All Forum Posts by: Jay Hinrichs

 @Andrew Syrios 

Much like when I came to Oregon in the early 90's by then Bay Area homes were already 500k plus.. you could roll into Salem and buy nice rentals for 35 to 50k that rented for 500 a month.. I had a friend in the Bay Area who told me to buy every one I could get.. of course I bought none.. And well those homes are 100 to 200k today. Oregon's land use policies make for a different kind of market though so hard to compare to mid west markets. Being a west coast investor stepping to the mid west it certainly can be done and done well I know many that have done it over the years. And at the price points its not too hard to go large there were building a 20 to 100 SFR rental portfolio on the West coast takes some HUGE money to pull off

@Chad Clanton 

  I grew up with a father that was in Glen Garry Glen Ross.. Not actually the movie but started selling RE for Boise cascade in the early 60's.. just like the movie.

He would go to the sales meeting and the manager would HAND OUT  TWO leads just like the movie and you had to produce.. Well my dad he decides this is no where enough leads to do really well. And he goes and buys a printing press and after school in the garage guess who ran it.. He would have me make up 20 to 30k door hangers with his name and return address on the LEADS.. Then come the weekend he would grab me my brother and about 4 of our friends and we got 1 penny  a lead passing them out in neighborhoods he wanted to work.. Now today you probably would not let 9 year olds walk around neighborhoods at 7 and 8 am on a Sat. But we would put out 10k in a day.. My dad would get 40 to a hundred leads back in the mail.. My mom would call and make the appointment for the Sits and within a year he was the number one sales men... And off he went Circa 1964.

So if your farming an area you may want to just go find the local wino's or homeless at the homeless shelters and for 10 or 20 bucks they will walk almost all day long passing out your I wanna buy your home flyers. Must cheaper than postage. 

That's what I did all through high school... I had not thought of those days in some years until I read your post.

@Steve Babiak 

  which created all sorts of issues with foreclosure sales and the legality of same..

@Nat C. 

  PS Nat you seem to run into all sorts of problems with your US purchases.. Did I help you on one in Arizona are you from Austrialia  /?

@Nat C. 

  as long as you hit your dates in your purchase and sale contract you are due your money back.. In many states title companies will not release EM unless both parties sign cancellation agreements.. This is why for instance in our state. A BANK or lender will not fund the Loan ( acutally send money to title co. ) until they have recording numbers. Because if they put money into escrow and if for some reason buyer backs out prior to recording the money is tied up.

What happens in your case is YOUR AGENT should be telling you HEY the seller won't sign cancellation docs.. You then make a demand that they do it.. Since this is well past small claims if they won't sign cancellation docs you need to force the Title company to Interplead the funds to the court. Title company wants nothing to do with this squabble money goes to the court ... you are then in a mini court case judge rules on your contract and you either get your money back minus attornies fee's or the judge may think you were too late with your rejecting the Due diligence Items and rules to give the seller the funds.

@Allen Denham 

  the state has nothing to do with this its a civil matter. I suppose if both buyer and seller died then maybe the funds would go to the state as unclaimed funds. but that's about it.

I am pretty sure I am right.. AS a HML I never send my loan funds to escrow until I know ALL parties have signed.. I know this creates issues in wet closing states but I have my rules and I don't want my funds held hostage.

@Lisa Fondant 

  plenty on the internet including his rebuttal video and pictures of his students holding up 8700 and 10,000 jumbo checks...

@Jason Gutierrez 

if you use 50% of gross rents as you overhead burden that will back you into a net number to use to calculate annual % return. If you do better great but its a great back of napkin way of determining if a market or property are even in the running. You may want to think about 2 to 4 units given were rates are... AS long as your not buying real low end. returns on a cash flow basis tend to be a little better on these than SFR's

@Bill Gulley 

 Referrals are a part of the business.. really depends on the person.. Some do not want to be used as referrals others do not mind....

Although in my world a 12% return is not going to get people flocking to you like your some kind of Guru  that's a very very pedestrian return vis a vi someone who is in the business and makes a living moving RE

@Ron P. 

  Exactly   many of the notes I buy are new originations

Not many if any people on BP have ever mentioned the 104.1 or knew what it was . Kudo's to your advanced knowledge.. Just reading between the lines here it seemed that some go the guys buy notes with nothing more than an escrow service and no actual title insurance I like getting that title policy that clearly states that they are insuring my interest as a new assignee

Thanks for this now I don't feel so bad when I bought my first airplane at 26.. my first Mercedes at 22 ( brand new off the lot)... etc etc .

I had a touch of the big C at 55 ( all fine now) But when that happened I thought about my life pretty hard.. and when I thought back on all the things I wanted to do and goals that I had achieved I was comforted that I had done many if not most of them.

So I for one am a Stop and smell the roses guy.. And you can't take it with you.. There is a balance... And of course it depends on what your comfortable with.. Since this is a Real Estate Forum I will just say that Real Estate allowed me a life far beyond my wildest dreams and when I had the wherewhithal I used it.. Had I been uber conservative not spent a dime drove my old beater, never travelled the world I would not be still working at my age.. But hey whats life without work.. I would not change my life one bit and I LOVE what I do .. I get to help all sorts of folks realize their RE dreams by funding their deals.. Like Jim Harbough says  ( who has it better than us ?  NOBODY)