OfflineJust got a property under contract that I have been working on with a private seller (FSBO) for over 2 months.
He started at $249,000, I ended up getting it under contract for $190,000. Assigned the contract to one of my buyers, made one phone call, gave her the lock box. She called me back 3 hours later and took the property for $195,000. Contracts and earnest delivered to the title company, we close on the 22nd.
Numbers are as follows:
ARV $425,000
Rehab/remodel $130,000
Purchase price $195,000
Commissions, closing/ holding expenses $38,250
Net profit to my buyer $61,750, an 18% ROI. This leaves some room if she has to drop the price or make any seller concessions at closing OR has any cost over runs.
This is the 6th house this rehabber has purchased from me in the last 12 months! Why do you think? Could I have gotten $10,000 fee? Maybe. I would rather have her waiting for my next killer deal!!
Assignment fee to me $5,000.
24 to go to hit the goal of 40 in 2011. I have my work cut out for me!! Deal 14 and 15 are my own rehabs and should both be listed in the next 2 weeks! While I am away on vacation!!
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
you're on track to make your 40. Sure, it looks like you are a little behind now, but you'll catch up by September. You are doing a great job. (PS- I agree that $5,000 in the hand is better than $10,000 in the bush; but I think with those numbers, you could have gotten your $10,000)
Great job!!!
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Every time I read your posts and the posts from other successful people I get refilled with energy and positivism.
I am sure my first is close...
That is a great job. Well deserved !!!
Curtis Fillers
(Charlotte,NC)
to read about your deals Michael!
$5,000!! that will pay for the vacation!! nice job, and thank you for sharing-always motivating us to keep moving forward!
wishing you your 40 deals, and more!!!
Valerie
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/...
And driving home what's being taught everywhere here on this site about the power of a good buyers list.
Thanks,
Joe
Think less, Do more, Get results. - Dean Graziosi
http://www.rcmfunding.com
http://www.StopForeclosureOptions.org
http://www.RichardsCapitalManagement.com
Trying to get another one under contract before we go on vacation the 9th. This one will have a lot of rehab so I will just pass it on to one of my buyers. Should make $10,000 on this one. But as we all know, it ain't over until you walk away with the check.
Looking for some cosmetics only type of remodel projects to share with a couple of DGers (you know who you are!!) just have not found the right ones yet. Have offers in on several that will work. Got to get them at the right price!
Thanks again everyone!
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
Who will not want to go on vacation after receiving $5000. I will like to go without having $5K. Well maybe I will be able to say that one day. Great job Michael, Congrats - Well Done.
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.
Congrats on your continued success! I want to be you when I grow up
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
Way to go mike!!!!! Another great transaction.a quick $5000 .....WHO wouldn't want to spend the time to learn this?????? Great job !!! I am SURE....u will hit 40 !!!
jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
Something is better than nothing or more. LOL. Keep it up
To get something you've NEVER HAD
DO something you've NEVER DONE.
Congrats Michael! Looking forward to many more successful stories
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.~
I can't wait until this scenario is playing out in my life. Sounds like you are well on your way! Keep it up
Thanks, Ben
Great job Michael! How did you start? Can't wait to share my own success stories
When you trust in yourself, you are trusting in the wisdom that created you.
I saw a late night infommertial about Dean's book Be a Real Estate Millionaire and ordered the book. Read it, quit my job (don't recommend this but I'm glad I did!) and went into REI full time. Joined the Success Academy and did what was instructed, studied, took action, made mistakes, learned from them and changed my plans when needed. It took me 6 months of full time study and action taking to get my first deal. I would not be doing what I am doing today had it not been for DEAN!
Today I am leaving on a RV, boating trip with Wife, children and grandchildren. All paid for by REI. Nothing will be charged!! Touring through the beautiful Rocky mountains, staying a 5 different lakes. Bring laptop and blackberry so I can do some business while I'm away!!
THANKS DEAN AND SUCCESS ACADEMY!!!!
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
Awesome is used so much it sounds a little cheesy when you are describing Superman and Wonder Woman. LOL But yall are...not cheesy but awsome. "Give it some more gas Paw"
Sorry Ben, but I do agree with you.
Steve
We seldom get what we want, but we will always get what we expect.
That is great keep it up. I'm looking forward in getting of hold of the same kind of properties. Still looking to do my first transaction though. Also you are going to get your 40 deals keep going.
Woo-hoo! Way to go!
Allen & Denise
Denal Enterprises
Great Job! Enjoy!
Rodney
Start Where You Are! Use What You Have! Do What You Can!
Never let failure dominate you. Never let the mistates of your past Lord over you.
Go Confidently in the Direction of Your Dreams. Live the Life You Have Imagined.
- Henry David Thoreau
Website that get's results: www.jracrealestateinvestments.com
.....That is awesome. Keep up the good work and good luck on your future deals. Believe and Achieve!
- Joe
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I don't know about anyone else, but I can't read Japanese.. I'm flagging those last 3 posts from iong1874ming and genger1825!!! You gotta be kidding!
Oh, yeah, Michael.. sorry. Way to go!!! With the rate you're going, you'll get your 40 and then some!! You are on fire!!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Great work!! Your posts are my motivation to keep trying for that first deal
nicoleryane
Working diligently to make that first deal!
Me too. I enjoy reading his posts tremendously. He always tells us exactly how he did it! Thanks for that Michael!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Oh, yeah, Michael.. sorry. Way to go!!! With the rate you're going, you'll get your 40 and then some!! You are on fire!!!
They removed them!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Congratulations on another success!!
SWEET, is this a deal u call wholesaling? I want to do some of these also. I currently have a deal that cud possibly fit into a wholesale situation. A old farmhouse, tucked in with newer homes. Owner died and and a new owner a daughter is out of town. House needs so much work. I wud like to just flip it to a new buyer. The new owner is deciding what she wants to do with it. What wud ur stratagy be? rando
Rando
We were scheduled for July 22nd but it took a while for the signed POA from a sister in California. Got the contract signed by the brother here in Colorado, He and his sister in California had POA for their dad (the owner) He is in a nursing home. Anyway it took forever to get the signed contract and POA info from the sister to the title company. Actually only a 10 day delay.
Went to closing although I did not have to be there. Talked with the seller and made sure everything went smoothly. He new I assigned the contract for $5000.
Talked with my buyer, got another one I am working on that she wants. She left with the keys and my seller left with a check that will pay their Dad's expenses for some time!! I chatted with the title company owner and the closer we always use. Building some great relationships there. They do O and Es for me and email me preliminary HUD 1s on properties I offer on when dealing directly with home owners. Like Dean says, I have professionals do the title research for me, I don't waste that time myself. They don't mind, they have been seeing me two to three times a month! $5000 wired into my account today.
Rando,
You need to have a plan and present it to your buyer. Like, You can buy it from me for XXX amount. This is what you need to do to rehab/remodel the place and this is what it will cost. Here is what the place will sell for after you have done the work. Here is your net profit and estimated ROI.
Get it under contract and assign the contract to your buyer. A wholesale deal!!
Several more in the works, gotta hit that 40 mark for 2011!
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
You are smoking!
Got a few cooking myself. One I just showed to another investor today.
Two more I'm working with the homeowner's on.
Keep It Going!
Rodney
Start Where You Are! Use What You Have! Do What You Can!
Never let failure dominate you. Never let the mistates of your past Lord over you.
Go Confidently in the Direction of Your Dreams. Live the Life You Have Imagined.
- Henry David Thoreau
Website that get's results: www.jracrealestateinvestments.com