Week 32 & 33

So I’m officially back to work full time (teaching kindergarten) and it’s taking up a lot of my focus, energy, and time. I’m okay with that because it’s the first of the month and inventory typically comes out in the 2nd and 3rd week of the month.

I feel behind on my weekly post to I’m updating you as to what all happened these past two weeks….

Week of August 1st – August 7th, 2016

  1. I’m giving our Memphis, TN borrower until the 20th to complete all paperwork to provide her with a forbearance plan and keep her in her home. With two previous BK filings, and a modification in the past I’m expecting extra effort to show good faith this time around and are requiring some extra paperwork to ensure her ability to repay.
  2. Volunteered with our local REIA (Central Florida Real Estate Association) and networked with several new investors.
  3. Paid invoices for any open bills on Friday (that’s part of our “batching” process).
  4. Looked at 2 new assets but decided to pass on them for various reasons.
  5. Sent an extension of contract on one note that is taking longer than expected to finish the foreclosure (the borrower filed BK once, attempted to modify the loan then never followed through on paperwork, and moved 2 times so we were unable to serve her…)

Week of August 8th – August 14th, 2016

Monday

  1. Looked at a new tape of 48 assets. Submitted 2 bids on these.

Tuesday

  1. Called our realtor to coordinate being a representative for our eviction of a contract for deed in IL. Our realtor is awesome, has a contractor coming out that day as well as a locksmith to change locks, and get us a quote on any repairs that are needed to get this property sold quickly!
  2. Contacted our borrower that is giving us a DIL in IL to verify move out time this Saturday the 13th.
  3. Called University Park, IL Village because in order to record our DIL we need to send them a certified check, some completed forms in order to receive an official stamp and record the DIL. This means getting the borrowers signature (which may be a challenge).

Wednesday

  1. Looked at another tape of over 60 assets. Made offers on 4 of these notes.
  2. Spoke with a bookkeeper about doing our books for us. It’s something we have been needing to outsource for a while.
  3. Picked up our check from our Jacksonville rental closing. It feels SO good to finally have that property sold – Let’s just say we are not made to be landlords!

Thursday

  1. Sent our pay off letter (initial investment + interest) to the lender on the Jacksonville deal. It’s their 2nd pay off from an investment in 1 month. They made a blended return of over 35%! Not bad!

Friday

  1. Paid invoices for any open bills on Friday (that’s part of our “batching” process).
  2. Contacted our attorney for our Tallahassee FC to see if there has been any movement.

Saturday 

  1. Our realtor managed to coordinate the move out with our IL borrower, although it was no easy task. We are still waiting on the signed document back from the borrower to be able to record the DIL.

All in all, movement is happening on several of our deals and we expect to continue to be closer to our workouts and a payday! 3354-a-little-progress-every-day-adds-up-to-big-results_380x280_width

Total Bids Submitted: 6
Total Bids Accepted: (2 pending approval (we’re in negotiations) 2 still waiting to hear back on)
Number of New Sellers Contacted: 0
Total Profit: $474.85

 

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