I totally dropped the ball last week and did not write my weekly post. I’m going to make up for it this week and catch you up on all the happenings. It’s been a very busy and great 2 weeks.
Monday May 16th – Sunday May 22nd
Monday – Friday (14 hours total)
- We received over 300 assets to research with our preliminary due diligence scrubbing service, http://www.tapetechs.com. It’s awesome we’re able to help so many clients with the research process when you receive a tape. My VA’s were working away on our clients tapes with some of my own assets mixed in there.
- Spoke at our local Real Estate Association (CFRI’s) Orange County Monthly Meeting about investing in notes. It was only an hour, but allowed more people to hear about note investing and a few signed up for my Saturday class.
- Got a new deal in TN under contract that is a great note!
- Emailed some vendors – we need to have our Tampa property that is set for FC sale on July 13th, cleaned out (trash out). We are receiving a quote for that.
- Inquired about insurance on the three new notes were picking up & finalized all of our JV/Private Lending paperwork for our investors that are lending us the money to buy these notes at a secured and higher than average rate of return.
WOW! Saturday was amazing! I was able to teach over 60 investors from Florida about Non-Performing Note Investing. Being a teacher full time I obviously enjoy and have a passion for educating others. I had no idea I would love teaching them about notes in particular as much as I did. I received great feedback on the class and several inquires on coaching or mentorship to further their momentum of learning with notes. It really was an absolutely AWESOME day.
Sunday – day off! (Well deserved I feel)
Monday May 23rd – Sunday May 29th
Monday – Friday (10 hours total)
- Closed on all three notes this week. Cool news, 2 of them have already said they want to stay and continue to pay their old monthly P&I payment…Wohoo! Our overall cost to get into these deals have dropped tremendously, and we have re-performing notes like that. We’ll be seeing 18% – 22% returns on these until we are ready to sell them to a secondary investors.
- Submitted 2 bids this week and am looking at more inventory this weekend (well my VA’s are), to submit bids on.
- Got a call from a local investor that wants to liquidate a property only 20 minutes away from us in a great neighborhood. I’m working on price but hope to hear back Tuesday we have a deal. I’ll wholesale this to an investor nearby that likes to flip properties as it’s a great rehab contender.
- Received collateral files for our new deals & submitted the docs to our attorney to get the ball rolling on our eviction in IL.
Sunday – day off!
Total Bids Submitted in the 2 weeks: 3
Total Bids Accepted: TBA
Number of New Sellers Contacted: 0
Total Profit (in 2 weeks): $5,659