All Forum Posts by: Jay Hinrichs

@Gary Parker

And same with the Home Security business. 90% of the door to door sales forces that cruise through America originate in Utah

@Account Closed

The bar has moved in HML since the great GFC.. In our market in PDX were builders basically all went broke in flaming fashion.. Most are back at it but most now have to use HML. As banks are precluded from ever lending to a person or entity that they took loses with. ( or at least most won't) so in our market there are many buidlers that were multi million dollar companies that are now in the HML pool.. We could never have loaned them money pre 09 they would have laughed at 2 point and 12% much less 4 and 14.

@Jason Topolski in most lending scenerios your name would appear on the trust deed or mortgage as the beneficiary. The broker placing the loan makes the points and may charge a % for collecting payments and forwarding to you.

This is called servicing the loan.

A good reputable HML with years of experience ( and there are many in each and every good size city in the US) will be glad to broker funds for you.

ASk a good closing attorney or title company for referrals to those that have a track record.

@Lenny Longo

I use construction monitoring services when I do new construction loans. however I do not usually use them on light to medium rehab deals. My bank here in Oregon that gives me vertical for my new construction uses said services once a month before we submit for our draws.

@Gary Parker

Start with Premier marketing and move out from there.

the reason is the work force that works the boiler rooms are full of young mentors that are fresh off of their missions and are used to rejection and are really great at the up sell. they get blasted on the phone and they move to the next one.. these are your mentors that are with you for the year.. their cubes are full of notes pinned up with their information that they will impart on the Students.

@Engelo Rumora

When I first started contributing to the AU forums.. investors only talked about Gross rental income with no concept of net.. that was hard for a US investor to understand as we all focus on Net.

@Jason Topolski

Jason you may want to start with a very good reputable HML that will bring deals to you and help you with due diligence they make points you make yeild

Look for quality properties and quality fix and flippers as well. stay out of war zones by and large.

that would be my advice

@Engelo Rumora

Your fellow country men are lucky to have someone watch after them. If they were just trying to manage property mangers from AU.. in those price points it would be frustrating for them no doubt.. Especially as the average AU investor has no clue as to what the tenant base is in the US.. The fact that so many US citizens do not have checking accounts just blows them away.. Banking is all automated in AU.. In our low end areas of the US there is no banking its all cash, money orders, pay day loans,, Car title loans, cashier checks etc. ITs a death spiral most of these folks get into then it becomes the habit and culture as well.

@Brian Gibbons

I can see that in certain markets.. were your banking on appreciation.. but in markets that don't move much historically they seem fruitless to me personally.

@Engelo Rumora

this winter has been killer for low earning US citizens in the cold parts of the country.. I took a duplex in trade in Indy.. and based on this winter. I just told my manager lower the rent by 200 a month for 3 months.. and that worked they stayed were very happy and I kept the unit rented.. Will sell them this spring as things thaw out.. sometimes if you work with these folks instead of making demands things can work out as some rent is better than a vacancy in low end areas.. a vacant home can get trashed in a heartbeat.

I am sure we have all seen the Electric ranged turned to high with the door open and a 30 inch fan in front of it trying to heat the house..

@Jon Holdman

are they talking about un recorded land contracts ( which are really just lease options).. Not sure what the environment is now.. however subject too for homeowners in foreclosure is a no no in a lot of states. (or at least my state)

I did quite a few sub too's in the day.. and as long as the mortgage payments was made on time I PERSONALLY did not have any issues. I did have one lender call the loan ( it was a local credit union and the seller told the credit union they had sold).. We paid it off and then resold property.. However I suspect most of the people trying to do sub too's do not have the wherewithal to payoff a mortgage if the alienation clause was invoked.. And it does put the original seller in a bad position.. As it could be a default and a bad one for their credit.. And of course you have the scammers that talk people into this then rent the houses out collect the rent and never make the payments and just walk.. Those are the ones that the AG will go after or the DA. And those were the ones that created the laws in our state to begin with.

Seems to me a lease option would get most people were they need to be.. Keeps the alienation clause from being invoked. And keeps the seller in control of the asset until they are paid off.

Not sure why investor want to buy upside down houses though seems counter intuitive.. But I guess some guru must be touting some reason they are worth going after..