Week 29 – 5 New Deals!

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!)

  1. 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.
  2. 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.Screenshot 2016-07-07 12.26.35
  3. 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.
  4. Got an affidavit notarized for our FL foreclosure, we’re getting close to judgement sale.

 Tuesday (6 hours)

  1. 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)
  2. Look at new assets from the LinkedIn Sellers I reached out to the day before. Placed a bid on 4 assets.
  3. 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.
  4. Wrote a formal executive summary for our new Rose St. Deal above.

Wednesday (5 hours)

  1. 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.
  2. Wrote 2 new executive summaries and prepared the Private Lending agreements for our partnering investors.
  3. 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.
  4. 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.
  5. 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)

  1. 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.
  2. 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!
  3. 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!
  4. 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.
  5. Wrote executive summaries for the 2 most recent accepted deals.

Friday (4 hours)

  1. Ordered O&E reports on the four assets that were accepted this week.
  2. Had an inspection on our rental in Jacksonville, FL we have under contract to sell.
  3. 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.
  4. Spoke with the funders/partners on our NSB deal to walk through the potential risks, and likely outcomes.
  5. 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

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s