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All Forum Posts by: Jay Hinrichs

Jay Hinrichs has started 331 posts and replied 42171 times.

Post: Classifications for property area types

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

@Anna Shaver  HI Anna great Giants game NO.. I am in the Berkeley this weekend... what you need to realize is that NOTHING that you would think is standard in Livermore ( IE SF BAY AREA) will be standard out in the mid west.. at least as it relates to 90% of what these folks talk about in the way of cash flow rentals.. its apples and oranges.. your in a triple A market not even A.. and when you read on BP about no appliances etc. those are C D some think B  but its not a California B most of the homes and the RENTERS would  be a CA F plane and simple.. no way for you to rationalize what you would have in Livermore and what is standard in the mid west... Only way would be to be buying homes in the mid west that were 125 to 200k each then you will get the same demographic and quality of renter in Livermore for your 400 to 700k rental homes.

PS  I grew up in Cupertino before 680 was built we took Niles canyon to reach Livermore and the 2 lane road went all the way to walnut creek LOL

Post: Best Class for Rentals - A, B, C, or D

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

@Corey Demuth   the A B C D definition is directly related to the Hood and those issues you rasie so if the asset is in a high crime area and is brand new its still not A or B.

or it could be like our properties here in Oregon that are 70 years old just OK but are A's as they are rented by Hipsters paying top end rents and they pay on time everytime and do not trash the units

Post: Rich dad education funding

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

@? the best education you can get is to become a Real estate professional IE get your RE license in your state.. BP is nice but it is just free advice which you need to take with a grain of salt those on the pod cast are just regular folks that all have a seperate agenda to sell something , maybe not all but most, and they are not  Vetted in any way.. So its just free advice.. To take BP podcast and those on them as gospel is as some would opine here is no better than listening to Gurus the only difference is its free.

Getting a RE license will give you the true scoop you will learn the laws of the land you will network with TRUE professionals not those trying to advance their agenda on BP.. Not those who sell guru courses for 50k  which some may benefit from but pretty hard to get 50k worth of advice in a 4 day seminar..

What you want to do is take it all in .. Do not trust anyone.. be them guru or BP podcaster or anyone posting myself included.. go out and get your RE license work the bizz learn the bizz then make up your own mind as to how to make money in this industry.

Post: I'm looking for an RE Attorney in Sacramento, CA

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

@Pam J.   why would you need a RE attorney in CA... the only time we use attornies on the west coast is if we are being sued or suing someone. If its a simple RE transaciton title company handles and a good broker can lead you through it.  now if your doing complicated high dollar commercial transactions thats another story.

Post: Experiences with "Cash Flow Savvy" company

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

My advice is to start at home or close to were you live.. Look at 2 to 4 unit building that you can use your mortgage slots for.. cash flow is better and your there to over see it.. nothing worse than being 3 states away and your having issues. Not that you would have any but the law of averages most investors have some issues over time and if you can drive to your issues one can save a lot of time and effort as well as the grass is not greener most times.

Post: How to lend huge amount to a friend?

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

200k is not a huge amount and if it is for you then certainly do not lend it.

these are average loan amounts for HML... this is a friend and family deal not a business deal

Post: Pass RE License, now how to get MLS?

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

@Loren Buchanan Loren just talk to local companies.. you will need to hang your license with a broker.. no big mystery here no need to ask this question on BP.. just walk into your local Keller williams agent C 21 Remax and ask to talk to someone about getting licensed... to my knowledge all states require new agents to work under a broker for 1 to 2 years. then they can apply and take the test to become a Broker .. or in Oregon we are all brokers but a principal broker can over see brokers.. and new brokers cannot work on their own.. Once you join a brokerage you simply join MLS pay your dues pay or board of RE dues and your good to go

Post: beware: landlord insurance policies do not cover theft/vandalism

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

@Jon Holdman   I hire an attorney for a few hundred bucks to read through my policies.. then I meet with my insurance broker then hammer it out... insurance is all about negotiations if you don;t know what to ask ... 

@Dawn Anastasi Flood is a major issue... for sure. however unless your getting a loan from a major institution your agent is not going to run a flood report for you. YOu need to request it

Post: How can I hold a note for balance of lease option fee?

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

@Bill Gulley   You bet timber buyin and selling is the old west.. if the folks on BP understood it no one would even fool with buying crappy little houses.... they would all be running around the woods looking to buy timber..

in the day we got the mill to loan us 100% of the money we needed to buy them thar logs from the farmer.. We hired on contract the logger.. ( we never owned anything but pick up truck and cell phone) the logger delivered said log to mill... Mill did split payments they paid the logger direct and sent us the rest... We did not even need major accounting ...

all said and done no money out of pocket in and out of a timber stand in 30 days or less start to finish and 6 figure profits.... Nice days work! still my most favorite endevour.

Post: beware: landlord insurance policies do not cover theft/vandalism

Jay Hinrichs
#1 All Forums Contributor
Posted
  • Real Estate Consultant
  • Summerlin, NV
  • Posts 43,957
  • Votes 64,951

there are smaller boutique insurance companies that will write those policies I think the companies  I fund pay around 300 to 400 per year per property.... I am the additional insured of course so I just look for basic coverage of the amount that I have invested into the project.

I have no interest in rentals any more sold all mine ( happiest day of my life)  :)  

You need to find one that will insure for cash value not replacement value as was stated. I only have 11 houses left to sell but they are 175 to 225k market value so I have full flown insurance on those.. the major issue in the mid west is wind and hail from my experience