- January 9, 2019
- Posted by: august19
- Category: Podcast
Chris and Gail wrap up 2018 and talk about some of the things that have occurred during the year as well as some things to look forward to in 2019. They highlight some of their most recent and most memorable note deals and touch on the 10/10/10 Rule, renovating properties, end-of-the-year bookkeeping, IRAs, and their a-ha moment from their previous podcast. They also explain the significance of doing your own diligence and determining whether assets are performing or non-performing and outline some tips on certain things that people need to get make sure they’re getting done as they start to grow their business. On a final note, they briefly discuss a few things they’ve got coming up in 2019.
Listen to the podcast here:
Noteworthy Note Deals From 2018
We are going to be talking about wrapping up 2018. It’s some of the things that have occurred during the yearly wrap up and then some things of what to look forward in 2019. Gail, with that being said, we’re going to jump right into our first segment of What Just Happened and that I’m sure you’ve got some things that happened as well as I do.
You and I had a breakthrough because we have a borrower on a land contract who agreed to move out of a place. He already signed the land contracts and agreed. He negotiated with us a departure date of January 31st, 2019 and that was a month longer than we were hoping for, but he just called and said he’s moving out right now.
What’s the plan with that property?
The best plan is to make sure it doesn’t turn the heat up because it’s in New Hampshire. It’s not so nice outside so I’m toying with if we can’t reach him and he’s acting up there letting the realtor maybe break in with a locksmith. He makes sure that the place doesn’t pipestone first, but this is the one where we think the neighbor might want to buy it. Before we bought it, we sent someone over to take pictures of it and the neighbor sauntered over and expressed interest and even started trying out some very nice numbers that we would be thrilled to get for it. We’ll see if he is just a target.
Time will tell on that one. You make a good point in regard to when somebody moves out to make sure that utilities do not get turned off. I always try to make sure and watch what goes on in case there is a sump pump in the basement as well as heat or whatever that heat source is. This borrower does have a lot of stuff to move out for sure.
Have we categorized him as a hoarder or is he borderline?Finish 2018 strong and look forward to 2019. Click To Tweet
I would categorize him as a hoarder. One person with three bedrooms full of clothing and stuff. I just closed on a property that I am owner financing. It’s a property that needs to be rehabbed and in lieu of going through doing the rehab and so forth. There was a local contractor who was very interested in the property and some owner financing terms. We got him to the 10% rule. Put 10% down and 10% interest over ten years. That’s a nice asset to get off one portion of it get off my books.
That’s a very saleable note. People who are familiar with the National Acceptance have heard that formula 10-10-10. That is the magic formula to connect with First National Acceptance. That’s what they want to see plus this is where every deal I’ve wanted to pitch to them has crashed and burned. They want a FICO score on a borrower of 650.
This borrower has it and he’s a contractor who’s going to be renovating the property. He’s going to increase the value of the property because it’s a multi-unit property. We’ll turn it into a rental and it’s going to be a nice asset for him and it’s a win-win for everybody that’s been involved in it.
Are you going to sell that note?
I am looking to sell it or possibly even sell maybe a partial component to it. We’ll see whether if the ink is still wet on the signing.
You’ve just been in your office appearing to do the work of your employer and yet out in the world, people are signing things and money is coming to you. That’s one of the reasons we all love the note business so much.
It’s something that occurs at any time. It allows me the flexibility that if somebody signs documents during the day and in the evening whenever I need to do, I can get what I need to be doing done. Both of us finished 2018 strong and look forward to 2019. We’ll give people some tips as they start to grow their business on certain things. At the end of the year, you need to make sure you’re getting done. As well as for those who are also newer in their first full cycle in this business and what to expect over the next 30 or 60 or 90 days within the note business.
The big project that I undertook at the end of the year in addition to the end-of-year bookkeeping, accounting, closing the books and this is the first time this has happened. I have several JVs who were investing not with their IRAs. For those people especially, they need a breakdown of the investor distribution. How much of that money is principal and how much is the interest since the interest portion is taxable and the principal portion is not?
If somebody put $10,000 into a joint venture deal and you receive some payments regarding that. Let’s say it was paying $300 a month and you gave them six payments of $1,800. If $200 was principal and $1,600 is interest that needs to be separated so the principal goes back to their initial investment. The interest is something that gets reported on 1099 as interest and would be taxable.
Do I need to send those reports to IRA investors as well?
You should send them because what occurs is with Quest, I had to create some forms for them and explain whether the asset is performing or not performing. I give them a breakdown of where the principal balance stands with some interest. If it’s requested, it’s provided but I’ll be the first to tell you. I have my bookkeeper. I have somebody that keeps me safe and send out the reports and everything. I all send out my reports in my partners but any of the tax forms and stuff they’re working on because I’ve wrapped up all my books. All my accounting for and my incomes and expenses for December I put all those into the classes, which are each asset. They are working on finalizing the docs, so those documents can go out to all my partners.
I had an a-ha moment in our last episode because you talked about sending out 1099s. I am aware of sending 1099s to vendors to demonstrate that I have expenses and I do not take all the money and that I have to pay tax. I have sent 1099 to attorneys. I don’t know what your books are but the big outlay for the most part in my accounting has all been to attorneys, even very reasonably priced firms.Sleep is overrated. Click To Tweet
Anybody who you write a check to should have a W-9. I reached out to Scott Carson to get a W-9 from his firm for some of the things that I participated in with him, ProTitleUSA, and in anyone you order BPOs from. Any expense you should get from now if you start using people on Craigslist. You should get W-9 because it’s very difficult to get them. Anyone over $600 is a magic number that if you paid them over $600 you should have a W-9 because it does have to get reported.
ProTitle, do you send them a 1099?
I get a W-9 from them and I believe my accountant will send them a 1099 saying, “I had $135 report and I ordered twenty reports that I spent $2,700.” They’re going to have to record that as income and they’re going to want to make sure the numbers match. If I report one number to the IRS, they want to make sure it balances on the backend.
It’s raising my eyebrows because I thought it mostly applied not products but professional fees, so I would think attorneys. I return to the attorneys.
Is a title report a professional service? I have to triple check if, for example, ProTitle does end up getting one. I know attorneys and BPOs and stuff like that. I got an invoice from a firm I use and they sent the invoice with their W-9 with it. I’m like, “Thank you. That’s awesome.”
The W-9 is whoever it is giving you their tax ID number.
It’s a legal entity name which is important as well as the tax ID number, so you can send them the 1099.
What did you consider a 1099-able event with Scott Carson?
I am part of his WCN Crew on a monthly basis. It’s a membership fee that my accountant said, “Make sure you get a W-9 from him because you spent more than $600.” I asked him and within fifteen minutes he sent it over to me. People say like, “When do I sleep?” It’s the same thing with that guy.
The reason I’m asking whether IRAs need their distributions back to the IRA broken into principal and interest portions is that I have a Roth IRA and it’s not yet five years old. When a Roth IRA isn’t five years old yet, you have to pay taxes on what you take out. However, you only have to pay taxes on the amount beyond what you put in. If I have put total distributions of $50,000 into my Roth IRA, do I pay zero tax until I take out $51,000 and then I pay tax on just $1,000? There’s a part of me that feels everything they get, even that on the borrower side is you getting paid back the investment money that you put in.
When I send out my checks to my partners and let’s say it was $500 payment to them, I’ll send them two checks. One that’s principal and one that is in interest so it’s much easier for my accountant to know how to code it versus trying to pull it from reports or what occurs. Everything is done electronically and it’s an extra three buttons of a click to send two checks versus one. It doesn’t cost me anything, but a lot of people ask me like, “Why are you sending me two checks?” I’m like, “One is a principal and one is an interest.” In that way when I downloaded my Excel file every month if I paid ABC company $400 interest and $100 principal, it’s right there for my accountant to run these reports at the end of the year. It’s much more simplified. That’s a big thing I’ll mention to people. When you have partners and you’re paying them especially if it’s not using an IRA, come the end of the year that’s going to have to be broken out. It’s much easier to do it as you go than trying to recreate the wheel.
For the people who are IRA investors, how do you figure out what the end-of-year value is of their investment?Everybody wants to be reassured that whatever they're doing is okay. Click To Tweet
I watched a video from Quest Trust. What they’re looking for is if it was bought non-performing or is it still non-performing which I put yes on every single one of them. For me, performing is twelve consecutive payments and if they haven’t made twelve consecutive payments, I listed that as still non-performing. They made eight payments in the past year. Let’s say you had a note for $20,000 that you bought $0.50 on the dollar. You paid $10,000 for a $20,000 unpaid balance on a note. After the year let’s say there were $2,000 in principal paid. The principal went from $20,000 down to $18,000. I just noted that in a letter to Quest and said, “The principle was $20,000 and it’s down to $18,000. It’s still non-performing and it was purchased at $0.50 on the dollar. The value of the asset has gone down from $10,000 down to $9,000 just 50% of $18,000 and the asset now is only worth $9,000.”
People are like, “My asset went down.” Yes, it did because you also got $2,000 worth of payment. If these payments continue to get paid the future value continues and goes down because you’re taking in those months. If it went to a performing status, then it would be performing and it now has a value of $18,000 or the UPB. The most simplistic way from what I’ve been told is if it’s performing, you go off for the UPB. If it’s non-performing, you take what the current UPB is and multiply it by the percentage of the discount you bought that.
If you paid 60% that $18,000 would be times 0.6. I was wondering if there’s anyone like Tiny Tim’s father. Somebody who has the shade over his eyes and the classic being in the counter who’s looking at this so seriously as you are and appreciating the work and the effort you put in.
It comes down to anything. If you don’t do it right, nobody’s ever going to notice until you know what hits the fan. Once that happens then everybody backtracks and starts looking at everything. I don’t know if you saw the news about Wilmington Trust who you saw notes and stuff from them in the past. They had two executives go to jail for falsifying documents or not reporting properly on their reports. I like to provide proper reports because that jewelry that goes around your wrist that locks, that’s it for me.
Every financial person I talk to about notes doesn’t understand it. My accountant didn’t even know the mechanism by which you could use an IRA to buy real estate which is not unusual in our world. Everyone is so about real estate. Everybody knows all the ins and outs and everything, but we forget that we are surrounded by normal bill where people don’t talk about the stuff every day and they don’t know how to do it.
When people ask me for advice on certain things because you’re going to find attorneys or accountants or everybody who is a completely different end of the spectrum on anything. I always tell people, “Go with somebody who you have faith and confidence in and has a reputation and will defend you in court.” I know there’s a talk about how many bank accounts should people have and some people are saying, “I have a bank account for BGB Partner because that’s what one person told me.” Others say, “I have one because that’s what one person told me.” At the end of the day, is there a right answer to it? In every person’s circumstances, they’re different. My response is, “What did your attorney tell you? What did your accountant tell you?”
I’m not following John Smith on Facebook. I’m not going to copy everything he does because he’s on Facebook and that’s what he said on Facebook or on Google. We all know everything on Facebook and Google is true but even so, it’s like, “Here’s my attorney. You write my JV agreement. You’re sticking by this and I trust my accountant. We are on the same page for this and so forth.” That’s who you have to go with. You can refer people back and forth and you’re just going to get comfortable with who that is. You’re going to have people who will say, “You need to do this” and others that say, “No, you don’t.” It’s going to be conflicting for you but you’re going to go back and say, “Will you defend me?”
That’s a good point because it’s like a serious diagnosis everybody wants to be reassured that whatever they’re doing is okay. It’s not something that you should ask your friends what to do and even us. We may be a little more informed than your friends who are new in the note business. We’re more informed than people who are new, but we always say, “This is what we do. This is what we have been told. This is what we found out from Quest IRA.” It’s still a no. You have to do your own due diligence. You have to ask the hard questions.
I know you’ve done this and I’ve done this. I spend a few hundred dollars to a CPA attorney. I had conversations with them about entity structure on certain things on a one-hour council just on your business, your operations and just as another set of eyes looking into things. At the end of the day, I tell people, “Please don’t go cheap.”
I’d like to get the attorney after the conversation to send it to me in writing. It’s not that they’ll necessarily defend it if it’s wrong, but I feel that I can take it to court and say, “I pay this guy.”
That’s a very big part of wrapping up the year in the accounting side and the business structure. I’m checking and making sure any states that I’m registered in that were yearly from the start or do they run with the calendar year to make sure all those stay up to date as I participate in additional states. It’s the law but it’s highly recommended if it isn’t. You register as a foreign entity in those states for very short money. That’s something that I check on as well just to make sure all those are up to date. I have a registered agent for every state that I am a foreign entity in so when those renewals come it comes from a foreign entity. It’s nice because it comes to them it’s like, “I need to renew.” They have my credit card on file and they’re like, “Would you like to renew?” I said, “Yes.” I use a foreign registered agent that’s in every state and it’s about $40 to $45 per state per entity so it’s cheap as well. That’s something that I do. I know a lot of people don’t but it’s something that I like to make sure that I’m also in good standing.
I have an interesting situation because in 2017 in September and October I had an influx of JVs. For those who happen to buy CFTs mostly that started to reperform readily, we’re now in that place where there’s a year of payments. Some have skipped a little here and there, but I have a number of people who could sell their loans at this point. It’s been a process with that end-of-year accounting and reporting function just checking in with everybody to find out what their goals are as far as their notes.Do your own due diligence. You have to really ask the hard questions; it's well worth it. Click To Tweet
I’ve got something I’d say similar. When I sent out my end-of-year reports to everyone, I sent them a link to set up a conference call with me to go through the status of the note and what their plan is and goals for this year are. We can have those discussions if we’re looking to try and sell this. Do you want to keep it for the cashflow? What are your goals being a JV partner, so I can start planning accordingly? If it’s things that we might be looking to sell or putting a tape together for assets that we’re looking to sell to get those out on the street or if it’s something we’re going to hold. That’s fine as well but I’ll just note and continue to hold those. There are going to be assets that come and go throughout the year, so we’ll look to dispose of some of them and make sure that it’s just something I want to get done. Nobody likes to have that last second phone call from a partner that is like, “I need the money now. Can we sell it?” It’s trying to put a tape together with it and just get it out of the street. The process takes time.
You and I were talking about the natural rhythm of the note year. We’re now finishing a very frenetic month where a lot of sellers tried to sell a lot of stocks. We, the buyers, were dazzled like the children and sugarplums in their heads trying to decide what to buy and how to buy and when to buy. I said to you I was very surprised. I’ve been surprised every year to see that although there’s a feeling that all of December is like Black Friday in the note world, there’s always a fair amount of good selling in January and February. A lot of those sellers who tried so hard to sell everything in December didn’t get bought. They’re disappointed and upset and they still want to sell it. Have you had that experience as well?
I haven’t. I have a spreadsheet of every acquisition I had in the month when I bought it. In January 2018, I closed on two deals. February 2018 was a little bigger. I closed on six. January is a busy month. The deals that I had just didn’t close until February 2018 because of some of the due diligence and stuff that I had them under agreement in January 2018. After that, it starts to tail off. January and February 2018 I’d say are busy months but come March and April, you’ll start to see the slowdown. Towards the end of March and April, 2018 is a blank slate.
Here is our idea and we invite everyone to adopt it as well. We’re going to gather the information over January and February about who wants to sell what and let’s put out those tapes in March.
Anyone out there who has deals that you’re looking to move, we’ll add them to the tape. What we can do is we can put up a Google Drive or Google document that will keep all the information standard and consistent throughout the tape and so forth. It’s up there and then people can take a look at it. When I look at March, April and May started to pick up again in June and even somewhat a little bit in July, but it was more of June. July, August and September 2018 are complete dead months. July was the month where a lot of contract for deeds were still very reasonably priced and then all of a sudden in August and September 2018 throughout the rest of the year, those prices just doubled.
Incomprehensibility nothing improved. They just got way more expensive. We could be like a Halloween store that starts to sell 4th of July stuff too. Let’s fill those gaps.
The nice thing too is as part of these lists is the O&E reports are more recent. Those can be provided and possibly a BPO can be provided. Every person interested should update the O&E or run their own BPO and stuff. You’ll be able to see that these assets are clean. When you’re looking at tapes of hundreds of assets, you can see assets that may not be clean and you got to spend money on them. Also, there’s Paperstac, which is Brett’s website with assets. We could talk to him possibly about putting him up on there as well.
They’re not equipped yet to do contracts for deed. I’m not sure why but it has to do with the due diligence. I don’t understand it. It’s a paperwork issue they’ve been working through, but we’ll talk to Brett Burky and find out when they’re ready to go. I would guess that our note family has quite a lot of CFTs.
I was on his website and I’m looking at it. It’s a great website. People out there own BPOs on there stuff and so forth. It’s a great site. He doesn’t set the price and the seller does. That’s a whole other animal for some people trying to get power for a 6% note.
They live long and prosper but we won’t be buying anything from them anytime soon. From a due diligence standpoint, if you’re selling a note you’ve only had for a little over a year, you can offer to get an updated title report. They’re very inexpensive compared to buying them initially. The potential buyer can’t go ask for the update but you the seller can get that update and that’s very valuable and a great selling tool. If it’s a clean asset, those are becoming more difficult to find. It helps you in selling something to be able to show a nice and clean title report.
What we found is some of the stuff that we have sold when we provided the O&E and BPO reports. Some people may not be as comfortable either reviewing or obtaining them or whatever it may be. Providing those to people greatly assists in the closing and selling of an asset.
When you are an investor in distressed notes and all your friends are investors in distressed assets you start to assume that everybody knows the same thing. There are a lot of buyers of performing notes who don’t know very much at all about notes. I just had a very nice gentleman contact me and we were initially talking about partials and he was asking if the deeds would transfer to him. I said, “A lot of these are not contracts for deeds. There is no deed to transfer to and if you buy the whole note for me there’s still no deed. You get an assignment of the mortgage because it’s not a contract for deed.” It’s not crystal clear in his mind like what is the difference? What are the papers? How does it work exactly? That’s common with people you get investors from Quest IRA. For example, people who are interested in real estate and they may have already purchased some real estate, but they don’t know everything that we know. A little patience and the willingness to explain and guide people can build a roster of very faithful loyal customers who will come back to you over and over if you sell them good stuff at reasonable prices. More importantly, if you take the time to educate them a little bit up front.It certainly helps you in selling something to be able to show a nice clean record. Click To Tweet
When I sold it, I want to sell it for profit but I wasn’t trying to rake someone over the coals because there’s no business that I’m going to see them and hear from them in the future. I hope that asset does wealth them. If something’s non-performing and somebody put an offer of $0.90 on the dollar, I would tell that person, “You might want to recheck your numbers.”
This is circling back to our discussion in our prior episode talking to borrowers. This is an instance where I like to be able to say to people about the borrower because sometimes the numbers don’t just tell the whole story. You can have somebody who hasn’t been consistent but they’re about to solve the problem that’s been preventing them from being more consistent. I don’t want to say that I would ever guarantee someone that a performing note is going to keep performing but I just find it helpful in terms of my own intuition. Whether to buy something or not or to know something about the circumstances behind the whole situation.
Gail, we had a great show. We should talk about a few things we’ve got coming up in 2019 and talk about if we caught our investor roundtable or what we want to talk about. We’re going to start recording weekly and have other investors on and talk about some of their deals or some of the things that happened and maybe try and answer some of their questions. Do you want to talk a little bit more about that?
I call it open mic night. We are planning on Thursdays and subject to finalization, we’re talking about 8:30 to 9:30 Eastern Time. We are Eastern people. We can only stay awake for so long. I speak only of myself because Chris is a cyborg and does not need to sleep. I don’t mean to make it sound like you’re not a warm, fuzzy, human, Chris. You have a level of awesomeness that can’t be explained in normal human terms. People call me at 10:30 and I don’t know what they’re thinking. Even if I’m awake, I’m not coherent. Whatever I said to you after 9:30, discount it completely. This is going to be a little bit experimental in terms of we’re not sure exactly how this will evolve. Our goal is to be available, so everybody out there can talk to us about your deals. We want your questions and we will do whatever we can to help you with any concerns you have about doing deals or actual problems you’re having with your deals. Chris wants to start by having people talk to us ahead of time so that we can dive a little deeper on their problems and understand a little more. We also want to leave the time open in every week that people who just come on and are having a problem can get some quick help too.
If you haven’t bought a note yet and you had specific questions on certain things, we can answer some of those, but I want to be hesitant. This isn’t a training program where we’re going to teach people and go through. It’s going to be an open mic where it’s going to be a lot of improvising like, “You have this problem. Gail, what would you do or what would I do in this situation? Who could you contact or provide some assistance in that realm?” I wanted to be clear that it’s not formal training in any way, shape or form.
We are putting out people who are on fire can come on and we will spray you with some chemicals and throw water on you. This came about because both Chris and I had a fair number of people coming to us who always want to talk about the note business like, “How does it work?” People who are somewhat more advanced they’re like, “I’m having this problem. I don’t know how to record a deed. I don’t know what I should record and what do I do with this land contract? What am I looking for in this letter?” We are not creating content for you on the subject but if you are someone who is looking through a collateral file right now and does not know what to look at, we will help you.
If there is an issue where you’re missing an assignment of land contract, but you have the deed like, “Now what do I do? Was that a fatal flaw?” We can answer that question for you or provide you like, “Contact this person.” If there’s a question on bidding on a certain type of asset like, “Where would you be about bidding on this just having some rough numbers?” We’ll be happy to give some insight in that but there’s plenty of people out there doing training on all of these things. We are not in the training business. We’re just the fireman and firewoman trying to put out fires to people who have an immediate need. One other thing is we’re also going to be bringing on guests this 2019. I know you love Gail’s voice and my voice, but we are going to bring on some guest speakers. We’re going to have some attorneys and some other people in the note business. Some people who might do REOs, which may allow you to buy properties and turn it into notes so stay tuned. We’re also going to be having a guest on the podcast as well. It’s something else to look forward to this 2019.
We’ll try and get something that’s been our signature style. We didn’t plan this but we’re getting a lot of great feedback about how much people enjoy and getting a lot of detailed information. We’re going to try to go deep with all of our guests and get the information that you normally have to pay for. That is what we’ll do when they’re in the chair.
Gail, what’s your Notes and Bolts item? My Notes and Bolts item is I got an email from my attorney that mentioned, “We’re missing this assignment of a land contract.” There have been five assignments and it’s a third within the chain. The attorney has reviewed the file and I thought it’s not in there. I’m going to go have to hunt chases down. The first thing that I do when I’m going to look at the paperwork and hunt this down is I look at who was involved in prior as well as this one does have the deed. I’ll just say it’s ABC Company to XYZ deed that I need the assignment of the land contract for ABC Company to XYZ. What I do is I first look at who recorded it or created the document. If you notice on any recorded documents there’s always a line that says, “When recorded please send back to this company.” Lo and behold that company that has to send it back to is Orion Financial Group who is the company I use for almost all my collateral. I reached out to Orion and said, “You created this deed back in 2014 though I don’t see the assignment and the collateral file is lost somewhere. Do you have a copy of it or can you get another copy executed?” Guess what they told me.
“Yes, you can have what you want.”
The other thing too is if you’re trying to find a company there are also the addresses on those documents, so you can try and Google them or look them up. Most companies especially large companies, a lot of them don’t do it in-house. They use a Richmond Monroe or an Orion or an attorney to do those documents so it’s a place I would recommend to start.
My Notes and Bolts is also a document-oriented one. Everyone knows that we have been shepherding a couple of vacant houses to the closing table in Oklahoma and Ohio are the first ones. The companies that we all buy contracts for deed from, both of them were the title companies looked at their deeds and other paperwork and found errors in all of them. I don’t even know that there were errors, but I guess the title insurance companies. They are incredible nitpickers about wording and everything like, “We are wheeler-dealers in the note world. We’re just all signing quitclaim deeds.” Tossing them at each other and rolling along without a care. This is where you get trapped when you try to sell something that has been transferred multiple times with quitclaim deeds. There’s a good chance there’s going to be a mistake in one of those. You and I just decide that the real cure for this is not to show them all the documents to the title company and have them look at them right from the get-go and ask for any changes, corrective deeds and such. The real answer might be that when selling a quitclaim deeded property on a warranty deed to a final buyer is to have your own title company and insist that that’s the one we’re using. Normally buyers get to pick the title company. In our transactions, we got to start training buyers that we are picking the title company.
Besides those two, I have six others that are in certain phases of closing and the title companies don’t look at anything until the day before closing. I had one that sent me over a deed to execute and the deed had the wrong information on it. I sent it to them and then they come back two days later saying, “I need this and that and something else.” It’s a holiday or something else and it’s like, “I’ll give it to you next week and just void the closing.” I can’t agree more with you. When you’re doing these types of transactions use your own title company.
You have a title company that you love.
I have one I love yet. This is a title company who I got the contact information from a seller who I bought about ten notes. I asked him and they’ve been very good to deal with so far. I’ll say they’re good to deal with on getting their transaction closed but now that it’s close, it’s like, “Where are all the recorded documents of this, that and everything else? Give me my copies of certain things.” They’ve been a little more delinquent on but it’s all the expectation depending on title companies. They’re not known to be the most expeditious companies out there so it’s just understanding the business.
It’s a leisurely pace that is for sure. It’s a little tricky to get a buyer to accept a title company that’s not right in their community. Everyone’s vision of closing on something is that you sit down at the table with somebody and you sign things. We are almost never living in the communities where we’re selling stuff so we’re never there and we don’t care. It’s not a big deal. They send you the docs and you get them notarized and send them back or FedEx them. It’s buyers who don’t have so much experience. I guess there’s a little bit of an educational process as well to make them feel comfortable with closing that isn’t going to happen in their own little town. We must win this argument because it’s so painful. Chris, go out there and do some good deeds.
I will try and Gail, it’s a pleasure as always. Everybody out there, thank you and please feel free to follow us on iTunes, Stitcher, Google Play and all the podcasts listening stations. Thank you and have a good day.
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