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
Monday June 27th – Sunday July 3rd, 2016
- Looked at new inventory from 2 sellers, submitted 6 bids.
- Closed on our newest deal in Tallahassee (finalized our lending agreement, wiring money, getting insurance, etc).
- 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.
- 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)
- Received new collateral from our latest deal, reviewed the collateral file to make sure all of the proper docs were included.
- Paid taxes on a property that was 2 years behind.
- Talked with vendors on our current deals.
- Volunteered with our local REIA for our General Monthly meeting.
- 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)
- 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.
- 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.
- 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
I totally dropped the ball last week and did not write my weekly post. I’m going to make up for it this week and catch you up on all the happenings. It’s been a very busy and great 2 weeks.
Monday May 16th – Sunday May 22nd
Monday – Friday (14 hours total)
- We received over 300 assets to research with our preliminary due diligence scrubbing service, http://www.tapetechs.com. It’s awesome we’re able to help so many clients with the research process when you receive a tape. My VA’s were working away on our clients tapes with some of my own assets mixed in there.
- Spoke at our local Real Estate Association (CFRI’s) Orange County Monthly Meeting about investing in notes. It was only an hour, but allowed more people to hear about note investing and a few signed up for my Saturday class.
- Got a new deal in TN under contract that is a great note!
- Emailed some vendors – we need to have our Tampa property that is set for FC sale on July 13th, cleaned out (trash out). We are receiving a quote for that.
- Inquired about insurance on the three new notes were picking up & finalized all of our JV/Private Lending paperwork for our investors that are lending us the money to buy these notes at a secured and higher than average rate of return.
WOW! Saturday was amazing! I was able to teach over 60 investors from Florida about Non-Performing Note Investing. Being a teacher full time I obviously enjoy and have a passion for educating others. I had no idea I would love teaching them about notes in particular as much as I did. I received great feedback on the class and several inquires on coaching or mentorship to further their momentum of learning with notes. It really was an absolutely AWESOME day.
Sunday – day off! (Well deserved I feel)
Monday May 23rd – Sunday May 29th
Monday – Friday (10 hours total)
- Closed on all three notes this week. Cool news, 2 of them have already said they want to stay and continue to pay their old monthly P&I payment…Wohoo! Our overall cost to get into these deals have dropped tremendously, and we have re-performing notes like that. We’ll be seeing 18% – 22% returns on these until we are ready to sell them to a secondary investors.
- Submitted 2 bids this week and am looking at more inventory this weekend (well my VA’s are), to submit bids on.
- Got a call from a local investor that wants to liquidate a property only 20 minutes away from us in a great neighborhood. I’m working on price but hope to hear back Tuesday we have a deal. I’ll wholesale this to an investor nearby that likes to flip properties as it’s a great rehab contender.
- Received collateral files for our new deals & submitted the docs to our attorney to get the ball rolling on our eviction in IL.
Sunday – day off!
Total Bids Submitted in the 2 weeks: 3
Total Bids Accepted: TBA
Number of New Sellers Contacted: 0
Total Profit (in 2 weeks): $5,659
Wow! This week has been AWESOME! We got 3 deals under contract although we are
walking from one, just doesn’t meet out investment criteria. We’ll be closing on both of these next week! I also was asked by the lovely Scott Carson to dive into due diligence for his Virtual Note Buying for Dummies course. It was an awesome time and a great way to get our services for TapeTechs.com and NoteInvestingClub.com to new note investors. Lastly, I prepared my final presentation for our upcoming Note Class in the Central Florida area. I’m REALLY looking forward to it!
Monday May 9th – Sunday May 15th, 2016
Monday & Tuesday (days off)
Wednesday (4 hours)
- Got offers accepted on 3 properties in IL and OK (take a look here). Decided just to move forward with the IL properties after further due diligence came back this weekend.
- Called Realtors to provide BPO/CMA’s on properties and verify condition.
- Ordered O&E on assets.
Friday (2 hours)
- Tenants moved in finally (this process was definitely a long one). They seem very happy with the home and I hope they are great tenants while the rent.
- Created my powerpoint presentation for Scott’s Note Buying for Dummies class.
Saturday (2 hours)
- Drafted documents and JV/Lending Agreements for our partners on these two new deals.
- Looked at a new Florida asset and submitted a bid.
- Reviewed Modification plan for a borrower to be submitted to them this week.
Sunday (5 hours)
- Spoke at Scott’s Note Buying for Dummies and blew some investors minds on the preliminary due diligence process!
- Looked at 3 more assets in GA, & IL will likely put offers in on one or more Monday.
- Finished my powerpoint & handout presentation for my day long class May 21st with CFRI. If you’re local and want to sign up go here –> CFRI Note Class
Offers Submitted: 1
Offers accepted: 3
New sellers contacted: 0
Total Income: $299.75
Whoah- It’s 1st Quarter of 2016 already! I have to say while I’m not thrilled with how Q1 went, I know I still have several months and Quarters to take down more notes and reach my ultimate goal of making $120,000 this year. I’m well on my way and know I’ll get there as long as I keep working and keep focused.
Total Monthly Profit: $1,1994.17
Total Quarter Profit (Q1): $13,539
Monday March 28th – Sunday April 3rd, 2016
Monday (4 Hours)
- Reviewed the REO bids I submitted last week. Most were rejected, 1 was countered. I decided to pass after scoping out the neighborhood. The deal had potential but 1 block to the left was too rough, 1 block to the right was great. To wholesale it I wanted to be absolutely certain I’d have a buyer, and on the block I just didn’t have certainty.
- We got a new deal! Woohoo! Sent new JV Deal Docs to our JV partner & finalized the
MLSA and Servicing Transfer paperwork with the seller. Take a look at it —–>
- Contacted three potential Social Media/SEO Marketing Managers to take over our marketing for our businesses.
- Submitted my newsletter article and advertisement for my upcoming CFRI Note Class on May 14th! I’m super excited to help educate my fellow Central Florida Real Estate Investors about all of the awesome opportunities in Notes!
- Updated my JV partners the happenings of my deals.
Tuesday (30 minutes)
- I’m trying to finalize a great deal in OH on a new NPN. I’m waiting to hear back from the seller if its a go or not. I’m also reviewing a deal in Riverdale, GA (not my favorite but has potential) from the same seller.
Wednesday (day off)
Thursday (2 hours)
- Updated invoice/receipts to Evernote for my Bookkeeper to reconcile within Xero
- Submitted an AOM to our attorney in PA to be recorded.
- Interviewed with 2 SEO and social media marketing experts for NoteInvestingClub.com and TapeTechs.com, our preliminary due diligence services. also reached out to several more for information and potential future interviews.
Friday – Sunday (Days Off)
Total Income for this Week: $606.85
New Sellers Contacted: 0
Offers Accepted: 0
Total New Bids: 2
Well, I learned a lot of new and interesting stuff this week. One cool thing about note investing (as I’m sure any area of investing), there is always a deal that teaches you something completely new that you would only learn in that one weird circumstance that it happens in the deal you want to buy, have purchased, or have under contract. This note had a 2nd mortgage that received a DIL two years ago. The 2nd mortgage contested the 1st mortgage filing foreclosure, and was going through court. I had definitely never seen that before and it brought up a lot of new concerns or issues that I was worried could arise. I talked to my attorney to clarify my concerns and after reviewing the asset and docs I felt comfortable moving forward.
Monday – Tuesday (Honeymoon <3)
Wednesday (6 hours)
Back to the grind big time. I knew I had taken some time off last week and early this week so I got to it and accomplished a lot.
- Paid an invoice
- Signed for my taxes at my accounts so he can finalize our e-filing.
- Emailed vendors handling our deals
- Looked at new inventory (put offers in 4 new deals)
- Reviewed 2 counter offers from a seller, adjusted our offers slightly!
- Got 1 new FL note under contract, but am doing further due diligence. It’s the deal that is teaching me many new lessons! More to come if we decide to close on it or not!
- Requested an interview with 3 SEO and social media marketing experts for NoteInvestingClub.com and TapeTechs.com, our preliminary due diligence services.
Thursday (1 and 1/2 hours without reading)
- Talked to my attorney about the new FL deal.
- Emailed our new FL deal out to our investors. Received several interested partners but none are able to fund in the very quick timeline by March 29th. I’ve asked for an extension from the seller, but have not heard back.
- Read for an hour and half.
Friday (5 hours)
- Received an REO list from a close friend and colleague. He has a direct seller that allows us to purchase REO’s bypassing auction sites. We put offers in 5 properties! Our intention is to wholesale these to local investors who will fix and hold as rentals, or fix and flip. Fingers crossed we get ALL accepted – they’re GREAT deals!
- Went to our Orlando Women Entrepreneur Book Club. It was great to see my fellow entrepreneurial women and talk about our most recent book, Crucial Conversation (highly suggested).
Total Income for this Week: $531.90
New Sellers Contacted: 0
Offers Accepted: 1
Total New Bids: 9
This week was interesting. I didn’t spend a lot of time on the business as I got married on Friday and knew the following week I had off work. I decided to focus most of my effort and emotions on the wedding! The start of the week I did want to make sure I at least managed the deals we had and even worked on 2 new deals.
Monday March 14th – Sunday March 20th, 2016
Our OH deal fell through. We were able to get a realtor inside and boy oh boy was this place TRASHED! While the neighborhood supported higher values, the condition, layout, and size of home made it a much less desirable and valued home than we anticipated. We walked.
Tuesday (1 hour)
- Voted – It’s our duty and right (plus these candidates are a mess and our vote matters now more than ever).
- Heard back on 2 of my offers on new FL assets. I believed they were accepted based on the sellers language “sale date __/___/16 – will hold”. It was my belief that will hold and sale date meant our closing date. I started contacting our private lenders and had SEVERAL interested partners within just 24 hours.
Wednesday (Day off – Final Errands for Wedding)
Thursday (2 Hours) – BIG LESSON & LET DOWN
- Emailed the seller of my FL assets for the electronic collateral files and came to findout the “will hold” meant they are no longer interested in selling and will hold the deals. I had spent about 2 hours working on executive summaries to send to our lenders just to be let down and they were GREAT deals.
My ah-ha from this experience is to ask for clarification if wording is vague or easily misunderstood especially when working with new sellers.
Friday – Sunday (Day Off/Honeymoon!)
Total Income for this Week: $169.00
New Sellers Contacted: 0
Offers Accepted: 2 (well, see Thursday)
Total New Bids: 0