Jason Collins Victory

 

Jason Collins Victory

ACTIV Real Estate Solutions in San Diego, CA
Jason Collins with Margarita Collins

Type(s) of Victory: Closed on another deal


In late December 2014, I found a (50) space mobile home park that had the right things wrong with it. After some tough negotiating, I was able to get the purchase price down from $775K to $525K. Right after finalizing the terms of the sale and getting it under contract, I began marketing the property. I was able to find an investor group interested in the deal within a week or so, and assigned the contract to them for a fee. From start to finish, I spent about 20-30 man hours on this deal. Initially, an agreed upon assignment fee of $40K was going to be split up in the following way: $5,000 paid at closing, and the remaining $35K rolled into Class B shares of the LLC buying the property in order to maintain an equity/ownership position in the deal. That plan change a little because I found myself needing capital for some upcoming projects, so I worked it out with the investors to reduce the assignment fee from $40K to $35K in order to get the entire amount at closing. Well, I'm happy to inform you that the property closed last Friday, and today $35K showed up into my account. Take care, and have a wonderful week!



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