All Forum Posts by: Jay Hinrichs

@Ned Carey

@Daniel Methven

Who would have thunk circa 2000 we would be talking about buying nice brick Detroit houses for 8K The housing market in many of these towns on the low end is really more like a used car lot.. same price points and same turn over and repo's... Am I wrong?

@Account Closed

LLC s are a great vehicle and there is no reason not to have one. For starting out you just need basic one so 500 bucks or less should do it.

then when you move into states other than HI you just register as a foreign corp.. Most investors don't do this of course and may don't realize you need to . But all the same that is what I do personally.

@Lisa Taylor

not tracking this.. you have property in WI.. And then you are looking at condos in CA for sub 10k I would think that's a typo...

My roots are Milwakee based and I am thinking of moving into that market and helping some investors get started

Thanks Sharad..

I was thinking it could be a realtor who is already in the bizz.. and wanted to step up to not only getting commissions but some equity for their efforts as well.

I do have the wholesale side of this going with one realtor in one outlier town about 30 miles from a major metro area.. I basically buy every deal that comes on the market under a certain price.. So in essence we are controlling the inventory.. He has 10 years at the bizz and is the go to agent in his market.. this allows him to capitalize on equity along with commissions. works pretty slick really.. Its amazing how far 500k will go in some of these smaller towns. :)

The Bp er I was talking to spoke very highly of you FYI

@J. Martin

Nice recap... did not realize the street value had dropped so much..

but hey I grew up in the bay area in the 60's and we had $10.00 lids 3 or 4 fingers.:)

I was talking to a fellow bp er this morning they are pioneering a underserved market and doing well.. And this just dawned on me as we were e mailing back and forth.. What can I bring to the bizz.. Well I am thinking I could Franchise TK for those that need the systems and ability to get off the ground.. So just looking for feedback.

Start Franchise or probably just closely held company. I provide.

1. All capital to A and D first 20 homes. ( critical and the most important )

2. keep 10 home in inventory at all time.

3. I provide 5 year financing when needed.

4. I provide contacts to RE agents and trusted Marketing companies

You for lack of better wording are the Franchisee you provide.

1. source the houses

2. provide rehab crews

3. provide management in house preferably.

4. pioneer an under served market or a market were TK has not been but is prime for.

5. Sell homes TK at a very competitive price vis a vi currently on the market.

Or just wholesale Franchisor ( me) I provide capital and marketing outlets

Franchisee ( you ) source deals .

Again working underserved markets that are up and coming.

I provide other techniques I used to build up 350 TK homes then sold last Oct.

To qualify you would need:

1. Full back ground check criminal and credit.

2. bank and personal references

3. some track record of success.

Maybe I am way off base here but would like to hear some feedback both pro and cons.

For our West Coast investors I do the same but we keep 5 homes in inventory and we retail them all...Same with PHX or Vegas.

@Rick H.

Rick this is exactly why I call overages bizz the private Eye bizz.. you need to have all the tools tenacity and techniques that a private investigator has. Because that's what your doing your chasing down monies that have gone unclaimed because someone died intestate or any other myriad of reasons.

And your right its hard work the best at it I know is a company in Central Cal. And they have contracts with big banks and give a host of services in this field.

I just stumbled on it when this company called my mother and told her they found money sign this doc that gives us 50% and we will get it for you. My 80 YO mother called me.. I new it was probably tax overages for all the property we have up in Lake Co. CA. I called the tax collecter and made the claim for my mom.. Took 30 minutes. Now I check every year and sure enough there will be some odds or ends property some investor bought at tax sale and we will have some overages to claim its become a yearly event for us.

@Dante Nava

your working as a private investigator is how I look at the overage lost money type of work... and your right its time consuming and you will need lexus nexus to chase down people and next of kin.. For those that like that detail work it can be rewarding.

Many counties though frown on it.. As the county see this as profiteering from their point of view all the claimant needs to do is fill out a form and they have a hard time thinking someone who does it for them should make 50% or 30%... Some of these claims are in excess of 100k.. So you can see a county worker making 36k a year get their feathers up when a person with no real claim to the funds is getting some big pay check for what they believe should cost nothing..

@Account Closed

Cool see you there.. I have been a guest there a few times. and they are one of the great RIA's in the country..

One thing I find humorous though Is when everyone gets up to introduce themselves and what they do .. There will be 100 plus people and true to LA every other one of them says they are a private money Lender I can just see Bill Guilly just rolling his eyes..

Great group I have done many many deals with them over the years

They bring me in to balance the whole TK thing.. Now don't get me wrong there is a place for TK for sure... Just need to try to keep perspective.. And a lot of what I will speak to will be how to find fix and manage after the fact and market perspective.

And What I mean by that is do you go to a market that was crushed or invest in one that never moves.

@Mike D'Arrigo

I have also been on the radio Station that Mike's show is on,,, many times over the years.... Its really a small community.. I started with Rock and Roll radio show.. Mike Harris show Mike and I did a ton of bizz in the day. Nick Vertucci Jay and Bill in San Deigo and on and on.

@Dawn Anastasi

No I am sure your not TK provider because I have never heard of you or your company and since I have funded a good many turn key guys in my day I usually have pretty good pulse on that. And Milwaukee to my knowledge is not a turn key market per se.. Not like Chicago, Memphis , Indy, Atlanta , Charlotte, Orlando, Jackson, KC, St Luis, Detroit, Etc etc.. Of which I have loaned in each of those cities and some I have done hundreds of loans.. I was the largest Hard money lender in MS for many years.

But when you have posted some of your deals I am thinking Milwaukee is ripe and wide open for a turn key play..

I mean the city has a great story,,, Beer, brats.. Harley Davidson,, the Summer fare on the lake.. great colleges Marquette etc etc. And of course Cheese.. My grandfather had a cottage upon lake Poygen ( Winniconne) I spent my summers there in the 60s again probably before your time.

Corkage there was to bring a six pack in so you did not have to pay restaurant rates for a can of beer LOL

Keep up the good work