CLOSED!! $7,500 in 2 hours!! Deal 29 in 2011!!

Sweet deal!! Glad for you guys. Guess that kicked your 4th quarter off real nice!!

Way to close the year!
I have read that banks will try to get rid of as many properties as they can before the end of the year; I guess you just showed us proof of that!
I'm impressed that you were able to do a dry double closing-wow! How did you offer it to your buyers? Who did you do the double closing with?

Thank you for sharing!
Valerie

Hi,Micheal,my name is Fenell i'm new to REI i have no credit ,no job history so i cant get insitutional lending at this time how can i start wholesaling properties to investors what are the first steps i should take.

Thats awesome!
I have read as well that REO asset managers' bosses come down hard on them at the end of the year to get rid of properties. Guess someone was feeling the pinch when you bought the property, lol.

RENinja

has become commonplace on here Michael, but I bet it never gets old

That is just plain fantastic. It sure does help to know what the heck you are doing and it has to feel real good.

Did you submit the offer to the bank yourself or use an agent? My guess is you did it yourself so as to not have to pay the agent.

Haven't closed yet. Just got it under contract yesterday and sold it today. $2500 non refundable deposit on the b to c. Mine on the a to b was $1500 certified funds only. We close in 2 weeks. That is as soon as the lender could be ready. But we will be doing the dry double close. Done 4 of these this year with my investor friendly title company. Totally legit.
I am not done yet. Could have 5 or more in 3 states. I probably won't hit that goal of 40 this year but I might hit 35. Wanted to double my closings this year. I don't think I will make it. I DID more that double my income this year!

Thanks to Dean and the Academy! I would not be doing what I do now if Dean had not given me my start!!

Michael Mangham
MD Home Acquisitions LLC

that is absolutely fantastic congrats

Elix, if I keep it up I might catch up to you some day!! Might be setting up a team in your area, if I do I will be contacting you ASAP!

Diane, made the offer through the listing agent. There is NO WAY to buy a B of A property directly from one of their asset managers. They simply do not talk to you. They refer you to their listing agent. The seller pays the commissions on this purchase, so it did not cost me any thing to offer through the agent. Now I sold it to my buyer with out an agent, so no commissions will be paid at the b to c closing!

Michael Mangham
MD Home Acquisitions LLC

Missed that one question,"how did I offer it to my buyer"? The dry closing you mean? I told them they would save my 2% Transactional funding costs if they funded my deal! Either way, their choice. They must sign docs with my title company stating they are fully aware that I am using their money.

Michael Mangham
MD Home Acquisitions LLc

Thanks for the reply.

Michael- everything you share here with us about your deals is absolutely fantastic!!! thank you so much for the details!

We are following your lead...
Valerie

It's People like you that make a difference, in people's lives, by Just doing It!

Thank u.
Richard

Elix,

When will they figure it out, we investors can buy up their inventory, fix it up, raise property values etc, etc. It just does not make sense what they do. I know the federal government does not help with their anti business (read fat cat) agenda! They caused this mess and then blame the banks and wall street. Thanks Barney Frank and Chris Dodd. Every one should own a home whether they qualify or not, right?

Oh well, out looking at houses this AM with one of my mentoring/partners this morning. Put out 15 bandit signs last night, got two lesds this morning by 9:00 AM. Will check those out this afternoon.

Thanks again!

Michael Mangham
MD Home Acquisitions LLC

You are always inspiring, motivating and educating me!!

I've been told by my title co (in CA) that I can't do a dry double close but now I'm wondering if it would be accepted if approval given by the C buyer to use there funds like you did here. I also don't have a track record like you do with so many deals. Thanks again and congrats on deals and more than doubled income!

You are always inspiring, motivating and educating me!!

I've been told by my title co (in CA) that I can't do a dry double close but now I'm wondering if it would be accepted if approval given by the C buyer to use there funds like you did here. I also don't have a track record like you do with so many deals. Thanks again and congrats on deals and more than doubled income!

Nicely done Michael! Fired Up!!

U da man!!! LOL

Way to MAKE it happen!

Blessings,
Jen

Probably getting old but you can always expect to receive a Congrats from me I am currently working on a REO that has been on the market for a little over a year and a half and they are NOT willing to budge on the price. I have attempted to show the bank nearby comps and detailed repairs needed. Yet, still to no avail. Again, good luck and look forward to joining you

you are a true DG Superstar. Keep the deals rolling.

Steve

29 deals!! Just awesome. It will be no wonder if you hit 40 too as you are going at bullet speed. I am impressed that you still find time to answer questions here on DG.com and help others.

Maddy

Let me know how the closing goes. I've fallen out of 10 of these already, and just seem to be having bad luck with it. I admire your tenacity. You are the energizer bunny!

You prove that everything is possible! Banks are no likely to accept assignments but you prove it is always possible. Just curious, is this a local bank? Or a bank like Bank of America?

Thanks for sharing! You guys are rocking !

Jill, glad to hear that my posts help you out!

Jen, Thanks as always!! When be in touch with you by Monday.

Lenee, Thanks, hope all is well with you.

Steve and Veronica, Thanks again, I will keep it up, it's my job!

Greg, Thank you, I will be coming to Texas very soon. Time to expand.

Maddy, I hope to hit 35, 40 would be a miracle, but, you never know. Thanks!

Tammy, I have way more failures than successes that is for sure. Keep working, get as many in the pipe line as possible. Still looking for one that will work for you in Colorado or elsewhere now! Thanks and good to hear from you.

Tom And Jeri, This was NOT an assignment. The contract was non assignable. We are double closing this one. Even the small banks and credit unions around here will not allow an assignable contract. Nor will they deal directly with you on their REOs. Thanks for the kind words.

On to the next! Several of my people that I mentor/partner with have deals we are working in multiple states. The next 5 weeks are going to be crazy!!

2012 here we come!!!

Michael Mangham
MD Home Acquisitions LLC

Congrats on your success. Thanks for sharing Michael

Congrats Michael. You are truly the rolling stone that gathers no moss. Congrats on another accepted offer. God Bless.

Sandra

Your posts inspire me to do more. Keep up the great work.

Joe

Congratulations yet again! very inspiring. how did you happen to find the title company that will do dry closings? thanks.

Congrats on #29 and thanks for being so faithful to the DG community with your posts and sharing. On my second flip now and have 2 successful flippers in the city that are mentoring me and have now asked me to help them find houses since they have had PML contact them about wanting to invest with them. I think 2012 is going to be a great year! And my goal is only 6 deals, and I was happy with making that goal, but after seeing your #29, I need to get on this site more often and take my dedication to another level like you and some others out here. Again, thanks so much for all you do for this community.

Thanks you guys!! God Bless!!

Linda, I found 3 title companies that will do this is the Denver area. Several said it can't be done. I found these companies by networking and doing deals with active investors. NOT realtors, agents or brokers!! Found the one I am using on this deal through one of my investor owned and operated Hard Money lenders!

Jack, If I never mentioned it before, thanks for your service! We owe the freedom we have in this country to our veterans!! THANK YOU!

Looking to expand into several more states. PM me if you are interested in doing deals. No bird dogs, investor partners needed!

Michael Mangham
MD Home Acquisitions LLC