Lea's Journal

could i have the link to your journal? i'd like to read it. thanks!

always fun talking to you. hopefully i make more sense the next time. oh, and don't let me drive your car.

Here is the link to Richie's journal http://www.deangraziosi.com/real-estate-forums/investing-journals/37329/...

I always enjoy our conversations. You have a great sense of humor.

Your DG Sister,

Lea
SPR Property Solutions, LLC

Denny went to look at the SS property we couldn't get into last Friday. I enjoy going to look at properties but was making, returning phone calls. It gets pretty hot in these houses now so it seems cooler when we go back outside. Both sets of keys didn't work that the bank sent us. So Denny met a locksmith at the property to get in and he made us a set of keys. He was also kind enough to go into the property with Denny in case there was anyone inside. The property needs some work and the tenants left a lot of furniture behind. Some of the doors have been damaged and the garage has been converted to a bedroom. Have to find out if a permit was taken out for the garage conversion. In the end we won't be making that much on this property because it just isn't worth that much. But we'll make a little bit and the owner can move on with his life and avoid a foreclosure.

While Denny and the locksmith were talking the locksmith told Denny that they also evict properties for banks. He said in most cases the properties are vacant but on rare occasions the people living in the properties are tenants and had no idea that the property they were living in was being foreclosed on.

Our partner met with the newest SS client that I mentioned in my last post. On Monday he and our REA will go to the property to take photos, get completed paperwork from homeowner and list it on MLS.

This morning I returned a call and left a voice mail message for a gentleman who says he wants to sell his house.

We sent out more letters to folks that are behind in payments on their properties.

Lea

thanks. hope you're having a great weekend. sounds like you are staying plenty busy.

Hey Lea
Finally got into that property, thats good news. did Denny learn any good locksmith tricks? They may come in handy in the future
as always its good to see you two are busy moving forward.
I wasn't around this weekend because i went up to the mountains with my son to put my snow mobile away. My phones and internet have been down since Fri anyway because my cable co is having problems in my area since may 25th. That is getting annoying.
I will probably give you a call this week some time.
keep up the hard work.

Richie

Hey Richie, no Denny didn't learn any tricks from the locksmith but he didn't charge us for the keys.

Bummer about the cable company having issues. I don't think we realize how much we rely on these things until they aren't working right. Our modem is going out every so often and Denny's been able to fix it each time. Hopefully it will stay working now.

Richie, we are looking forward to talking to you soon.

This morning I spoke to the gentleman who I mentioned in the last post that wants to sell his property. He says he is not behind in payments (he probably is). He said is involved in a lawsuit with his HOA over the fees and that is why they are foreclosing on the property. Our partner is running the numbers on the property. This man also owns a small condo and is interested in L/O or owner financing.

Lea

wow, what area is the condo in? keep your eyes out for a good deal in a good area for me. I have a guy looking for a condo in FL but wants a great area for his parents.

The condo is in Palm Springs. The other condo is going to be a SS and that one is in Pompano Bch. I will definitely keep my eyes and ears open for you.

Hope you had a nice time in the mountains picking up the snow mobile. I miss mountains.

Talk to soon.

Lea

One of our old SS's that we started, and stopped and started and stopped and so on, is back on the table again. This was the 1st homeowner to tell us they wanted to do a SS on their property. When we 1st met them back in November they had just tried a loan mod and their payment went way down for 3 months and then up higher than their payment had been before they started the loan mod. So they told us they wanted to do a SS on their property. Then the BPO came back too high. Then the homeowners told us they were working on a 2nd loan mod. We just got notice again that they want to do a SS on the property now because they were declined for the 2nd loan mod. They owe $269K on the property and take home $15K a year, have 2 children and high medical bills for the children and also the husband who is unable to work (except for occasionally) because of his medical issues.

The letters we sent last week had our REA as the contact person. Our logic being that more people trust a REA than RE investor, stastically. He received one call from an angry person asking how he got their information. Now he doesn't want to take these calls anymore, which I'd rather know sooner than later. I can take a little anger from someone who has been through the mill and occasional name calling and have learned that it is just part of the process and nothing personal.

Denny went to city hall and found out the homeowner of the property he saw last week with the locksmith did have a permit taken out for the work done in the garage.

Lea

so fun to talk with you again today. i think i just have to have my "Lea fix". at least it's calorie-free and only does me good!!!

I'm glad you are feeling better. We always manage to have a laugh or 2 when we talk. Have a fun and happy 4th of July.

Lea

First - I apologize for not always having the time to post in your journal - but I'm always keeping up on you and your great RE adventures! You and Denny are a great inspiration and I'm really happy that you have a joint venture in doing this together. What a blessing!
Ok - so just wanted to say hi and hope you guys have a great holiday weekend! Keep up the good work and inspiring us all sister

Thanks for stopping by and saying hi. Thanks too for your kind words. I know how busy you are and appreciate you taking the time to stop in my journal. It's always great to hear from you and hear about what is going on in your REI world. Yes, Denny and I are truly blessed to be able to work together. That is one of my blessings that I thank God for every day

Your DG Sister,

Lea

The SS for our friends did not go through and the saga goes on. Our friends received a letter from the lender telling them they sold the note to a different lender. So now we will start this all over again with the new lender. The new financial institution that owns the note will be aggressive in pursuing the debt since they bought it for that reason alone. The old lender wanted more and more for the house so our partner pulled out of the deal in order for the 1st lender to get the money they wanted for the property, allowing the deal to go through or so he thought was going to happen. The lender told our partner the SS was going through for 96K with 94K going to the 1st lender and 2K to the 2nd lender. We have to get a copy of the letter from our friends but they threw it out and don't know who the new lender is. Our partner will be contacting the old lender but still needs to get a copy of this letter.

Our partner is out of town and asked us to put up some signs on and around 3 of his L/O properties and will pay us $500 for each once occupied from calls from the sign. Our phone started ringing quickly after the signs went up. We looked inside 2 of these properties. We discovered one of them has been vandalized. The water heater has been moved and stripped of the copper and the the wall between the kitchen and bathroom has been torn up to get to the copper. They took the counter top and also the kitchen sink. The back door was open and a tire was holding the back door open.

A painter is painting the 3rd property and took the lock box off the door and left it inside so we didn't check out the inside of the property.

Another one of our investor's lives about 50 miles north of us and has a property less than 5 minutes from us. He asked if we would mind putting a sign in the yard for him to save a trip and any calls coming to him from the sign that lead to a sale will earn us $500. A REA wanted to list his property on MLS but our investor doesn't want to list it, the REA can add their commission. So we are getting the key to REA's when they are ready to show the property.

When talking to folks that are interested in a L/O I ask them about the kind of property they are looking for and ask them why they are moving. If they say their landlord is getting foreclosed on I will get the contact info of the owner and preferably call. If no response or can't get through will send a letter.

Happy 4th of July DG family! Enjoy your family, friends, barbecue and fireworks.

Lea

i hope you got to rest some of the weekend. you stay so busy! i never even thought about someone being in a house where the landlord is being foreclosed on. duh! learn something new every day!

Who would have thought? I haven't verified with a RE attorney but have heard that if the tenant finds out that the landlord is in foreclosure they can legally stop paying the rent. Sometimes the banks send a letter to the address of the teants and they find out that way.

Our friends that we are doing the SS for called (I checked voice mails and e-mails but took the day off) saying they received another letter from the bank. He (the husband) seems to think now that the mortgage hasn't been sold but he is confused about what the letter says. We'll get a copy of the letter and know more soon.

It's been raining all day yesterday and today. So no cookouts but we met some friends for lucnh Folks in our neighborhood had some nice fireworks last night they didn't let the rain stop them.

Lea

Hey LEA !
Ill try to give you a call Tuesday. I have some running around to do in the am then will plan on calling you later in the day if thats ok. That SS sounds confusing, but I know you will see it through either way it ends up.
I actually get tired thinking about all the work you put in every day. But it is very motivating hearing your days work and how much you accomplish.
good luck.
Richie.

Once we figure out what's really going on with it will post about it. In the beginning it went so smooth. I kept thinking this is the fastest SS we've worked on ... Live and learn.

Denny & I always love talking with you, call anytime. The friendship and trust that Denny & I have in you is a real gift.

I keep telling myself but haven't come through yet that Denny & I MUST start walking every morning (or at least 5 days) when the sun comes up before it's too hot. I believe exercise, healthy eating habits (easier said than done)with prayer and meditation will bring a perfect balance to REI and life in general.

Lea

I just got a chance to catch up with your journal. You must excuse me for that. I see the SS Queen is at her normal functions of the Day! Weather those SS go through or not you will know the process in and out, so as long as you are "in it to win it".........you can never loose! I admire what you are doing in this REI world that we share, and I look forward to the day we can sit back over a cold one and think back to days like this when we started our journey.

There is a saying from God that says, "Faith the sizes of a mustard seed can move a mountain" Well we have a fleet of BullDozers with the knowledge that Dean has empowered us with so enjoy the ride and I will See You at the TOP!

You keep quite the busy schedule and I appreciate you taking the time to stop by my journal, it's great to know you are cheering us on. I always love hearing from you. You have so many wonderful things happening these days and I am eager to hear about how things turn out with the RE attorney. I can't wait until this deal goes through for you. It will be a fine day when we get to celebrate our success together in person and talk about the 'good ol' days of REI .

Lea

Today started with returning calls. One of the gentleman who called said he is looking for a property for a church, he is a pastor. He also wanted to see one of our partner's L/O properties. At first he said it was for himself but really he is looking for a place for his landscaping business. Our partner has a propety that may work out well for him since it is on a road that is mixed commercial and residential zoning and the zoning can easily be changed.

One of our cash buyers I've mentioned before lives in TN and buys in TN and FL. He is selling 100 acres with a mobile home on it in TN (my dream property ) Our partner is in TN and Denny mentioned the property to him so he needs info to check it out in relation to where he is now. I left a voice mail for the investor living in TN. If he sells this property it would also free up his funds to purchase properties in FL. He is also looking to buy a property for himself and his wife to live in, in FL.

We picked up the letter that the bank sent our friends and will send it to our partner so that he can make sense of it. They don't have a fax so we stopped by to pick it up. They only live a couple blocks away from one of our partner's L/O's so we figured we'd stop by the property and take a look inside but the painter still hasn't put the lockbox back on the front door.

I still have to get some letters out will start that tomorrow.

Lea

Stopping by to see what you're up to and say hi! Sounds like you have alot of good stuff going on. I dont envy you the short sale work...and hope it all turns out well for everyone. They sure are alot of work!
Perhaps you guys should buy that dream property for yourselves

Thank you for stopping by It is always wonderful hearing from you. You have soooo many things going on!

Yes, SS's are a test of one's patience. That is why we are doing other things now too because they take a long time to get to the closing table. They make so much sense as an option to someone trying to avoid a foreclosure allowing them to move on with their life. Normally I don't spend as much time with a homeowner as I have with our friends but they are more comfortable talking to Denny & I, we've known them for 10 years.

Laura, I love the way your mind works, great thought on us buying the TN property It would have to be our summer home since I've become used to FL winters LOL

Lea

Today I contacted a "We Buy Houses" from a local bandit sign to learn more about what he does, thinking we may be able to help each other and/or add a new buyer to our list. At fist I wasn't going to call him because his number isn't local but figured what the heck. He said he didn't mean to be rude but doesn't discuss his business with anybody. So I thanked him for his time and wished him the best.

Talked to our buyer in TN about his acreage and passed info on to our partner.

E-mailed the letter our friends received from their bank. It's a new servicing co. Our partner will contact them to get permission to move forward with the SS.

A gentleman called today that I had spoke with a few months ago after he responded to a letter we sent him. At the time he wanted too much for his properties and wasn't interested in working with us. He has 7 properties, 6 are rentals. The properties are a mix of upside down properties and ones with equity. Some are listed, some aren't. He has some 2/2', 3/2's and one 7/5. The 7/5 is listed and is a SS in progress. He has had it with being a landlord. There are a bunch of people living in one of the properties. They have destroyed the septic and appliances over and over again costing him a small fortune in repairs. Then they put a bunch of chickens and pigs in the back yard and he got a code violation on that property. One of the other rentals was at one time turned into a grow house by the tenants. They also had guard dogs inside of the house that were deficating all over the inside of the house. Another tenant drove their car into the kitchen. I will post more on this later as we progress.

Lea

The "We buy houses" guy said he doesnt discuss his business? I'm surprised he even has a business! Thats just bizarre to me!

As far as the props you described in your last paragraph and said you will keep us posted....are you actually thinking of trying to buy these? If so you are one brave woman haha. That poor man....now THATS a landlord nightmare!

Yes, I agree the 'We Buy Houses' guy sounded kind of shady to me. Most local investors I've spoke with enjoy talking about what they are doing whether they are newbies or seasoned investors. Just look at this site, it's proof of that

We are talking to our partner about these properties (e-mailing, he's out of town). He gave us the contact info for us to send a letter to this homeowner in the first place (we didn't know he had 7 properties.) I'm thinking SS for the upside down properties (he is over 100K under on the upside down properties). The ones with equity may be good properties to wholesale or possibly L/O. He needs cash.

My heart went out to him as he told me about the tenants. It's surprising how many people got into this during the boom and never screened their tenants. Of course I would NEVER say that to anyone.

The 7/5 property is of special interest because it is a luxury home. It also has an in-law apartment, large foyer, pool and the deck has 3 putting greens, fireplace in the LR and 3 a/c's.

Lea

you are so busy!! sounds like things are really going well. that 7/5 sounds like a possibility. i agree with Laura about you getting that TN property for yourself. wouldn't that be great? maybe you could rent it out when you aren't there. i know in Tulsa, when the golf tournaments are in town, lots of people rent out their houses. just a crazy thought.....

LOL! Apparently you and Laura think alike Our partner is looking at the property today. Yes, the 7/5 has captured my attention.

I spoke with the owner of the 7 properties today and he said his daughter has a property that she would like to sell too. Including his daughter's property 6 of these 8 properties are owned free and clear. The other 2 have BOA lines of credit. Denny researched the properties info at the appraiser's website and forwarded on to our partner. Denny discovered 3 other properties owned by this same homeowner. Our partner will be talking with the homeowner on Sunday when he's back from vacation.

Tomorrow we are going to look at another on of our partner's new SS properties that is ready to go. The property sounds nice and this could be a good fit for the pastor. He can pay cash. This property is 3/4 acre with a house and also a little 1/1 house.

Lea

I love all the action you have going on! Sometimes I get tired just catching up on your journal haha I'm thinking maybe one day in the future we can do a deal together! You sure seem to find alot of good ones Have an awesome weekend my friend.