Quick $10,000 assignment!!
Posted on April 18th, 2011
5th Assignment of contract this year! Love it when you deal directly with the home owner and then the CASH buyer. NO REALTORS! We use every strategy we can think of to connect with motivated sellers. This one came from a sign on the street that said Estate sale. We always go by and ask if the property is for sale. They said yes and we were able to negotiate a deal. Here is the deal. We walked through the house and here is what we came up with. House is in need of a full remodel along with a roof and gutters. Huge potential in this neighborhood. Solid brick house. Its a 3/2 with a detached 2 car garage. ARV as a 4/2 is $375,000. Rehab/ remodel cost $60,000 Bought it for $200,000, Assigned it for $210,000. I make $10,000. Seller owes $162,000 so he will Gross $38,000 Assigned it to my CASH buyer for $210,000. He should net around $65,000. A 17.5% return on his investment!
So we have found sellers by checking estate, garage sales, putting up bandit signs, calling, mailing and door knocking pre foreclosure leads. I would say we made contact with at least 200 sellers with equity to get these 5 assignment deals.
All the strategies that Dean teaches for connecting with motivated sellers work!! We are proof. You just have to do what he teaches and don’t give up after you talk to 3 people!
Michael Mangham MD Home Acquisitions LLC
Similar Posts:
- Deal #9, I call my ‘lots of contracts’ DEAL. About 8 hours of writing contract language… for $12K
- Day in the Life of a Trustee Sale Auction Investor
- New Short Sale Law is a Game Changer
- Fewer Remodelers Seeing Price Declines
- Split Housing Market: Ugly vs Pretty Homes
Tags: Assignment
Filed under Real Estate Facts |