All Forum Posts by: Jay Heinrichs

30 deals 12 mil is a little far fetched, unless you had a boat load of capital to start with.

simple broker has a fiduciary responsiblity to the seller to obtain the highest price possible. Now if the agent is just taking a normal commission and facilitating the deal thats fine. However if a licnesed agent puts a property in contract them makes a big flip fee say 20 to 30% that will be frowned upon if they are called on it with the RE agency.

I did 200 plus hard money loans in detroit before the market cratered. this is a purse trash flow play no equity apprecaition should be expected by the better properties I had 2 I foreclosed on put 10k into each only to have them fully trashed in one year and no rent paid. I let them go for tax's and lost 100k large. I would not invest in detroit in any capacity personally just lost to much money there.

No up front fee those are scams

Depending on the age of the house I agree with the one post about the plumbing.

if its an older house we start at the street with new sewer line then repipe. New elec panel. make sure roof has 10 year life. Limit carpets as applicable. On lower end we use lamanate. If there is hardwood under the carpet we stain that.

Kick proof doors so the boy friend or some snatch and grabber does not kick our door frames out.

We Always do 60 to 90 day courtsy inspections of each of our properties. We change the light bulbs and filters. Tenants never change the filters and we own a lot of homew with central air so this is important. Plus we get the lay of the land and the tenants really apprecaite the special attention.

we have 400 plus single familys in our portfolio so we have a very deliberate pattern that we follow to one protect our homes and to keep tenant turnover to a minimum.

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All of the Guru's pretty much re package the same information there is only so many ways to skin a cat. You can find these courses that people have paid thousands for on e bay for next to nothing then read them and see what fits your comfort level.

Just beware of those charging thousands to go to class and then up sell you on mentoring programs for 10's of thousands. You can get mentored at your local REIA club for free.

my storage units in PDX run full 97% of the time. I am down by the river and rent to floating home owners. In 8 years I have evicted 2 tenants. more likely they just abondon. A that point I hall their crap to the dump. This building has another 7k of office space I am converting that to heated storage and at that point its a real cash cow.

but it is a business its not anything like owning residental rentals.

If your out of the country the chances of anyone sueing you are slim and none. Past getting a judgement on real estate owned. Thats why banks will not lend to forigners no chance to chase them down when they default.

LLC is good if you have multiple properties if your just owning one or 2 good insurance is fine in my mind.

When you say your going to manage does this mean these units are in the town you live in?

I would keep debt to a the minimum that your comfortable with.

then the question is occupancy rates. Proforma rent and actual is a big diff. depending on location