All Forum Posts by: Jay Hinrichs

@J Scott 

  your going to get flooded with requests for money now  J.....  LOL.

@Bill Gulley 

 from my limited experience in the lending world I think there are 12 states that make the stricter interp  about the 1 to 4 unit.. One just needs to check with their state..

In practice MLO's will have a very hard time doing these deals, at least the one's I know there is not enough money in it for them and a ton of risk.  I could see the day were some one makes a specialty out of it and corners the market on seller carry back.. Although with each state pretty much having an exemption for one time or doing just a few a year. Its probably a moot point for most sellers.

@Account Closed 

  I still use a stick for accuracy.. just have to make sure you use Jet A when needed or 100LL when appropriate wrong juice can ruin your day

Just cruising my Cirrus owner and pilots association website  ( plane that just parachuted off of Hawaii you may have saw on the news).  Many pilots as you can imagine are self made RE entrepreneurs and builders and developers.  Well for all you out there wanting to make it RE this is something to strive for.

The bigger boys have moved up to light jets.. Or personal jets. and were talking about how much they spend a year to fly them.. consensus was 350 to 450k a year.. And they talk about those like us folks on BP talk about buying a rental house.. pretty comical really and something to work towards.

So remember when you quit your day job this is what you need to be making to be  a jet setting RE developer ..

@Jason Wolff 

@Account Closed 

May happen as Jason alludes to but its very rare.. and with the reality of many inner city dead and dying towns its a real issue.. property is not worth what the tax's are owed so the properties just sit there and gather mold and dust and deteriorate.. I don't think the taxing authorities ever thought the day would come that homes would only be worth 500 dollars like they are in many inner city hoods.. and tax's are 5 to 20k... its an issue of social concience

never new this would be a consideration... I vote for curved.  but I guess I am out of touch with what tenants want or need...

@Stewart Morrison 

very simply get a pre qual letter from your bank or HML .. or a POF IE cash in the bank.. then contact agent show said agent that you can acutally perform... Have them set you up on auto search's so you get the hot sheet every day.. look at the ones your interested in do a drive by and if you want to pull the trigger then call your agent and make offer.. I assume these are for rentals so you don't need to do to much inspection inside a quick walk through then subject to home inspection should do it.

I was just in your fair city.. stayed at the Hilton Garden inn right off the free way. had dinner up at the country club... My business partner there has a large Pm company he manges 1200 plus units. and he has investor friendly agents... Happy to refer if you like.

@J Scott 

  for that market I would want 30% skin in the game and a 30% return to me net ... private money is for friends and family its not something your going to find on the internet ( in most cases)

@Jack Tucker 

ON your IRA deals if your doing this work yourself I think you need to be cognizant of UBT tax.. IRA needs to be arms length from my understanding.

regardless of you and the tax man those are some pretty incredible numbers as I work in about 15 markets nationwide your numbers are the best I have seen or heard of.

I did do a lot of NON recourse financing in a condo project their in Athens last year.

The 86k deal that's rented for 3k  what is that its not a sfr ?  multi or commercial?

@Account Closed 

  in a LP suing GP scenario if you got almost all your money back then you came out better than 99% of others who have been in GP or syndication deals that turtled.