DEALMAKING

A Florida Investor Makes $4,500 In One Week!

by Marlene Green

Editor’s note: if you transacted a good deal that you would like to share with us, please email editor@mreia.com Please put “MREIA BUSINESS” in the Subject Heading.

His First deal was TOO EASY, but don’t envy him! Simply model 30 year old David Marr for taking action by marketing, investing in his education, asking for help and networking at CFRI which resulted in adding $4,500 to his bank account in one week!

“I WILL BUY YOUR HOUSE CASH TODAY” along with his phone number is written on David’s bandit signs. He got a call on one of his bandit signs in Sanford from the owner of a single family house (with a tenant) who inherited a property he did not want from a legal settlement. David offered the Seller $19,500 for the house and quickly got it under contract because the Seller was very motivated to sell. After getting counsel from CFRI member and Wholesaling Expert, Todd Hutcheson, on what to buy it for and what to sell it for, he negotiated a price without ever meeting the Seller or seeing the property.

 

The Seller originally wanted $25,000. David made a verbal offer over the phone with the Seller who said he

would talk with his partner. He called David back and said his partner would like an even $20,000. David told the Seller, “if your partner wants to lose the deal over $500 that’s fine by me, but if he wants this house off his hands and cash in his pocket within the week, then my offer is $19,500.” Soon after David got a call from the Seller verbally accepting his offer. He sent a contract via email to the Seller and had it accepted, signed, and sent back to him within 24 hours.

 

He happened to be at Chris McClatchey’s Real Wealth Seminar over the weekend and networked with several

people including a couple who was looking for buy and hold rentals. They agreed to buy the property for $24,000.

David used an Assignment of Contract to assign the deal to his cash buyers.

 

He gave a $1000 deposit to Southeast Professional Title Company, a CFRI Business member. Southeast

Professional Title made the transaction more than easy for him so that all he had to do was wait to get a phone

call a few days later to pick up his check. His girlfriend was in the hospital at the time so a lot of the “work” was

done from his phone and iPad at her bedside in the hospital!

 

Aside from his girlfriend being in the hospital, the only snag that David had was that Southeast Professional Title

came back and told him that the Seller had a mortgage on the house of $124,000. He was told by the Seller

that it was completely paid off so the Southeast Title closing agent, Ana Sanchez, had to get signed proof that

the mortgage had been settled. This threw David for a loop, but it was settled by Ana, quickly, and without any

further hassle.

 

When asked why this deal went so well for him, David stated that Confidence is key and that he was straight-

forward with all parties involved in the transaction. He shared that by being direct you weed out the non-motivated sellers and the tire-kicking buyers. That is, you don’t waste your time and you are able to move through as many deals as possible to find the right ones.

 

Reprinted Courtesy of the Central Florida Realty Investors. Visit www.CFRI.net                                                  From the June 2013 issue of the CFRI Newsletter.