All Forum Posts by: Jay Hinrichs

@Account Closed 

  They did not mention a name on the radio advert. when I hear it again this week I will write down number and call.. if I can find something out I will report back

It just caught me off guard.. obviously we all hear the RE gurus that come through town.

but this was specific to tax liens  and of course we have no tax liens on the west coast

@Wayne Brooks 

  that was totally a compliment.... was not thinking of buying worthless liens and then on selling them to even more naïve investors.  all with no money out of pocket in 10 to 15 hours a week so that I can live the life I deserve..

that was what I was thinking ;)

@Wayne Brooks 

  thanks Wayne  figure one of you East Coast guys would know the score.  the radio ad makes it sound like you can position yourself in a lein then flip it with no money out of pocket.. I suppose if you go into contract to buy a lien you can then sell it just like all those wholesalers that flip houses without ever really owning them.

@Account Closed 

Joe makes a good point. I would only deal with a local HML that you can walk into their office meet them and talk through what you want to do.

This was a new one to me.... I understand there would be class's on how to buy tax liens etc etc.. But I had never heard how to FLIP tax liens... I suppose once you buy one you could resell it... Out here on the west coast we are tax sale so not that versed at the tax certs.... And maybe they are talking about buying at tax sales and flipping..

Maybe if I am totally bored I will run by and listen to a few mintues of their pitch.. they don't have a known front man.. Like than Merrill.. Although the couple in Vegas that has a flipping show is now going out on the guru ciruit they are coming to pdx.. Makes the 5th guru in 3 months.

@Steve Babiak 

  Touché    I know when I have had big insurance claims like a burned up house first words out of the audjusters mouth are do you have a current tenant ?  when you answer no then they just nicely ask ( Oh then how long has it been vacant) and if you answer oh maybe 3 to 6 months really don't know as I live in Oregon) then they inform you of the 60 day rule ... its in the small print...

I was talking with a doctor out of Cleveland that thought it was a good idea to buy Detroit rentals.. Well you know how arson is just another sport in that city.. sure enough  one of his houses got torched it was vacant for 6 months insurance rejected his claim. he lost 60k right there.

on the radio yesterday there is a new guru program.. IE free seminar with all the same buzz words...

this one is FLIPPING TAX liens for big profits.  Make 10 to 15k a month flipping tax liens.. Make 18 to 35% guaranteed from the government ... ALL WITH NON OF YOUR OWN MONEY..

Sound familiar... have not heard this one about flipping tax liens.. anyone got any insight on this

can't comment on whether the 1k is worth the icing on the cake.. however transactional funding and proof of funds letters are readily attainable especially in your area .. If its Oakland  or Alameda county were you want to focus your investing.

Just google hard money lenders ... they will provide proof of funds.

And there really is not much TRUE transactional funding going on these days.

Most HML if not all are going to want you to have some cash as well... Its pretty difficult these days to use none of your own money or if you don't have any money make deals happen... At least with experienced lenders.

@Nat C. 

  Make sure you check with your insurance carrier if the house has been vacant for 4 months there is a good possibility that your not insured at this time.. As most policy go out of force if the property is vacant for more than two months... Many investors learn this the very hard way... Especially in this out of state low end type of rentals were your situation is just not that uncommon unfortunately..

And your not the first investors that has been ripped off by their contractor.. Again a very common occurrence.

I was talking with Bruce Norris last year at an event and he buys foreclosures in Inland empire and very common for a squatter to be in the house once they buy it at auction. And CA laws are very tenant biased.. they will automatically figure 2 to 3k to get the squatter out.. these are not hold over owners.. these are squatters same as what your dealing with.

@Dan Dwyer 

PS there minimum loan is 500k... but they will look at inner city semi ghetto dog properties they just really want to make sure the operator knows what they are doing. And the loans are usually loans to COST not ARV as we know ARV is a figment of many peoples imagination in the Mid west and south east cash flow markets ;)