OfflineMy buyer closed a deal today with me and used a truly awesome PM guy. It's no wonder these guys do 40 fix/flips a year! With my buyers permission I exchanged contact info with the lender.
I am looking for several deals that I can use this guys money on right away.(DGers, find me a property in the Denver area and get paid) In fact, I should be able to double the amount of fix/flips I am doing. This guy is a great addition to my team.
No appraisal needed on loans under $250,000.
No LTV or ARV loan ratios. This is unheard of! Loans on a deal by deal basis. Checks your numbers and says yes or no.
Here it is!
1% origination fee paid up front.
5.75% interest only, 12 month loan.
Of course I must pay the origination fee and make the interest payments monthly. I must have 6 months of interest payments in the company checking account.
On a $250,000 loan that I can flip in 90 days my money costs will only be $7,000!! Hard money at 4 points and 15% would be $19,000!!
Michael Mangham
Mentoring/Team Building Nationwide
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
Mike Send him to PA!
Jay C
Vonny,
The sellers are paid cash at closing just like any closing. If I were to do a subject to I would not need a PM lender right???
Jay,
I actually have a meeting with him tomorrow to discuss out of state investing. Fix/flip only. The deal has to be rock solid.
Michael Mangham
Mentoring/Team Building Nationwide
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
Mike let me Know!
Jay C
this guy is like hitting a home run. I have a couple similar people but not with the rates and terms you are getting! I'm jealous!!
Always Looking to Acquire Houses | Always Looking to Amaze Investors
What a dream come true!! If he lends in CA, PLEASE let me know. CA is crazy!
That is awesome! I am looking for a line of credit, but maybe I should just go this route!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
when you're taking action....
better and better things come your way!
Very nice Michael! as Bill says.... so jealous!!!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Tammy,
If he will lend in California I will be calling you.
Bill,
I will let you know when I actually do a deal with this guy!
Tammy,
It is ALWAYS better to use OPM. You really don't need a line of credit at this point in my opinion.
Valerie,
You are so right! It is all about taking action. Now things are just starting to snowball.
To ALL my students. This MAY be really big for us!!
Good luck and happy investing to all!
Michael Mangham
Mentoring/Team Building Nationwide
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
I have 8 to 10 ads on craigs list at all times!
Aurora is the cheap dump buy and hold area right now. Decent wholesales or fix and flips are few and far between in Aurora right now. Certain neighborhoods in Aurora are doing well. Really looking anywhere the numbers work.
Michael Mangham
Mentoring/Team Building Nationwide
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
hi Mike, i live in jeffersonville, in across the bridge from louisville,ky and there are so many deals to jump on with the right lender i could truly maximize my business
Turns out he only lends in Colorado.
Michael
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 almost makes me want to expand into Colorado!! (I just don't happen to like forest fires)
Always Looking to Acquire Houses | Always Looking to Amaze Investors
They are a long way from Denver! Parts of town did smell like a camp fire the other day when the wind was right. Amazing!
Michael
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 -
Wow! Finding thes PML is awesome! I can see you doing lots of
fix and flips all year long!
Thank you for sharing your experiences.
Looking forward to finding you deals!
Leilani
Hi Michael let me know if he lends in Michigan or Texas please.I have an investor who wants me to buy him properties and run the day today operations of these investments Ill pm you on that, many thanks, your doing a wonderful job, Jim
jbischoff
no problem, thanks, much success to you!!