Week 5 – End of Month One

Can you believe it? It’s already the LAST week of January. Time is flying by! January was overall was a pretty dry month for inventory. I feel many sellers were preparing themselves for sales later in Q1 and sold the majority of their older inventory at years end. Needless to say, I made a lot of headway that will payoff later in the year when inventory becomes more readily available. We also had a fake out for our first deal of the year.

Total Offers for Jan: 8
Total Deals: 1
Total Income: $1,204.99
Contact with New Sellers:  31
New Private Lenders Contacted: 7

Monday (3 hours)

  1. Talked to a new seller of notes and filled out an NDA.
  2. Followed up on emails from vendors.
  3. Called 2 property preservation companies to get quotes for some needed work on a property, getting one window replaced currently.
  4. Sent our lenders updates on the deals we currently have letting them know where they are in budget and timeline/workout.

Tuesday (2 hours)

  1. Met for coffee with a private lender/friend who was in town from out of the country.
  2. Sent out an email about a private lending opportunity we have available to our lenders. (We received several interested emails about the deal had a formal commitment in just 6 hours from sending out the opportunity).
  3. Signed the Listing Agreement for our property in Tipton, IN (goes on the market Monday)!

Wednesday (1 hour)

  1. Read for 30 minutes.
  2. Received a new tape of 31 assets for our VA’s to scrub from a client.

Thursday (4 hours)

  1. Signed an Affidavit for our attorney and delivered note and mortgage for when they go to court (their office is around the corner from my house so it’s convenient).
  2. Prepared our documents, funding agreement, pulled title for the new deal. Sent to our private lender for review.

Friday (3 hours)

  1. Our new deal that was set to close Wed. Feb 3rd, fell trough. After receiving the Motivational-business-success-quotes-8remaining collateral and title we found there was a 2nd and even 3rd mortgage (Hardest Hits Fund) that would have effected our exit strategy. We decided to back out of the deal. This is why due diligence is SO essential.
  2. Looked at 3 new assets.
  3. We had our first book club for entrepreneurial women. I started a meet up this year to branch out and meet more like minded individuals in Orlando and had a GREAT first meeting. We will be reading The Four Hour Work Week for the next month.
  4. Got a NEW Deal under contract in Pittsburg, PA. It’s funny how things work. When one door closes, another one will open. We are able to use the same funder we had committed for the previous one and should be closing in early Feb. on this deal.

Take a look at the deal that was lost (let go of), and the deal that was “found”.

Screen Shot 2016-01-25 at 6.08.54 PM
Port Orange Deal – Lost
Screen Shot 2016-01-29 at 3.53.13 PM
Pittsburg PA Deal – Found
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