Finally made the Business Journal in the Portland Oregon market

11 Replies

I was having lunch with my Banker ( we do that once to  twice a month)  and he hands me the business Journal and says you made the paper .. And hands me a copy of the Portland Metro business journal.

Each week they feature the top business in the metro area.. in real estate health high tech you name it.

this one was top 30 new construction builders..

And there I was Number 24  .. and well DR Horton was number 1.  I only have to do another 640 million in annual sales here locally to over take them :)  

Anyway I am closing on a 90 lot project beginning of December and if we can keep the velocity going that should move me up into the top 20.. 

And with regard to infill in Charleston SC I suspect we are top 10 in that market.. I will have to investigate that some more.. 

Bottom line I could not have done it without my partners and the ability to borrow 10 plus million from my commercial bank for SPEC construction loans..   Its a true team effort from my equity partners to my partner bank.

ON the finance side we put up 560k in cash borrowed the rest from our commercial bank ( about 8 million) and we made about 2 mil in 26 months.. So plenty to spread around.. not sure what the IRR was as I don't even bother to run the numbers when its that good. I just know we came out ahead.. And my Lovely wife was the listing agent and represented us on all the sales..

Some things are earned, Jay. Congrats to your wonderful wife, congrats to you for having the sense to marry her!

Originally posted by @Jim K. :

Some things are earned, Jay. Congrats to your wonderful wife, congrats to you for having the sense to marry her!

 Thanks Jim  one of my better moves..  I have to say she is a pro at keeping deals together.. very few of her deals ever sale fail 

but she loves that end of it.. She was a trainer for Floyd Wickman.. ( many of you younger folks probably have read rocket fuel by his son Gino Wickman)  So Ms.. Lori has all the tools..   !!!  I know as I have grown that I am pivoting from doing heavy rehabs to ground up.. easier to manage and more predictable cost wise.. 

Originally posted by @Anthony Gayden :

@Jay Hinrichs

Wow, you are a pretty big deal. Amazing success story you have. I’m going to have to go back and listen to your podcast again.

 team work makes the dream work.. could not have done it without great team , from investors and bankers and my wife selling the product. 

Originally posted by @Max Lopatin :

Congrats Jay! That's exciting! :) Keep up the good work. DR HORTON has absolutely taken over our area. 

 YUP  I could have flipped this plat to DR for a quick 1 mil profit but we decided to build it out and that brought us an additional million plus in profit .. of course you have risk reward.. flipping to DR takes all the risk out.. but we were and are confident in this market and price points.. the over million market is slowing a lot of PDX or taking a breather as I like to say.. but the 350 to 500k is still robust and that's where we play

Congrats @Jay Hinrichs !  I often have mini-day dreams of seeing my name in our local business journal.  :-) Someday maybe,  but congrats to you on making the 'list' as they call it! 

Cheers!

Originally posted by @Jon Crosby :

Congrats @Jay Hinrichs!  I often have mini-day dreams of seeing my name in our local business journal.  :-) Someday maybe,  but congrats to you on making the 'list' as they call it! 

Cheers!

 It was kind of a shocker to me.. the paper just pulls public records and reports..:)

Originally posted by @Jay Hinrichs :

I was having lunch with my Banker ( we do that once to  twice a month)  and he hands me the business Journal and says you made the paper .. And hands me a copy of the Portland Metro business journal.

Each week they feature the top business in the metro area.. in real estate health high tech you name it.

this one was top 30 new construction builders..

And there I was Number 24  .. and well DR Horton was number 1.  I only have to do another 640 million in annual sales here locally to over take them :)  

Anyway I am closing on a 90 lot project beginning of December and if we can keep the velocity going that should move me up into the top 20.. 

And with regard to infill in Charleston SC I suspect we are top 10 in that market.. I will have to investigate that some more.. 

Bottom line I could not have done it without my partners and the ability to borrow 10 plus million from my commercial bank for SPEC construction loans..   Its a true team effort from my equity partners to my partner bank.

ON the finance side we put up 560k in cash borrowed the rest from our commercial bank ( about 8 million) and we made about 2 mil in 26 months.. So plenty to spread around.. not sure what the IRR was as I don't even bother to run the numbers when its that good. I just know we came out ahead.. And my Lovely wife was the listing agent and represented us on all the sales..

that's awesome, jay

congrats!

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