All Forum Posts by: Jay Hinrichs

Paul   not sure if that would fly in Oregon ours had a dump station that was tied into the master septic system... but that may work fine were your at.. Just good to get the question answered. running RV park is a different animal as you know especially if your not there lots of cash for the night .. you will need security cameras to view the pads and make sure your getting paid

Paul  if they don't discharge into your system then its moot... if they discharge into your system DEQ might have a requirement that you should be aware of.

Lots of arm chair quarterbacks here I know  :)

@Paul Choate 

Paul again check with the DEQ  RV's have a different requirement for sewage. If they are not hooking into your sewer system then that is moot.

RV's have many other types of chemicals in the affluent that is not present in regular SF discharge.. I learned that one redoing the park I foreclosed on.. But that's my state could be different where your at.

@Mike McKinzie 

  It would be nice if everyone had the same pull with PM were they did not have to pay placement fee';s or mark up on certain repairs  and could get the rate to 8%.

My business partner from Honolulu who owns a 80 unti and 40 unit complex in PDX he only pays 4% management but is required to have on site manager.. so no placement fee's.

A lot of what is marketed for out of state folks is TK and as such depending on the area the management issues are real and intense.. No PM in Memphis for example managing a 50 to 100k home is going to give those kinds of terms to a client that you enjoy.. Now I think I remember you saying you had a 100 plus doors. well your purchasing power is far greater than the average reader on this site... Your portfolio to the Right PM could be an account that puts them over the top vis a vi profitability..

@Mike McKinzie 

  Good points.. but its not one shoe fits all just like managing your own or hiring PM.

I bought a MH park in Vancouver a few years ago... 44 spaces 7 figure purchase. the property had been self managed for the entire 25 years these folks owned it.. And this lady was incredibly talented at PM and screening tenants.. When we took over it was amazing how good of tenant roll she had.. I handed it over to Professional PM and they did not do near as well as this owner did.. Now we did take rents and almost double them the 4 years I owned it and I sold out to a professional MH operator who self manages all 50 parks they own.. And we made a very nice hit...

When it comes to this forum and so many people buying so far from where they live It is a must to have PM... But those that also live in the community and choose this as a JOB.. See post I quit my job to do RE full time.. This is part and parcel part of their job.  And they learn to do it well over time.

And it depends on the asset class you stated you bought a 7 year old home.. well that's a heck of a lot easier for a manager to manage than a 70 year old home somewhere in the upper mid west or mid west.. Different tenant different asset.. I think based on what you have written your one who goes for Quality in both asset and tenant and those are much easier to manage over the years. But I also think you said you have been through 4 managers in 5 years.. So there had to be a lot of work on your side managing the managers not just a passive endeavor.

In addition where many of these folks live there are NO GREAT PROFESSIONAL management companies.. there are bunchs of unlicensed little managers trying to get in the business. I have seen it many times in my travels and having lent money in 20 some markets in the mid west.

@Matt C. 

  doubt Nat is going to put on her hard hat and jump on the back hoe and dig a trench etc etc... this is not a do it yourself job. for all the reasons Jon mentioned.. 12 foot trench requires shoring... Many bad accidents happen to those that jump down into trench's only to have them cave in on them.  250 a day for Backhoe is not reality.  or even a smaller excavator...

@Nat C. 

  Depending on your tenant base you may or may not get them to put TP in a container and not flush it... Like you said very common practice around the world but not here in the states. 

@Paul Spangler 

  tax liens are a good ave for those with limited cash... Although remember there is the flip side not all tax liens redeem and the property may not be worth anything.

so its not a guaranteed thing.. but with work and knowledge up front you can mitigate that.

also depending on where your at  locals can and will bid the return down into single digit.

an effective way to land deals... you need to knock many doors..

It depends on where someone is during the distress cycle. if they are just entering it they still think they can rescue and many times they can .

Pre 08 an the changing of the laws. we door knocked about 5 days before the actual sale. and most deals were consummated within 24 to 48 hours of trustee sale.. by that time owner realize's they need to take action or they are going to lose house and their equity.

It was a scramble. we had courier services that would run cashiers checks up to the main trustee in our market that was Located in Seattle and was on first name basis with the two ladies that ran most of our Oregon foreclosures..

Give it a shot people can only say no

Wayne I will forward next one I get.. 

@Wayne Brooks 

its a docu sign that says your HUD 1 is ready to be viewed... I only have one closing attorney that uses docusign.. the rest of the title companies and Lawyers I use to close have not embraced it yet. If I knew how to take a screen shot and post it I would..

something is going on here. Many would get this and not know what the heck it was in the first place if one was not in the bizz