I am Doing deals!! I don't care what the latest banking info is!

Wow, you are killing it Michael. Keep up the great work, and I cant wait to be working with you real soon!!

im new and just need a few minutes of help from some one who knows how to help me get in my first deal please

Thanks Joe! I am ready when you are!

Tomas, First thing I would do if I were you is fill out your profile so that we know a little about you. Then I would order all of Dean's books, read and study them. That will give you the foundation you need to get started.
It WILL be more than a "few minutes" however. More like months of hard work, perseverance, determination and the use of common sense on your part. No one can do this for you.
Get those books on order today, everything you need to know is in them. Then if you need to (like I did) join the Success Academy!!

Good Luck,

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

first, let me reiterate how much I admire you as an investor- you totally rock!
And your deals...WOW!

but... please don't mind if I disagree about the banks not having anything to do with the meltdown. I don't believe that anyone held a gun to their heads; what I do believe though, is that banks are so GREEDY! They dont mind giving out "Interest Only" loans to people who believe that they're 'buying' their home, when all they're doing is paying the banks infinitely...they were never going to own those properties.
Banks are not that naive; they knew what they were doing then, and they know what they're doing now...
Val

Hey Michael way to go.Your on your way to another great deal and a wonderful return, Banks or no Banks you cant ask for better than that, keep up the great work and enjoy, Jim

I agree, there are greedy crooks everywhere. HOWEVER, I have yet to see a banker put a gun to someones head and FORCE them to sign anything. There is some individual responsibility that needs to be accounted for. Also a lot of people were buying way more than they could afford and speculating on appreciation. Also, what does "interest only" mean. I would think it means interest only. By law disclosures have to be signed that you understand that no principle is being paid. The lender's don't go "by the way Mr. Jones, you never paid any principle" years later do they??

If the government FORCED you to make non collateralized loans, what would you do? You HAD to make loans to people that did not qualify and being a business you do what you have to do. I might sell these bad loans to Wall Street. Every foreclosure that the banks take back reduces their ability to loan money. The government put them in this position. Everyone points their fingers at the banks when in fact government policy caused the problem.

Valerie, you need to read up on what the Community Equalization Act required the banks to do. Basically the federal government told the banks either you loan to any one with a heart beat or fannie or freddie won't insure your loans. That is a gun to the head.

Valerie, I would NEVER be angry at you for disagreeing!!! You are too nice a person!! Besides, all this stuff I said is just my opinion!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Set the closing date for our big project mentioned above for Feb. 28th. Met with our architect today. He is putting together his preliminary drawings. We will tweek the floor plan if needed. Then we will meet with our contractor, engineer and architect to go over everything and make sure we are all on the same page. That the plans are fully understood by our contractor. We will start the paperwork for permits and their approval within 48 hours of closing then sit back and wait!
Meanwhile we will be making offers, wholesaling, expanding nationwide, coaching and looking for several more fix/flips!!

This business is FUN!!

Thanks Dean. With out you I would have not learned what I needed to know to get started. Thanks to the Success Academy as well.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

A success story as you alone can tell. Congrats, God Bless.

Sandra

Sounds like a killer project Michael. Whats the timeline on it? Can't wait to read the updates going forward.

Also, I totally agree with you and the banks. The banks did what the liberal gov told them to do. They were told to hand out money to everyone so they could go own a house, then when it blew up, the gov turned on them. Makes me sick that I keep hearing folks blaming the banks. Sure they got greedy, they are a business and need to make money, people forget that I think.

Hope to be posting about a new project soon to.

Good luck!

Your deals are really inspiring. Thanks for sharing the details. I don't think I will give my opinion after reading what both you and Valerie think about the banks and the governments role in our current situation. I will just focus on what I can learn from your posts. Talk to you soon.

Judi

I think the real nugget of information that you have relayed to the readership is:

This business is FUN!!

love it when we can agree to disagree... and I will read the community equalization act...

But let us not deviate from your awesome deal! and the fact that you actually have an architect on your team! what a power team you have!

you just keep motivating us... non-stop!
Val

AWESOMEEE!!!!! You ruly inspire those reading and learning. Excellent job

I agree entirely! Great job though, keep up the good work!

Thanks Michael for sharing your experience. Stories like yours is what makes striving for my first deal even more desirable. Congrats!!!

Sandra, Jack, Judi, Bill, Greg, Donna, Dominic, Josh, Valerie,John.

Will definitely have before, during and after photos on this one. Will make them available to anyone that whats to see along the way. We are hoping to have this completed by the 1st of August. We are thinking we are going to list it before it is complete. Maybe give a buyer a chance to pick their colors or tile or whatever. Might be an interesting process.

Thanks again and on to the next one!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Where is your thread of what you are looking for in CO? Have a friend out there that might help. Let me know, thanks

Rachael

Wow Michael, you inspire me right along with Dean and people who get right to the core!! I'm showing this thread to my partner who is my partner in life and just a little too causious to make the first step with me!It takes all that I have to make him trust that I know enough to get out there and make it happen, but I will do it with him "kicking and screaming along side me. He is just trying to protect me, as all good husbands do. We are making 2 offers this weekend I finally have him singing the same tune!!

And YES, THIS IS FUN!! ORDERED DEANS books!! and joined the Success ACADEMY
last JUNE!! I'm finally starting to see the light at the end of the tunnel!
and it's only a dark tunnel because we make it that way, so turn on the light so that you can see clearly!

Hi Michael your a Champion and so down to earth and I love you for that and thats why you do so many deals, I love all the other DGers too.Isnt this the greatest business on earth, Jim

What I (or my buyers) look for are 3 beds and up in an area that has a low average DOM that we can realize a minimum of 10% ROI. My buy and hold guys like to see $500 a month cash flow.
Anywhere in Denver and the surrounding suburbs.
Rentals we buy at $125,000 or less.
Fix/flips I try not to go over a $400,000 RETAIL price. My buyers mostly like entry level, first time home owner properties with a $175,000 retail price. I like a higher end property but NOT luxury.
Average rehab/remodel costs are $25,000 to $50,000. Sometimes over a $100,000, just depends on what we can buy for and the profit potential when we bring it to retail.

Any questions or properties, PM me! That goes for any DGer that has a deal in the Denver area!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC