All Forum Posts by: Jay Hinrichs

@Account Closed

our Mid west Bp ers are probably wondering What the F is going on out there how could you leave a house that you paid a million dollars for vacant for 5 years.

Well this type of market is what spawned the whole turn key industry. Buy a house in the mid west for the price of a car.

or for the Aussies buy a house for the price of Stamp duty ( transfer tax)

LOL

@Dawn Anastasi

@Tina Wyatt

when I do these and I do a fair bit of them.. Its market specific.. If its mid west were deals are dime a dozen then I would be heavy towards the lender in regard to return.. If its West coast were deals are like Diamonds and tough as nails to find.. then the person that found the deal deserves more.

Start at 50/50 and work whats good either way.. Although those that control the funds should have the controlling interest 51/49 after all its their money and your brains.

@? yes there are a few exemptions and some are state specific

@Jean Bolger

I have been on both sides of this one.. When I was in the Timber bizz here in Oregon we had a few logging sites that got protested. But Oregon is so pro logging only the kids down town Portland really cared the rest of the state lives off of logging and the income it provides

If you were in Lake Oswego Oregon you would need a city permit. and if they deemed the tree significant you could not touch it.

really depends on the city and or county ordinances. check with your local planning department they will tell you if they have any jurisdiction. Other wise you have no standing for a tree that is not on your property.

people have a lot of these issues on the west coast with View issues or lack there of.

@Al Turner

when buying from a private party like me or any other private party you can buy in your personal name an LLC in your state or an LLC that you set up in the state the property is in.

If your LLC is not in the state where your doing bizz sometimes you have to register as a foreign corp.. But others on this site will know that better than me.

@Al Turner

matter of fact I have a few of my straggler OREO's in Jackson MS that I will finance with a few grand down and NO interest financing. So there you go

@Al Turner

unfortunately I don't believe you can do this legally,, Like Wayne said you can use FHA and move in and if there is a legit reason you need to move Like a job transfer, had to go take care of sick aunt etc etc. But to have this as a Scheme its just not going to fly,

As for transferring the asset that's as easy as filing a deed from the one entity to the other.

Regardless the mortgage stays in your name until its paid off just because you transfer title does not transfer the mortgage out of your name.

What you might want to do is focus your energy on trying to find owner carry back Seller contracts.. those you can do anything you want with and its legal. And in your neck of the woods I bet you can find them without to much difficulty.

@Robert Murphy

when I was reading your expenses I thought your maint. reserves and such were high, but when I got to the bottom and realized this was student housing then it made sense.

I think you can just present this as you have here. Lots of work with student housing as you probably know.

good luck with it.

@John Rooster

John I think the assumption was that this investor is trying to buy a property that has already gone through the foreclosure process and is being sold with the owner occ criteria which is something like for the first 14 days or 30 days only those that intend to occupy as primary residence may make offers on the property.. Investors need to wait until this time expires.. then they can offer. I think what this investor wanted to know is how to circumvent this requirement so they can swoop in on good deals.

One thought would be to do what we did in the 80's in CA.. Where we did all sorts of equity shares with home owners.. WE would put up the down payment and the homeowner would get the loan move into the home and live there for 3 to 5 years and either pay off the investor, or the house was sold and profits split.

Now I don't know if that will fly with current underwriting guidelines. But maybe.. Does not solve the problem of this guy who wants first crack at the deals and does not want to wait our the Owner occ offer time lines.

I think I got this one right. And of course there is no rules at Auction about who can buy its the guy with the CASH period. But that's a whole nother kettle of fish