Taylorsville North Carolina Real Estate Investment Training

Jamie and Lanny Harrington

Finding Big Deals in Small Places

Day One          8:00     I arrived at Jamie’ office and we began to discuss some of the items that she had been working on prior to my arrival.  We discussed the success of her being able to find several private lenders for her to fund her deals.  We spent an hour or so discussing what she and her husband had achieved in 2007 and where the wanted to be in 2008.  Jamie discussed how they had used some private money for acquiring deals, but had used a large portion of their own cash for holding and repair costs.  Jamie shared with me that they wanted to flip 52 properties with them being a combination of short sales, equity deals, slight rehabs, and assignments.  Jamie discussed how she would like to move away from the mortgage business and be able to focus more of her time on the properties and flips.  She shared with me how she had a hard time giving up control on things, but had handed over quite a few duties to her loan officer, Trisha.  We discussed some duties and chores that she could hand over to an intern or part time administrative assistant.  She liked that idea, especially when we discussed how she could eventually hand over loans and still make money on loans by paying a split instead of base salary.  Jamie seemed to like that idea and she immediately came up with one to two individuals whom might work in that position.


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10:00   I discussed with Jamie what kind of online advertising that she was doing to attract deals.  She stated none, so we spent the next 30 minutes discussing and reviewing areas and cities on Craigslist where she could post some ads (Handyman Special, Foreclosure Bailouts, Buyers and Sellers ads, along with I Buy Notes).  She liked the idea and ease of this, along with taking some time to review potential deals that were listed.  We discussed how she could utilize her existing web presence with her mortgage business along with her mailers, Craigslist ads, and PB Next number to efficiently track her advertising and potential collect more buyers and motivated sellers.  We discussed her setting up a training session with PB Next on Tuesday or Wednesday while I would be working with her assistant to call on mortgage bankers.  We discussed her marketing and letter campaigns along with her increasing her targeted marketing area to allow her a true opportunity toward her reaching her goals.  She is currently sending out 3-4 letters per foreclosure due to the 60-90 day foreclosure timeline in North Carolina.  I took the time to review her letters and tweaked them a bit to include her photo that she was using on her drip marketing campaign and website.  After tweaking the letters a bit we decided to head to lunch.

12:30   Lunch

1:30     After getting back from lunch, we began to focus on her list of wholesalers.  Jamie expressed that she only had around a list of 12 investors.  I then asked her to Google a list of real estate investment clubs in North Carolina.  She came up with a list of twelve that we narrowed down to seven after looking at their area.  We called the seven clubs contact information and were able to visit with two investors who took the time to visit with us.  After visiting with them both, I discussed with Jamie how she should follow up with the other five and attend at least one of them on a monthly basis.  I told her that if she really wanted to wholesale and flip 52 properties this year.  She stated that she didn’t like networking, but understood the necessity for it. 

3:00     Jamie checked her email and had received a potential lead on a wholesale deal from a response to her handyman special ad.  We discussed how she could use what they were looking for to help her accomplish her first assignment deal.  We talked how she would need to contact a few other realtors in a couple different areas to help her find some other deals outside of Taylorsville.  We created two letters that she could fax to realtors to find motivated sellers, short sales, and problem properties.  We also identified several attorneys, financial advisors, and insurance agents to send her deals.  We chose to contact them the following day to get allow them time contact us with more time in the week.

5:00     I discussed with Jamie about writing some of her goals down and posting them for others to see.  She seemed a bit uncomfortable about this, but I explained that she should share her goals so that others could help her achieve what she wanted.  We spent the next hour discussing some items that she should strive for and her 2008 goals.

6:30     We wrapped up the day with the daily journal and making a list of a few items to tackle the following day.

Day Two         Tuesday, February 26, 2008

8:00     I arrived at Jamie’s office to start the day.  Jamie expressed that she wasn’t feeling very good, so I told her to relax a bit and that we would be spending quite a bit of time on the phone.  We went over the previous days accomplishments and we outlined some of the things that we would go over that day.  I had Jamie post several other Craigslist ads along with scheduling her activities on a routine basis to automate her business.   We discussed her hiring a part time assistant to assist Trish with the processing of loans and short sales along with running errands.  Jamie liked this idea and agreed to give up a bit of control.  We also discussed ways for her to utilize her existing website and marketing list to create an investor news letter along with her existing letter, to market to investors.  I also showed her Active Rain.com to give her sources of realtors, investors, appraisers, etc across her state.  We discussed how she could utilize the letters on all of the websites along with her website and tracking the sources with her PB Next account (which she hadn’t set up).  We also spent some time helping her get her Prop Stream working properly, which had been giving her some problems. 

10:00   I spent the rest of the morning calling mortgage brokers with Jamie, and we were excited to get a small REO pool of 8 properties.  We pulled up three of them in Prop Stream and then walked over to her friend, Marrisa Cooper, Realtor with Cooper Southern Properties.  We spend 10 minutes visiting with Marrisa and we had her pull up the three REO’s that met our fancy and we decided to have her pull some more info on them.  We headed back to the office and she was excited to see a response to her handyman special ad.  We contacted one of her realtor friends to help us find an $80-$100K property in the Concord area for this handyman.  We searched on Craigslist, and contacted two realtors who had listings.  We left them emails and I discussed with Jamie how she could wholesale these properties to make quick cash without all the headaches.  She liked that idea and we broke for lunch.

12:00   Lunch

1:00     We arrived back at Jamie’s office and began to work on some marketing ideas to find wholesale deals.  We discussed how she could make quick cash on a variety of sources of marketing (divorce attorney’s, probate, foreclosures, and difficult prosperities).  We also discussed her marketing to extended listed properties to make 3-5% by offering owner financing to other potential buyers and covering the seller’s needs now and the wants later.  I emailed her a script for owner financing that I had come up with and showed it to her.  She was extremely interested, but was starting to drag with her being sick. 

4:30     We wrapped up the day as Jamie was feeling sick.  She went home and I remained at her office until 5:30 calling and working on the mortgage bankers lists.

Day Three       Wednesday, February 27, 2008

8:00     We started the day by reposting her Craigslist ads and adding two more to her posting list.  I spent the morning working with Jamie and Trish on some owner financing techniques that they could us.  We outlined notes, payments, pay off’s on wraps, and selling a home with owner financing.  Jamie asked me to write the description down and I promised her that I would (so that it was legible)

12:30 Lunch

1:30     I spent a good hour and a half by calling the mortgage bankers list along with Jamie.  She started at the top and I started at the bottom.  We spent a lot of time going through gate keepers and editing the list to reflect mortgage bankers who had gone out of business.  We also pulled a REO list off of Countrywide, HomEq, and Bank of America.  We were able to pull the individual realtors email address on 18 properties that Jamie narrowed down from 60.  We did a mass mail merge and sent out 18 letters of intent.  Within in 5 minutes, a realtor called to tell Jamie that she had a much more profitable deal that was not listed yet.  She sent the MLS listing over to us and the Tax Appraisal was at $217K, and the bank would accept an offer of $130K.  We set up to meet her at 3:45 pm. 

With in 10 minutes, Jamie had received several phone calls and emails from the list regarding several properties.  We picked through them and the majority of them were mobile homes that she wasn’t interested in.  We headed out at 3:15 to arrive at the property by 3:45.

When we arrived at the home, the home had some definite curb appeal.  Unfortunately, the interior would almost need to be a complete gut as the previous owners had used drywall mud to do some creative faux paining and wall paper on top of wooden paneling.  We walked through the house (Jamie’s husband, Lanny, had arrived with us) and we came up with an offer of $100,000 to $110,000.  We talked with the realtor some who wasn’t very experienced in short sales and REO deals and we agreed to give her a call the next day.  We headed out from the house and back to Jamie’s office to wrap the day up.

6:30     We ended the day by arrived back at Jamie’s office after visiting the property and called it a day.

Day Four         Thursday, February 28, 2008

8:00     We me at Jamie’s office.  We discussed the property that we had viewed the day before and we agree to submit an offer to the lender at $100,000 as the property needed much more work instead of just paint and flooring.  She submitted an offer to the realtor to submit to HomEq. 

9:00     I had Jamie repost her Craigslist ads along with posting one for an assistant and a part-time loan officer that would allow Jamie to spend more time on real estate instead of getting bogged down with loans.  After she did this, we spent the next hour discussing owner financing and I wrote up scripts and dialogue for her to use with local realtors as well.

10:00   We spent a good hour reviewing her marketing plan and tweaking it to accommodate her goals of working from home 1-2 days a week, spending more time writing, and increasing her marketing by 650% to help her achieve the goal of selling, and wholesaling 52 properties in 2008.  We set up daily reminders in ACT and Outlook to remind her of the chores at hand.  We also discussed her attending the local REI clubs along with attending Financial Mastery once to twice more to help her grasp the note concepts a bit more. 

11:30   I spent an hour dialing mortgage bankers off of the North Carolina Bankers List that I had pulled.  I was able to find several secondary marketing managers who took my and gave me their email for us to follow back up with, with the hope that they would send us some notes.

12:30-1:30       Lunch

1:30     I spent the next hour and a half with Jamie’s assistant, Trish, showing her how to call on the mortgage banker list and what she should expect to say.  At the same time, Jamie was also dialing for dollars and she was able to visit with several secondary marketing managers.  In total, we probably contacted 50 bankers today and was able to make contact with 15 secondary marketing managers for future REO and Note Pools.

2:30     I pulled up a previous note pool that had been sent to me and was able to find a condo that was up for sale in the Charlotte area for 54% off of the BPO ($35K).  Jamie called her brother to review the area and we found out by calculating the yield that it would net her around19%.  She was interested, but it turned out to be in a high crime zone.  She stated that she would review the area with her realtor friend.

3:00     I had Jamie reopen her goals and she added a few more personal goals along with printing the goals out and posting them near her computer for her to see.  We reviewed the week at hand and went over her concerns.  She seemed much more confident in her dealings than in the beginning of the week, and she expressed that she was willing to apply what we had learned this week to her business.

4:00     We wrapped up the day with Jamie completing the mentor evaluation and daily journal.


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Market Analysis

Taylorsville, NC


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            Taylorsville, North Carolina is around 50 miles east of Charlotte and is comprised of around 35,000 inhabitants.  The largest employers include Brothel Furniture Store, Mack Trim, and North Carolina Furniture direct.  For those that don’t work in town, a mass majority commutes to Charlotte and back.  There is no zoning in Taylorsville, so you see a lot of single family homes with mobile and modular homes.  There is around 12-20 foreclosures a month in Taylorsville and the time frame for homes remaining on the MLS is at 75 days.  The median home price is at 125. 


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            There are two mortgage brokers in town, along with seven realtors.  Some of the surrounding areas, Hickory, Iredell, and Gaston are also experiencing similar numbers of foreclosure.  Taylorsville is comprised of mainly a seasoned and elderly community where several families have set the stage for living in the town and handling the majority of decisions.

Jamie Harrington Testimonial

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1 comment

neva  7 years ago

can I charge a "fee" for negotiations for a HomEq assignment letter in my name? I can't buy the house, so I will "assign" it to someone else. Does HomEq allow this type of transaction?

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