All Forum Posts by: Jay Hinrichs

@Account Closed 

  I will be here... Good time to load up on debt that's for sure when rates are like that.

@Account Closed 

  Joe  I doubt this tenant is a low life.. Many good tenants with valid leases get screwed by the landlord that is ripping the rents.. YOU KNOW THIS I KNOW YOU DO>  Now if someone puts nI a false lease or fraudulent lease after the fact I would concur with your thought process. but on the face we have to think this person rented the house on a lease has paid the lease payments and is the injured party here.

There does not need to be case law by the Way ITS a FEDERAL LAW with the new foreclosure rules you should look those up;

@Melodee Lucido 

  I am pretty straight forward in my opinions.. low end hood crap needs to go to locals.

Out of area be it Socal or Au or where ever needs to be top of the market..

Now I know the AU investors got return glaze in their eyes because they just did not know what they did not know.. and when companies routinely mis lead about fixed expense's and puff return these folks went for highest return Not having a CLUE to the Socio demographics of the mid west and south... The Aussie just thought everyone pays rent on time ..

I remember talking to one that was so frustrated because the rent was not like there rental in Sydney posted on the 2nd of every month ( actually every two weeks)  When I informed them that many if not all renters in lower end homes do not have checking accounts and never will be able to bank like they do .. they just could not understand that. top that off with 80 % of the tenants are single females with kids your just not going to get consistent cash flow ever...Sad state of affairs but reality or if you think I am wrong let me know.

And like what I said about these crooks doing this business Sociopaths all sleep very well that's a medical fact.

@Rick H. 

I don't do case law I do what is reality.. a cloud on title will keep a property from selling unless a buyer is willing to take title with the exception ( which most aren't and no lender will allow) believe me I have been there done that with title companies and clouds on title be it this type of issue or mechanics liens they will not bond or write around them without a huge deal and a individual investor is not going to get that to happen. And we are just not a litigious state if this owner clouded the title they could just stay there while they get nasty letters etc etc and by the time the year is up they just up and move who is going to sue for damages crap the banks have enough on their plate , a purchaser at foreclosure has no standing they have no right to court costs or anything else its buyer beware as WE ALL KNOWS when we buy trustee's deed properties or Sherrifs deeds.

@Taylor Shields 

  Very good Taylor I live in Lake O as well.  I am trying to think in the 20 years of buying courthouse steps I really can recall only 2 bidders that were owner occ. we just don't have homeowners running around with 300 to 500k in their jeans by the time the investors run up the bid its really not that great of deal especially when you don't get title insurance.

Maybe this person who is concerned can give us an address off line. I can have my folks at the title company give me a date down and we can asses whether this will go to sale or not. 

@Dean Letfus 

  let me add a few to your list Dean

KC,, Rochester,, INdy, St Luis , Atlanta, Philly  ( see west coast marketing companies on BP that hawk that stuff).. The hood is the HOOD end of story.. We did a large amount of bizz with Aussies for years.. the sales from there is but a trickle because they were abused so badly by Aussie and US wholesalers that again in my mind were criminal is not sociopathic in their approach and not caring.. I spent years posting on AUssie forums.. Just like BP I have nothing to sell.. ( as you know I just finance flippers US wide) but I don't have anything to sell to end users. And the horror stories abounded...

NOt sure what to make of it all. But at the end of the day the statement @Melodee Lucido 

makes about her filling a need on low end houses just does not ring genuine to me.. She knows that these investors not only are NOT going to get half of what a better property would bring but in all likelihood will loose thousands if not the entire investment over the course of the investment.. Seen it first hand to many times to count.. No one can BS me on this fact. And I know its a ra ra section for all of you guys on BP trying to sell this stuff.. from the NOn licensed agenst in LA who post on here every chance they get to the turn key companies that are flash in the pans.. there is a reason banks don't loan in these areas.

End of the day its all about money and greed and duping the poor investors who just read the blue sky BS that is bandied about on this site how your going to get rich buying and holding cash flow property and because everything is so expensive in LA you MUST come to Memphis and buy dirt cheap pieces of crap houses.  That will bleed you to death.

There is a reason there is so many low end crap houses avabliable because landlords FAIL everyday of the week. and those that promulgate these areas are FAR WORSE THAN ANY GURU THAT IS vilified on this site.

Ok so maybe I have a strong opinion on this but it is the other side of the coin that no one On BP ever talks about or if they do its all soft balls... I am sick of seeing nice investors getting hosed buying stuff form these folks they should never buy in the first place. Do you guys not realize this ruins families at your expense.

@Melodee Lucido 

  at least you did not say you sell 10 properties a month  LOL.. that's the usual mantra from TK companies. then when they get bit its 10 houses a month.

having been in and around this since the beginning ( 2002) well basically the beginning there are far and few companies that could do 10 a month and very few that did more.. I have funded many that did 5 to 7 and last year my star probably averaged 15 but they were rock stars.

Not sure whats going on in Memphis I have done some bizz there maybe 100 deals over the years all I know Is if you buy low end in Memphis you mine as well throw your money down the toilet. Frayser et al I took properties back there and its a freakin nightmare of epic proportions.. it was mainly the GB marketers that hooked up with terrible US partners that sold that crap.  I don't mean to tear anyone down but lets just call it like it is.. Hood rat houses are not appropriate investments for anyone who does not live an work in the area and stay on them like a hawk.. much of what gets sold in these areas TK if its low end is really really bad investments. and only you the TK operator will make money your profiteering on good honest AUSSIES or GB's or SOCAL folks.. so look within

@Account Closed 

  Joe disagree... title companies in our market will balk.. this will never go to court. And even if it did it would take the year of the lease term to go through the motions. and as long as they have a valid lease it would never be considered fraudulent.

And a valid lease in OREGON will definitely cloud  the title . .Been there done that on both sides of the issue.  You have Marshal law in Texas we are liberal here in Oregon :)

Bonding around this type of action is RARE as hen teeth and just won't happen  the only way that would happen is if the person that wanted to bond around it,  Was a Major and I mean major player in the RE business and strong armed the title company. and Remember we don't use attorneys here in Oregon or the west coast to fight these battles. Its title companies and bean counters.. the bean counters are not going out on the limb to write around this type of transaction.  Where I have run into this is with foreclosures I bought that had leases for nursery stock and they were valid and recorded.. I had to wait one out 3.5 years. If it had been twenty I would still own it.  If this person has  a VALID market lease there should be no problem unless as you state someone buys it and can prove they are going to move in the house.. Which again just does not happen in our market here in the foreclosure world.. I Have seen it happen maybe 3 or 4 times in 20 plus years.

@Steve Babiak 

  post marked 2 Aug 2014.. return address is in the city my property is in but obviously a mail box's etc. type of joint.

I can't give up my secrets here on BP, however my direct marketing is pretty darn effective, however been doing it a long time and its not conventional in any manner and I never thought of selling the system

@Derek Moya 

@Account Closed 

  Joe is correct on the owner occupied.. however as I was one of the larger foreclosure buyers in this county for going on 10 years I probably will know who bought your home if it indeed sells 3P

And most likely its a Judicial foreclosure as Oregon through out TD sales ( all thought those are coming back).. Go Right over to Hillsboro to the county court house walk into the recorders office and record your lease.. this will give constructive notice and it will cloud the title. along with the 6 month right of redemption ( now many of the guys I know will buy redemption rights up front) this may not be the case.. And again unless as Joe states someone buys it to live in  ( Very RARE) if you have a bona fide lease at market rate.. the new purchaser is bound to the lease.. And not to worry only about 5% of homes that go to auction are sold 3rd party. .You will probably be dealing with the asset manager or bank that took it back.. They won't give you a hard. time..

However as I stated recording the lease cost you 20 bucks or so but will all but assure you your tenancy through the term.. Not many title companies or any will write around that exception and give clear title.