All Forum Posts by: Jay Hinrichs

@Mark C sell your property pocket the cash and then lend it out to trusted closed circle of investors. put a pref return on it apr wise then a little equity participation.. use hour cash to go to the bank and get a LOC that is used to lend and you can make far more than you ever would be a landlord.. CASH is king look at other options

@Michael Do

send me a PM will put you on our bid list for mechanical.

@Natalie Mil

here is what I would do.

I would contact a Real estate broker and explain the situation that you just want to get this property turned around then you want him or her to list it and sell it.. Offer to pay them a MUCH higher than normal commission on the list side ( example if full commission is 6% and they are a 50/50 split area. Offer the listing agent a full 6 % so their list side is double) but for doing that they will ( through their experience find you a quality licensed rehabber that won't rip you off) Many good agents have these people as part of their team. Then I would get it fixed and sell it. being a absentee landlord in AU is not like investing in an Annuity, your always going to have issues from maintenance to tenants to PM.. And if this situation is causing you this kind of stress then absentee land lording is probably not for you.

If you go shopping from AU looking for a contractor you are going to get bids that are probably going to be super high and you have no way of knowing if they are in line or not... You need someone on the ground in the market that knows what things cost that will help you with the bid process and selecting the contractor.

Once its put back together as stated above let the realtor sell it..

That is how I personally would get out of this deal.. Its going to cost you one way or the other. If you sell it now as is your probably going to take a big loss. But its still worth asking this agent your going to hire what it would bring as is right now.. You may be pleasantly surprised and you may just sell it now take your loss and move. But most likely your going to have to finish the project if you want to not take a massive financial loss and I would do what I described above.

Unless someone on this site wants to step up and do something for you pro bono I have done that for AU clients in the past but some where appreciative others were not and so other than a post on this site I would not go there again.

Lastly contrary to popular belief in AU lawyers and lawsuits over these types of things are very rare, as the dollars involved are not worth the price of litigating them. Especially against a non licensed person who probably has no assets and bad credit already etc etc.

@Joel Owens

Agreed RE is such a big field NO one knows it all or even close to it.

And as we gain experience we learn new things. A lot of what we learn is by doing it.. Trial and Error. Making boo boo's learning from those boo boo's.

The reality is what most investors gravitate to when they are starting out is what is most visible in their daily lives and that's basically flipping houses ERGO HGTV and all the off shoot celebrity flipper shows and people, then those guys get a name and morph into the the Seminar bizz. Its just a business of selling information and willing buyer and willing seller comes to play..

And unless one was handed an already operating profitable RE business we ALL started as newbies never have done a deal,, little or no cash, and somehow figured out how to succeed..

Those with backgrounds in finance and Marketing and construction. Have a distinct advantage over those with no fundamental RE knowledge. This is why for me I think a good suggestion to those starting out is get a RE license that will at least teach you the terminology and laws of the land.. And most RE companies give those course's for free or nominal costs ( in the hopes you will work for them when you pass the test.)

For me personally I had good background in Sales and Marketing, but I hired the accounting, and construction I have just learned by trial and error and or hired people that new that field. But when your starting out which is like we are stating 90% of the audience here they have to be all things. So that is where a seminar or paid mentorship could be a benefit to some... Not all but to some. and especially those that can afford it.

AS for little secrets my favorite that I learned was standing in the basement of this lovely bricker in Detroit the rehabber was working and they were painting the copper pipes grey.. I asked why are you doing that.. Response.. When the thieves come in at night looking for copper they see these grey pipes and think its Galvanized and they don't have value and they don't steal them... Nice little touch and a trade secret Eh.

@Alexandra King Rip off report works as well

@James Wise Ok got me!!! But now you will see this as a new offering on the net..... we need to be careful what we let loose on this site fertal minds could run with this idea :)

@Corey Davis @Account Closed and others I would like to meet with Yall as well.

I can't meet this week going to Vegas but the next meet up I would like to attend.

any place to meet works with me.. Or maybe we could look at fellow investors projects meet on site and chat as well.

@James Wise NO way James... that is not a legit use of a proof of funds letter.. I will give them to clients and sometimes as a courtesy..

Talk about another scheme.. have a front company charge people monthly fee and let them create their own POF that is really out there from my perspective.

@Vance Petersen do you need to be NMLS licensed to do loans on 1 to 4 unit loans in NV? or if the loan is to an LLC on a 1 to 4 and for commerical purposes are you exempt from being NMLS licensed? thank you in advance for your reply

@Mark Ferguson

Mark I should have couched my comments with someone as old as Me does not have the energy to be a top producer and top home flipper!..

I would expect with a team of 8 that your production would be substantial. Nice to see things coming back so nicely. Many realtors I know here in the PDX area had the best years ever last year. With lower prices and ridiculous interest rates,, now our issue is no inventory.. Multiple offers and making buyers understand this is not 2009 when you could look at 20 houses low ball a few and the buyer was in the drivers seat..

Keep up the good work... Real estate and REal estate sales is all I know and it has treated me well that's for sure.. However to be as successful as you are it takes a commitment drive and some smarts...

In many markets 20k on a flip is a very good day I know a lot of people talk about 40 to 60 to 100 but those are far and few between in our ultra competitive market..