All Forum Posts by: Jay Hinrichs

@Matt R. Matt some of my turn key guys go with large ceramic tile that they buy on the cheap... especially in markets like Vegas PHX.. orlando.

I got so sick of replacing carpet I did the same with a lot of my rentals were I could. Its amazing how we can own our own home get 5 to 15 years out of the carpet but our renters cant get hardly 6 months out of it and its all stained to hell its like its intentional

smooth flight tonight can't think of a better thing to be doing on a 6 hour flight but trolling BP... can't beleive I only found this site about a week ago :)

@Marylynn B. Reputable property managers are always the first place I go when looking at a new market.. they know what rents what does not and what people will pay... promotors are trying to sell product so they puff.

PM's have to deal with it long term and if they are reputable you will get good feedback just like a very good and reputable appraiser will give you good value data.. Hope that helps

@Marcin G. @Annette Hibbler Pre 08 paying the GC and trusting him to pay subs was common practice... as builders and GC's went down like fly's in the great depression.. many builders and GC did not pay the subs.. and this created all sorts of problems.. For example in my home state of Oregon.. properly filed sub liens are SENIOR to your bank construction loan. Title companys ended up paying millions upon millions to subs that the GC did not pay.

So what I do now is we always control the money. Unless the GC Contractor is one of my inner circle.. Even then there is only one I pay the gross amount to.

the rest I pay the sub and get the lien release from the sub for my files.. When we are done with the home we take a copy of the Lien releases to title co. and we have no problem getting early issue title or straight title policy.

I had to build about 7 houses twice when one GC robbed peter to pay Paul and the construction loans were in my name it was a nightmare on all fronts.

My moto now is CONTROL the MONEY since the bucks stops with the owner

And how i work with my GC's and I have 5 of them on different projects Is they charge a flat rate and we pay true cost to the subs.. No paying the GC who is marking up the sub.. And or you lose control of the money and project.. Thats how I do it...

On rehabs 2500 to 7500 is common fee depending on the scope of work.

new builds 7500 to 15,000 is what I pay the GC and as stated I pay the subs direct no mark up what so ever and I get all the material discounts as well the accounts are all in my name. the bill comes direct to me.. I have total control of the project. Since again the buck stops with us since we are the MONEY

@Jerry K. What % of tax certs that you buy a year do not ever redeem.. do you ever end up quieting the title to take possession? My experience with IRS liens in the foreclosure world is 120 day right of redemption. And I never let them scare me off I really preferred them B/C most investors would not bid them.. I would buy them do my rehab on them. and then have them sold about 120 to 180 days when the redemption was over. I only had one redeem in all my years and buying literally hundreds of court house steps properties... And the only way the IRS stepping in was a case of a fluke were we bid 30k at the sale the house was worth 250k.. the sale took place at an attornies office instead of the courthouse steps and we were the only bidder... Total Fluke.. the Trustor notified the IRS and they stepped in right away we paid another 100k to the IRS and still got the property. The reality is unless there is huge equity the IRS is not going to do anything ... Thats my experince.. And at the worse we just risked 10 to 15k on reno.. Just the cost of doing business. But the deals we got because we were only bidder easily made up for the risk of losing 15k on a deal.

@Ned Carey I used to have those same arguments when I was buying my Atlanta houses.. People would say Texas.. Because Texas did not crash. I would reply well Atlanta did,, I think I want to buy a 180k atlanta house for 40k instead of a Texas house for 100k thats been 100k for years and is still 100k I bought 50 of the Atlanta houses for 40k or so in 2011 and sold in 2013 for an average of 78k a door... If I would have bought texas, I would still be were the market was at 2 years ago.. So i agree with you .. Whats better a market that crashed or one that gets all the hype because it did not crash. I suppose thats what speculation is all about right.

Any one bought houses a few days before the tax sale ( not certificates) for next to nothing recorded the deed.. then when an investor buys it applied for the overages????

@James Wise thats a good tip... I suspect you would need stellar credit to get an unsecured loan at those low rates. WAshington Mutual ( now chase ) was agressive with those I think I had a sig loan for 50k and its about 5% right now.

I really don't use it but I don't want to give up a 50k unsecured line that is this cheap incase I need it for something. As I know I could probably never replace it with a large institution again.. I as frankly shocked when Chase bought Wamu that they did not call this loan

Are you in need of ultra short term bridge or transactional funding.

Do you have an on going business with monthly deal flow.

If so I would be interested to hear what your needs are and see if there is a

fit for our portfolio

depending on what you need you can e mail me I like to do these for select deals

@Tamara Weaver here is what I do with unknown persons that claim things that cannot be easily verified this will quickly and instantly weed out the wanna be's and the one's that are scammers.

Tell him that you are interested however since this is such a large financial transaction you need the following.

1. full name and SS number to run a background check on him both civil and criminal you can get one of these for 40 buckaroos..

2. Run full credit just like you were on a tenant.

If they agree to this then thats half the battle if they start giving you excuses Like I don't need to do this, why do you want it etc etc. and or just won't do it.. then I personally would pass. If they come back clean then you can proceed to ask for specific references of those he has helped along with track record.. thats about all you can do.. Or you can just trust him.. Lots of money lost at church in this manner I think we all know that.

JLH