All Forum Posts by: Jay Hinrichs

@Dmitriy Fomichenko 

  in many states this would be totally illegal.. IN Oregon any loan under 50k has a usury rate 

@James Wise 

My old partner in my timber was just this kind of buyer and seller when he was buying it was hey that's not worth that but when we then own the asset and sell it all of a sudden its priceless.. and timber is another art form in of itself.. big money in the right timber stands dwarfs anything we talk about in SFR's there is a reason they call the Barrons Timber Barrons..

@J. Martin 

  I know this is not really possible probably I the BA but I always look at 30% margins after all in.. by the time you take holding cost commish, Ut oh I screwed up and factor that all in you get 15% or so net.. which is a good number here on the west coast. and of course the bigger the deal the more money that denotes. 

@Karen Margrave 

  I was living in Napa valley when the Polly Class crime happened.. and I was commuting to PDX for my timber business.. I went and bought a Sheperd.. and that was the best dog a person could possibly have.. no one was getting into our house with her there end of discussion.. Bring here to open houses would have been a challenge.. My wife being a RE broker for 25 years has had to deal with this.. and there are things you do to protect yourself ... but end of the day if you have a shepherd at your side someone is going to have to go to great lengths to get by that dog.

@J. Martin 

  nice points J... and I was just feeling good about my little commercial bank here in Oregon they just cracked 350mil... but I like the personal service for sure.

It is a reality that money can be lost on RE  .. whether its BA  or Mississippi or wherever who ever said RE was a sure thing never bought any.

@Brian Burke 

  I am looking at a deal in Noe valley... still sticker shock though... compared to Oregon

@Dave Van Horn 

  So your selling notes with Recourse endorsement?  and what would happen if there was a run on the bank.. do you have a reserve account set up that is used for buy backs.. And or if your out of business but your buy back provisions are still in force.. Is this a buy back for only a certain period of time say in the first year and it sunsets and then the investor is on their own.. How do you work all of that?

How many notes do you buy back in a month or a quarter? Given that your offering this form of guarantee to induce investors into thinking they can't lose either way if they do business with you how do you represent that to investors...

@Micki M. 

  Micki  I am sure you know this but when you make the comment that if they don't pay you don't have to make payments like  a rental with mortgage, that's a little misleading.

If the second does not pay.. usually means the first is not paying.. and you will to protect your interest have to make the payments on the first to keep it current while you spend the money on the foreclosure... So as one of the posters said seconds are Risky and indeed they are that.. NOw if you are paying lunch money for the seconds  IE a few thousand dollars then who cares you can just walk away.. But if you paid over 10k and that money means something to you, and your going to be a 2nd TD investor you need some deep pockets to protect against a default.  Hopefully the second will just keep paying and its moot. But you don't want to give other newbies the impression that in a default scenario one would not have to come up with money because you certainly would and it could be substantial.  If the first files the foreclosure you would also have to pay those fee's to get title to the property...

Not sure why people want to buy 2nds when there are nice performing first out there.

But probably the greed factor of high returns and low entry point.

@Christian Carson 

 interesting.. they make it kind of tough.. cash and carry and with no security.. I guess they give you permission to work on the properties and how do materialmen perfect their lien rights? just curious. I guess from the cities stand point they want to make sure if you buy a property from them that it indeed gets rehabbed... I guess you could run into issues with city inspectors not liking your rehab as well.. Sounds like they make it pretty tough and there is a niche for those in the know

Marvin,

I went to your website looks like your listing properties all around the country  I think there was about 30 on there.. I know the Bham ones they are in the hood ergo the price.. Beiber CA is up I the mountains of N. CA great fly fishing rivers in that part of the world the Pitt and McCloud ... did not look at any others.

I don't do NDA s and all that broker daisy chain stuff. My clients have no issues buying inventory in their respective markets.  And I have absolutely no interest buying any of these type of homes personally.. Been there done that...

So I would guess you take a fee for the seller and or buyer to post because you don't want to be selling real estate with out a RE license .. kind of like a mini bid for assets site.

Well done hope you do well with it.