All Forum Posts by: Jay Hinrichs

@James Wise

so true bought a new car this weekend as long as you have a fico you own a car.. and I guess even if you don't have a fico you can own a car.

Love those 0% loans on the cars though...no reason to pay cash for one.

@Zoran M.

many of the docs I had to notarize were just release's from the asset manager.. AS in vanilla sellers disclosures ...But that's our legal system protecting us.

@Zoran M.

killing trees is all this is good for.

@Joe Mendoza

as long as your partner is a licensed GC and is on title you have the licensing covered... If he is not on title then you would need a Developers license along with a bond and insurance.. There is no test for these but it does cost money and the insurance is pretty expensive as well, but just the cost of doing bizz

Anyone notice how much paper work is involved in a cash purchase through these asset management companies Homepath etc.

I closed one today in Birmingham and there was 9 docs that needed to be notarized and the closing package had 36 pages of documents.

And this for an all cash no contingency closing.

what happened to getting the hud e mailed to you sign scan return wire funds and your all done.

@Account Closed

At some point the hedges will have to sell and when that happens there will be a glut of rental properties in the markets that they were heavy in .. IE Atlanta PHX,, CA and others... There are Very few buyers other than other Hedge funds who can buy groups of 50 to 200 homes at a time.

What had traditionally been a mom and pop bizz has changed dramatically as we know... So the maybe these large bundles of inventory will be sold off to mid level syndicators ,, ( same people that are buying apartment complex's right now)...

What happens in these markets were 50% of the homes are rentals is the rental stock really just keeps being recycled... Investors retire or get burned so bad they just sell out.. Keep in mind that all this inventory for fresh rehab homes comes primarily from an investor who failed and bailed.

BP Nation great website with a lot of great info and people. can't believe I had never heard of it until 3 months ago..

@James Park

Well this tought me a big lesson I will keep my mouth shut about other states unless I am dead certain... I would never have thought that to be the case... AS I posted in Oregon you need a GC license for a developers license if you are going to buy reno and resell for profit even if its just one home.

Not all state recip on licenses maybe GA and WI do... I know I got a recip from Oregon to MS.. I got a MS brokers license by taking a 15 question test.. Its was more akin to getting a drivers license they handed me a little booklet to study.. I got 13 questions right so I did not over train.

But its a huge benefit for those in the bizz having real time access to MLS in my mind is a must if your going to be competing with locals players.

@William Hochstedler

Auction companies have RE licenses or will engage a broker when they are in a particular state.

@J Scott

One thing that dawned on me. when we talk about unlicensed activity in the act of buy rehabbing and flipping homes.

And my opinion that you don't need a RE license to sell your own property.

In my state Oregon you can sell your own property without a RE license but you CANNOT buy with the intention to rehab and resell or construct ground up any home or commercial building without a DEVELOPERS license.

Now anyone can get a developers license there is no test.. But you have to pay a fee and have the same insurance coverage that a GC has plus a 50k bond. And of course as with everything RE related many fix and flippers in Oregon do not even know this law exists.. And the only time you would be called on it is if someone complained or your in litigation over a construction defect.

And with a Developers license you may NOT do any of the work your self.. from running a broom to a paint brush or hammer.. If you do any work yourself then you need to be a GC.

But no RE license required to buy and sell your own deals.

Of course you need one if your acting as a broker and selling property you don't own..

So I am going to back down from my blanket statement that no RE license is required to sell your own properties in all 50 states.. I do not have first hand knowledge of every state. It just rubs me the wrong way thinking one cannot buy and sell their own deals...