All Forum Posts by: Jay Hinrichs

there has been a lot of discussion on this subject, I am funding a few fix and flips next week in Chicago I have put in an e mail to my attorney there to see if this is legal in IL. Like it is in CA..

Or if pooling money for a Mortgage needs to be done through a REg D filing anyone one of the 500 series.

Any one have first hand knowledge about this in IL.

And or the states they work in. I do deals in Memphis and my attorney there said they are permissible.

@John Vashon

I owned a MHP in Vancouver WA.. I sold it to Taylor your probably aware of them they are out of SF

They have their agent do the basics they target an area.. there are not that many MHP's to begin with.. public record find the owner. then find the phone number and cold call them.. That's how they got to me. It took a year to put the deal together as they low balled me at first.. I had a small park 45 units but I bought it from the original owner who owned it for 35 years and developed it. It was old but extremely tidy. She was nuts about who she let in there so unlike most B class this one had b and C mobiles but A class tenants.

At the end of the day I think Taylor needed to move some money as they got very aggressive and we finally got a number that we both agreed on.

in our market of PDX.. Many parks have been mothballed and high density SFR's have come in. Some the timing was not right and the person that bought say a 200 space park in 06 and finally got everyone out in 08 was stuck in the mud for 3 or 4 years. But that's another story.

Good luck

@Mark Updegraff

Mark your story is the exact reason I went from one of the top 5 buyers of courthouse step properties in Portland Or. to being a Hard money lender.

last Auction I was at. opening bid 80k 40 year old 3 and 2 rancher. value 180k

15k rehab.. ended up selling at 140ish if memory serves.

The low bid is what brought out all the bidders.

on the West coast ( I know it varies in each market) you need to have Cashiers checks for the amount you want to bid. and you must qualify ( IE present them to the crier before the sale) he or she takes down your name and so on.

31 people qualified on that one house. so at a minimum there was 2.4 million in Cashiers checks chasing one deal that at the end of the day bid so high that if the winner was going to fix and flip a 10k profit would be about it.

It was at that point I decided I would take my marbles and rearrange them and start lending money to those that went to auction. That was 2002.

And it never got better here on the West Coast just way to much money. chasing far to many skinny deals. there are the occasional ones that will make a big hit.. But those are ones that are heavy remodels and value adds. Not just fix and flip and or when the market goes up 10% in 6 months anyone can make money then

@Zach Schwarzmiller

SR-22/G2

I like to fly into the airport and have lunch.. other than that I have looked at financing a few developments and Multi.. Its a very sterio typical dead Timber fishing related town in the Northwest. Other than the metro areas of Seattle and PDX.. most of the Oregon and WA coast has been in a depression state for 20 years or longer. probably when some of you younger guys were just in grade school. caveat Emptor would be the word of the day from my perspective.. And its cheap for a reason. its tweaker ville

@Shariyf Grevious

I paid more than 100k CASH for both of my kids college educations. bill came I paid it. no loans

@Donald Hendricks

Ok I admit I am a total hack at google and the internet I have never seen anything BP on google search. are you saying that since I am posting on this site some of it might come up on google. I thought most people just google the individual.. Like someone might have googled Marquis or me or Googled Rick Clatfetler to see what he was all about. I know I pop up there on google a bunch with all my endeavors past and present.

@Joel Owens

fine minds think alike.. I will say though and only through my experience on the property investing forum in Au that I frequented for 4 years. Aussies would defiantly hone in on gross rental returns. And nets were less important that I believe was that they also have this concept called positive gear and negative gear.. that means simply positive cash flow and negative cash flow with the prices of their SFR's being more CA bay area style.. 350 to 1 mil for a SFR rental they just do not look at cash flow and rental returns like we do.

It was the same phenom like I worked in pre 08 with the CA investors flooding to the Midwest because any house in CA was 300 to 600k or more. and they could by that cash flow queen in KC for 40k or Memphis for 50k or a lot of other cities. Atlanta back them was to dog with most 80 to 120k I funded maybe 60 to 80 of those in Atl proper before the melt down.

so I digress

@Donald Hendricks

Don calling the collective wisdom here Ignorant as was stated in the original post was the height of Ignorance :)

If we had a hot section Rick could have lit out on any number of posters and gotten into heated debate. but since there is no section on this site for this kind of katy bar the door discourse his posts were played out for all to see.

At the end of the day my opinion and what I personally know of the back end of marquis is they will not miss a beat in sales because of this thread, BP is not their market they will continue on selling to the marketing channels that Rick was brought in and established. marquis would not be nearly as successful without Ricks expertise and connections in being able to bring investors that 99% of turn key operators could NEVER in a THOUSAND years find or penetrate what Rick has is a very very unique situation and Rick and his associates are extremely good at what they do!

@David Campbell

@J Scott

@Duncan Taylor

Holly molly maybe I am missing something here but buying a single family rental is just not this complicated. the citations to gaap account the SEC extra extra.. seems over the top... Am I missing something. When I used to buy timber land ( I just sold my last tree farm in Oregon this year) we used to do all sorts of tax plays with depletion growth rates etc etc. Its all greek to me at the end of the day.. But SFR rentals REALLY