All Forum Posts by: Jay Hinrichs

@Joseph Accetturo 

  goes back to Joseph's statement on intent...

@Chris Clothier 

  seems with your size of company you could have a hedge fund procurement division thereby saving said hedge fund the learning curve and get a quality product.. and it would mean less marketing cost for you so you could give them a volume discount that made it a win win for all...   YOu have probably already been approached on this concept.

My guys in other markets were flipping to the hedge funds but they got frustrated because by the time they wrote contracts and could get final answer from world headquarters they were losing deals left and right.. That created my opportunity to step in and help them with nothing more than what I call a flooring line just like a car dealer needs to keep inventory ready to sell to their customers.. this way we react to the best deals in real time same day same hour... then the hedges can take their 5 to 10 business days to make a decision and then if they pass it just becomes a buy and hold with a refi or a sale to another investor and in these markets most sales are done right off of MLS..

@Alex SImon 

  that was one heck of a line  " exporting freedom at Gun Point"  loved it.

With your knowledge of the area I suspect a very good local broker is all you need to help you get what you want.. My suggestion for what its worth is to look at some small multi .. This way you already have tenants and should have 2 years of actual financials to look at and decide how the property runs. ONe thing with fresh rehab SFR's is there is no history only estimations of how your going to do.. And of course like all guestimates some hit the nail on the head some fall short and some are better..

Just follow some of the multi buyers on this site and see how they look at deals.. and just scale it to your size and that should work fine.

That's one take on it.

@Scott Babcock 

  send me a PM  get it right to you

@Roy N. 

 those are great comments... I know last winter with one of my last rentals in INDY a duplex. it was so darn cold that the tenants could not afford heat.. and of course because I am the worlds worst landlord and a big softie when they complained I gave them 3 months free rent so they could pay their 300 a month electric bill. I figured it was better than having them move.

I just had another one here in Oregon... were the heating bill was excessive  ( but the house is a tear down on a subdivision I am doing) so this was just a one year deal until my plat is recorded... Same thing tenant could not afford heat they had a baby etc etc.. they fell behind  1300 a month was rent... My wife said hey lets lower it to 1100 so they can stay and I said  heck lets lower it to 900... I don't want the baby getting sick  !!!  I am a reverse cash flow landlord.. and really should just work for habitat for humanity...

@Joseph Accetturo 

  my timber clients averaged 50 plus years so they made the test  :)

@Dawn Brenengen 

  they were the only HF to come into our market here in PDX and bought 300 plus homes they were 175 to 300k per home in our market at the .05 to .07% rule.  they were betting on apprecaiton for sure. And of course we have one of the most stable tenant bases in the US.. no drama no hud etc etc.. especially at those price points...

@Joel Owens 

she could always go down the reverse mortgage route.. I know as I get older and having been one who has leveraged for 40 years I want to pay my home off and will in the next 36 months and it has a 7 figure value.. and at that point I am completely debt free.. as we get older there is just something to be said about no debt whatsoever. All though I always know I can throw a LOC on it any time want with my commercial bank if I need to pull some cash for a screaming deal LOL... and I am sure that will happen

@Don Harris 

 Thank you for the mention.

@Alex SImon 

  do you not live in FLA like your Avitar says... if your out of country then choosing wisely on these fronts will be critical.

One thing you may want to do is also find a good RE broker in that market.. I suspect in that area 2 to 4plex would be a good purchase and you don't need a quote un quote turn key outfit for that or anyone who does not live and work in the market place you want a local who is an expert on Current market conditions.  Just a thought.

@Bill Manassero 

  yes I remember this well... I hope you sent Craig a nice Valentine gift.. that was a miracle job on his part... AS Joel says you still have the same property.. and hopefully you can get some consistency with it.. Its clear buying it from Sales orginizations that are not anywhere near the asset is fraught with risk.

Good on Craig to take you on and fix this .. happy to hear it.