OfflineThis one was easy all around! I flipped it to a buyer I have sold a couple of properties to already. It was an REO and he knows when we double close I have transactional funding costs. We just put him directly on the contract and he paid me and save an additional 2%
Here was the deal:
ARV based on sold, listed and under contract comps $185,000
Repairs: 3 estimates from licensed contractors.
$45,000
Under contract and closing August 20 for $95,000
Signed marketing fee contract for $2500
Return business is great, I could have made $5000 but I know when he needs another fix up He will call on me!
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,
Congrats on your deal and many more. Happy investing!
Chesloe Properties, LLC
Middlesex County, CT
Thank You!
We have 6 other whole sale properties under contract right now! Just need the buyers to complete the deal!
Working on two fix and flips as we speak. Number one should be ready to retail Sept 1st. Number 2 around Sept. 30th. Working on more daily!
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
WoW, $2,500 in 4 hours...that's great. Congratulations!
"A Winner Never Quit And A Quitter Never Win!"
Congrats ! Way to go, you're definitely going to "get fat off of skinny deals"...Smart strategy, now being greedy & getting more repeat business.
Congratulations! I was just reading another post of a completed deal. All these deals, I'm gaining confidence. I feel my turn coming. I'm so excited for you. My paralysis is leaving!
Thanks,
Tori
Question?
What kind of contract did you use for the transaction.
Regards,
Eric
I used the contract provided by the realtor. My buyer went directly on contract and I made a marketing fee.
No double closing, no transactional funding on this one. That is what I usually do when I whole sale an REO, but not this time. Quick and easy!
All REO deals that I know of you will be using the realtors contract. Most lenders won't deal through the asset manager so you have to go through their listing agent. So contracts are nothing to worry about when making offers on REOs.
Hope this helps,
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
It is as simple as that. That is awesome you made a quick $2500 bucks in a few hours. Great work my friend, keep it up.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
What part of MD are your deals in??
Congrats Michael!
Kurt A. Conway, MSHA, President
The Conway Financial Group, LLC
Real Estate Investor
[email protected]
Yeah, you pulled down about $10.42 PER MINUTE for that nice transaction!!
Great job and I ESPECIALLY like your thought process on either getting more $$ NOW or....thinking ahead for repeat business and getting more $$ later again and again!
Mike
"Make it an AWESOME day! (Who else is going to do it for you?)" - Mike Spillman
"As long as there is breath there is hope!" - Mike Spillman
Thanks for sharing your deals with us! SOunds like you have a really great little process working for you - very exciting! Keep them going
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Thanks for the words of encouragement!
Dan and Anna, Don, Gceriani, Tori, Eric, Jeremy, Tony (I'm in Colorado), Kurt, Mike and Laura, thanks again!
This morning I am meeting my buyer at the property to get a couple of more bids from contractors that I know. He has been having more than the usual problems with getting things done on time with the guys he has been using. I know my guys really work hard to stay on budget and finish close to the scheduled finish date! More networking! Besides if he is done on time, the sooner he can get his next property! Also, my guys will appreciate the referral I'm sure! Then back to the office to check on a couple of offers and make a couple of calls on houses I drove by yesterday!
Thanks again,
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
Too bad we live in different states. Dan's company and network of subcontractors could be helping you out. Best of Luck to you!
Chesloe Properties, LLC
Middlesex County, CT
Hey there,
PM me with info on properties you guys have available. You never 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
Like they say, "The deals just keep coming. " All success to you.
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.
WooHoooooo !!!!!!
Or is that technically 2 words, Wooo and Hooo ?
Thanks you guys! Sandra, you are right, once you get out there and start working and using what Dean teaches the deals are easier to find! Sherri, I think woohoo can be one OR two word depending on how it's used!
Thanks again,
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
Great job Michael! Your story is very inspirational
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.~