All Forum Posts by: Jay Hinrichs

Are you in need of ultra short term bridge or transactional funding.

Do you have an on going business with monthly deal flow.

If so I would be interested to hear what your needs are and see if there is a

fit for our portfolio

depending on what you need you can e mail me I like to do these for select deals

@Tamara Weaver here is what I do with unknown persons that claim things that cannot be easily verified this will quickly and instantly weed out the wanna be's and the one's that are scammers.

Tell him that you are interested however since this is such a large financial transaction you need the following.

1. full name and SS number to run a background check on him both civil and criminal you can get one of these for 40 buckaroos..

2. Run full credit just like you were on a tenant.

If they agree to this then thats half the battle if they start giving you excuses Like I don't need to do this, why do you want it etc etc. and or just won't do it.. then I personally would pass. If they come back clean then you can proceed to ask for specific references of those he has helped along with track record.. thats about all you can do.. Or you can just trust him.. Lots of money lost at church in this manner I think we all know that.

JLH

@Account Closed

On the sub too can you do those if there is a NOD filed? I use to buy all my rentals in Oregon and Washington sub too...Off the NOD lists.. However the laws changed dramatically back in 07 or 08.. two laws were past to present equity skimming etc etc.. Just wondered If CA and Co followed suit.

@Tony H. fundementials and learn from a title co.. good advice... as a young newly minted RE agent in CA.. My fathers attorney gave me a very sage bit of advice.. He said learn the court house,, IE learn how to run title , dig up maps in the surveyors offices Learn how foreclosure and tax sales really work.

And to that end In the good ole days in CA when title plants were still done by hand ( now all on computer) I befriended a title examiner and would bring in address of properties I was interested and he would let me watch him as he went through the book and pages and did a title exam.. I also worked with my fathers surveryor part time holding the chain and he tought me how to find plat maps and recorded subdivisions that had been forgotten.. those are two valuable lessons that I learned early on and used profitably to this day. Its nice to be able to go to any court house in the US and do your own research instead of waiting on the attorney or abstractor or title co. to give you info to chase down that deal.

My favorite was finding old subdivisions in CA that were platted in the 20's and the assessor for tax bill convenience converted the lots to one AP # 40 years ago. Instead of sending the same owner 50 bills they sent them one bill. You dig out the old plat... see that in fact that 5 acre tract has a shadow plat under it. take it over to the title co. and the planning depart. get lot confirmations and for not much money you have 50 legal lots of record and off you go.. WE did this many times in Santa Cruz,Sonoma and Lake co CA... a lot of the lots are worthless even today but there was enough to make it profitable at the time... I think last time I checked the county records in Lake co. we still had 100 plus properties in our name :) so I agree learn from a title co if they will give you the time go into the recorders office pull out the books dust them off and figure out how you run a chain of title all good things to know and give you a leg up,

@? based on these Homes the US has to be the cheapest place in the industrial world to live.. given police protection shopping health government stability and of course the government may pay all your bills as well

I am looking for a few good fix and flip dudes, that would like a consistent source of acquisition capital.. I only deal with those that do volume on a monthly basis,, if your doing your first I am not your guy... Prefer those established in the Turn key bizz

All markets

funding Size 250k to 1 mil per client..

I currently fund 2 companies and will be bringing on a 3rd this month looking for one or two more. This is a JV not a hard money loan.

[email protected] if your interested

WE will do 5 year non recourse ( IRA's our specialty) in the following markets.

Memphis,,,,Atlanta,,,Dallas, Houston, Charlotte, Orlando

NO C class NO HOOD's...

50% Cash down... NO LTV loans. New purchase only.. No credit pull or tax returns. We prefer aligning with reputable Turn Key operators and funding their clients.

We fund many from OZ and Singapore and GB.

E mail for rates and terms.

[email protected]

@Dion DePaoli

OK Dion you stepped into that one :) I got my RE license in CA at the age of 18 in 1975.. got my brokers at 20 in CA both as early as you can get them. Still have active license there even though I have not lived there in 12 years but I refer bizz to agents I know and make some really nice referral fee's for just providing a name of someone interested.. I am a RE Broker in Oregon were I live I have been in active for a year but am activating the license shortly. I am a RE broker in MS ( in active but starting again) I became a broker In MS to deal with my OREO that I owned I wanted the ability to list my own deals and have access to the MLS without have to use an Agent .Being a RE broker and having access to MLS is in my mind critical to profitability in the markets you work. I am also a licensed NMLS Mortgage Banker in Oregon and soon to be in 39 states when I do the UTS test later this month..My LO is inactive in Oregon B/C I only do construction loans in Oregon and its not required to have a license to do those. The Private Money lending that we do in the Turn Key states are commercial Loans so no license required.. The Safe act has been talked about ad Naseum .

The act of taking a licensee course does not prepare you for real world it just gives you the knowledge to pass the test and to be familiar with basic laws of Agency, terminology that one will need in the business , Ethics , etc etc.

You learn the bizz by doing the bizz. All these seminars folks go to are really just trying to take what most of us take years learning and depart that wisdom to you in a matter of days weeks or months. You as someone trying to break into the field just don't know what you don't know..

ONE last point and I think its a big one... RE is so Regionalized. and you have this business of Turn key and flipping that started in earnest about 20 years ago. Where you have all these companies selling properties without the benefit of RE agents and or MLS .. And these are pretty much investment rentals East of the Mississippi river.. Here on the West coast the wholesaler is just a different animal.. When I buy a foreclosure here in Oregon or CA for example I put it on MLS and sell it 95% of the time to a home owner.. What I see East of the Big Miss is that most of these homes go to Cash flow investors and would be technically OFF market.. I know some of you probably sell to homeowners but correct me if I am wrong but I am thinking most of you are flipping to those that want to buy and hold for long term wealth or that is what the average investor has read about and is trying to achieve.. The other major point is.. in the West rentals buy and large are apartments NOT SFR's.. Like it is in the Mid west and up until the 08 crash only 6% of all SFR's on the West coast were rentals. compared to say Memphis or other MId west towns were that number could be 40 to 55%.. Getting a RE license is just the first step you will learn by working in the community put in some time and learn it right.. Or you can go the seminar guru route and maybe hit on a small point that resonates.

Nothing like real everyday experience to help you along...

Its amazing how people think they can go from Not knowing anything about a bizz ( like RE) and then become an expert in a year...

If you use analogy of say becoming a pilot.. You can't just go to a seminar and learn how to fly a jet. You have to go through the progression,s you learn in a little single engine.. then get a Instrument rating then a multi rating then a type rating in a JEt etc etc.. In the old days you could be a first officer with 300 hours total time .. WEll that did not work out so well after some high profile accidents now its 1500 hours will substantial turbine time... I have been a pilot for 30 years ... What I fly now and where I fly I would never have done when I was starting out :)

@Daniel Hart

Do an equity participation loan.. where interest is enough to cover his imputed then give him participation in the upside that can then be characterized as Cap Gain.. I use equity participation Notes very frequently and built a 350 home portfolio doing this.. It was one of my better loan products for small builders and developers.. Made some pretty substantial hits prior to 08 ... would lend small builder say 500k modest interest rate. they would prosecute the plat.. Sell to bigger builder for say 1mil.. and I would get my modest interest rate plus what ever I negotiated on the profit side.. usually 25 to 40% of the ups.. All written into the promissory note.. Not sure how my CFO booked the long term gain the interest of course was taxable short term.

I can send you a copy of one of my custom notes that have my equity participation verbiage in them is you like just e mail me off line.

PS is there anyplace on this site to share those types of docs with the whole community I would be happy to do so.