All Forum Posts by: Jay Hinrichs

@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

@Account Closed

On the sub too can you do those if there is a NOD filed? I use to buy all my rentals in Oregon and Washington sub too...Off the NOD lists.. However the laws changed dramatically back in 07 or 08.. two laws were past to present equity skimming etc etc.. Just wondered If CA and Co followed suit.

@Tony H. fundementials and learn from a title co.. good advice... as a young newly minted RE agent in CA.. My fathers attorney gave me a very sage bit of advice.. He said learn the court house,, IE learn how to run title , dig up maps in the surveyors offices Learn how foreclosure and tax sales really work.

And to that end In the good ole days in CA when title plants were still done by hand ( now all on computer) I befriended a title examiner and would bring in address of properties I was interested and he would let me watch him as he went through the book and pages and did a title exam.. I also worked with my fathers surveryor part time holding the chain and he tought me how to find plat maps and recorded subdivisions that had been forgotten.. those are two valuable lessons that I learned early on and used profitably to this day. Its nice to be able to go to any court house in the US and do your own research instead of waiting on the attorney or abstractor or title co. to give you info to chase down that deal.

My favorite was finding old subdivisions in CA that were platted in the 20's and the assessor for tax bill convenience converted the lots to one AP # 40 years ago. Instead of sending the same owner 50 bills they sent them one bill. You dig out the old plat... see that in fact that 5 acre tract has a shadow plat under it. take it over to the title co. and the planning depart. get lot confirmations and for not much money you have 50 legal lots of record and off you go.. WE did this many times in Santa Cruz,Sonoma and Lake co CA... a lot of the lots are worthless even today but there was enough to make it profitable at the time... I think last time I checked the county records in Lake co. we still had 100 plus properties in our name :) so I agree learn from a title co if they will give you the time go into the recorders office pull out the books dust them off and figure out how you run a chain of title all good things to know and give you a leg up,

@? based on these Homes the US has to be the cheapest place in the industrial world to live.. given police protection shopping health government stability and of course the government may pay all your bills as well