Week 31 – Shit Hits The Fan Fast

Tuesday was a whirlwind of emotions. Let’s just say some shit hit the fan. Amazingly, it all worked out rather quickly and with very little aftermath. I really shouldn’t be surprised. After all the Universe is working in my favor. Regardless, it isn’t comforting when things don’t quiet go your way especially all at once.

Monday (3 hours)

  1. We were supposed to close our new Miami asset but are still waiting on wire instructions and collateral from the seller. Luckily we’re ready but it’s backlogged in their system, so we’re not jeopardizing any relationships. I guess it’ll close when it closes.
  2. Heard back on our 4 bids from last week (3 were out bid, 1 is a back up bid).
  3. Got our last lending agreement notarized at the bank and sent to our private lender.
  4. Heard back on our Rockford, IL deal which is close to coming to eviction. We should have a date we can get in to start work soon!
  5. Sent our contractor our design ideas for our newest REO “mini rehab” in Evansville, IN. I love picking out decor, paint, tile, etc. I just don’t like managing the work involved! This one is a light rehab so it’s not too bad.
  6. Analyzed all of our past deals into one spreadsheet, looking at our original predictions for profit, ROI, sales price, total cost, etc to reality. It’s amazing how different it can be sometimes. You think you know but unpredictable stuff can always happen! It’s also amazing to see how much we’ve grown from our first deals!

Tuesday (1 hour)

  1. We are going to close on our rental in Jacksonville (we are selling it) on August 1st. keep-calm-when-the-shit-hits-the-fanTitle came back with an issue from a prior-prior foreclosure. Since we bought this a note, foreclosed to gain title we never got an owners title policy. We saw that title was clear in our O&E and on the loan title policy. So in order to close, we know have to figure out why this foreclosure from 2006 is still showing up on the title search, when the borrower we foreclosed on bought this house in 2007 with clear title. Let’s just say it’s not a small problem, but hopefully fixable!
  2. We were waiting on the MLSA for our two new assets we are closing on Wed. (yes, tomorrow) and the seller told us we couldn’t close on one of the deals! We already had a BPO, Title Search, Contractor Bid, and Insurance on the asset and were set to close. I did not like the fact that we might lose this deal. Luckily I was able to negotiate with the seller to come up on offer by $8,000, which is a lot but still left us a nice spread on the backend. – SAVED this deal – Phew!
  3. Our home in Pennsylvania is in conciliation, meaning a court order mediation where a judge hears both parties sides of the foreclosure case and decides what will happen. Conciliation was approved August 2015 but no hearing date had been set. I was emailing my attorney every month inquiring if we had received a date, with the consistent reply of “not yet”. Monday, I couldn’t believe nearly a year passed and I heard nothing, so I called the court and my attorney. My attorney personally followed up with the court and found out the hearing was scheduled that day, Monday! CRAP! The attorney’s never receive an order from Allegheny court about the conciliation hearing which is why we weren’t in attendance. That means we have to wait another 90 days before we can go back to the judge and try to prove our side of the story. This was not good news. Luckily the judge did not simply favor the borrower since we were no shows…It’s still 90 extra days of holding costs and accruing interest in unpaid taxes and with my private lender.
  4. Our borrower called on our Memphis TN note we’ve been trying to contact for nearly 1 month. Glad our communication lines have been opened now with NCCI!

So Since all of this happened within 1 hour….I went to the springs to forget about all of this crap!

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Wednesday (3 hours)

  1. Spoke with my borrower in University Park IL about the DIL we haven’t received yet, but should have by now. We found a mobile notary to get the job done, but it took a lot of text, calls, and emails.
  2. Closed on 3 notes with our private lenders today (1 was supposed to close Monday but was postponed).
  3. Spoke with a few of our attorneys about the cases we have open.
  4. Called 2 real estate agents in University Park to make sure we can get this property sold after receiving the DIL.

Thursday (30 minutes)

  1. Picked up our check from our Tampa Foreclosure sale property! It felt great to write a check to pay our lender a whopping 32% on their money in 1 year as a completely passive investment and get a pay day of $5,032 ourselves!! Wohoo!
  2. Received a tape for our VA’s to scrub from TapeTechs.
  3. Sent my private lenders summaries of our deals.
  4. Called our borrower in TN, again. Again, she did not answer but I texted her as a follow up and she did respond saying she would contact me Friday! We’ll see – fingers crossed.

Friday (30 minutes)

  1. Made sure our docs were in order for the closing today of our Jacksonville Rental – The closing title company was able to “rectify” the title issue, and got everything ready to close on time. No losses there – We are SO excited to sell this property, and again get our money back, pay our lender, and move on to the next deal! WOHOO!
  2. Returned tape to TapeTechs client.

We felt this week deserved some major celebration so we went to the lazy river.

All in all, this week we Funded 3 deals (new buys), Got a payday from 2 investments (sold them), and received a DIL from a borrower! That’s what I’m talking about!!

Total Bids Submitted: 0
Total Bids Accepted: 0
Number of New Sellers Contacted: 0
Total Profit: $6,532.34

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