Dillano Medina, a seasoned real estate investor with experience spanning over five years, recently delivered a striking story of quick success and substantial gain on our podcast, The DealMachine Real Estate Investing Podcast hosted by David Lecko and Ryan Heywood. In a remarkably short period of six days, Medino earned a staggering $90,000 assignment fee, navigating through the intricate webs of foreclosures and bidding, all the while providing exceptional service to a seller in dire straits.
In this blog, we'll break down how Delano's story and key tips to helping you with your journey to financial freedom.
A Breakdown of the Deal
In the world of real estate investing, timing, knowledge, and relationships are king. Medina beautifully highlighted how these elements can combine to create outstanding opportunities. The deal that fetched him the massive assignment fee began with a call from a friend. This wasn't just any lead — it sprang from a longstanding relationship — showcasing the profound value of networking in real estate.
The property, at the heart of the transaction, was undergoing the stressful process of foreclosure. Luckily, the laws in North Carolina, where the property was located, allowed for an "upset bid period." This period extends the foreclosure process, giving bidders and possibly the original owners more time to make their next move. Medina, equipped with his comprehensive knowledge of these laws, was poised to act swiftly.
Strategic Offer and Rapid Closure
The original offer on the foreclosed property was $172,000. However, understanding the urgency and potential of the situation, Medina and his associate decided to top this by offering $180,000, but with a catch — the deal had to close that same day. This assertive approach not only demonstrated Medina's confidence in his operations but effectively sealed the deal in their favor.
What transpired next was a rapid series of events that culminated in a double closing. Not only did this method streamline the process, but it also underscored the importance of having a reliable network of buyers and a solid understanding of real estate procedures. Medina, enriching the narrative, shared that the transaction was so smooth he never physically met the seller or stepped inside the house — the entire negotiation and closure were handled remotely.
Beyond the Deal: Offering More Than Just a Quick Sale
A key component to Medina's approach, which often goes unaddressed in typical real estate transactions, is the human element. Understanding the seller's predicament, Medina didn’t just facilitate a quick sale but ensured the seller was supported throughout the transition. For instance, the move-out program he describes isn’t just about buying property; it’s about providing a comprehensive service that addresses the seller's future concerns as well.
"If you're making a substantial fee, there’s no reason you shouldn’t invest a part of that in helping the seller transition smoothly,"
Medina explains on the podcast. This philosophy not only sets his services apart but also builds a positive reputation and potential for future referrals.
The Importance of Being Prepared
Despite the allure of high returns seen in deals like these, Medina urges new investors to tread with caution. The readiness to close deals swiftly comes from experience and a robust backing of reliable buyers and resources. Without these, promising quick closures can backfire and tarnish a beginner’s reputation in the competitive real estate market.
Key Takeaways for Real Estate Professionals
Medina's story is a powerful reminder of the opportunities that thorough preparation, a robust network, and a strategic approach can bring to real estate professionals. It highlights:
- The significance of building and maintaining professional relationships.
- The impact of understanding local real estate laws and processes.
- The necessity of combining rapid business transactions with thorough and supportive customer service.
By focusing not just on the profit but on the process and the people, real estate professionals can build sustainable practices that stand out in a crowded market. This approach not only increases immediate gains but also cement long-term business relationships and reputations.
Conclusion
Dillano Medina's rapid $90,000 success is about more than just numbers; it's about strategic thinking, impeccable timing, and a holistic approach to service delivery in the real estate sector.
His story serves as an inspiring example for both budding and seasoned real estate investors, urging you to look beyond the conventional metrics of success and focus on the broader spectrum of their business's impact. For those looking to elevate their game in the real estate market, taking a page out of Medina’s book could very well be their next big break.
