All Forum Posts by: Jay Hinrichs

@Conny W. 

  I can point you in the right direction  send me a PM off line... this will be easy  :)

@Lisa Lavie 

  out of state sub 50k mortgages can be tough.  my general thought is that when you hear of success stories in the 30 to 40k sfr rental properties it is generally those that live and work in the market that can make them work out of area investors have a much tougher time as the tenant demographic that rents those homes is a management intensive group by and large.

You may want to look at buying more of a 4 plex type of situation were you can get a FHA loan and now you have 4 doors instead of one and you don't burn through your 10 loans one door at a time. if you bought 10 4 plexs you would have 40 doors with the same credit. Also 4 plex's will also have HISTORY that you can review before you buy... SFR's generally have no rental history so your just taking a shot in the dark.. Were a 4 plex you can see two years tax returns and operating expenses from the seller ( provided its not a recent rehab.)

depends it could cost you easily 50k to rehab a fire gutted house. this house probably has Zero value and will go for tax's

family loans are usually anywhere from 5% to 12%  no hard and fast rule.. 

just make sure you know what your doing nothing worse than having a bad deal with family money :)

@Chris S. 

  I have a little different perspective... of course its a west coast perspective were primary homes over the years have treated me very well.  So I think this is somewhat of a regional question like Jon alludes to.

However I always look at personal residence separate from business and I buy purely on emotion. Quality of life.. in my younger days schools ( IE spent half my income to live in the Palo Alto School system).. ease of commuting to work.. shopping.  When you take those into consideration it will also dictate what you spend on a home..

Once you have your home life covered and everyone is happy and comfortable it helps you succeed in your other endeavors  RE investing or what ever.

@Divina Maruca 

  Agree on professional closings, however this is not going to preclude an equity skimming incident.  Subject too transactions in the hands of those with less than better intentions and or lack capital and experience and are following some guru techniques is a really dangerous transaction all the way around but especially for the seller as you note.. The poor sellers in these transactions lose control of their properties and end up in all sorts of financial turmoil.  Good for OHIO  and Great for FLA making it a Felony... If the US just followed Floridas lead that would put an end to newbie wannabees and out right crooks partaking in this activity.

@Account Closed 

  broker probably has experience with agents writing and or assigns deals only to have them fall out B/C the person offering could only perform if and when they found someone to assign the contract to or double close.

As Ned says they must present what you dictate its up to the SEllers broker and the Seller to counter or strike those clauses.  Also on some fannie and other institutional OREO the government won't allow that language ... and if you say your paying cash you have to pay cash no loan etc etc.  we run into this every day with my guys that I fund throughout the country.

@Ryan Dossey 

  good luck you have lots of years ahead of you to create a good foundation and team

@Dionte Graves 

nothing petty about your vacant rental getting hit by thieves and vandals  :(   I know what your saying though.... think I will recommend those around to others I know that are rehabbing and see how they work for them.

the vandals and thieves they get caught on to these things usually after not to long but in the short run I could see this being very benefical if it works of course

@Mark Ferguson 

@Justin B. 

As your lenders what their max credit is to anyone borrower, if your dealing with a smaller community bank they will have a loan limit per borrower.. Or they call if familial debt.. IE you have many different LLC which each have different projects in them.. This is how we work it in the building trades.. So each subdivision or grouping of lots will be in a different LLC .. So the banks will have a total dollar number they will allow to anyone borrower.. At least that's how it works in our market and of course depends on the size of the bank my community bank is about 350 mil. and there max loan is 6 mil to any one borrower or company. Depending on were your at in the country this could be ample credit or it could be just 6 houses in San Francisco area :)