3 Hours, $20,000!

Just did a really sweet contract assignment today and had to post!
Here are the details:
A homeowner called on a bandit sign placed in his neighborhood. He had a house completely free and clear that was in such bad shape he could not sell. I looked at it and it was a solid little brick 4/2 tudor/ranch in a hot area on a nice street. The inside is a complete gut. Kitchen, bathrooms, flooring, paint,windows, wall and ceiling repair, totally ugly through out !!
The area comps at $300,000. I got it under contract for $100,000. I called a CASH buyer/rehabber that I have sold 2 houses to already, she knows and works this area. She came over right after I signed the contract with my seller and he left. She signed the assignment contract for $120,000 after 45 minutes of looking around and numbers running. We both agreed that the rehab will be $90,000. She will have $210,000 into it, and net of $60,000! She is happy and could not care less that I made $20,000. Nor did she consider waiting me out to get it cheaper because she knows it would just go to another one of my buyers.
The assignment fee was $20,000. We will close in 7 to 10 days!

THANKS TO DEAN AND THE ACADEMY!! I would not be doing what I am doing if I had not seen Dean's infomercial and ordered his books! Studied and applied whats in there!! Its ALL there! This is deal 7 for 2011!!!!!

Michael Mangham
MD Home Acquisitions LLC