All Forum Posts by: Jay Hinrichs

@Bill Gulley

Now Bill,,,, Meets and Bounds descriptions you must have had a background in Surveying. I can do Section 1/4 Sec. 1/8 section and get down t 5 and 2.5 acres parcels you read the legal descriptions backwards. But meets and bounds is a legal description that you need to be on the ground and Go from point to point at a bearing and degree to a known point and or in many of those old ones it calls out a distance and bearing to a crook in a tree that no longer exists.... The Investors on this site that may want to subdivide land I am sure will just higher a survey for a few thousands dollars to do this for them . To make the leap that because you could do your own Meets and Bounds description and it made you 250k is a stretch.. Not only that you can't record it without a licensed surveyor signing and putting his stamp on it. Or maybe you can in your state but not on the west coast. You can in certain places do easy platting's by doing deed descriptions but those are generally done with Township Section and Range descriptions as noted above.

I think this gentlemen feels he got his moneys worth and 50k is a drop in the bucket vis a vi a lifetime of RE investing and making money.. Its two maybe 4 deals over a career so I still don't get why folks think this is such a rip off for those that have taken the advice and education and succeeded.

@Bill Gulley

Now Bill,,,, Meets and Bounds descriptions you must have had a background in Surveying. I can do Section 1/4 Sec. 1/8 section and get down t 5 and 2.5 acres parcels you read the legal descriptions backwards. But meets and bounds is a legal description that you need to be on the ground and Go from point to point at a bearing and degree to a known point and or in many of those old ones it calls out a distance and bearing to a crook in a tree that no longer exists.... The Investors on this site that may want to subdivide land I am sure will just higher a survey for a few thousands dollars to do this for them . To make the leap that because you could do your own Meets and Bounds description and it made you 250k is a stretch.. Not only that you can't record it without a licensed surveyor signing and putting his stamp on it. Or maybe you can in your state but not on the west coast. You can in certain places do easy platting's by doing deed descriptions but those are generally done with Township Section and Range descriptions as noted above.

I think this gentlemen feels he got his moneys worth and 50k is a drop in the bucket vis a vi a lifetime of RE investing and making money.. Its two maybe 4 deals over a career so I still don't get why folks think this is such a rip off for those that have taken the advice and education and succeeded.

Every jurisdiction is different go talk to the county public works department or the city who ever has jurisdiction. And or just cowboy the road in and worry about it later.. I guess that's your options :)

@Michael Baradell

landed at the Slidell airport once...keep up the good work

@Rick H.

Joe Kaiser what a renegade he was "is" State of WA and him went to war with regards to his Tax overage business. the county we worked in was Lake county.. "clear lake" this county had the same experiences as San berdo and Riverside where thousands of lots were platted in the 20's and sold but no roads were ever built.. Huge shadow plats.. Not like socal were there are millions of them.. But these lots have been bought at tax sale lost by those that finally realized they were worthless and sold again. My Father bought thousands of these over the years. He would then put the streets and roads in and sell off as home sites. So I have not checked lately but I think we still have about 100 stragglers in our name.. There is a company in CA they are Private investigators they are really big at going after overages. They found one for us and I made the claim on it.. I don't want to give away that strategy here on BP that's the last thing we need is a bunch of mini Joe Kaisers running around. However I think you got the drift.

We always got our tax deed within 2 weeks recorded it. We did get challenged in court once and lost.. turned out the county screwed up on the 21 day advertising requirements. Every property that sold that year could have been overturned but each property would have had to bring a suit.

Lake county's tax sale is now held by Bid for Assets. But a quick call to the tax collector would no doubt settle whether they hold the deeds or give them to you right away. AS stated I think I bought my last one in the mid 90's

@Michael Baradell

nothing wrong with 300% return on your capital. at least your realistic on your returns and are keeping the ball rolling. Were is your town located?

@CK Hwang We left Atlanta as the hedges were dominating the market and since we made a nice profit..we sold. I think there is a real possibility of the Hedges being the next group ( after banks) to have their version of a meltdown.

We all know how hard it is to manage SFR's and to buy as many as they did in the Atlanta market ( thousands) they just can't make those work the way they envisioned and I think you will see them just start to part with them and this could put downward pressure on values there.. Just like the flood of foreclosures by banks did. The hedges are getting in on the Debt side opening their own lending companies for the same assets they realize being a lender is much easier than being a landlord to 20k houses scattered around different markets. Its not like buying a 250 unit garden apartment that is all in one place with on site management etc..

We moved markets and got back into the retail side of things Building new construction.. In my home market here in Portland its pretty much a no brainer but you do need access to a lot of capital to make a go of it.

@Chris Hougland you got it right those are the numbers and return in buy and hold in hot markets is 6 to 8% if one is using real numbers and being honest with one's self.. when you look at TK companies cost are usually missing or understated.

@Michael Baradell thats an excellent deal and flip.. profit is great, time to do it very good.. can you find those kind of deals with any regularity? most markets 25k profit deal with 100k in is ultra competitive.

@Richard Nash from the Realtors perspective your talking about offering on a 40k house.. 3% commission to him is 1200.00 ergo its hard to find an agent to go find you one house as a new investor. Many simply cannot afford to work that long for that little. the advice about going to the listing agent is a good one. that way they are double ending the deal.

And in all markets there are the local pro's and thats one thing newbies have to contend with.. When you have a group of known players who have deep pockets the agents are going to by human nature take them the deals.. these buyers are less picky and do not require any hand holding.

We have the same issues here in Portland chasing land deals. if you want to see land deals from the few agents that specialize in them they will expect list backs.

In the states I work in you must disclose your a licensed realtor. but you just write that into the contract no big deal there. and if your buying off of MLS you have no issues with license capacity.. What the people told you at the class why not to get a license really just applies to buying from unsuspecting owners and profitering as a licensed agent you have a duty to disclose true values. You can't go to a fsbo and tell them the house is worth 50k when you know through your expertise as a realtor its worth 100k you can get in trouble if brought to the matt on that aspect.

Non licensed people can do anything they want vis a vi offering on property and buying for whatever they want they have no fiducerey to the seller at all.