Mike's Blog

 Another comment that tuns into a post. Its 10:00 AM here in Lake County, Florida

 and I am on hold with a lender who has set today as the limit for accepting/approving offers on three properties we have bid. Our sheets are coloured, with big size 24 fonts so we will stand out.

The words say things like ALL CASH OFFER, NO CONTINGINCIES, CLOSE REQIRES CLEAR TITLE ONLY. We have mailed and emailed the offers as per instructions. Yet we  are here today, and they cannot find the package.

I have time to look around the computer...Not much activity after Christmas..WOW Allison Stewart is busy with a huge post about the state of the Real Estate Union here in Central Fla.....I started to reply as a comment, and got carried away.....Yes I will hold,....Here is my reply to Allison, and Active Rain  Still holding ....

       Allison, You certainly described me to a tee, as in coming into the business in Jan 2006 with money in my pockets, full of anticipation. I did all the Big Franchise Plan, mailouts, farming, calenders, refrig magnets, branding, and more. I did my own advertising, got tons of listings, and made the ad sales people in Lake County here go home singing and whistling happy.

I barely broke even in 2006, spent 16000 and made 18000. I had given up a 50k salary in my former business and lived off 25K a year in installment payments. Yes, I sold my business for half the money I was making..But I was gong to make my fortune in Real Estate!!!

2007 was starting as a carbon copy of the previous year, until spring when I canceled all my advertising and started on open houses, flea markets, flyers, and actually made a few dollars on sales, without having to pay it all out to the ads. Then the financing crunch hit, and I had 8 deals fall apart in about 2 months. I cannot say what made me wake up, but I believe it was a big argument with my broker about me taking a mortgage broker class to get licenced that made me realize the we are in business for us. Me incorporated. Wake up people!!

If banks and lenders were not willing, how about investors.  I ran ads for investors, and the rest is history. I saved my year ans made quite a few cash deals. My wife now thinks we may have a futere here, but why did I take so long doing it the other way??? Nearly two years of losing money is a lot for even someone as slow as me... 

But, I have seen way too many other good people, Realtors and Title employees, wait too long and are now in terrible trouble. Part time jobs are no longer an option for them, Christmas must have been strictly on the mercy of family and friends.

 God forbid what some of us did with our credit cards in the name of Christmas

I have met and spoken to may other Realtors that have found ways to do business in other ways. The way I found has made an incredible difference in how I work, I cannot believe how busy the other side of the fence is right now. We are competing with the banks to buy the homes before the banks take them. Anyone spending time on short sales knows what I am talking about.

 The banks DO want the houses back. There is no other way to explain why they do not accept cash offers or return calls on a timely basis.

2008 will be a very different year. Creative financing will be the order of the day in our market, if you can't get involved at this level, with cash or at least 30% down, then take your home buyers to short term lease options to keep them in the loop with you.  Thats my take on what I see, your post should be a real kick in the pants for those who were hanging on for the sake of hanging on.

 Many of us could go inactive for a few months, catch up on some paychecks, and be in better shape for the surge that will be coming by mid summer.

That my opinion. Its what I see and read.  Its very real, and we pay our billls with real money.

God Bless All of us here on Active Rain, I hope that enough people with make the intelligent choice to survive the hard times and not be on the foreclosure list. My list in my area has quite a few Realtors now, it is a shame for so many to fall into the cracks by keeping their heads in the sand...

Jimmy went to get some bread milk and eggs at the local Supermarket. As he approached the door, he saw the signs. Rather, he saw the lack of signs...Not a good sign, having no signs!!

It appears the advertising was gone, all the prices were gone. He went to the manager and asked what was going on.

"Our new pricing is working like the our new parent company, XYZ Insurance and Mortgage Co. We have abandoned all the advertising on prices, eliminated all the sales. We now get your social security number at the the check out and we price your purchase based on credit score now."

Jimmy was freaked out. He stepped back and watched the scene unfolding at the cash register. Nice preppy lady in designer clothes walks up and inserts her card.. Bread, milk, and a dozen eggs. Six dollars and 22 cents. On the next aisle, a construction worker with three kids in tow make the same purchase..Nine dollars and 74 cents.

Jimmy was not believing his eyes. How can they do it?

The manager went on to explain."It all goes by your credit score, houses cost more with lower credit scores, insurance cost more with lower credit scores, automobiles cost more, shoot, even  gas cost more." 

Jimmy was not following this line of thought...."What do you mean, gas costs more?"

The manager replied, "Well, poorer people have to pay more for cars too, so they cannot move into newer more fuel efficient cars that would save a lot more in fuel. Plus, they need to be repaired more, and are not under warranty, so lower credit scores makes you actually pay more for gas".

Jimmy had heard enough. He began to walk back out to his truck. The manager said, "Where are you going, you didn't get your groceries".   Jimmy replied, "My house is in foreclosure, I just filed bankruptcy, I guess this is a good time to go on a diet"

This year Christmas is on Tuesday..That means New Years is on Tuesday.

 For those of us in Real Estate, that means a few weeks off to recharge the batteries.

Time to brave the mall and Wal Mart to do the last minute shopping.

Time to pick up family from the airport. Time to learn patience.

 Time to wrap gifts. Time to share smiles of expectation.

Time to just sit back and relax. Wine helps me and my wonderful wife. Time to spend with my wife, with nowhwere to go ...Thank you Darling, you make my time here on Earth have an even greater value.

Time to realize the year is over. Time to learn from what worked this year, what didn't.

Time to spend time with family and friends. This is wonderful time spent. The best time of all!!

Time to be thankful for all that went right this year.

Time to think about what we can do better next year.

What will you do with your time? Time to make a list. Time to get a plan. Time to model your career after someone who is doing great.

Time to make necessary changes in how we spend our time.

While we take the rest of the year off, who has a plan for doing better, spending less, making more, and attacking the Real Estate market where the sales are. My plan is to spend my time with investors, because my time is valuable again. My time has become productive again.

TIme to say Thanks to Mid-Florida Real Estate Brokerage for taking me in, and taking the time to teach me the business of investing, short sales, and actual marketing.

If you do the same thing this year coming that you did last year, will you be upset if the results are the same?

Its time to make a serious change in how we look at Real Estate. Find Investors with cash. Learn how to "Make yourself your own best client". This is a wonderful way to spend our time. 

Its Time To take the Time to work for ME, Inc.  Time is on our side, don't waste it.

Happy Deal Hunting and even Happier Holidays are here right now. . Enjoy your Family, as a Realtor, they miss you.

And on Jan 2, 2008, its Time to get your plan to work for you!!

 It's about Time. Use yours wisely.

Thanks also to Active Rain. Active Rain has been a wonderful force in my life this year. Without Active Rain, I might have gone back to running auto shops, where I always thought I was wasting my time, but I brought home a decent check for my time.  Thanks to all the contributors of Active Rain, whose gifts of knowledge to me were invaluable.

Lake County is a great place to live.

 I was in Orlando yesterday, the roads are congested, it takes 3 changes of the light to make it thru.

Lake County  Fl is a growing area, with a large over 55 population in  a variety of gated and non gated commuities. Newer homes are available in many of these communities, and it takes a local Realtor to find the deals. Most of these homes are not listed, for some reason many of the communities handle it internally.

Mike Norvell Sr of Mid-Florida Real Estate Brokerage has an inside track on many of  these communities. If you are interested in coming to find a second home in Leesburg, Fl you should take a minute to request a bid package . A bid package gives you a collection of free information about our area, and specific info to allow you to be ready for when the deals happen.

Most of these homes are gone off the market in a matter of weeks, so its important to be ready with financing in hand to be able to capture the deals when they occur. Most of these homes aren't foreclosures, most are seniors who have had a serious change in their life and need to sell quickly.

Mike Norvell Sr is known in the communities as a person to call when you need to sell quickly for cash. If you would like to know about these below market deals, on beautifully maintained homes. Remember, these deals must close quickly and you must be ready to buy. We can take digital movies of the home and the neighborhood, and email the homes to you that might fit your profile..

Take advantage of this time in the market. Many deals are 20 to 30 thousand below market, some even more. The homes are generally in great shape, in perfect condition.

Call Mike Norvell Sr to find your second home in a retirement community. There will be some great deals coming up, we have many homes that are near to making a decision to sell now.  

 Its a few days before Christmas. The streets are crowded near the mall.

The towns are growing, and there is talk of a new mall next year in the Villages. The Villages has expanded to over 30,000 homes, thier growth has been incredible.

But this year, its busy at the Lake Square Mall in Leesburg,  and the Wal Mart  and  Target stores are jam packed as well.

 Lake & Sumter County have experienced a massive building boom since the mid 1990s'.The boom has tapered off now, and Lake County has thousands of newer homes for sale. Prices have been falling for the first time in yeas, and many homes are being bought below market. Some are being bought way below market...

 Mike Norvell Sr of Mid-Florida Real Estate Brokerageis a full time agent representing investors for these types of properties. It is becoming a buyers market, and Mike Norvell Sr represents dozens of foreclosures and other below market properties.

Yes there are thousands of homes for sale here in Lake County Fla. Lake County has not been immune to the rise in foreclosures. Hundreds of homes are in foreclosure which is creating a serious buying opportunity for qualified buyers. This is a great time to invest in Real Estate. Second homes on Lakefront properties are available at a discount for the first time in years.

Make no mistake about it, this is the time that people will be looking back on in the future, saying "I wish I had bought more while the prices were so attractive. The difficulty in getting financing is creating a ever growing pool of nearly qualified buyers that need a home. Investors that buy home now can tap into this pool to provide this market with a combination of owner financing and lease options.

Mid-Florida Real Estate Brokerage specializes in the acquisition of foreclosure properties, and is available to assist buyers in short sales, and cash purchases. Most of these homes are available at below market prices. New homes are becoming available every week. Call Mike Norvell Sr for a bid package to start on your path to acquiring below market foreclosure homes. There are primarily single family homes available, but we are seeing more duplexes and triplexes coming on the market. They don't last long..

Thanks for reading about Mike Norvell Sr and Mid-Florida Real Estate Brokerage. Don't wait, call or email for your bid package today. Mid-Florida Real Estate Brokerage has the experience and contacts to walk you thru the short sale process. Remember, homes in short sales must close with cash, and window to close is very short. Financing is available, but it needs to be worked out in advance so you don't miss the best deals!!!!

The Flight of The Bumble Bee

I haven't heard it for a while. But I do remember the basic concept of the tune,  and I don't think they teach it in high school band class..

But the bumble bee can't read. The bumble bee does not blog. he just goes to work.

He doesn't know that he can't fly, he doesn't have time for self doubt.

He is focused.

Just makes his rounds, and goes back home.

I am feeling a little like bumble bee material myself. I may even start wearing Yellow & Black in honor of my new work ethic.

I can read, but I don't even have time to look at stories about how bad the market is. We are on track to pick up about 35 - 45 homes in January. 

 I promised myself in October that I would only work with investors from now on..Got very focused..saved my career..   Re invented my life in Real Estate....I tell my old buddies at the old brokerage and they tell me it doesn't really work like this...Whaat!!!  Don't you see me flying?

Its a different kind of life, working like a bumble bee. I don't have time to listen to people who tell me I can't do what I'm doing. Like the bumble bee, I'm finding a way to get things done.

How about you??

Bzzzzzzzzzzzzzzzzzzzz  Bzzzzzzzzzzzzzzzzzzz  Bzzzzzzzzzzzzzzzzzzz

This article property of Mike Norvell Sr of Mid-Florida Real Estate Brokerage 

Hello All Local Real Estate Professionals

I went to a meeting tonight that had a small gathering of investors brought together for the purpose of exchanging ideas and sharing concepts.....I was very impressed, and a bit scared. many of them had bought in too high in the market and were stuck with properties that will not cash flow, and will not sell either.

They were looking for a way out, and we know there really isn't one. The market is not going to recover to those levels any time soon, they are stuck.  There may be some short term remedies, but no real solutions. They simply did not have a formula, or dicipline to stick to that formula.  

There are many ways to buy and move property, to acquire and then assign to an investor. There are many investors who are looking for deals. All we need to do is find them and put them in an organized format. Kinda like a flea market....No.......We need a bit more structure than that....What if I put a format together for analyzing property, with a place for pics and down & dirty realistic CMA, neighborhood breakdown, repairs and acquisition costs.

If we could get a few of us together, using a similar format, we could meet with investors to promote those deals.  

I have some investors. I have some nice couples out working the streets for me to maximize my time by doing legwork for me. I now only take the time to look at filtered deals. Research has been done. Quick peep show on title has been done. Interior & exterior photos..done...Basic repairs detailed...

This is allowing me to canvass entire neighborhoods by using team mates....Tonite I found some others doing similar procedures...  Anyone else organising a way to cut to the chase like this????

Call me, email me, respond in the box...If you are within 100 miles, we can meet and see how to set it up in your area..OK 200 miles,, thats it

Its late and I am tired. I saw an interesting concept tonight, and would like to push it further. People are getting hurt buying deals they should not be in. I decided to write this post to see if there is any interest in doing something more...If this is not the proper way to do this...then let me know....

I quit going to the seminars a few years back because it was such an obvious pitch for instant profits for the salesman...There are many learning types, and most do not respond well to learning by reading a book. The amount of variables we face everyday cannot be found in a book I would even want to read. If I could carry it!! 

But I have been going to some seminars lately, and have signed up for many of the free introductory pitches. They offer no specifics, just glimpses of the easy parts to whet your desires. There must be a seminar school that teaches these guys how to do this. Its all so similar. I followed one to three local towns and saw 43 people sign up for at least 5000 each. I'm sure more is coming. Thats over 200,000.  When you listened carefully, as I did the 2nd & 3rd time, the promises were not really promising much. But everything they said is true..So where is the catch??

The catch is they will not do it for you.

They cannot hold your hand thru a deal. This week they are in another state, I know, because I checked. They even talked to me about joining their program. But we have some fundamental differences. I have more experience than that team did, but they have the machine built for selling the concepts of what I am doing. They don't really want to do it, just sell you on spending thousands of dollars to tell you how to get started. Then, they hire someone like me to take a small piece of your money and offer an hour or so  a week of advice to keep you from cancelling. Ohhhh, that's right, you can't cancel........

The next step for the new trainees is to be able to spend more money for the premier, one on one training. In order to qualify for this, you will need that credit card again, and since you already spent 5 thousand, you better protect that investment with another 10 thousand. Plus monthly web hosting, mailers, coaching calls, trips to more seminars..It looks to me, that it takes about 20 grand the first year to get the whole program.

Now I know from my own hard work and blood sweat and tears how this can go. Due to my very stubborn nature, I have finally made much more than I have lost. And  Now, after all my time in the game, I rarely lose at all. Learning to look at deals as an investment takes discipline and experience. It takes a team of  professionals that know their part of the deal. I remember how I used to do it. I did it all, start to finish. I took years to make what I should have made in months.

I have a question for the newbie investors here...If we all will acknowledge that all the money made is in the buying, why do we spend so much time in the rehab process. While doing the rehab may be good for your soul, great for your muscles, it is TERRIBLE on the wallet. There are people ready and willing to take on your rehab project once you have the deal. With a small classified ad you can have your pick of bidders to take on the hard work.

Don't waste your time on seminars, books and CD's. Get some experience with someone who is doing it now. Another idea is to simply split a deal with someone else and watch and learn. Its better to get a small cash, assignment fee up front than to wait months to lose money.

Experience is power.  Get some the hard way, or get some the easy way.  But don't pay these guys money to sell you a concept. Get a real mentor and work smart. This is a great time to be buying and investing in Real Estate.

This article is the Property of Mike Norvell Sr.

Mike Norvell Sr. works with Mid-Florida Real Estate Brokerage, specializing in Aquisition & Sales of Investment Properties...For Further information, Call Mike Norvell Sr for an appointment

Most every day I get the question, you know the question.

Whats the best deal you have on a foreclosure??? If it were only that simple, we could all do it.

Cash helps a lot, credit is necessary, and yes there will be costs involved I don't care what your seminar said!

A Quick Lesson in the Steps of Foreclosure

After looking around different web sites. I have decided to simplify pages of text into a shorter list. Foreclosure is a very complex process that allows a lender to recover the property securing the loan. This happens when the borrower gets behind 3 or more payments to the lender. Depending on the contract, the lender files a public default notice, called a Notice of Lis Pendens. The foreclosure process can end one of four ways:

The borrower catches up the payments in full, or to the satisfaction of the lender.                                         

The borrower can sell the property in pre-foreflosure to a third party. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on thier credit history.

Depending on the lender, at around 5 months, After a series of letters and filings, the time runs out and the property is set for public auction. The property will be advertised in the papers letting the public know the asset will be sold. 

If the property does not sell at auction, then the bank/lender will take the property back, after that it is called REO or Real Estate Owned Bank Property. The lender will normally assign the home to a local Real Estate agent to sell the property and handle maintenance. 

Many of the homes I see now have been in foreclosure for over 6-7 months. With so many homes in the process right now, it is not unusual for homes to be a year behind. This represents a sufficient time for the seller to make arrangements, but many do not have any money saved or plans for moving. You can help the borrowers make arrangements for another place to live, and help them begin to plan for the move THAT IS COMING.

Denial is not just a River in Egypt. I see people every day that don't or cant pay, and are not moving.

As agents or investors, we can find out thru public records, or a number of companies offering this information for a monthly fee. You can go to the borrower and offer to buy the property, and to set up a short sale. Don't be surprised for the borrower to actually deny the facts in public records. Just offer to help, and leave a card and move on. Please be aware that if the borrower did not pay the lender there may be other liens to worry about. If you make and offer to take the property over, be absolutely sure the title work is perfect before you make the deal.

The same caution applies to auction properties. There is no guarantee of clear title at auction either. Only on a short sale where the title is clear as a condition of the sale can you be sure. Are there many obstacles to buying foreclosure properties. You bet. All the seminars in the world don't get you ready. Find someone who is already doing it and work in the real world before you pay big bucks to traveling snake oil salesman.

And last but not least, REO properties.  This should be its own post..I will only state that Patience is a requirement for REO properties, but the title is clear.  There is much to know, mentoring with someone who has been thru the ropes is the best education.

I have been to seminars, bought books, and tried it on my own. A sure way to end up in trouble is to try to to do this without help. Real Help.

E-bay is full of courses that promise to teach you from a book or CD....I don't think so Scooter.. Find a real mentor and split a few deals until you have learned the procedures. In my humble opinion, this represents the real road to wealth in Real Estate. You can still do listings and work with buyers, but if you work foreclosures you can pick a house up two or three times a year until you are ready to retire.

A recent study showed less than 3% of Realtors owned investment property. That is a scary statistic to me.

Make 2008 a new plan of action.... Make yourself your own best client!!  When you find a great deal, KEEP IT!!

Thats all folks!!!!!!!!!

Mike Norvell Sr works with Mid-Florida Real Estate Brokerage, which specializes in Acquisition & Sale of Investment Properties. For further info, please contact Mike for an appointment..

Let me start this by saying we work hard in the Real Estate Business..My wife, Teresa Norvell, also works in the Real Estate Field. She is the Escrow Officer at Larry Marchbanks, PA. , in Wildwood Fl. The firm decided to reward all its hard working staff and when they were asked what is just the nicest place around, it was decided hands down to rent a Primo Limo and get reservations at Gaylord Palms Resort. I had heard of it, it has been on TV.

Last Night we were privileged to be picked up in a absolutely fantastic stretch limo and taken to one of the nicest resorts that I have ever been too. The limo ride was wonderful and we all enjoyed the ride, to say nothing of the champagne!

Again, The place is called  Gaylord Palms Resort & Convention Center...To those of you who are considering  a trip to Central Florida need to check this place out. I have only been to one other place that was on the scale of this resort, and that was the Atlantis in The Bahamas...

To say this place is huge is like saying water is wet, or the ocean is deep. The rooms are fabulous and the lobbies and atrium's are themed. The service is first class , plus  a notch or two up. We had Teresa Norvells', (my wife's) company Christmas/Birthday Party in the Hickory Steakhouse Restaurant. Teresa turned 39 again to a rousing version of Happy Birthday sung but the party and wait staff!

This ain't Burger King, but you sure can get it your way. Our party of eight was given one of the outside tables, with a view of the atrium from about 25 ft up on a balcony deck overlooking ...well everything.. You really can't get a scale to this place without being there. But I bet a few football fields looked like they would fit in our view to the side, and the atrium "sky" was at least 30-40 feet over our heads.

There are at least 5 different themed areas in the atrium. We would like to go back and eat on the sailing ship restaurant... its really in a interior lagoon  Wild Huh!!....If its anywhere as good as the Hickory, I will be more than satisfied.. If you go to the Hickory Steakhouse, Take your wallet, and expect to be very satisfied.  Let me change that to extremely very satisfied. The food was perfect, the service was slightly better than that.

This is my first review of any restaurant or resort. I have never been in anything quite this well done. I don't want to prattle on like I have never been to a really nice place before. I have, I have been to really nice, upscale pricey places that I felt like were overpriced for their service provided. Last night I felt we should have left a bigger tip!!

I have now been to two places that were perfect on the time of MY Visit....The Atlantis Resort  and now, The Gaylord Palms Resort.

My wife, Teresa Norvell, would like to thank Larry Marchbanks, PA for hosting such a wonderful event. Anyone seeking excellent legal representation should contact the firm. They are located in Wildwood, Fl, on the corner of Cleveland and Hwy 301. Teresa Norvell runs the Real Estate department, and has the title of Escrow Officer.

http://www.gaylordhotels.com/gaylordpalms/