Monday July 11th – Sunday July 17th, 2016
Man! This week was AWESOME! We got in touch with some REALLY good sources for off market deals, and a ton of great inventory is being released. We were able to get 5 new deals under contract and funded this week which is awesome. We’re expecting to profit $35,000 + on the five deals without any of our own money. I’m also looking at hiring a part time assistant to help with someone of the clerical work when I go back to working my 9 – 5 full time in early August. I’m excited for how that will increase productivity and allow us to do more with me working less.
Monday (7 hours) – I was supposed to have Jury Duty but didn’t get called in (Phew!)
- Reached out to 7 new potential sellers on LinkedIn. I heard back from 3 of the contacts, 2 of which have already sent me inventory! I even got a bid accepted by one of the new sellers this week.
- Wrote a letter to one of our borrowers that has lost communication about their options for staying in their home. We attempted to call 3 times already with no avail. If I don’t receive a response from this letter I will have the company NCCI hand deliver a letter.
- Returned a Loan Purchase Sales Agreement (LPSA) to the seller of our new Springfield OH note – it’s a contract for deed and our goal is to get her borrower paying again. We feel it’s a high chance of success.
- Got an affidavit notarized for our FL foreclosure, we’re getting close to judgement sale.
Tuesday (6 hours)
- Got 2 more bids accepted, and potentially a 3rd. One is an REO in Indiana and the other is another asset in Springfield OH! Both are going to be a double digit return and awesome opportunities for our partnering investors. I called the realtors for these assets to verify occupancy and value. (take a look at the properties below)
- Look at new assets from the LinkedIn Sellers I reached out to the day before. Placed a bid on 4 assets.
- Received a new tape from a client that had over 60 assets for our Virtual Assistants to research. I monitored their work throughout the research process.
- Wrote a formal executive summary for our new Rose St. Deal above.
Wednesday (5 hours)
- Tried to contact an attorney in OH to help us with our new assets we’re picking up. I had a question about the title report that was returned to us with our contract for deed. Unfortunately I was unable to get ahold of anyone.
- Wrote 2 new executive summaries and prepared the Private Lending agreements for our partnering investors.
- Found out our Indiana REO was supposed to have a lockbox…but doesn’t? We’re trying to figure out why the seller has images with a lockbox but my realtor has pictures without. Once we can get inside we can get a more accurate idea of what the property needs to sell at top dollar.
- Updated our running checkbooks for July for all of our inventory. This helps our partnering investors stay up to date on how much money remains in the account.
- Heard back on 2 bids I had out from a seller, unfortunately I was largely outbid. That’s okay, seems I have a lot of inventory coming my way!
Thursday (3 hours)
- Our borrower that did not deliver on a modification a month or so back called and asked for a 2nd chance since we have restarted the FC process (for a 3rd time now). We told them they can pay in full (including legal fees, etc) but we will not stop or pause FC.
- Got ahold of an attorney in OH that will help us review the title report and handle the contract for deed and foreclosure just in time for our closing tomorrow!
- Heard back on our last asset that was approved. We found a partnering investor on this deal that is going to provide a killer ROI!
- Heard back on our 4 bids to the new seller, and 1 was accepted. We are looking forward to this deal in Miami, FL. We believe we can keep the homeowner in the house and successfully get them paying again.
- Wrote executive summaries for the 2 most recent accepted deals.
Friday (4 hours)
- Ordered O&E reports on the four assets that were accepted this week.
- Had an inspection on our rental in Jacksonville, FL we have under contract to sell.
- Emailed the FC attorney for the new New Smyrna Beach deal we have under contract to try and shed more light on the current BK and FC that is ongoing.
- Spoke with the funders/partners on our NSB deal to walk through the potential risks, and likely outcomes.
- Wrote to one of our partnering investors about our re-performing note. We need to extend our original contract.
Saturday & Sunday (days off)
Total Bids Submitted: 4 (waiting to hear back on 2 offers from two weeks ago)
Total Bids Accepted: 4
Number of New Sellers Contacted: 7
Total Profit: $544.39