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Homebuilder
Dud?


Joined: 18 Feb 2010
Posts: 2

Tin Star Homes
PostPosted: Mon Feb 22, 2010 2:23 pm Reply with quoteBack to top

These last few posts are pretty much right on the money. No pun intended. NewHomeBuilder is hearing the same lines that most of us small to mid-size homebuilders are hearing. No residential interim construction loans, and especially not to new relationships.

Most private interim loans that we deal with average about 12%, when after adjustments most of the banks had averaged around 10%. Our issue on interims is location specific. Our local banks make interims, just slower then before with more restrictions, and our out of core market subdivisions are where it is used so the only available option is private money or don't build.

Tin Star Homes only builds presold homes, and has virtually no spec inventory. It is good to see some homebuilder dialog on what we are all dealing with, and once you get past those who just like to speculate, there can be valuable discussion.
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Houston Builder
Dyn-o-mite!


Joined: 09 Jan 2009
Posts: 351

Re: Tin Star Homes
PostPosted: Tue Feb 23, 2010 4:03 am Reply with quoteBack to top

Homebuilder wrote:
These last few posts are pretty much right on the money. No pun intended. NewHomeBuilder is hearing the same lines that most of us small to mid-size homebuilders are hearing. No residential interim construction loans, and especially not to new relationships.

Most private interim loans that we deal with average about 12%, when after adjustments most of the banks had averaged around 10%. Our issue on interims is location specific. Our local banks make interims, just slower then before with more restrictions, and our out of core market subdivisions are where it is used so the only available option is private money or don't build.

Tin Star Homes only builds presold homes, and has virtually no spec inventory. It is good to see some homebuilder dialog on what we are all dealing with, and once you get past those who just like to speculate, there can be valuable discussion.


I have found some private financing sources - with interest rates so low, I have some "friends and family" investors willing to lend up to 60% LTV on interim financing for an 8% return. I think you will find these types of loans much more prevalant. The lenders only concern was to avoid outlying areas - they want to make loans in infill areas where there are barriers to entry due to a limited supply of lots.

They have actually purchased two finished lot infill positions near downtown Dallas that we are looking at - one will be for new duplexes that we will rent out, the other is by a new amusement park.
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Nelson
Dyn-o-mite!


Joined: 07 Nov 2008
Posts: 351
Location: Texas

Re: Tin Star Homes
PostPosted: Tue Feb 23, 2010 9:19 pm Reply with quoteBack to top

I think what you are describing will be more typical pricing for the next couple years, whether from banks or individuals.
60% LTV means you probably have some skin in the game and 8% relects a market rate, especially without the points, legal fees, inspection fees and appraisal costs banks charge.
Back to Tim Star. I'm guessing they don't have enough equity to put much skin in the game. Like many builders, they may be looking for the type of bank financing available in the past.
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ColorfulColorado
Dud?


Joined: 16 Jun 2010
Posts: 1

Tin Star Homes and Joe & Leslie Oblas
PostPosted: Wed Jun 16, 2010 2:38 am Reply with quoteBack to top

My life wish would be to save every person that comes in contact with Joe and Leslie Oblas. I am just one of their many victims involving a real estate scam. My husband and I purchased a home from Stonegate Capital in 2004. This was an "investment" company formed by the prior officers of Ashcroft Homes. (Richard Dean, Joe Oblas & Peter Gonzalas) After Ashcroft Homes filed for bankruptcy and closed their doors, the officers of the company formed Stonegate Capital. Stonegate Capital bought back many of the homes Ashcroft Homes walked away from leaving many of the contractors that worked for Ashcroft Homes unpaid. This "investment" company, Stonegate Capital, hired contractors to finish construction on these homes. We purchased one of these homes. When all the homes were closed upon by the purchasers (us), Stonegate Capital filed for bankruptcy and again left the contractors and us in the dust. It took four years of our lives to fight this battle with the local legal system. These people count on the fact that most people can't nor won't pursue a legal battle. It's expensive, emotionally draining, and very time comsuming. We spent $30,000 in attorney fees alone to pursue our case. Buyer beware!!!!
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boonesaint
Dud?


Joined: 06 Jul 2010
Posts: 2

Re: Tin Star Homes
PostPosted: Tue Jul 06, 2010 8:20 pm Reply with quoteBack to top

My understanding is that they are in default with a lot of their loans and agreements. They had the design center space off 75 but moved back to their community in an office, which to me is a really bad sign.

When do you think the bank will realize they aren't an ongoing concern? I'm not sure who they use as an auditor or accountant, but I can't imagine their books are pretty.

I've heard that the owners aren't exactly the most ethical people to deal with, but that was from a person trying to buy a house in one of their communities.

Anybody know how many people even work there?
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KATEC
Dud?


Joined: 25 Oct 2010
Posts: 1

Re: Tin Star Homes
PostPosted: Mon Oct 25, 2010 6:08 pm Reply with quoteBack to top

TIN STAR HOMES IS A TERRIBLE COMPANY TO WORK FOR. they DONT PAY THEIR BILLS AND WOULD NOT RECOMMEND anyone TO WORK FOR THEM. JAKE IS A GOOD GUY BUT DOESNT WRITE CHECKS. I HOPE THEY FOLD.
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johntenley33
Dud?


Joined: 28 Dec 2010
Posts: 2

Joe Oblas
PostPosted: Tue Dec 28, 2010 3:25 pm Reply with quoteBack to top

Joe Oblas and Derek Humphreys have been running companies into the ground since Aspen Distribution in Colorado. A 90+ million dollar food distribution business. Dig a bit deeper in the Denver Business Journal to find forged lein releases, collapsed companies. As far as I know, Tin Star is in default on everything basically and can't build anything even if you buy a house.
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Don't BUY!
Dud?


Joined: 21 Jan 2011
Posts: 1
Location: USA

Do not buy from TinStar
PostPosted: Fri Jan 21, 2011 7:05 pm Reply with quoteBack to top

We bought a home from them and they are horrible. We had some problems that they promised to fix and it's been 2 years and they never fixed them. They have burned all their bridges with the subcontractors and can't close with pretty much all the title companies here in Grayson County. I have a friend that is a realtor that worked for them and she said they are going under. They are liars. They can't keep employees. Their reputation in Sherman is terrible and the owners are frauds.
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homebuyer64
Dud?


Joined: 25 Feb 2011
Posts: 1

Tin Star built my home
PostPosted: Fri Feb 25, 2011 8:19 pm Reply with quoteBack to top

I bought a home from Tin Star two years ago and it is and they were fantastic. I got a great home for a great price. Jake, Derek, Joe Oblas were all a treat to work with.

I am new to Sherman, and the people here have been so welcoming!

I just came across this on the internet, and I wanted to tell my story.
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NewHomeDallas
Dyn-o-mite!


Joined: 05 Jan 2009
Posts: 404

Re: Tin Star Homes
PostPosted: Fri Feb 25, 2011 9:49 pm Reply with quoteBack to top

As has been said on this forum many times, you buy the person building your home, not the company. Every builder has good CMs and every builder has bad CMs. Those that have a majority bad, and we all know too many of those, get many posts on this site. Every large builder has built some great houses and they also have built some terrible houses. It's the CM that builds the house that separates the good from the bad.
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