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REOs can be one of the most challenging aspects of the notes business. In this episode, Dan Deppen interviews Melanie Jacob about her experience dealing with her first REO. Melanie is a serial entrepreneur and registered dietician. She goes over this case which included some twists and turns she has never encountered before, including the borrower shutting off the power and a neighbor’s tree falling on the property and knocking out the power a second time.

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Handling Your First REO With Melanie Jacob

I’m joined by Melanie Jacob from Jacob Associates. Melanie, how are you doing?

I’m pretty good, Dan. Thanks for having me.

I had you on before. It’s great to have you back on again. We’re going to talk about REOs and I know you have one specific deal that’s a work in progress. I thought it’d be good if you could run us through some of that. I know it’s been a long saga and it’s not even done yet. Maybe we’ll do a second one at some point after everything’s over. Maybe you could start us off by introducing to us what you’ve bought.

I appreciate it, Dan, because you’re much further along in this note investing and have had a few more REOs than I have. Phil and I have been buying notes. We have bought our first note on October ‘18 and this was our third deal. We were probably a little bit anxious about getting into the game. We were like, “Here’s an asset. Let’s buy this one in a rural part of Illinois.” We had heard about the debt buyer license requirements. We had heard about, “Don’t buy rural. It’s too small, don’t buy it.” We threw caution to the wind and we went for this asset, which we got it at a good price. It’s about 30 or 40 minutes north of Peoria, Illinois. I don’t know if you know much about the market around the country. It’s where Caterpillar is.

Peoria has not been in the zone of the growth of the community. It’s been on a downturn for a long time. We bought this asset. We wanted to keep the borrower in the home. The first clue after we boarded the loan was following up with some of the due diligence I had done. The water department person had told me a few things. I called her back up and I wanted to get a sense if he was even paying the water bill and she’s like, “This is the second house he’s been in the community and he’s never paid the water bill until we turn it off. He comes in and he signs all this paperwork that he’s going to pay and he doesn’t pay. I don’t think you’re going to get anything from this guy.” I still believe we can reach out.

I contacted Polaris and took the case with Andy. He’s like, “I don’t think I want to take this case,” because he didn’t think it was going to go anywhere. We moved right into the legal, but none of the legal people would take it because we didn’t have debt buyers. We didn’t have a license, so we had to start that process. Before that, I had some trouble with even recording the deed because Starr County requires some PTAX form and the form can only be filled out by a lawyer. I was scrambling. I was in a black hole and every week seemed to drag on with one more thing I didn’t know about real estate. We got through the recording. Thanks to Erica, she helped me out. We got through the debt buyer license. It took about six months. After that happened, I was like, “Finally, we’re going to start moving forward on this legal.” All in all, it probably took a good eight months before we made any progress at all.

What did it cost you to get the debt buyers license in Illinois?

It was $750. It wasn’t that expensive, but they wanted all of your books. Giving over your bookkeeping, it’s a little personal. We had been working with Debbie Mullins and getting our bookkeeping. I was okay with it. Luckily, we didn’t have ten years behind us.

It sounds a little weird though. I understand you’re going to report every year to the IRS and things like that but giving it to a random county seems intrusive.

It’s a state agency. The application process was probably 15 to 20 pages. It was not that easy. We’d submitted it, they sent it back. It said we couldn’t have copies of both sides of the paper. We only had to have a copy on one side of the paper. We had to redo a couple of times. It took some time.

At least now you have it. A lot of people don’t buy in Illinois because they don’t have the license. If you get one re-performing, selling might be a little trickier then. That’s a big advantage though now that you have it. It opens up a lot of doors.

We drive to Wisconsin every year. We’re always in Illinois. Not all the way down but we go to St. Louis.

That’s because you’re based in Michigan.

We’re based in Michigan, Midwest. You have an affinity for it. Even though probably the least favorite state of many note investors is Illinois. The taxes are very high.

I’ve never done anything there. I have this perception of it like Chicago of being corrupt. I’ve never had dealings with them. All of that’s my perception from talking to other people. It always scared me a little bit.

 

As we got closer to the actual court and then it was working with the new attorney out of Chicago and communicating and everything was brand new. Even the legal terms were new for me. We finally could see that the date for the forfeiture was moving closer. I reached out to Gail Villanueva and she advised me to use an eXp agent. I’ve heard of this eXp real estate agent in the past. I’m like, “Do I do it like Dan and rehab my own, get my clean-out crew and get a bin?” I was overwhelmed with that simple thing. I said, “I need someone else.” You’ve been through a lot with that. I’d heard you over and over and I’m like, “I can’t do that.”

Tell me more about eXp. I’ve heard of them but I’ve not worked with them before. One of the benefits of doing this is you get to have these conversations and figure all these things out.

You can learn more about it at eXpRealty.com. They have a find an agent and anybody who is a broker can come up and lose their shingle. If they’re paying a lot of overhead for a big office building or something, they can in a way, lose this shingle and still be under a big nationwide network. They’re allowed to get referrals. They are getting a lot more off the market or off the grid referrals. The broker that I worked with, I was trying to ask her some information, but she said she’d been in it for a short time, but she’d already gotten a lot of referrals from brand new people. She’d been in a reputable agency before that and she wasn’t getting a lot. We all know the inventory is a little lower now. People are looking for creative ways. You can search by state and by zip code.

How long did it take you to do the forfeiture from when you were able to start the legal process to when it was done?

I want to say that was probably a full seven months.

It is pretty long for a forfeiture. In a lot of states, that’s like a foreclosure timeline.

By the time we had our debt buyers on May 31st, so June to December, maybe 6.5 months.

Did you have to do an eviction at the end of that? What did the borrower do?

It was an eviction. They had to do a lockout.

That’s seven months including the eviction as well.

That was everything.

That’s not too bad. Some counties can take forever to do an eviction depending on where it is. The forfeiture plus that, it still plays a little bit on the long side, but that’s not crazy.

For a nonperforming, we say 12 to 18 months. We’re still in that window.

That window gets eaten up quickly until you do the servicing transfer if there is one. Where I’m trying to tighten things up is that whole back and forth with the borrower trying to get it re-performing. I have a lot that they go on a forbearance agreement and then they don’t follow through on it. A lot of times, I lose more time than I would like before I get to legal. You had a similar thing.

Our time got eaten up by the debt buyer license. If this borrower would have been engaged and we could have worked out a deal or we could have done a forbearance, it may have spread it out as long.

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Do you have any communications with the borrower, even if it was indirectly through the servicer? Did you ever get an idea of what their story was?

No, we moved it to self-managed pretty quick. There might have been some divorce. It was a younger guy. I don’t think he was an older gentleman not able to work. He was a family man.

I’ve got a borrower like that in Michigan. He’s a 25-year-old guy. He’s a machinist and has a good job. He doesn’t like paying bills. He’s a hard case. I haven’t run into very many of those, but sometimes you do run into those people where there’s no real story. It’s just they are based on paying bills.

I’ve had a number of people who need to have this thread of losing everything to pay and they have the money. I had to do a couple of demand letters and then they’re three months behind. I sent a demand letter because I’d already tried to do the outreach and then they pay up.

I don’t remember if I’ve talked about this before, but I had one in Muskegon, Michigan. It went through the forfeiture and the lady was like I described as hard cases, the ones where you can’t seem to get anything going. On a contract for deed in Michigan, they have a three-month redemption period. It’s six if it’s a note, but I had to wait three. I’m waiting on the redemption and it was a $4,200 redemption. I wasn’t willing to make any deals with her because she had been very untrustworthy throughout the whole thing. She ended up redeeming. I would have bet $1 million and lost that she wouldn’t have done that. In that particular one, she was also able to get some assistance from the state for $1,800, but she still had to cough up well over $2,000, which she did somehow.

We are going through this with one of our CFDs in Michigan. There is some state assistance. We had a settlement on a CFD. However, the borrower had mentioned in her correspondence with the lawyer that she needed documentation that she was going to lose her house to get assistance from the state.

In this particular one, the state called me and they needed something from me and I gave her some of the background on the deal and where we were. She said, “Do you want me to even bother writing this up?” My first thought was, “She’s probably busy. She’s got a million of these. Some of them are probably borrowers who need help. I don’t want to waste your time on paperwork,” but I was like, “The borrower wants to do this. We’ll give her a shot. Let’s process it. I don’t think she’s going to come through.” They approved. The particular program, and I don’t remember what it is, but they could provide up to a maximum of $2,000. They do their analysis and they determine what they will offer. They offered $1,800 and change, and then the borrower redeemed and it worked out. My in-laws live in Michigan, so I made sure to thank them for their tax dollars.

Michigan still is a good place to invest. We do a lot of investing in Michigan and we’re trying to build own teams here and stuff. It’s good.

How did the eviction go down? Was it just the sheriff or the bailiff?

It was a sheriff. At this point in time, I had gotten my agent. She said, “I can handle the lockout. I can handle finding the vendors. I can take pictures of the day of. We can make sure the heat stays on a little bit because it was coming up on winter.” We’re in December in Illinois. The day the sheriff came, they corresponded to the person who was going there on her team that met the sheriff. They had to bring a copy of the final statement from the legal team and the guy was out. He didn’t leave that much stuff and I was happy. There were about 72 garbage bags. I don’t know what that is in comparison to what a lot of stuff is.

That’s nothing. It seems like most of my cleanouts cost at least $2,000. My big one, and that deal is still not over yet, there was one where I had four 40-yard dumpsters. I had one where it was like 90 cubic yards of stuff total. You got off easy. That’s not bad.

This is something new. I reached out to the trash people and I asked them what their recommendation was because I said, “Can I put extra bags at the street if I tell you ahead of time?” They said, “Yes. You have to go to City Hall and you have to estimate how many bags you have and get a little yellow tag for each bag and then it’s $1 a bag.” She’s like, “Don’t get a dumpster. It’s easier if we come and grab it all.” After we had the cleanout, the next day was the trash day. It was perfect.

The other thing too, so people know, there are some companies you can hire that will do it for you. I’ve had some try to charge me. There’s a HUD schedule for pricing, which last time somebody quoted, I don’t know if it’s changed over time, but it was like $50 a cubic yard. When I had that one that was over 150 cubic yards, it was an insane amount of money. I was like, “No.” I’ve had some companies quote $25 a cubic yard, which if it’s a small amount, that can be okay to get it done. What I did when I had my hoarder house that was the 160 cubic yards was I went on Craigslist and you can hire some local laborers for $15 an hour or whatever. I did my own dumpsters because they’ll bring them in and deliver them. It depends on what city you’re in. Typically, a 40-yard dumpster, which is the biggest one, is about $500. If you need another one, you can pay another $500 and they’ll pick it up and drop it off. You can have your Craigslist guys go to town. I did that one time. If you ever went into a big one, that can be a cheap way.

All in, I was only $572 for the cleanout and the trash.

I don’t think I’ve ever had one.

 

Everything has been fairly easy. I am grateful because I couldn’t have handled anything. It was right around the holidays. We were going into the holidays and the agent was like, “Here are all the pictures. I can get some quotes and let’s target completing by the first full week of January.” I was like, “Wow, okay.” We went to town. We had a little issue with the plumbing. I had the water supposedly turned off because I wanted to make sure there were no issues. I wanted to make sure the plumber got in there to make sure there was a little drip or it was winterized and things like that. All this was happening at once. When the cleanup crew got there, he moved down on Saturday and they got there on Monday. The water, there was a slow faucet run from the main pipe that came from the city to the house. The plumber said it looked like someone had turned it and then broke it. There was water coming into the basement. I got the water off and got a guy in there.

At the same time, maybe a couple days into the rehab, the guy came in to do the floors, the painting or whatever. He said, “There’s no power.” I’ve been working. I put my name in all the utilities and the power had been on and then it’s off. I was like, “Let me call them and find out what happened.” They’re like, “Somebody called and told me to turn it off.” I was like, “Was it me or was it this property management group?” They said, “No. Ms. King is listed on this.” I was like, “King who? King the neighbor, King the contractors?” I’m calling my agent and she’s like, “None of us said this.” Here I am thinking maybe the disgruntled borrower might have called them and said, “Turn off the power. I’m a contractor.” I said, “How can you turn off someone else’s power without permission?” He said, “We have this all the time. Contractors call us all the time.”

I’ve never heard of anybody maliciously turning off power through a house. That’s probably why they don’t worry about it.

It doesn’t happen that much.

Although, hopefully teenagers don’t realize you can do that.

We were without power. We lost a couple of days of rehab. The agent was great at managing the contractor because she had gotten a quote for the flooring. We worked through the numbers to go should we sell it as is. The reason why we didn’t sell it as is, it’s because the house down the street was being sold as is. If you could choose two similar houses to move into, the one as is here and the one is here, I’d rather be a little bit better selling potential. We decided the numbers where we put the money in and we put in about $5,000.

I’m curious on rehabs. I don’t know if you’re done with it yet, but how much did you ultimately spend compared to what you expected to spend going in? Did other things come up or was it smooth?

The only thing we had to do is we had to special order the transitions. Those are coming in. I don’t know how much those were exactly. We saved about $300 in labor because we had a quote initially for the pouring people to come in and deliver and put it in. We ended up hiring the contractor that was already there in the house that knew the house and was working on the projects to do all of it. We’re going to be close. We had a little incident later on though. I get a call that the power is out again. I’m like, “Who’s calling to turn off that power.” The contractor walked around the house and saw the neighbor’s tree had fallen down and took the main wires out of that that went into the house down.

It didn’t hit the house. It just took out the wire.

It’s called the hub and the wire. I don’t know, I’m not an electrician.

The tree came down in between the pole in the house. The tree didn’t hit the house itself. It just knocked out the wire.

It hit a little bit of the garage and took down the hub and the wire. We were out of power, but we took pictures. My agent, again, she’s a crackerjack. She’s like, “I talked to the neighbor and they’re going to let us put their insurance on this claim because it was their tree and it was a dead tree. It wasn’t a living tree.”

It was a dead tree. There was maybe a windstorm. There wasn’t a chainsaw cut from the borrower out there or something.

You never know. There could have been some shenanigans about that tree. They said okay and the electrician was $600. I’m like, “That’s a lot of money,” but I don’t know what replacing a hub is and all that stuff.

I have no idea what those costs. At first glance, that doesn’t sound completely insane because usually, it’s a certain amount of money to get them out there.

The challenge of note investing is you can't see the inside of the house when you’re doing all your calculations. Click To Tweet

Surprisingly, I get a phone call. This is fresh off the press and that’s what note investing does. It’s like you never know what funny, difficult, challenging or happy thing that’s going to happen. I feel like I have been blessed through this REO because I don’t know if I keep doing REOs if I had a bad first one. The insurance company calls me. He introduces himself. He is a neighbor to the neighbor whose tree fell down, who has his own insurance company. He said that they’ve inspected the damage to the actual garage. He went through the other things that they’d looked over and there is a claim. He gave me a claim number and he is going to likely reimburse me under $1,000. I said, “Did you talk to my property management group because they have the electrician bill for $600?” He goes, “We’ll do that,” but I could possibly make $1,500 on the deal. He educated me. He said, “If normal trees come down and crash to your house, it’s like an act of God. It’s not anything that you could blame on the homeowner, but because the tree was dead and the guy knew it was dead, and he still hadn’t done anything about it, it was a liability.”

That’s good to know because I have a property with a dead tree on it. I haven’t cut it down and it hasn’t fallen down yet.

I feel like we should be listing this asset. The transitions came in. They’ll look at the final pictures and it will be listed.

What’s the overall condition of the property now? Do you think you’ll be selling this to an investor or a local fix and flipper or would it be more of a retail buyer potentially?

I don’t know if it’s worth $50,000 or something. We never imagined us working to sell and put a note in it. We’re definitely not going to put a renter in it because it’s too rural. The agent mentioned that many farmers in the area pay cash for things. They find houses and they pay cash. Maybe it’s a young couple or something and they get part of the farm.

That will be interesting. Selling is always tricky. As an investor, the time of the year may not be too bad. I’ve got a handful of REOs right now and it was interesting that after New Year’s for some reason, I started getting a bunch of offers on them. I don’t know what it was. It was like a switch flipped after the New Year. Some of these are more investor types. I don’t know if they want to buy this time of year so they can do their fix up and then sell them when you get into the spring and summer hot season or if these people spent the holidays listening to motivational stuff about setting their goals, they’re like, “I’ve got to go out and get some offers in.” I have no idea. It seemed like when it got to January, things broke loose, which surprised me because it’s the dead of winter. I thought maybe it would take a few more months.

The agent mentioned that inventory, in general, is low. There are not that many choices. If people want affordable housing, we could always put a note on it, have another land contract or something. Our best strategy is to get out of the rural area of Illinois.

That’s not a bad idea. Overall, that experience sounds relatively smooth, especially considering that it’s rural. I haven’t done any that were rural, but I’ve got some in a town that’s maybe $80,000 or something like that. It’s a smaller area. It gets tough because there are only so many contractors and realtors and other folks. If the one, two there are terrible, it gets tough to deal with.

This agent is curious about note investing and she’s very interested in this whole process. She said, “You caught me at a good time when you asked me and you didn’t ask me at the last minute. You could project potentially when it was going to happen.” She said that she might have gotten another call. She got another call from another investor with a property similar to ours in Peoria. She said, “We passed on it. Now that I know what we’ve done and how we’ve helped you out, it’s like if it’s the right time, we might take another one like this.”

Has she had experience with foreclosures before?

Her whole skillset is around getting houses ready to go on the market. Maybe not subprime houses.

One of the things I always do when I call around and look for realtors, I ask them if they do foreclosures and REOs. There are a lot of realtors who specialize and then there are a lot of other ones you have nothing to do with it and know what you’re talking about and aren’t interested. I always ask about that as a filter. It’s always amazing when you find the right ones who have a lot of experience dealing with those and they have their own local contractors. You can handle cleanouts. They know to get everything secured and they have somebody that can get it winterized. That makes life a lot easier. When you don’t have that and you’re trying to herd cats, rounding up all those little things, it gets tough, especially when you’re working at a distance.

This gal, she’s married to her husband and they have a husband and wife team. She’s the agent and he runs the property management group and they have a whole portal. I could go in and log in and see all my receipts and how much has been used and quoted and things like that. The communication has been exceptional. We lost a little time over the holidays, but we expected that and we might have lost four days in there between power outages, trees down and things like that, then waiting on these door transitions. All in all, I’m happy with the experience and now we’ll see how long they have to sit with the house on the market.

That’s not bad at all. I’ve had far worse before. Selling it, especially in the smaller area, could be the tricky part. Hopefully, that goes smoothly too.

Dan, I’ve always called you to get advice from you because you have a lot of wisdom. Even when I was trying to decide, do I put any money into it? Do I sell it as is? What are the pros and cons? You taught me a little bit about how to realistically think about things and some of your experiences where if you start doing a few things, then they find more or if the buyer comes in and they say, “We want this and this done too,” or something. You get this risk of doing a little bit of something and then they want more.

 

That’s what I’ve run into a lot, especially when I was dealing with my first REO. I took on some rehab work expecting that to be it and then they come back and it’s like, “There’s this other thing that’s broken. There’s this other one.” The first one, I felt like I was fighting a tar baby. It never quite ended. I would say, “Let’s go through everything. Make sure this is the last thing. Okay, great,” and then there’s something else that comes up later. These days, I do take on rehab work. In fact, we’ve completed one here. These days I tread lightly with it because you don’t know what else you’re going to uncover when you get into it. There needs to be a clearly defined ROI to it. One example where I did it was a foreclosure and then the borrower left. I thought it was a foreclosure and this was one that had been stale.

The borrower hadn’t paid in a long time. We got through the foreclosure process and I was assuming I was going to have to do an eviction. We’re getting ready to start that process. The borrower called me. I had never been able to get ahold of the borrower and he said, “We moved out. Run on, it’s all yours.” He was a nice guy. He hadn’t paid mortgage payment in three years or something like that. This was in October when we had this conversation. The house on the outside looked in very good shape back. I had been by and I had walked in front of it. I was pretty pumped about this one. When we got in, we found that they had had these dogs and the dogs tore the hell out of the place. They tore up flooring and drywall.

I wasn’t in the house, but everybody said there was this bad dog poop stench, the whole thing. That was disappointing. At that point, I knew it was going to be more of a sale to an investor because I wasn’t going to be willing to go in deep to get it fully rehabbed to sell it to a retail person, especially in this town where I had other issues trying to do. Dog smell is particularly repugnant. I don’t want any buyers to smell that. That’s going to make it tough. I had my local guy there. We did some research. I can’t remember what it is now, but there’s a specific paint you can use.

We ended up having the ducting cleaned out. There were all kinds of dog hair all in the ducting. They pulled out 4 or 5 dog toys from different places. They stripped everything down, painted it with this paint and they said the smell got completely killed, so that worked. There’s always one more thing. I found out they had to get the furnace going because they were doing this over the wintertime. They had fixed one thing on the furnace and they go in there and they’re like, “There’s a cracked heat exchanger and the furnace is dead.” I said, “I’m not fixing that.” Once we got past the new year, I ended up getting multiple offers on it. We have it under contract now to settle. They’re doing the inspection on it.

It’s an as is and it’s an investor. They know about the furnace and whatnot. Hopefully, everything goes through. Pricing wise, it worked out good enough. The deal wasn’t anywhere near where I expected because of the condition of the inside. That’s another lesson to learn. I’ve run into this on other REOs. I’ve found that it seems like most people who either ride the ship down in a foreclosure or sign off on a Cash for Keys, they tend to live a rough lifestyle. Even if the outside of the house is okay, a lot of times they trash the inside. It’s not a thing where there’s vandalism. It’s not like they’re breaking things on the way out. I haven’t run into that. They’ve lived a rough lifestyle. Everything is in bad shape. After I found out about the furnace and the cracked heat exchanger, it dawned on me, when I had talked to the borrower, he had mentioned that the heater works, but it wasn’t strong. He left after multiple years of not paying, when it started to get cold.

He might have been living there without any heat.

What he might have done was stayed in there until it started to get cold and then he bailed because he wasn’t going to pay to fix the furnace. Who knows? I don’t know that that’s the case, but that’s my suspicion.

That’s the challenge of note investing is when you are doing all your calculations, you can’t see the inside of the house. You have to trust that the investment that you’re making is going to stand to maybe an inside that’s not that good.

If you’re doing a foreclosure scenario, all bets are off. I’ve had other ones that were home runs. I had one in Cincinnati where the borrower walked away from a lot of equity. It was a contract for deed at a forfeiture and that was a huge success. You don’t know what you’re going to get in terms of the condition of the inside. You don’t know what cleanout you’re going to face. You don’t know if you’re going to have to do any eviction and how long that can get drag out. You can’t predict an ROI on a foreclosure scenario. To your point, what I try to do is look at how much margin do I have. I’m starting to get enough data points now where I can say, “Here’s what I expect the expenses to be, but there’s a big variance on that.” The way that I’ve been pricing them is if it’s one where I know there’s a high likelihood of foreclosure, then I need to have a higher projected ROI on that.

I buy a lot that have 8, 9, 10 payments in the year where I know I’ve got a high hit rate for getting them to reperform. A while back, I sold a bunch of re-performers. I got some pretty good data on ROI to expect from re-performers. It was in the high teens to the JV investor like annualized and that was after the split. You can get on to reperform even if you’re buying ones that have a lot of payments to where the prices are a little higher, those are super juicy. I’ll risk a couple of foreclosures to get a bunch of those that are going to reperform. If it’s one that I know I’m going to end up with the property, then I get super conservative. That might be BPO values and related to where I sell the property at.

How do those BPO values look compared to what your actual as is 30-day quick sale?

I’ve never sold one for the 30-day quick sale and I’ve had a good 5 or 6 in the last few months. I had Justin Bogart on a while back. He was saying a lot of times he doesn’t pull BPO. Some of that is because he’s doing performing and he’s getting eyes on him and he’s evaluating them in his own way. I’m starting to consider going that route, getting photos, doing my own comps and talking to the realtors, and then putting my own value together. What appears to happen, as I gather more data, I’m starting to go through some of this and I’m getting a little better line on what to expect. In the deal close, the realtors will have a base value and then they’ll say, “There are these exterior repairs that are needed,” and so they’ll deduct for repairs that they can see, but then they assume the inside is pristine. It’s like, “I don’t see anything that needs repair on the inside, so I’m not deducting anything.” If it’s a foreclosure or even a deed in lieu, there’s always going to be some degree of stuff messed up on the inside. As time goes on, I get more and more conservative with how I treat BPO values.

Each deal is lessons learned and you put those lessons into your arsenal and you have more wisdom about what you’re doing. I consider myself fairly lucky going through something like this as my first REO. I can’t predict that each one is going to be like this, but I definitely feel I learned to get a team. I learned to expect the unexpected. Now I know that delegation is the best use of my time as a note investor. If I can delegate whatever I can delegate, it’s better and then be grateful. One of the things I had to do is I said, “Please give this contractor some money.” He came to the house and he didn’t have power. It was the second time in a row that he didn’t either have power or water. I was like, “Pay him for his miles. Do something. Appreciate him for what he’s doing.”

You’re lucky you showed up. A lot of times, they don’t even show up. That’s probably a good starting point for now. We’ll have you back on again and we’ll see how the sales end of it and where you end up on it. You’re coming into a good time of the year.

Thank you, Dan. I always learn a lot and I’m always happy to share what I’ve learned along the way as well.

We talk a lot all the time anyway. How can people get ahold of you though, if they want to reach out?

The best way is through email. NoteWorthyDeal@Gmail.com and MelanieJacob@JacobAssociates.com. Connect on Facebook or something if you’re not into email.

That sounds good. Thanks again.

Important Links:

• Jacob Associates
• Debbie Mullins
• NoteWorthyDeal@Gmail.com
• MelanieJacob@JacobAssociates.com
• Facebook – Philip Jacob and Associates
• www.JacobAssociates.com
• https://www.eXpRealty.com/

About Melanie Jacob

Melanie Jacob is a serial entrepreneur who has been a real estate investor since 2015. She is also a registered dietitian who owned and operated a successful private nutrition practice for over 15 years.

She and her husband Phil have been buying mortgage notes since 2018. Their website is Jacobassociates.com. She can be reached by her email noteworthydeal@gmail.com

 

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