank you

Thank you all for the positive comments! I am always trying to go back in time to what I was feeling and thinking about and I try to write something I think will help. I don't know a lot but, I can tell you this, there are certain principles to success...put them into practice and you will be amazed what happens. I am literally just a beginner and I always try to associate with people doing real estate deals that push my barrier of reality.

CBR

What do you think of the new forum topics I put under the MY DEAL listing deals by state. I am really trying to help on here. So if I seem a little aggressive sometimes it is because I am. I just want to be able to have newbies find as many resources here as they can.

I think it is great that you put a way to post deals by state. At this point I would just run some of those ideas past the DGadmin. We want this to be the number 1 investor site on the planet. If you truly want to help the newbies then the best way to do that is to get a successful deal done. If you feel that you must do an assignment deal then focus on one you truly believe is the deal of a lifetime and follow that one through to the end. Focus means like a rifle not a shotgun. I look at everything you are doing and I am excited about your passion and we really need you to be successful. Check your numbers and make sure there is money in there for the investor. Build a buyers list in your local area of real estate investors that can physically drive by the properties you are finding. Find and focus on one deal and follow it through to the end. Know that deal better than everybody else on the planet. You can do it, you are a winner.

CBR

I have actually closed three deals successfully in that 10 days one of which was just this afternoon. I post the deals here to assist others and also with the thought that it may appeal to someone else. I have everything I have posted on here LOCKED up under contract. Not only do I post here buy I refer to my buyer and seller database as well. I am not solely looking on here. I have two very good realtor's that I work with and 2 broker that work really well with the buyers I pull in.

I have all the information necessary on the deals I have posted and I am 100% comfortable in knowing this. I jst wish to put them out there and see what bites.

I guess I didn't realize you had already them closed! Why haven't you posted all the numbers on here? Success stories do more for most people than the details of how to put the deals together. I love a good success story!

Anita, I really want to get good at assignments and saw where you have already closed 3 deals on assignments. How much money did you make off each one? Thanks in advance! And great job!

4br/3ba 2 Story
Lancaster, CA
Bought for $510,000.00 - 2/2005
Valued Now $325,000.00 - 4/2008
REO Property
Locked it up with 90 day escrow on 4/15

Made offer to bank for $295,000.00 (been on market for 110 days)
Bank accepted on first try

Listed at $310,000.00 on Assignment
Asked Assignment of $15,000.00 negotiated for $12,500.00 (still good)

ACTUAL ASSIGNMENT $12,500.00 PURE PROFIT

________________________________________

Almost forgot to mention that I found this property by doing drive by's down street and looking for dead grass, junk in yard and general distress. (Tip from Dean)

So you already found a buyer for the property already?

I did what Dean said about challenging us to post blind ads and build buyer and seller database from there. I also hit my Realtors up for people who had properties on market over 180 days (motivated sellers) and those where listing expired without selling and then I hit other Realtor up or potential buyers that have gotten turned down by banks. I contact them, tell them what I am about and put them in contact with my mortgage broker and go from there.

Hope that helps

So your new buyer has already been qualified by the bank you led them too?

anita, on the ASSIGNMENT above,im kind of unclear on a couple of things:do you mean someone else bought it in 2005 for $510,000 not you right?

-you also said "LOCKED property up in ESCROW" meaning, you put a DEPOSIT down on the house so nobody could buy it, and you did't even negotiate a price yet? because after that, you said that " you put a offer in for $295,000 and the bank accepted".

-I also thought that most banks like REO PROPERTIES,VA PROPERTIES,HUD, dont like RE-ASSIGNS at ALL...so how did this work?

the owner originally bought it for 510K not me.
I put down 2k with offer and offer was accepted - perhaps my chronology was off.
Banked accepted my offer and I actually submitted offer as follows:

BUYER: Anita (Last Name) and /or Assigns

Realtor allowed me to submit written like that, and bank did not bark at it. I received acceptance back in 48 hrs.

I just jumped out there and did what I read in the book to do. Sign with assigns on name and so I did. I also has them write into the offer that upon acceptance of offer buyer acknowledged that seller may act upon their right of assignment.

The worst they could do was say no and turn me down.

Yoda

yes the buyer was already pre-approved.

I am hoping the banks I work with are as lenient! Just sent an email to my agent to make offers on 8 properties 4 of which are bank owned...so we shall see! Have Rei meeting tonight, so I am hoping something comes through the pipeline so I can hopefully sell the contracts at my meeting! Gotta think positive:)

Jennifer

A wise man will make more opportunities than he finds.
-Francis Bacon