Winter Haven Florida Real Estate Investment Training

Mary & Glenn Ensminger

Finding Deals in South Florida

I arrived in Winter Haven, FL on Sunday, June 15th.  After checking into the hotel, I headed out to the Ensminger’s home for dinner via their invite.  I spent just over two hours with them discussing the week at hand, deals that they were already working on, marketing, and answering some questions.  I then headed back to the hotel around 9 pm to get ready for the week.

Day One          Monday, June 16, 2008

8:00     I met Glenn & Mary at their office space.  They have operated a ceiling fan chain pull company for over 15 years, but had been pouring money into the company for the last six years.  We discussed the marketing that they had been sending out along with sources for funding deals for them. 

9:00     I had Mary post several Craigslist ads to build them a buyer’s, sellers, and note seller’s lists.  Along with this, I had them also pull a list of Florida hard money lenders off of REIclub.com.  I also created a simple form and questionnaire for Glenn and Mary to use when they were calling the hard money lenders.  We then headed out to meet our 10 am appointment.

10:30   We arrived at the local Keller Williams office and met with Harold Baker.  Harold had been a realtor for 8 plus years and had also had his mortgage broker’s license as well, although he had focused primarily on selling real estate the last five.  Harold agreed to work Glenn and Mary on submitting offers on REO’s and short sales.  We had Harold pull a list of local REO’s along some short sales along with setting up some routine automatic MLS searches that would arrive in Mary’s email daily.  We thanked Harold for his time and headed out. 

12:00   Lunch

1:00     We then headed to meet with Barbara Bransfield, realtor with Century 21.  Barbara loved our idea of working with owner financing to help flip/sell properties.  She had also prepared 3 properties for us to go review (all were short sales).  So we headed out to view the properties.

2:30     We arrived back after reviewing the three properties and then headed out to meet our next realtor. 

3:00     We arrived at Re/Max and met with Rhonda Summeral.  Rhonda was the REO expert at the Remax office and she had also prepared several properties for us to look at.  We headed out to look at them.  Along the way, we spotted several interesting FSBO’s that we jotted down their phone numbers.  Rhonda was very informational and gave us some great insight into a few of the hot communities and surround areas.  She also gave us a couple names of an attorney and title company to use as well.  On the way back from meeting with Carol, we stopped and looked at a community where the builder had started building homes and there were at least 15 fully completed, vacant homes.  We stopped at the sales center, but no one was there.  We did find a note to check back on Tuesday when the office would be open.

5:00     We wrapped up the day after looking at houses by arriving back at the office and with Mary completing the Daily Journal.  I assigned them the homework of calling on the FSBO’s that we had found during our trip out and speaking with the sellers.

Day Two         Tuesday, June 17, 2008

8:00     I met the Ensminger’s at a Perkins restaurant to meet with them and Susan (a realtor with Dreammaker Realty).  Glenn had talked with Susan the previous night while calling on the FSBO’s.  Susan stated that she owned and managed a condo/town home community in Lakeland and that she was trying to clean the property up some and would like Glenn and Mary to come and look at the property.  Susan was a bit all over the place in our conversation and was mentioning people as if the Ensminger’s should know whom she was talking about.   After an hour or so, we wrapped up our conversation and headed out.

9:30     We met briefly at the Ensminger’s office and then we headed out Lakeland to meet with mortgage broker, Robert Klimer.  Bob had been a broker for 25 years and he was FHA and VA licensed.  We discussed with Bob about some sources of private and hard money along with a title company.  He recommended several private lenders along agreeing to send the Ensinger’s any file that he couldn’t complete in the hopes of them being able to broker an owner financed deal. 

11:00   We dropped in and visited with Dawn at Island Title that Bob had recommended.  We enjoyed visiting with her briefly and she even gave us a couple names of hard/private money lenders in the area.  She stated that 95% of her business was investors and that she was glad to provide preliminary reports and Hud-1’s for our short sales, etc.

12:00   Lunch

1:00     We then headed back to Glenn & Mary’s office to work on some things.  We stopped by a builder’s community to see what kind of excess inventory that they might have.  We spoke with a sales representative by the name of Dwight Smith.  He was an agent working the sales sight for the day.  He stated that they had four inventory homes, but they were still looking for full retail.  He also mentioned that he new the sales agents of a couple other communities and would call them on our behalf.  We thanked him for his time and took off.

3:00     We arrived back at the office and Dwight called us with the name of the other sales guy.  We called Dale, and left a message.  We also got a phone call from Barbara with a lead for an owner financed transaction.  We called and left the client a message.  I then had Glenn and Mary call four more of the hard money lenders to get better on the phone and to identify rates, terms, and properties.  After they called we discussed the day.

4:00     We wrapped up the day with Glenn and Mary discussing and filling out the Daily Journal.  They had their 90 day coaching call that evening, so I headed out to my hotel to work on a few things before their call.

5:30     I arrived back at the Ensminger’s and we ate a quick dinner before they jumped on their conference call with Greg.

8:30     We wrapped up the call, discussed what had been talked about and then I headed back to my hotel to wrap up the day.

Day Three       Wednesday, June 18, 2008

7:30     Met Glenn & Mary at their office and we headed out to meet Andra Morgan, a mortgage broker, for breakfast. 

8:00     We arrived at the restaurant and Andra joined us a few minutes later. She had been a mortgage broker for 15 years and an active investor for at least 10 years. We discussed owner financing, buying and selling notes, wraps, the local market, and the local real estate club.  Andra was a great resource for information and it was nice to meet someone with the same mindset. 

10:00   After meeting with Andra, we headed out to meet with Carol Holt, escrow agent with Land America Lawyers Title.  Carol had several resources for us to contact on private money along with willing to provide us Hud-1’s and preliminary reports.  She was also willing to do double closings instead of simultaneous closes unless the transaction was a pure cash deal.  We enjoyed our conversation with her and then headed back to the office.

11:00   On the way back to the office, we stopped back buy the Buckeye Ridge properties and were lucky enough to run into Mrs. Nicholson, the wife of the builder of Nicholson Homes and the owner of the subdivision with 16+ inventory homes that had been vacant for over a year.  She gave us a lot of information, along with her husband’s cell phone number and what they were thinking of doing with the properties.  We thanked her and headed back to the office.

12:00   Lunch

1:00     During lunch, we were able to contact Nicholson Homes and set up a meeting at 2:00, so we headed out to Orlando to meet in time.

2:00     We arrived at Nicholson homes and were fortunate enough to meet with Tony Nicholson and his CEO, Sonya Davis.  They had been approached by several potential buyers who wanted the properties at a substantial discount.  We approached the situation differently from a partnering aspect where we would help provide the buyers with down payment and Nicholson homes would carry the financing for 12-24 months.  We collected some base numbers along with some information on their underlying financing and then left.

 4:00     We arrived back at the office and discussed tentative numbers.  We were all exhausted from the long day and we began discussing what and how we could approach the Nicholson homes scenario.  I assigned us each some home work and then we called it a day.

5:00     We wrapped up the day by discussing what we would be doing on Day Four and I had Glenn & Mary fill out the Daily Journal.

Day Four         Thursday, June 19, 2008

8:30     I arrived at the office and Glenn and Mary and I reviewed the numbers that I had put together on the Nicholson project.  I then went back and adjusted the numbers to show a more equitable share/profit to the Ensmingers.  We then worked up a proposal/explanation to submit to Nicholson homes.  We all three worked on the explanation and then we emailed it into Tony Nicholson and his CEO.

10:30   I had Mary post several Craigslist ads along with having Mary and Glenn call on the last of the hard money lenders.  After this, we worked on tweaking some of their marketing postcards and flyers. 

12:00   Lunch

1:00     We pulled up the list of properties that Harold had sent and we identified 3 short sales along with 8 REO’s that fell under the specifics for purchase that Mary had gotten from Andra earlier in the week.  We made offers via email to Harold on all of them.  After this, we had Barbara pull up any posted properties in the Chanler Ridge subdivision (also owned by Nicholson Homes) and then we cross referenced that list with the preforeclosure list to possible submit REO offers on.  Mary stated that she would work on this some over the weekend. 

3:00     I had Mary and Glenn work on their daily, weekly, and monthly marketing plan.  We reviewed the week at hand and some of the things that we had done along with action items for them to target the first part of the next week.

4:00     We wrapped up the working part of the day by having Glenn and Mary complete the Daily Journal and Mentor Evaluation.  We then headed out to dinner to attend the Polk County REI club meeting.

5:00     Dinner

6:30     We wrapped up a nice dinner and headed over to the nearby Holiday Inn to visit the Polk County Real Estate Investment Club.  We met a few investors (35 investors attended) and then we listened to the speaker discuss 1031 exchanges for a while.  We then left the meeting around 7:30 to get home before it got too late.

8:00     I dropped off Glenn & Mary at their office and we said goodbye.

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