All Forum Posts by: Jay Hinrichs

@Alison Michel this sentiment created the Turn Key out of state cash flow business

@Account Closed Ok we are on same page now.

Like I said I just have never done a loan for free... I have done plenty were I lost a bunch of dough in the down turn though.. :(

@Sharad M.

@Sharad M.

@DL Martin my client in MS got a cease and desist, so I know it happens he was very active though selling probably 10 houses a month big web presence etc. someone turned him in.

As for CA.. your right.. I think there is a stat in CA that 1 in 10 residences have a RE license so thats 4 million licenses in one state pretty hard to manage all of that. they are only going to chase things that involve the public losing money which is what most states do

@Account Closed correct everyone buying at foreclosure auction buys in this manner why would a sale from a bank that just happens to be on MLS be any different.

the local big players will be tough competition as they can afford a bummer or two

@James Wise as money got tight even hard money lenders were underwriting files like a bank.. I know we asked for 2 years tax returns and credit had to be 680 and above and no defaults real estate related at all

@Dawn Anastasi @Duncan Taylor @Account Closed

Duncan I get a chuckle out of a G 4 owner even having a clue about what a section 8 voucher is... Just pullin your leg. of course many won't know what a G 4 is other than a government summit

I sold my SFR rentals in Oct. I had just over 350 of them. about 70% Section 8 if there was no section 8 in many parts of the US there would be anarchy on a grand scale. ( think of new Orleans and Katrina ) ....

When I had to go through my dark days of a HML foreclosing on all my CAlifornia clients that had rentals in the south.. I banged on more than one door as the bank trying to figure out where the rent was going and trying to invoke my Assignment of rents clause. and worked with HUD to get that done as well. What a freaking nightmare I wish never to repeat.

We have so little section 8 here in the North west as you probably would agree as to be a non factor.

@Account Closed you stated that the lender would not receive any points or interest if you paid off prior to 90 days that I have never heard of.

did lenders lose money F ing right they did and I was one of them. Lost millions in the 07 to 2010,, wholesaling my OREO at one point I owned more than 200 homes all upside down. I stop counting how much I lost. but at the end of the day I made it through without BK or losing the company like most HML did and most builders as well. and we are back on track to making some good money these days.. and much wiser.. the day of the investor having no skin in the game is a thing of the past.. My 50% down NON recourse loans are going great I did well over 150 of those last year... and it continues to grow and the SDIRA borrower is underserved in my opinion as well as the Off shore investors. half of my loans are to AU and Singapore investors.

Lastly thats why 07 to 09 was the great GFC it effected most everyone in and around real estate. those that are just now starting out are doing well because they bring no baggage forward.

@Jon Holdman @Engelo Rumora @Gary Bailey

Engelo, I have had this exact discussion on the Australian sites many times. virtually every AU marketing company is selling without a license plane and simple. one of my bigger wholesalers in MS.. got stung by MS DRE with a cease and desist order. So we started a transactional funding arm of our HML bizz so he would be in compliance while he marketed the properties.

the wholesalers need transactional funding get the property in their name then they can resell..

Its illegal what they do in virtually every state.

And yes the answer is to get a license. But then you have disclosures to the sellers about mark up and profits.

Gurus though and even here on the Hallowed grounds of BP they talk about how to get started in RE and they talk about bird dogging and wholesaling and its really not legal to do..

Otherwise why would there even be a RE license or a RE brokerage business at all if we could all just go about willy nilly selling properties we don't own.

I for one would love to see this practice brought down and regulated. To much profit taking at the expense of sellers is my opinion. Not always but you know what I mean

@Duncan Taylor what your tail number..

Mine is N282CD this one I bought new in Duluth MN and flew it home from the factory that was a proud day indeed for me. . and then I bought a second one N277TT that one I sold in 2009 to a travel agent in Canada. 282 resides at Aurora Or... Aurora partners LLC>

I love to fly and I can say without any question that flying in the US is the best in the World.. Just like owning real estate nothing more free than what we have here.

next time I am in GA you can take me for a spin in your Jet :)