All Forum Posts by: Jay Hinrichs

I am wondering if anybody has knowledge/ideas on private lending on a primary residence. To date, I've only dealt with lending on investment property, thus falling into the business loan category. I've never done lending on a primary residence, and I understand the usury laws and such are much different. If anybody has experience in private lending on a primary residence, I would like to pick your brain.

I know relatively little of the specifics of how the SAFE Act and the CFPB apply to residential home loans, mainly because I invest and lend commercial property almost exclusively. @Chris Seveney and @Jay Hinrichs can specific information, thoughts, and qualified opinions.

the major issue with doing loans on Owner occ.. is you must be licensed MLO and NMLS registered and then you have to follow the qualification process.. IE fully underwrite to prove the borrower can make payments etc.. CA companies do these loans frequently not all HML in CA but a hand ful do them. And go through the extra steps for the larger loans they will do there in CA.. That makes it worth it to them. IE 1 to 5 mil dollar loans on primary residences Not many are going to do this in other parts of the country for 50 to 250k loans.

2 Votes

Quote from @Robert Shreffler:

Quote from @Jay Hinrichs:

thank you Pod cast are now called blogs ?

I don't get it either. If I go to podcast place, why does it show a 26 minute read if a podcast is not read. Did you get it figured out?

I did for a minute but then promptly forgot how to find it again.. I find it EXTREMELY strange there is simply not a tab that says pod casts and one has to hunt to find it.. Not very well thought out from my POV

0 Votes

Quote from @Engelo Rumora:

Quote from @Jay Hinrichs:

For sure I did not think you were hanging around Toledo much I will be out there before the end of the year.. Never been and did so MUCH bizz there.. which as you know is very unusual for me in my SOP's . But hey with guys like you that never fail and my current clients that are rock stars not so critical.

Let me know for sure mate.

I'm between Dallas and Toledo but place of residence must be Dallas hehe

Just like your place of residence is Summerlin hahaha 🤓

Hope to see you soon mate and we should be moved into our new office within a few months so would be great for you to check out the crib.

Let me know if you need a drive while you are in town, happy to be your driver and security guard hahaha

IDK you still got the Ferrari ????

1 Vote

IMHO not even close to 09 2010 prices in SWFA were down 50 to 80% in many areas. as well as other parts of the country and financing was completely frozen for all but the 1% ers for any kind of inestment props.. FEDS shut down the banks ability to loan as they had to much exposure to toxic RE loans. Its a dip no question but like the GFC nope not in my mind

3 Votes

Tampa, Florida

I got to think there is going to be a run on MF maybe bail out failed syndications.???

0 Votes

Either get in the game and like it or..

Just buy quality assets and KNOW going in your in for a 20 year Plus investment money is made in tenant paying down the asset for you and appeciation.. Cash flow goes back into reserves no one lives on 300 a month from a hand ful of houses.

3 Votes

Quote from @Michele Rivera:

Hi Hannah. I had a call with them as well. I'm a bit nervous about their due diligence process. What are your thoughts about what they said to you?

can U be more specific as to what makes you nervous is the reason your even talking to them because of 100% financing and low fico ?? Be helpful for others for you to give feed back on your call since there are about 7 or 8 people on this thread asking the exact same questgions.

1 Vote

Quote from @James Brown:

Currently dealing with this company now. My gut was telling me something was off. Couldn't find much about the company outside the website was my first red flag. Secondly, the guy that is leading the deal (Bob S.) can't answer my very simple questions on how the math works out and their fees and always has to include and rely on another guy (Angelo) for all the answers. They told me that could fund my down payment and that I probably shouldn't tell my HML because they don't like loans for DP, which I am aware of but that type of shady practice also pushed me away. After reading this thread I'm glad I didn't commit to anything.

Also for anyone interested in what they were offering...5-6 points on a 3 month loan. 1% interest/month and a 2500 exit fee.

so they are offering downpayment money for those that lack liquidity and a downpayment ??
for those type of loans fee's are OK or even low.. but reality is its super high risk and very few real investors or lenders are going to do this with people they pull in from the internet unless you want to lose money as a lender left and right.

0 Votes

Madison, Wisconsin

2 Votes

Quote from @Engelo Rumora:

Quote from @Jay Hinrichs:

Quote from @Joe Villeneuve:

Quote from @Jay Hinrichs:

Quote from @Joe Villeneuve:

Quote from @Jay Hinrichs:

Quote from @Joe Villeneuve:

Where did you get this "84%" number from?

I personally do not believe this .. Or maybe folks think it but sales are not down 84% :)

I'm right there with you, that's why I asked where he got that number from. Here in Plymouth (MI), if a house goes up for sale, it's gone like lightning. We're still doing demo old small houses and building bigger newer period ones. These are gone before they are finished.

Love infill like that we have one going in Charleston SC right now.. I did about 30 of them there but could not find any lots last 18 months until one popped up last fall.. Cant tear down houses in Charleston very easy.. I will have to check Plymouth out I am looking for a new infill market.

Let me know if you have any questions on it.

I do pop me a pm or e mail.. I need to make a trip to Toledo to check on all my deals I am funding there so I could kill two birds as it were and I would fly into Detroit anywayn

Dinner?

YUP if your coming to vegas for BP con ???

1 Vote

All Forum Posts by: Jay Hinrichs

Jay Hinrichs has started 328 posts and replied 41859 times.

Post: Hard Money Lending on Primary Residence

Post: were is the tab to find pod cast I dont see it on the front page

Post: 84% of Americans Think It's A Bad Time To Buy A House

Post: Why This Market Feels Like 2010 All Over Again

Post: How Is the “Big Beautiful Bill” Impacting Your Investment Strategy (If at All)?

Post: Losing motivation. Am I close or do I need to move onto something else?

Post: Has anyone dealt with Suncrest Capital Group?

Post: PML Bridge fund of Cincinnati

Post: 84% of Americans Think It's A Bad Time To Buy A House

Post: 84% of Americans Think It's A Bad Time To Buy A House

Jay Hinrichs has started 328 posts and replied 41859 times.

Rounded Star Post: Hard Money Lending on Primary Residence

Rounded Star Post: were is the tab to find pod cast I dont see it on the front page

Rounded Star Post: 84% of Americans Think It's A Bad Time To Buy A House

Rounded Star Post: Why This Market Feels Like 2010 All Over Again

Rounded Star Post: How Is the “Big Beautiful Bill” Impacting Your Investment Strategy (If at All)?

Rounded Star Post: Losing motivation. Am I close or do I need to move onto something else?

Rounded Star Post: Has anyone dealt with Suncrest Capital Group?

Rounded Star Post: PML Bridge fund of Cincinnati

Rounded Star Post: 84% of Americans Think It's A Bad Time To Buy A House

Rounded Star Post: 84% of Americans Think It's A Bad Time To Buy A House

Post: Hard Money Lending on Primary Residence

Post: were is the tab to find pod cast I dont see it on the front page

Post: 84% of Americans Think It's A Bad Time To Buy A House

Post: Why This Market Feels Like 2010 All Over Again

Post: How Is the “Big Beautiful Bill” Impacting Your Investment Strategy (If at All)?

Post: Losing motivation. Am I close or do I need to move onto something else?

Post: Has anyone dealt with Suncrest Capital Group?

Post: PML Bridge fund of Cincinnati

Post: 84% of Americans Think It's A Bad Time To Buy A House

Post: 84% of Americans Think It's A Bad Time To Buy A House