Mike's Blog

Good Morning To Andrew Lenza

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sat, 23 Aug 2008 11:00:19 -0500

Good Morning Andy...I saw your farewell post is continuing to gather comments. So, rather than talk about Real Estate, lets talk about ......birds, rain, and that old storm named Fay

Ahhhhhhhhhhhh

I do love my mornings. Today was weird. There was a sound coming from outside that I faintly remembered.

Could that be birds?? Its been weeks since I heard birds. A thought crosses my mind. Where do the birds go??

For over a week we have been extremely windy and raining. Before that we were very windy and raining. It gets old, all this raining.

I try to imagine what Noah would have felt like. Maybe he would have said…Hey Mike!! If you’re so worried, where is your boat?

Good point Noah, go feed a giraffe or something.

For days I have seen the television showing streets flooding, lakes overflowing, and non stop coverage of this rainmaker named Fay. Who names a storm Fay…Sounds more like a second cousin from your mothers side, the one who can’t get a good date. But Fay is certainly going to be remembered as the drought breaker, the rainmaker, the guest who came and really just would not leave.

I decide to take my coffee outside to the screened in porch. I hang the potted plants we had taken down during the days of wind and rain. Still waterlogged and soaked, they begin to leak almost in unison onto the floor. Oh well, deal with that later.

But this morning, at 6:48, the sky has a certain yellow pinkish haze that seems strangely surreal. The trees are looking cleaner, the yards are certainly greener, and the birds are singing after all. I still don’t know where they go, but I am glad they are back. My large oak trees full of finches are chirping more loudly now as the sun actually crests our horizon. I am momentarily blinded by the glare, I take a minute to look into my coffee cup to now see blazing spots swirling in the steam that rises from my cup.

The air is remarkably clean and fresh, and I think this will be a great time to open all the windows in the house, to let in that freshness. On second thought, maybe I will ask my wife what she thinks, when she gets up. Sometimes my good ideas aren’t always accepted, I decide to wait for her input.

One of my cats comes walking, tip toeing across the indoor-outdoor carpet. He take a step or two and then shakes his paws, first the fronts, and then the backs. At this pace it will take him a while to get over here to the relative safety of the chairs I have already wiped down this morning. He too is sniffing the air, seemingly pleased with the results. However, the opinion of someone who licks their own butt may be a bit suspect.

The finches are flittering between the trees, the activity is quite a complicated game of musical branches. I try to count the birds, but they are in a state of constant motion, there is no way to count them. I settle between 40 and 70, but realize I could be off by a few either way. The cat has made it to the chair, and is infatuated with the movement of the birds as well. He is a sissy cat, and has only been able to hunt lizards and bugs that may make it into the house or garage. That is the extent of his world. I let him out one time and my wife got so upset I thought it was going to be the end of mine. Lesson Learned. Check….

Well the laptop battery has had enough, and I think I will go inside to see what the morning TV has to say about the day. Me, I already know its going to be OK, the sun is shining, and life will get back to normal soon.

Oh by the way Andy, this is for you my friend. I see evidence of you lurking in the hallways of Active Rain from time to time, when you are ready, throw us a new post to let us know you are OK.

C-Ya

Mike Norvell Sr.

Developers Capital Realty, LLC

1029 West Magnolia Street

Leesburg, Fl 34748

Office (352) 365-6464

Fax (352) 365-6556

Cell (352) 408-7111

Mikenorvell@earthlink.net

Mikendcr@gmail.com

Whiskey, Its not Just For Breakfast Anymore

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sat, 09 Aug 2008 12:39:17 -0500

The last few weeks have been a bit busy.

We have been meeting with a lot of people.

We are searching for Professionals in Fl to refer business to and feel a face to face meeting is a great way to get a better feel for how we might be able to work with someone. Makes sense to me.

Whats all the meetings for, you ask?? No problem...Developers Capital Realty MAY have a large REO package to split up here in FL very soon. There is no way our small company can handle hundreds of homes. So, using the power of Active Rain, and another site called Topix, we are moving to establish relationships in strategic areas in Central to South Fl.

Will we get this large REO package?? I don't know yet..But there are many deals coming, we will get our share because its all I am doing with my time. The worst thing I could do is wait until I had a huge pile of homes across the state and then try to find partners in a big rush.

We need Realtors who have great local contacts in their area. People who know contractors, Property Managers, painters, cleaners, lawn services, ect. People who have bank and mortgage connections, and have a strong overall sense of professional structure and integrity.

So imagine my amazement with some of the response to my emails with a general description of what we are looking to set up. One young guy has not waited for us, he has over 50 places he wants to add to the collection. Way to go, that's what we need. Another is setting up appointments with smaller bankers and private lenders in his area that have commercial inventory for sale at a great discount. Super Job!

So, in one blind meeting, I was to meet with a person that had been refferred. Not knowing what to expect, I arrive at a nice resturant a little early to try to pick the guy out as he arrived. I took a seat with a nice vantage point, and while waiting, noticed a nicely dressed middle aged gentleman who ordered juice with his breakfast.

He received the juice, and with a quick a practiced move, pulled a silver flask from his coat pocket, and quickly poured himself a double. I suddenly had a fear that this might be my appointment, as he too was positioned to watch the entrance...Thankfully, my wait was over very quickly as a gentleman walked in and looked straight at me and waved. As he approached, he said "hello Mike, you look just like your picture"

He had looked me up on Active Rain and came anyway!! It was a nice meeting, but I could not help but to watch the guy with the breakfast double shot a few tables away. He did have a companion a few minutes later, and I couldn't help but notice every time he took a big drink from the "Juice".

I would hate to think that that man would be representing me, or my clients with that kind of a problem...I wonder how addicted someone must be to alcohol to have to carry it with them and have it for breakfast...Really, that's sad.

But, anyway, we look forward to coming to SW Fl next week. I hope we can continue to find a great group of professionals to assist/partner with us to move these properties.. I will keep us posted.

How to Make A REO Bulk Purchase In Easy Steps, By Mike Norvell Sr

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Thu, 07 Aug 2008 21:59:42 -0500

Today I had the pleasure of trying to break a bulk REO package deal down into an investment structure rather than a complicated series of hundreds of houses. The guests' name was David, a professional marketing consultant who was trying to understand the process of Buying bulk REO packages and then carving them down into smaller pieces.

The process of dealing in a volume of properties that are scattered across the country can be a bit overwhelming. Developers Capital Realty, LLC, has a plan to bridge this process, and will work with selected Realtors, Property managers, contractors, Title Agents, Mortgage Brokers and Rehabbers.

It would be more daunting execpt for a a little social networking Professional Networking group called Active Rain.

After our lunch today in South Fl, at the trendy Nickys On the Beach, I took the time to start working on creating a different view towards the process.

Yes, this is a very complex puzzle. However, nothing is impossible if it can be broken down into basic tasks, and executed in an order that achieves the expected results. The biggest problem I have seen in the REO Bulk business was that NO ONE was taking it down to the process of getting to the street level. Buying, cleaning, renting , selling, leasing, managing 3000 houses..... How can this be done??

On my way back from South Fl today, I wrote this reply on my blackberry...

Here is my start to the puzzle...

David

I will send a few links over later that will save some searching as you spend your time in due dilligence.

The key in my opinion is in possessing an exit strategy for our partners (investors).

Our bottoms up approach to this puzzle created a view of an unrealized revenue stream that is not being structured in any other scenario I have seen. Our goal is to capture a very sizeable price of this huge market before its gone.

If you were to imagine our product were widgets of any sort that you feel familiar with, then it may make you feel more comfortable with this deal. Try this....

Lets imagine a truckload of pencils. Imagine there has been a steady drop in the value of pencils and the pencils are piling up in the stores. So someone sends a truck around and picks up thousands of pencils and they are now just sitting.

Everyone in the news talks every day about the price of pencils falling and the impact its having on the whole economy. Its common knowledge that the market for pencils will recover at some point but right now the big pencil pencil clearing house is willing to sell them at less than half price if you can buy a truckload at at time

Now no one needs that many pencils, but a group was formed to find a number of buyers that could purchase in bulk and sell off in smaller lots of boxes at a time and still retain sufficient margins to sell later when the market recovered at less than retail even in this market

Those who could afford to wait could rent the pencils for a while to create cash flow and then sell at full price later. The ones who could buy half a truckload or more could afford to make a nice profit by selling off for a ten percent quick return and still have quite enough profit left for down the line smaller lot sales.

The group who set up this whole process ( Developers Capital Realty) is able to make fees and commissions at every level and share in the margin spreads at each level.

Of course, as the lots of pencils get smaller the prices are closer to the retail price and therefore the turn time will be longer. However, It's forecast that pencils can be sold for 85 percent of current value even in this slower market. But in any event, there are commissions and fees plus over 30 percent of margin spreads to be split up from truckload to box pricing.

David, it only seems more complicated because our REO situation involves houses and properties. But our job is to establish the players and set up the needed established professionals to facilitate the process from soup to nuts, from large bulk packages down to small groups of homes, down to the end user finally moving in and calling a property a home.....

Our plan will show that we can assemble the packages, purchase them in bulk at reduced rates, and then sell them off thu carving it down into smaller packages until it reaches street level.

Its really a matter of logistics to handle the flow, set up property management, and arrange for end user financing or rent to own scenarios.

Our goal is to present this as a total investment package rather than as an episode of Flip This House.

I will follow thru with appropriate material to assist your ramped up learning curve. And maybe in my next example I will use something better than pencils, but after days on the road setting up the vendors that will be involved, its the best I can do today.

David, It was great meeting with you today, I hope this will help with explaining this concept to your contacts in the financial markets...I don't want them to envision that they have to get involved beyond expecting a decent return on thier investments.

Respectfully,

Mike Norvell Sr

Developers Capital Realty, LLC

Home Prices Keep Falling In Fl

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sat, 26 Jul 2008 08:06:18 -0500

I found this list the other day, I can't disagree with anything butthe order...If this is the list, how would you rewrite the order by level of importance to declining home prices.

    Top 20 reasons home prices will continue to drop in South Florida
    1. Home prices are still overvalued by at least 20% to 30%
    2. The cost of housing has grown faster than local wages
    3. High property taxes are still a concern for first time home buyers
    4. Insurance premiums are increasing to unreasonable levels
    5. First time homebuyers are priced out of the market for now
    6. There is an oversupply of new homes that have not yet been sold
    7. Large inventory of unsold existing homes sitting on the market
    8. Investors have long pulled out of the real estate market
    9. State authorities are pushing for tighter regulation of appraisers
    10. Eventually interest rates will rise, decreasing affordability
    11. Buyer confidence about the real estate market is still weak
    12. The foreclosure rate has been rising steadily without relief
    13. New tax break makes foreclosure easier for sellers to stomach
    14. Many adjustable rate mortgages are scheduled to reset soon
    15. Florida leads the nation in mortgage fraud and loan schemes
    16. Mortgage industry is using tougher standards to approve loans
    17. Many are moving out of the state to find affordable housing
    18. Many sellers have a lot of "paper" equity in their asking prices
    19. Currently, renting is at least 30% cheaper on a monthly basis
    20. Prices will balance out to whatever the local wages can bare

Only one reason why do not own yet - you have no money! Keep on renting.

I see no immediate reason for the decline to do anything but slow down, but this year is already in the tank as far as hitting the bottom

A Dusty old Post From Jason Sardi..

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Mon, 21 Jul 2008 13:05:46 -0500

Hello Folks......As I have stated many times here, I go back and read way back on many of my favorite people here on AR.

I found a gem in an old post by Jason Sardi, who had some good ideas about keeping in touch with your SOI..thats Sphere of Influence for the rest of us...

It reminds me of when I first started in the business, and aren't those old habits worth revisiting again??

I hired my son, Mike Jr to help me re do my action plans since reading this...and I am already getting call backs from people I had not contacted in quite some time...

Situations change, time moves on, and suddenly it may be a great time to have your message out in front of an old prospect..Only an action plan of sorts, electronic or not, can keep up with our ever growing list of contacts.

How many times do we lose refferrrals because we don't take the time to stay in front of them. Thanks Jason, this post was a great reminder to get back to basics.... And now, with no further ado, I will commit plagerism by doing a copy and paste right here...

Stimulating Lead Flow For Mortgage Originators (Members Only)

Here are some suggestions to stimulate lead flow that I heard some are doing in the market!

Have Relatives, friends, neighbors pass out cards where they work. Heck, take a night and make a list of everybody you know, everyone you can think of and do the same with them.
Follow up with your former borrowers/closed loans/turndowns on a consistent basis even if it is just, "Hey how's it going?"
Leave a business card when you: buy groceries, leave a tip, and go to a hair salon, store/church bulletin board, cleaners, and doctor’s office.
Know someone who owns a restaurant? Put business card/Advertisement on menu
Send newsletter to club or church
Ink pens with names are inexpensive
Send announcement cards to everyone you know
Magnets are inexpensive: Magnetic calendar with business cards; Use Magnets on your Car
Give talks at clubs and organizations
Advertise on local civic calendars, restaurants, sports calendars.
Reinforce your advertising and your message by including a copy of your current ad in your mailings. Repeat…Repeat…Repeat…
Join homeowners association where you live...Volunteer to write real estate tips for the newsletter
Contact your “sphere of influence” on a regular basis. (Ideal: 3 times a year-one by mail, one by phone, and one by personal visit)

Also....have you started to create relationships with:

Certified Financial Planners
Divorce Attorneys
Local Union representatives (electricians, plumbers, HVAC, Police Benevolent Association, etc)
Restaurant Owners
Loan Officers at branches of Retail Banks (Commerce Bank, Wachovia, etc)...brokering to the broker?
Dental Practices
Tax Attorneys
Estate Planners
Corporate Relocation Firms
Local Builders
Insurance Agents with rental policy holders that might be eligible for their first home through your brokerage?
Tax Planners
Immigration Attorneys

Posted by Jason Sardi, Pennsylvania Mortgage Broker on 09/20/2006 09:16 AM

Investors are Calling on Developers Capital Realty,,finally

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sat, 19 Jul 2008 01:08:03 -0500

As a result of many things going well, but not perfect, I have come full circle.

As I stated in a previous post, I have been working with investors on larger land deals, nice big stuff with huge back ends. Suddenly, a fund manager says" Hey Mike, who do ya know that could put together a portfolio of single family homes all in one area, and set up the property management too?

Well, squirt me down and call me Shirley. Didn't I gleefully walk away from this about 5 months ago?? But, after a bit more questioning, I realize I have a buyer who want to buy about 20 houses.. Better than a poke in the eye with a sharp stick! As my birthday luck would have it, I got another call from a contact who wants to do the same thing, about 20 at a time, and keep them coming..No kidding...

So its a very happy birthday for me, this is good news. I then have a article come out in Investors Daily.com and someone reads that, an ivestment firm in New York... and he too wants to purchase portfolio house deals in Central Fl.OMG...is this a joke...But apparently something has told these investors to get started....

I have promised my sanity that I would not go back to foreclosures. The emotional toll was really too much..All day long. everyone you are dealing with is depressed, and soon to be homeless people. It was really too much for my sensitive nature to deal with. ........Mothers with children going to be put into the street...constantly asking what can someone do for them...

It really got to be too much...\

But now, we will deal with only Bank Owned units...they will be cleaned out, and I can imagine that these homes have always been happy little houses, we will just have to deal with Mr Smiley Bank Special Assets Manager in his nice office.

It won't seem so bad when we just imagine that they all went up north to visit Aunt Patsy. Found a better job and won't need this home any more. So we will just think a happy thought, and maybe I won't see evidence of children with dreams lost, leaving homes and neighborhood freinds to move somewhere else quickly in the middle of the night.

Ok, the decision is made...Mike Norvell of Developers Capital Realty will be selling houses, (in bulk this time) again with an exit strategy of doing lease options for our investor partners. They will never see the homes, its just a great deal, this should be safer than stocks.

The main thing is investors are coming off the sidelines. Investors are saying lets pull the trigger. And its not like I had a problem with houses, it was the sadness of dealing with the families that tore me up.

I truely hope that the folks who have moved on from this bunch of homes have found a way to go. Lets hope the new families moving in to start over in these homes learn from the last ones that lost it all.

Lets hope

Investors Business Daily interviews Mike Norvell Sr

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Fri, 18 Jul 2008 11:35:45 -0500

Hello World

Active Rain has put me in the eyes of the world again!

Due to my participation here, I have been chosen again for an interview with Investors Business Daily.

http://www.investors.com/editorial/IBDArticles.asp?artsec=27&issue=20080717

I'm am not really sure how 15 minutes of conversation gets reduced to a paragraph, but I am pleased to be mentioned in the article.

So, thanks to Active Rain, I am having another 15 minutes of fame. My wife is proud (she is such a sweetheart!) and it has to help to be quoted in these times.

I really do enjoy working with investors and fund managers to find large property deals. These deals are very involved and take a lot of time. Developers Capital Realty is involved in a huge amount of Real Estate transactions, but even fund managers and private investors are stepping back to take a breath during these turbulant times.

We have been recently involved with several new funds, at least new to us, to find criteria specific projects in our Florida area. Funny thing was, one of the funds manages a group of small investors who is looking to find foreclosure houses in the Central Fla area. Do we know anyone with those kinds of contacts???Talk about coming full circle!!!!

Thanks to all for the support. And please go read my article...

Mike Norvell Sr, King of Localism, for Now

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Tue, 15 Jul 2008 07:40:38 -0500

Hey guys,,I thinks its all going to work out...

I am the featured neighbor for my area,YES I AM THE KING, but I won't retain it because I won't buy it..I have learned to write posts with titles and content that get found in search engines..and I also write posts as good therapy for me. In fact, thats where this started. I was writing on a blog called Planet Realtor that got very little in the way of feedback, but allowed me to reach out to others across Fla that were experincing the same related issues......One day Broker Bryant invited me to Active Rain..I was immediately hooked.

All in all, in my area, I am the number one Realtor by about 60,000 points only because I started so much earlier...I certainly don't consider myself the number one Realtor. I just ended up with more points. Along the way, I found that localism posts were getting me phone calls on deals, I kept putting stuff in on localism, just short little posts at least once a week...I believe it will still be a value to keep posting to localism.

If you go to Google and Type in Mike Norvell , or Developers Capital Realty, you will find me. If you type in Distressed Commercial Property, you will find ME. If you type in Lake County Forclosures, you guessed It!! I owe this to the fact that I found a source that marketed me better than all the money I was spending elsewhere. Thank you Active Rain, and to the early mentors Broker Bryant, Scott Daniels, Jason Sardi, Todd Clark, Andrew Lenza, Don Rogers, Jim Crawford,Katerina, Lenn Harley and Keith Perry. I really learned from these guys, I have actually read EVERY ONE OF their posts...Every one.

Now back to the story, if we take the fact that I have that many more points than anyone else, itwill be hard to blow me off the top ranking as the featured Realtor..someone will have to get really busy. This new way will allow others to come up the ladder with cash.. I have about 20 pages of posts, they are still there, but now others will feel it is possible to get noticed...I get it...and I am OK with it...

So, what ever happens here, I will be OK. If I write a post with good content, and a smart title, it will show up on Google within an hour...I could care less about the rest, because as of yet, customers for my services are not coming to Active Rain to find me..They are finding me off Google Searches and my 30 bucks a month on ad sence...Yes...I havea 30 dollar monthly account that gets me hits a plenty, and I turn most of these over to another agent for refferrals because I don't even want to do houses right now...

As time goes on, I get told more and more in my interaction with other Realtors and related industry proffessionals that they have seen me on Active Rain.. In fact, its fairly common to get "Hey, you're that guy from Active Rain". I have been called for interviews now twice from Investors Business Daily.com, and have found my name refferenced in over a dozen articles from other sources as well. Imagine if I really took this serious and tried to use it as a marketing tool to its highest advantage.

So thats my take on this Localism deal. I will be king of my area for a bit longer, and thats OK. Starting August first, I will glady transfer my weighty crown to a deserving person with a check made out to Active Rain. Thats just life, and I don't belive that it will slow me down a bit.

Super Deal On an Industial Park..Developers Capital Realty

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Mon, 14 Jul 2008 08:17:21 -0500

Wow...the liquidity crisis has created more deals and steals than you can shake a stick at. I opened my email early this morning to yet another PAGE of bank portfolio packages that have dropped their cash price since just last month.

Condos, houses, office buildings, strip centers, motels...If you have a cash client that is looking for unbelievable deals in Fla, then please give me a call.

But the deal of the year may be a 57+ acre industrial park in Central Fl. Developers Capital Realty is heavily involved in putting this deal under contract, its now with the the attorneys to iron out details of the contract.

The problem is of course that NO BANKS are willing to step up to make this deal happen. What does a project have to look like on paper to make a bank jump now?? How about all cash down, and we still promise to make payments ???? I think that even a deal offer like that will take a committe to approve in these times.

Developers Capital Realty has been working on this deal for months, and we have pro formas and all kinds of spreadsheets showing this deal will make millions over the next few years. Our present plans show us being able to split off almost 15 acres of unused highway frontage to sell as new development. This will give us the rest of the project for basically free.

Did I mention that the combination of the current tennants and the prospective long term tennants will produce a positive cash flow, net net net, within months...And did I mention that the property is unencumbered with debt, and that the owner is willing to now hold the note for 3-5 years??? But the banks just yawnn...and return to thier desks while waiting for SOMEONE else to make a decision.

I am not negative...this project will make money in a big way. It will produce possibly hundreds of jobs over the next few years. We have 2 large manufacturers who want to come in to take a big piece of this deal, bringing much needed jobs to this area... Its between two citites, with easy access to the interstates, and it even has Railroad spurs coming onto the property...It even has its own water tower and municipal grade pumping station for a user who needs a huge supply of onsite water..

I was talking to a commercial banker last week about this deal. They don't want to get involved in anything over a million dollars at this time..

I have a need for a strong financial partner to come into the front end of this deal. The business plan will blow most financials away...Just a year ago this kind of deal would have been snatched up in a week..Now its among the great deals just laying in the weeds waiting on someone to wake up to the fact that its being offered at abut fifty cents on the dollar, with litterally millions in development income yet to be made in the near future.

Call Mike Norvell Sr for information on great deals in Fla

Developers Capital Realty works hard to find deals for cash investors.....Call today

Lake County Fl is still A Great Bargin

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sun, 13 Jul 2008 10:54:28 -0500

Lake County Fl is a growing community. The City of Leesburg is where I live, but I work all over this county and the surrounding counties. After years of being a sleepy little communty,the world found us and suddenly nice little developments sprung up in all directions.

Like the rest of the country, Lake County , Fl went a little crazy with subdivisions over the last few years. As the market cooled, we have a totally revamped community with nicely developed subdivisions full of amenities. We have communities with beautiful entrances, and with homes for sale for much less than what you would expect.

Lake County is a buyers market for nearly new homes in most every direction. Yes, there are many foreclosures in this area, but that does not detract from the fact that this market will recover in a bit and those who take advantage of this situation will be in a great position.The nearly new 2100 sq ft home on the right was available for just over 200k. This is a lake front home! Bargins galore are everywhere!

Commercial projects are available as well, office buildings and industrial parks are ready to build with all infrastructure in place. The towns and county offices are welcoming new business to come into these office parks that are sitting half empty now.

Anyone with a desire to move thier business to Central Fla should really think about Lake County, Fl. We have a turnpike exit, as well as a short drive to I-75. We have the population to support the need for more jobs, so call Mike Norvell Sr of Developers Capital Realty and lets talk.

Why Leesburg, Lake County Fla is Still A Great Place to Live

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sat, 12 Jul 2008 12:37:07 -0500

On a Saturday morning, I am reading the paper in my small town of Leesburg Fl. Its a bit cloudy outside, and the squirrels are running about preparing for the coming rainfall.

Its a small town compared to our neighbors, Orlando to the East and Ocala to the North. It nice to know that there are these big cities around us, keeping all their traffic and crime away from our area.

But Leesburg has some really great qualities. We have access to the Harris Chain of Lakes, a nice sized mall, and most of our area schools have good ratings. I remember when I came here over 20 years ago. The rat race of traffic and crime from the Daytona Beach area where I had been living seemed far away once I had moved over here.

Now, years later, I still feel the same way. I tune into the local (Orlando) news, and its full of the reasons I won't leave this nice area.I am glad that stuff is an hour away. We have good roads, jobs, and its a short drive to either coast. There is a reason so many people retire here, and a quieter peacefull lifestyle is what comes to mind.

We have a sense of community here, and its hard to get that in the bigger towns. My company had an office in Downtown Orlando until recently, and we used to meet clients there. Now they meet at our office in Downtown Leesburg, and there is a very favorible response. There is very little traffic and people say hello as you go by. Leesburg, Fl has a very successful Downtown Partnership, and they have done a remarkable job in keeping the commuity together with ongoing events that draws the residents.

Leesburg, Fl is big enough to get lost in but freindly enough to help you find your way. With so many lakes in the area, its easy to lose your sense of direction, because they have to build the whole area around the lakes. We have a lot of water. But, the city has a definate character because of all these lakes, and those of us lucky enought to call it home recognise the qualities. We do have a lot of acreage still in cattle not far from Malls and shopping centers. Clean air, nice lakes, good roads, what a great place to work.

Leesburg, Fl is very close to the Villages. Since I have been here the Villages have grown from a good sized mobile home park to what some say is the largest adult community in the whole United States..Maybe even the world. SInce the Villages came, so has every form of resturant, bank, chopping plaza, home and garden center, and everything else you could imagine. During all of this, Leesburg grew a little too, but its not the mad house the Villages has become.

So, thats why I still like living in Leesburg, Fl. It has kept its smaller town values, but is close enough to all you will need to not feel isolated. Its 15 minutes to the Villages, and about and hour to Orlando and the same to either coast..Other towns that border Leesburg, Fl include Fruitland Park, Tavares, Eustis, Mt Dora and Grand Island.

If you need a closer look at a great place to do business, think about Leesburg, Fl.. For all those who need a place to be close to the middle of the state, its a great choice.

Call Mike Norvell Sr of Developers Capital Realty, LLC for all your commercial and development needs.

Is Fannie Mae and Freddie Mac Done??

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Fri, 11 Jul 2008 21:13:25 -0500

Hello...what is going on in the mortgage world. Fannie Mae and Freddie Mac are publically traded stock companies.

What kind of reasoning is taking these stocks lower and lower??

Speculation is creating a run on the bank so to speak. When Wall Street puts a target on your stock, the market makers will create some action.

Many people don't know you can make money on a stock falling as well as going up. That is what is happening.

I read that less than one percent of their loans are failing, yet we have a near collape of the system because the talking heads on the daily financial news shows have put it in the spotlight. Never mind that the stock holders are loosing thier shorts, thier life savings in some instances.

We have an investor who says he will buy a commercial building in town as soon as GM stock gets back to 17.50. Problem is, today it closed under 10.00. All I can add, is we can purchase property from Bank Portfolios for about 55 cents on the dollar.

So, if the stock market is making you crazy with all of its volitilties, then lets talk. Mike Norvell Sr of Developers Capital Realty has a list of many deals in this price range...We now even are dealing, thru a joint venture, in houses and condos as well.But we are acquiring these in bulk.

I think we should take some of that wasted money I hear about in Congress and place it into Fannie Mae & Freddie Mac. About a a 100 billion to save our system in our own country is a bit smarter than wasting it on some of the Govs pet turkeys. A lot of good money from normal hard working citizens is at stake here...

So my vote is to fund Freddie Mac, and save our banking system. Even Jim Cramer of "Mad Money" feels we canot take another big hit without a collapse.

I know the late night TV is full of internet trading informationals, but this is no time for many of our seniors to be investing in less than a sure thing.

I feel we have a sure thing going on over here..We can offer values of 50 cents on a dollar. We have commercial building that throw off cash every month, and we have industial parks that are also 50 cents on the dollar...Come and get it.....

I'm not Jim Cramer, but I know a good deal when I see it...

Is it a good deal or not?

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Mon, 07 Jul 2008 10:08:57 -0500

Recently I was asked for my opinion about some condos going for less than half of what they were going for a year ago..I do not know the area, but condos on the beach for 177,000 seems very cheap..There are always factors to consider though, and things like HOA dues and taxes still reflecting a 450k price tag are just some of them.

Here is my answer, I hope it helps one other person that takes the time to read it.

************************************************

Dear Jason

What would be valuable to me is to know what the other distressed situations are going for down there.

While working with Mike & Jaclyn last week I did the same thing on our area here…..I was blown away to see what has happened to comps due to foreclosures, short sales and bank REOs…A home that was listed for 185, and sold in 2006 was just put on REO FULL LIST PRICE at 59,900…The reason: there are several more in the same neighborhood.

I had not seen the decline in this neighborhood value but I drove by it on a regular basis.. For the last 6 months I have been consentrating on larger commercial projects.. Again.........Knowledge is Power.

That is what a comp evaluation pricing adjustment will do for you….but its only one of the tools to consider.

The other, more important tool in this market is the rental income approach…..If we take this home they were looking at and with minor fix ups, what can we get a steady rent out of it for????…….We all agreed that it would pull at least 800. Per month…A quick rule of thumb for investment rentals is 800.00 payment per 100k…so we would take total price including repairs say =75k X 800= .75x800.= 600.00 per month PITI leaving approx 200. Per month in cash flow for reserves and profit.

In the times of declining values, we have to be very careful not to evaluate in terms of historical values. While the unit at 177k looks like a great deal, what is the real value based on either comp approach or income.. If it can be supported by cash flow on a steady basis, then it has a real value X 2.

First, it is an undervalued asset to acquire. But is it the best price..Imagine being in a situation that has an overabundance of any commodity..a trunk full of cheap new tires and no gas in the tank creates a car that still wont get you where you need to go.

But if the asset has a cash flow in excess of basic costs, then the cheap price becomes very valuable. Not only is it valuable, but it has sustaining power to keep itself alive on its own until the pricing of markets catch up again. That’s what I have learned about looking at a property.

First, is the neighborhood going up, down, or just floating in place. Second, can the income off the property sustain the investment costs. Third, will the value of the neighborhood allow your asset to appreciate in value over time so that you can sell when ever YOU wish to sell.

With the amount of inventory available, I believe we can find properties that meet all the above requirements, or just pass until we find those that do. This is true for a single unit condo or the entire building. The rules of cash flow don't change as the project get bigger.

Mike Norvell Sr.

Developers Capital Realty, LLC

Office (352) 365-6464

Fax (352) 365-6556

Cell (352) 408-7111

Do You Have An Open Mind Or SHould I Quote Jason Sardi?

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Tue, 01 Jul 2008 09:39:19 -0500

A week or so back I read a post by one of my favorite AR Alumni, ol Jason Sardi.

It is a bit over the top, even for me, but I give him credit for putting it all on the line. Or at least drawing a line and stating

THIS IS WHERE I STAND, LIKE IT OR NOT

The name of his Post was " If your mind isn't open then shut your mouth too!"

This last few days put me into a position to reconsider many of my views. I try to move only forward; sideways and backwards seems such a waste of time. But, it probably is good to reconsider your motives from time to time. The world changes. I really don't like to, but I guess we should adjust.

When you are standing there making your points, and calling the other person closed minded, are you being closed minded too?

Are some items in business so black and white, left or right, that there is no reason to compromise?

Is the other side just as guilty, because they too KNOW they are absolutely correct??

What about those who just cave in and don't stand on Principles?? Are they also guilty of not being strong enough to make a stand. I think I have more respect for the ones that stand up...

Politics non withstanding, are there times when you just risk blowing the deal to make a point?? Is it OK to backdown for something as simple as money??

Hello all, my name is Mike Norvell Sr, and I will always stand up for my Principles. I will always be consistant on what I place my values on. Challenge me, my integrity, my principles, and you will most definetly get my undivided attention.

I work as a buyers agent, a single buyers agent for investors. Together we bid to acquire properties. If you know of a deal that needs this type of clear representation. Give me a call, or an email.

I promise you will always know where I stand.

WAhoa!!! where did the points come from???

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Thu, 26 Jun 2008 21:17:02 -0500

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If I had a nickel for every minute I spent building up these points???

I cannot believe it has been a year, and that I have over 70,000 points....thousands of comments...made and recieved...I feel like I may have made an impact at some point on here.. Hopefully a good one...all in all, I feel like I certainly have gained a lot

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Its 25% Off and Now What??

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Thu, 26 Jun 2008 21:03:13 -0500

While California burns and the Mid/Central States flood, we here in Fla are having a blast.

Home prices are down an average of 25% according to the figures released this week.

So, with such an obvious sale, I thought I might clear my calendar for the rush of calls that would shirley be coming in after such a momentuos announcement. I prepared extra copies of my PDF packages and sorted them in piles around my desk.

Warehouses in this stack. Finished building lots in this one. Large entitled land tracts in this pile over here. Clowns to the left of me, jokers to the right, here I am stuck in the middle with you.

Well, with extra coffee made in advance to keep me focused after the onslaught I knew was coming, I sat in weight while contemplating the incredible deals I had assembled.

As the hours passed, I became increasingly more proficient at commenting on Active Rain rants in 12 words or less. Growing bored, and realizing the futility in trying to amass a fortune in points in this fashion, I began to make a list of the things that if on sale for 25-40% off, would create a line at the gates.

Imagine Ford Explorers at 25% off...I might even want one then.
I've seen empty shelves when Levis go on sale 25% off
Hamburger at over 25% off will entice me to double wrap and freeze a bunch
Remember getting hair cuts at Pennys just to not miss the sale coupon of 30%
Hamsters at 25% off would....well ....you got me there...might have to pass on that one

But Real Estate, brand new homes, entitled land for sale for less than the cost of the development fees, and we get nothing but a big yawn. I know, we only seem to want something when its spirralling upward out of control...Never did get that.

But, if anyone here has clients that are interested in buying properties in Fl, please be assured there are still plenty to choose from. We have JV deals, Owner financing, and even deals that cash flow.. We have bank portfolios that have buy one get one free..

In the meantime, I think I will go down south and visit Scott Daniels at List For Less...He offered to buy lunch.

Salary Vs Commission

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Tue, 24 Jun 2008 09:37:40 -0500

Hello All you Rainers.

There was a time when I thought I knew the answer to this question. But now I am not so sure.

If you are an experienced agent, would you take a small salary and a reduced commission. Now I am saying salary, not draw.

Would you like a much larger commission and then pay for all your advertising, office support thru a monthly fee?......................I have heard of this model too..

If there was an opportunity to make a hybrid plan of these, would you seriously consider moving to an environment where there was real support.

I heard of an office that offers about 5 different pay plans, with different levels of service from the broker to the Agent. It seems that with most of the agents are opting for less commision and a guarentee of a small amount. The pay plan includes floor time where you are busy with entering listings, web page updates, and many Normal duties that are not hard, and make up about 2-3 hours a day. Of course, when there is a chance to work (sell a listing or work a buyer) then of course by all means then do business.

This question is for experienced agents only. Lets say you have sold at least 10 deals or more??

I have a very close friend that is wanting us to invest in a model like this with him,,,,hmmm seems interesting..They also offer flat fee listings and menu driven listing services...its a very interesting concept...

I am busy with commercial...But I would not mind sponsoring a good business like this...but this seems like its interesting as a concept...

I just wonder...is it just the market, or is this an emerging trend?? Any Comments??

Mike Norvell Sr will need Help Soon!!!

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Tue, 24 Jun 2008 05:45:19 -0500

This week the papers and media in general are alive with stories of failure and losses. The stock market is jumping around and gas prices are rising.

Housing in general is continuing its slow downward spiral and Detroit is laying off more workers in their SUV plants. Its not a rosy picture, is it?

But wait, it appears there is more activity on the investor side of the market. Investors are seeing its time to get busy, and are activley seeking newer properties at bargin prices.

I, Mike Norvell Sr, work for Developers Capital Realty. We work primarily Commercial Properties and Land Deals.

We have never been so busy. Long days and longer days are now becoming normal. Now it appears we may have to bring on more help to handle the load. In the last few weeks I have been in contact with some of the people here on Active Rain. There is no way to handle the upcoming rush of business that is coming into our doors.

In the past few months, I have put out Letters of Intent on distressed Commercial Projects for over 80 million. We are working with Hedge funds, Investment Funds, and Finally, we NOW have an offer to work with private placement opportunity to create our own fund. We are currently reviewing another over 200 million for bid anaysis at this time.... With funds being limited, we have to go after only the best deals.

Developers Capital Realty is in the process of entering into relationships with other proffesionals in the Fla area. I am bound by confidentiality agreements to not publicly disclose much of what we are doing, but it is exciting. So very exciting.

I came to Developers Capital Realty with a promise from the founder that we, as a very small company, would target larger distressed commercial properties. My past experience in foreclosures and short sales would be put to good use, only here we don't go for the house, we bid on the whole subdivision. We bid on large land parcels that are in the entitlement process, we bid on Commercial Office buildings with some cash flow. Latlely, we have been getting more of the investment Funds to offer to work with us, and anticipate an even bigger year.

My goals for joining Developers Capital Realty was to do 100 million in sales in the first year. In just over 3 months of concerted effort with basically only 2 clients, we are seeing that may be not nearly ambitious enough. My primary client (not disclosed here, if you noticed) is an experienced 3rd Generation Developer/Business man that has all the ducks in a row for this market. Right now, its all about who can come up with the funding for these deals. There are NO shortage of deals.

Last week we put the (hopefully) finishing touches on a large land DRI project for just under 20 million. We are representing a Joint Venture of my client and a large California Hedge fund who wants to invest heavily in Central Fl. It is all cash, no banks involved, and should close by this fall...The same client is now actively reviewing over 100 million in other projects here in Central Fl. We plan on continuing to earn their faith and trust so that we can represent them on all of these deals!!

This morning I am picking up the paperwork for contract on a smaller project, over 150 acre development that has been stalled by this economy, and now must be sold and finished by someone else. This project was bid on about 60 cents on the dollar and the banks have finally approved the sale. We are Representing a local Investment Group on this project, who is saving 3 years of commision meetings and engineering costs and about 4 million in expenses. The city has approved a change in the plans here to put in smaller lots and go for affordable housing. Everyone will win..

In the next few weeks, we may announce some Joint Ventures with some of our Co Bloggers here on Active Rain. The amount of business to be done in distressed Commercial Acquisition is just stagering to concieve of. By some accounts, over 3 billion in partially finished projects are up for grabs, and we will do our best to handle as much as we can get funded.

Developers Capital Realty, LLC have reset our goals upward to 250 million in the next year. I will keep posting as time permits.

Going For the Big Guys

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Tue, 24 Jun 2008 04:03:27 -0500

Going for the big guys.You know, the ones that when caught, dance on top of the water fighting you every inch of the way back to the boat. Those who know, know. Its not easy bringing in the big ones

As a guy who fishes, I think about how important it is to understand what we are fishing for.

If we are on a lake, in a smaller 16 ft boat, we might be going for bass. Bass like lighter tackle and weedless hooks set just right in plastic worms. If you are working around grass beds, and shallow areas it makes sense to use the right bait to be able to fish in this environment.

I love seeing guys with artificial lures, dangling triple hooks and all, constantly fighting weeds and grass when fishing shallow. When you dare to ask them why they are using that kind of bait, they tell you some kind of excuse, but invariably, the expensive fancy lure ends up stuck in the weeds and gets left in the water.

Fish won't argue with you, but eventually the logic may speak up loud and clear. No bites, losing bait in the weeds, maybe you should fish with the proper bait for the environment. A simple worm, with a shiny tail,and a weedless hook, and a nice jiggle pull techniche seems to work.

Even if you aren't catching anything, your'e not constantly losing your tackle.

Is Real Estate much different?? I think that most should get the point here. It take certian tools, skills, and techniques to go after business in this market. I would suggest that you look around and see what the old experienced guys are doing to catch thiers.

The right attitude, the right look, the right bait. Patience, Proffesionalism and integrity are extremely valuable in not only hooking a deal, but having the ability to bring it into the closingtable, or the boat. All the talk in the world doesn't compare with a full stringer at the end of the day.

In a later blog, I will fill a post with analagies concerning the relationships of deep sea fishing and the Real Estate business. All I will say now is you should not go after big fish without a big pole. Remember Robert Shaw in JAWS, when he realized what he was fishing for, he said" I'm thinkin maybe we should have brought a bigger boat".

Mike Norvell is an agent for Developers Capital Realty. They specialize in Commercial Projects, and Land Acquisiton Deals. Please contact Mike for assitance in raising cash for your distressed commercial projects.

Where Did 22 Years Go?

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sat, 14 Jun 2008 14:22:46 -0500

In three days it will be exactly 22 years since I met my wife. A few weeks back we celebrated our 5th year of marriage with a weekend at the beach.

Twenty two years and three days ago I was a single dad with four sons. In the movies, this situation is easily remiedied by the perfect person coming along and after a few wonderful mishaps, a few hours later they are happily married an driving off into the sunset.

In reality, most single women hear that you, a single dad, have 4 kids and suddenly have other plans. Sock drawers need organizing, plans to enter the convent, stuff like that. I had resigned myself to a life of an occasional pity date and relying on my Mom, my Sister, and my Church for assitance in raising my kids.

For those of you who want a formula for changing the storyline, try what I did. Have a dentist appointment for a bad tooth on a Wed, and take the required anti biotics and go home to prepare for the next day when they will remove the tooth and hope the swelling will go down.

Then, get a phone call from a friend who needs a ride home from a local juke joint and will I come to get him home safely. After securing said children with Mom and Sis, go to the juke joint and attempt to retrieve said friend, who is now winning at pool and refuses to leave while winning.. Take a seat in the dark to avoid the large swollen side of your face from being so noticeable.

While sitting there in pain, you can't help but to notice the most beautiful women you have ever seen wearing very funny pants dancing with a girlfriend and a guy you know. Imagine the three of them come by your table, and try to imagine making a good first impression while dealing with being totally awestruck and sounding like I am gargling marbles due to the swollen jaw.. Somehow I manage to give her a business card after telling her I would love to see her again after I get my dental work done.

SHe actually takes my call the next day after my surgery,and agrees to meet me at Pizza Hut. I had told her the night before that I have 4 kids, and her eyes did not roll back or glaze over, a good sign.

With a mouth full of packing I try to be charming when I should have been sleeping off the codine pain pills. I spent three hours in Pizza Hut without eating a bite.. I could not wait to see her again and I had no feeling on the left side of my face...Teresa would warn me when the side of my mouth was drooling...Romantic Huh...

Fast forward 17 years and we are finally married. We had agreed to make a life seperate, yet together for these years while we raised our families and dated...When the youngest went off to college, we set a date and got married, just like we had promised each other..

Then one day, my Wife tells me a normal check up did not go well, and she was scheduled for more testing. MY heart nearly stops, but I try to not go crazy with worry......More testing, and more testing, and our doctor begins using the C word. Her calcuim levels were thru the roof, and the thyroid drugs began not regulating anymore. The C word will take over your life. It was not conclusive, but once it is shared, it cannot be taken back. Its like a weight on your chest that get heavier, but you have to pretend not to notice. That is not easy to do....

Months go by, with more testing, MRIs, Sonograms, Xrays, and still the results were being read as Possible Cancer of the thyriod, causing all these other issues. Finally, wanting another opinion, we went to a Thyroid specialist, and started over with the testing...

I remember this last Jan when we were given the news that it was not cancer, it was a rogue Parathyroid, just doing whatever it wanted and throwing my Wifes poor body for a loop. More testing, another kind of special MRI and more sonagrams and we meet with a wonderful surgeon. All the tests are inconclusive, but in her opinion there are lumps on the Thyroid and one of her four Parathyroids must be acting up, but they can't find it.

After our weekend in Daytona Beach celebrating our 5th year of being married, we we quietly aware of the upcoming surgery the following Thursday. We had high hopes, but with all the tests not being able to find anything, we were apprehensive.. Finally, get get up early that day and meet just about our entire family at the hospital.

The surgeon tells us it should be about an hour. One hour goes by, then two, and then three..Finally, the surgeon meets me in the little room and says they found a nodule lump on the thyroid, an attatched lymhp gland sticking to the thyroid, and after all that, found the rogue Parathyroid on the other side of the neck, behind the thyroid. So, all three bad things were removed, and biopsied. No cancer, but a much longer surgery, and a five inch incision accross her neck from one side to the other.

Her blood testing taken immediately after the surgery showed a dramatic drop in the calcium PCHT levels, from 63 before the surgery down to 16 after. Between 15 and 20 is normal. I was able to bring her home the next day, and we spent a week together at home while she recovered. Its been three weeks now, and she is feeling better in many ways now that the thyroid is regulated.

Being the naturally beautiful person that she is, she is unreasonably worried about the scar across her neck. SHe is worried that I, and other people are going to notice the scar. I am just so happy that she is doing better, and that the problem has been solved. Trust me, I am so happy she is better I do not see a scar. Its just so wonderful to not be scared anymore..What scar...

For our 22nd anniversary of being together, I cannot begin to express how much weight is off of our heads now that she is doing so much better. The little voices in my head that had been worrying me so for the last few months have finally been quieted.

There is a joy in my life again that is hard to explain. The future is there again for the both of us together, and I finally feel like I can breathe again. This 22nd anniversary will be a special one, one that has our hopes and dreams back intact again for our future together.

I wish everyone would take another look at your loved ones and cherish your time together. I feel like we are being able to start over again. I wish the same for everyone, take the time to enjoy your family.

When 2 Wrongs Might Make a Right

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Sat, 14 Jun 2008 10:51:38 -0500

I guess its my turn to be unpopular again..But I do try so hard to be consistant. I found a featured post by Teri Ellis, a vey nice & proffessional person, and read it with a sense of disbelief. Having worked in this field now since 1992, I too have seen many changes in the market .file:///C:/Documents%20and%20Settings/Administrator/Desktop/The-New-Buy-and.htm

http://activerain.com/blogsview/548647/The-New-Buy-and

This market is not without its challenges, but the homeowners that bought in the last few years were encouraged by the entire proffession to jump into loans that were intentionally difficult to understand. They were encouraged to buy homes that everyone knew were just off the charts, but buy now and refinance later.

Who did not get the teaser loans brochures in the mail. By telemarketers. In fact the TV and other media were alive with the new social acceptance.

Everyone was doing it and getting rich. Who among us did not sell homes to OUR CLIENTS while turning our heads at the prices, the paper work, the entire industry promise of the increasing market will justify all decisions. You know it. I know it.

Now there is a trend toward those responcible home owners who cannot stand another increase. Interest only loans that have increased the rates to nearly double home payments are eating into your savings. The promise of refinance is now an ugly memory, its just a matter of time before there is nothing else to cut out of the budget to keep the payments up.

So the post discusses how terrible it is for these people in this situation to go find another, smaller, now much cheaper home and purchase it, and default on the original home. The home that was driving them closer every month into bankruptcy.

When I read this story it was hard for me not to personalize this post into the faces of a handful of couples that I know are doing this now. One is a family member, who can do this or face the obvious consequences. The post seems to have quite a following, and I really don't understand. Here is my response..Like it or not..

I came back to see these responces...I am surprised at this outrage....I guess its better for these people to just whittle thier savings down to nothing, go into foreclosure, and join the ranks of all those with ruined credit and still have no home...Have you tried to get someone in foreclosure into an apartment...Sorry...you didn't pass the credit checks.....

I take those who read back to a fact...A recession is when someone down the street loses their home..

A Depression is when you lose yours..

If the mortgage fraud police go back a few years and start putting everyone in jail that participated in No Doc loans, then we as a society better kick all the murderers and robbers out to make room for the thousands and thousands of Realtors, mortage brokers, Bank Employees, Loan Officers, Appraisers, and all the rest of us that need to show up and turn ourselves in now. Lets just get off the high horses and go turn ourselves in..

Quit blogging, just go turn yourselves in for all the home loans and mortgage fraud that has already happened in your presence over the last few years. Just because you did not sign the docs yourself dosen't mean that you weren't involved..Just because everyone was doing it does not clear your concience.

How many here did not turn your head as YOUR CLIENTS signed these loan docs with the full intention of Re-financing before the new rates started kicking in...This situation is always about the family that has to make choices..The majority of these deals are interest only with increasing payments...They will NEVER PAY THE HOUSE OFF...

Like it or not, this is my opinion... One last Question...What would you do if it was your situation, your financial ruin that was coming up...

I am all done now

Social or Business Network..AR is Good at Both..U Decide

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Wed, 11 Jun 2008 09:46:58 -0500

Lately I have had the pleasure of meeting a lot of people. Some of these people were from Active Rain, and I am glad to be a part of such a great forum.

We can reach out and tough people that we would not normally be able to meet, I believe this increases our visibility beyond our wildest dreams.

I just did comment on a Realtors post who was asking for help on a listing she has on a resort property. She feels that she has had a large amount of time wasted by dealing with some here that have responded. This gives me pause for thought.

When we put ourselves, and our needs out for all to see, are we asking all the right questions?? Its hard to put everything on a post, but I am putting together a package now to send to anyone who contacts me from now on, Active Rain or not. For as much as many of us treat this as a social network, there are many more who realize this is an opportunity to do great business.

So, if you want to chat, cool. I like to talk, when I have time. If you want to know about the commercial deals I am working on, please don't be offended when I ask to send you a NCND package to protect both my interests and those of my clients. I have stated here, and will continue to state that I represent only my clients in a SIngle Agent form of Representation. In Fla, that is a relationship close to that of an attorney client priveldge.

So, fun is fun, and I love fun. I love social. I love making friends and would love to set up a Central Fl social meet and greet. Whoooppppeeee...

But.......................Lets remember that business is handled like business should be handled. There are opportunities for many of us to do great things here. My main goal here is to do business, make money, take care of my familys financial future.

If anyone has any thoughts on this, then lets have it. Me, I am just looking back over old post while it rains for yet another day here in Sunny Fl

Distressed Commercial Properties Are Available From Developers Capital Realty

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Wed, 11 Jun 2008 07:47:28 -0500

Another week here in Central Fla means there is another ten or more great deals

that Developers Capital Realty has to offer. No kidding, deals are now coming to us in bundles of properties..Some are almost buy one get one free.

The housing crisis has put so much pressure on the builders, the lenders, and everyone in between. Banks are very reluctant to making the decision that is becoming inevitable. Strip Centers, Office buildings, and even medical complexes are feeling the ripple effect as the lenders have no choice but to start calling notes.

Many of these projects are very close to completion, are in lease out stages, with more time needed to survive this hopefully temporary downturn. Anyone who has ever been involved in new construction knows that a project that is coming out of the ground now had to be started years ago, and has gone thru possibly millions in fees, engineering studies and an unbelievable amount of red tape.

Developers Capital Realty, LLC is in contact daily with many of these troubled developers in an effort to find funding for many of these projects. These are not projects that will be found listed on websites like Loopnet, and most people do not even know they are avialable for aquisition. Relatively small amounts of money are required to buy these projects on a JV basis now, the deals are actually unbelievable...

Please, this is not a call for Realtors to list these deals. This is a call for people who represent cash investors to purchase equity positions in projects and property without having to wait years for development. Large cash investors and their broker representatives will be of course protected.

In the arena of existing properties, the opportunities are nearly endless. Developers Capital Realty has submitted over 80 million in contract offers in the last 90 days on commercial deals that average 60 cents or less on the dollar. Most banks can't help now, we are using private investors and hedge funds to bid these super deals.

I have never been busier in my life. I can only say that this will be a time that people will look back on and wish they had not missed the boat. Again, all brokers and individuals are protected, lets go buy deals..

Contact Mike Norvell Sr at Developers Capital Realty, LLC If you represent large cash investers, we can do business right now.... Next.....How many apt buildings would you like????

China on A Dollar A Day

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Tue, 10 Jun 2008 07:48:53 -0500

Now, where is this post going? I have to admit, my subject line in many of my emails

tends to show some age..

It normally looks something like this >>> RE Re RE RE RE RE RE RE RE RE: Christmas Party Directions...

I am guilty of replying to a reply and just doing it again and again...At some point we just have make a decision to break the chain and start a new thread. But, what do we put in the subject line? Its basically a potentially publically visalble part of the email, so its not the place to go into very personal, confidential stuff.

So, recently when I was riding down the road running thru old emails on my Blackberry, I noticed the emails I tended to look at first had a quick tag line in the subject area....I suddenly wanted to try my new theory on my wife, who works for a law firm that specializes in Real Estate. She is a very busy person, even in this market..So getting her attention during the day is not always the easiest thing to do.

So I started my email with the CHina for a dollar a day, and then just said,,,I love love you still, love me...Gottcha!

The responce was almost immediate...(Love those Blackberrys!) and she replied " I love you too too! China??"

I promise to be more specific in my email subject line..and more truthful too.

Have a great day and keep on looking for great deals...

Should I be banned for Writing about Short Sales??

Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC) — Fri, 06 Jun 2008 19:28:08 -0500

Today I finished the week with dealing with a counter offer on a warehouse we are bidding on for an investor. Yes its a distress situation, and the owner in first position wishes to sell out fast for nearly 30% below present value.... SURPRISE!!!! The counter from the seller is that we can offer LESS MONEY if we will close faster and give up half of our due diligence.....This is not the way Real Estate is supposed to work, but its what we are seeing in the distressed credit crunch time we find ourselves in now.. Wow, what a week its been...its great when a plan starts to come together!

So, I take a minute to drop in on Active Rain and check on my comment on the last post I wrote. It was entitled " NAR SHould Ban Short Sales" Truth be known, I wrote the post just before heading out the door one morning, and actually meant to write "Should NAR Ban SHort Sales?" Would I have got the same responce with the same words in the other order?? Who knows, Later that day when I checked in, I was surprised to see the responces piling up, and noticed the Title was wrong...

Sue me for not being perfect.... So, my last commenter today took the time to bereate me for not being over come with emotion for all the short sale distressed homeowners. I should volunteer my time to work for an average of nothing to somehow save the credit of people who have already killed thier credit by not paying thier morgage for months on end. Why they did not pay is not discussed here, just a broad brushed over treating all foreclosed homeowners the same... I know they are not the same. Some stories are truely tragic.. Some are just gaming the system...I have seen these senarios and much in between.. Still, I am somehow reacting to a probably very sweet person throwing out a chastising post at me for wanting to deal in areas that make a profit and not waste time and effort on short sales...I am submitting my responce as a post.

Chris...I have now been involved with over 100 short sales/ foreclosures...I never found one yet that the sellers had credit left to save...Once it hits lez pendence, it is a foreclosure action, thier credit is already crap. This is not my fault, can't save whats already gone..

As for Refferrals I have plenty of refferrals I don't work for distressed sellers, I work for buyers and investors. So my refferrals are continuing to come from my past customers, who are investors and ready to go buyers... As for saving these poor people that have not paid their morgage in between 6 to 15 months, and have no money saved to move onto another home or lease options, I have less sympathy than you might think.

As for saying we don't work for the bank, well I have issue with that as well. Try taking credit apps from any of your distressed sellers to the bank....You will get blown out in a New York second..If you want the truth, these distressed sellers are soming to my buyers and investors because we WILL take them in on lease options and owner financing contracts...

Of the amount of short sales I was involved with, the majority of them eventually went bankrupt and put the process off a few more months, up to six or more...and then left the homes after NOT paying anything for over a year.....These homes then did foreclose, and went back to the bank...Over and over and over....Not my fault....

ALso as a person working with many investors, I see the flip side of this foreclosure mess. I work with actual home owners that have multiple homes in owner financing that are faced with a mess from their tennants not paying and fighting foreclosure, while the investor is faced with coming up with paying the bill out of pocket or playing hardball...or being foreclosed on themselves.

As far as Realtors gaining a client that will not pay off today, give me a break. Why, if you only had twenty of these deals you could lose your own house.....If you really want to help the economy, then work with homeowners who need to sell, and are not in foreclosure...They need your help. Or buy homes that are ready to go in any event, REO or what ever..

The only people who are making money in short sales are the ones who are charging for it, and the ones who can actually afford to catch the bank needing to clear their balance sheet and buy a really undervalued bargin...They then turn a very nice profit turning these homes ...either in owner finance or lease option...

I just put in a bid for 14 brand new homes at 85,000 apiece...I will not fight with foreclosures when these types of deals are available....We have another bid in for over 42 new homes for less than that, all in the Leheigh area in Fla... ANother bid is for some 70+ homes in another area that a lender is taking back from a builder...When I volunteer my time now its truely volunteering, not to be confused with when I claim to be working...

If you truely want to work with people, find the buyers trying so hard to get into a home in this credit crunch market...You will find many of them will find themselves in lease options with me or my kind.

Living and surviving to fight another day , in fact surviving to enjoy another day is why I get up and go to work. My time, like many of those who responded here, is valuable and needs to be spent where we can make a living and pay our own bills. If we all go broke, then what is left..

I have been broke, I have been foreclosed on, I have been evicted... My choices in life now are keeping me out of this situation, I have no intention of going backwards again by choice ...Thats how I intend to take back and keep my power from the banks...

Chris, Thanks for commenting, but I really hope you don't take your own advice for very long...Your bills eventually need to be paid too, and the track record is not that good for closing short sales for a profit.