Week 27 & 28

Monday June 27th – Sunday July 3rd, 2016

  1. Looked at new inventory from 2 sellers, submitted 6 bids.
  2. Closed on our newest deal in Tallahassee (finalized our lending agreement, wiring money, getting insurance, etc).
  3. Worked on getting a title commitment to get a release of lien from the Hardest Hits Fund in Illinois so we can get our DIL recorded. We’ve held this note just under 45 days and we are getting a DIL from the borrower! It’s going to be an awesome and quick deal.
  4. Had a hearing for our note in NC that was extended for another 60 days. We won’t get another chance to go before the court until the end of August.

Monday July 4th – Sunday July 10th, 2016

Saturday – Tuesday (4th of July Weekend)

Wednesday (3 hours)

  1. Received new collateral from our latest deal, reviewed the collateral file to make sure all of the proper docs were included.
  2. Paid taxes on a property that was 2 years behind.
  3. Talked with vendors on our current deals.
  4. Volunteered with our local REIA for our General Monthly meeting.
  5. Heard back on my 6 bids, 2 had sold and 4 were countered. I re-countered on 3 of the 4, and passed on one all together.

Thursday (4 hours)

  1. Got 2 new deals under contract, one in Springfield OH & the other in Indianapolis,

    IN. The first deal is a lower valued contract for deed that will likely become a re-performing note giving an expected 30% yield! The second is a vacant foreclosure that is set for foreclosure sale in August. We will likely wholesale that to another investor as it needs a rehab and is not really or M.O.

  2. Contacted my real estate agent in Springfield right away to verify condition, value, and take pictures. I also ordered an O&E on this immediately.
  3. Tried to contact a borrower on a new note we bought last month. This was our second attempt and was unsuccessful. We are now hiring NCCI to drop/deliver a letter to initiate communication with us. They will deliver 2 letters for a low flat rate fee.

Friday (day off)

Saturday (8 hours)

Volunteered for our local REIA (CFRI) at a land trust class with Jack Shea and Mark Warda. I learned about holding mortgages in a real estate mortgage trust to keep myself and my lenders more private. It also keeps my assets protected in the event of litigation. Trusts are an awesome tool for investors!

Sunday (day off)

Total Bids Submitted: 11 (waiting to hear back on 6)
Total Bids Accepted: 2
Number of New Sellers Contacted: 0
Total Profit: $3,479.00

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2 thoughts on “Week 27 & 28

  1. Jennifer McMurtray July 10, 2016 / 6:41 pm

    Wow! You go, girl! I didn’t know you could get Hardest Hit Funds if the borrower was moving out. I thought it was a borrower-based program, to help them catch up. Interesting!

    I’m really happy for you and Dennis that your biz is doing so well.

    Warmly,

    Jennifer

    • NoteInvestingClub.com July 10, 2016 / 8:32 pm

      Hi Jennifer! Thank you 🙂 We are not getting a payoff from Hardest Hits, they have already refinanced the borrower previously. When they do that, they often put a lien against the property to keep them from refinancing to pull equity. Since we are getting a DIL we have to get that lien released in order to have marketable title, which is what we were working on this week. Hope that makes sense! Thank you for the compliments. You’re note business will be there in no time!

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