New Investors: Ask Me Anything

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New Investors: Ask Me Anything

Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes

If you are just getting into real estate investing and have a question that you need an honest answer to, ask me anything here. But don't ask a question if you are hoping to get a certain answer, and don't ask a question that you can find an answer to in the forums 100 times because that won't help you.

My areas of expertise are off-market acquisition, flipping, short-term rentals, fix and live, landlording, on-market real estate and real estate teams, mindset, and how to build relationships in the business, among others. I was a guest on episode 584 of the BiggerPockets podcast so fire away.

[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
Zen and the Art of Real Estate Investing59 Reviews
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Chad McMahan
Residential Real Estate Broker · Sedona, AZ · Member since 2017 · 754 posts · 504 votes
4y
Quote from @Jonathan Greene:

If you are just getting into real estate investing and have a question that you need an honest answer to, ask me anything here. But don't ask a question if you are hoping to get a certain answer, and don't ask a question that you can find an answer to in the forums 100 times because that won't help you.

My areas of expertise are off-market acquisition, flipping, short-term rentals, fix and live, landlording, on-market real estate and real estate teams, mindset, and how to build relationships in the business, among others. I was a guest on episode 584 of the BiggerPockets podcast so fire away.


What is the airspeed of an unladen swallow?


9Reply
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  • Account Closed
    Rental Property Investor · Halifax, NS · Member since 2020 · 40 posts · 46 votes
    4y

    Hi Jonathan, thanks for providing your experience to bigger pockets and congrats on your success! Your episode on more deals, friends, mentors was a fantastic listen.

    What would you suggest to an investor who is currently battling a negative mind set and is stuggling to find deals? 


    Much appreciated!

    8Reply
  • Chad McMahan
    Residential Real Estate Broker · Sedona, AZ · Member since 2017 · 754 posts · 504 votes
    4y
    Quote from @Jonathan Greene:

    If you are just getting into real estate investing and have a question that you need an honest answer to, ask me anything here. But don't ask a question if you are hoping to get a certain answer, and don't ask a question that you can find an answer to in the forums 100 times because that won't help you.

    My areas of expertise are off-market acquisition, flipping, short-term rentals, fix and live, landlording, on-market real estate and real estate teams, mindset, and how to build relationships in the business, among others. I was a guest on episode 584 of the BiggerPockets podcast so fire away.


    What is the airspeed of an unladen swallow?


    9Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Account Closed:

    Hi Jonathan, thanks for providing your experience to bigger pockets and congrats on your success! Your episode on more deals, friends, mentors was a fantastic listen.

    What would you suggest to an investor who is currently battling a negative mind set and is stuggling to find deals? 


    Much appreciated!


    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    3Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    4Reply
  • Carlos Fernandez
    Member since 2020 · 7 posts · 5 votes
    4y

    Hi Jonathan and thank you.

    My questions is when it comes to buying a wholesale property, I have searched and found folks that offer their services.  I follow their leads on Facebook and have also subscribed to their wholesale listings that they email me, sometimes daily.  What I have found is that the vast majority of those listings are in terrible areas.  I also found their sales prices and those I do comp research in, are not that different.  In short, when looking for wholesale deals in decent areas, do you recommend using these services that promote themselves as wholesalers, or are the best wholesalers the ones that you find by word of mouth in speaking to other investors?  Do the big wholesalers deal with certain known investors and then try to dump their non-sellers in bad areas on the rest of us?

    Thanks


    4Reply
  • Devan Henley
    New to Real Estate · MD · Member since 2019 · 2 posts · 2 votes
    4y

    Hello Jonathan,

    a few weeks away from closing and I reached out to an insurer to get homeowners insurance. They explained that since it will not be occupied immediately and since I was going to be doing renovations that the property wouldn't be able to get insurance. I can't close without the insurance so what should I look into?  

    1Reply
  • Joe Jung
    Member since 2021 · 29 posts · 8 votes
    4y

    @Jonathan Greene can you personally connect me with some off market dealers?

    1Reply
  • Meesha Parker
    Member since 2022 · 6 posts · 3 votes
    4y

    Buy now or wait a few more months for more of a market correction?

    3Reply
  • Stephen Moss
    Member since 2017 · 8 posts · 4 votes
    4y

    Hi Jonathan, thanks for the support, what sites would you use to carry out due diligence to know the best state to start investing, appreciate any support!

    1Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Carlos Fernandez:

    Hi Jonathan and thank you.

    My questions is when it comes to buying a wholesale property, I have searched and found folks that offer their services.  I follow their leads on Facebook and have also subscribed to their wholesale listings that they email me, sometimes daily.  What I have found is that the vast majority of those listings are in terrible areas.  I also found their sales prices and those I do comp research in, are not that different.  In short, when looking for wholesale deals in decent areas, do you recommend using these services that promote themselves as wholesalers, or are the best wholesalers the ones that you find by word of mouth in speaking to other investors?  Do the big wholesalers deal with certain known investors and then try to dump their non-sellers in bad areas on the rest of us?

    Thanks



    Why are you trying to work with wholesalers? Are you a cash buyer? If you, as an unknown investor, are seeing a wholesale deal it means it has gone through their VIP list, their preferred list, and now it's to you just because of what you said, the numbers are garbage. Most of us who have been in the game for a while have premier access and can get better prices based on our relationship. If you are not a cash buyer, you should not even be looking at wholesale deals. 90-95% of all wholesale deals have inflated ARVs and reduced repair costs, this is how bad wholesalers make money. I hope that helps.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    8Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Devan Henley:

    Hello Jonathan,

    a few weeks away from closing and I reached out to an insurer to get homeowners insurance. They explained that since it will not be occupied immediately and since I was going to be doing renovations that the property wouldn't be able to get insurance. I can't close without the insurance so what should I look into?  


     That's not correct. You still need homeowner's insurance and you also need vacant property insurance. All of us have both on all of our flip projects. What kind of loan are you using? It sounds like a misunderstanding in there somewhere or else that insurance agent knows nothing.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    2Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Joe Jung:

    @Jonathan Greene can you personally connect me with some off market dealers?


     In what market and are you a cash buyer?

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    0Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Meesha Parker:

    Buy now or wait a few more months for more of a market correction?


     There is no answer to that because it depends on the asset and the deal. Always be looking. There are no good or bad markets for investors, there are just how you find opportunities, assets, and what the cost vs. value ratio is.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    2Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Stephen Moss:

    Hi Jonathan, thanks for the support, what sites would you use to carry out due diligence to know the best state to start investing, appreciate any support!


     There is no answer to that either because there are a million things that go before that. Where do you live and why aren't you investing at or near there? How much do you want to spend and what type of investment are you looking for? Every state has deals somewhere so asking what you are asking will put you in analysis paralysis before you even start. Where do you want to own real estate? What financing are you going to use? What is your goal?

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    0Reply
  • Joe Jung
    Member since 2021 · 29 posts · 8 votes
    4y

    @Jonathan Greene any markets and only for some. My heloc is 200k which would be my limit, but I have hard money lenders I can go to or if it's possible, get a conventional mortgage and refim

    1Reply
  • Carlos Fernandez
    Member since 2020 · 7 posts · 5 votes
    4y

    Why are you trying to work with wholesalers? Are you a cash buyer? If you, as an unknown investor, are seeing a wholesale deal it means it has gone through their VIP list, their preferred list, and now it's to you just because of what you said, the numbers are garbage. Most of us who have been in the game for a while have premier access and can get better prices based on our relationship. If you are not a cash buyer, you should not even be looking at wholesale deals. 90-95% of all wholesale deals have inflated ARVs and reduced repair costs, this is how bad wholesalers make money. I hope that helps.

    Thanks Jonathan. I am actually a potential cash buyer using a self directed IRA Account and a HELOC I have in case I need it. All I am looking now it to meet wholesale sellers in my area (South Florida/Florida). I know I must pound the pavement to find the quality wholesalers that will get me started. I just don't who what pavement to pound.

    1Reply
  • Mohammed Milord
    Member since 2022 · 36 posts · 7 votes
    4y

    Hi Jonathan, 

    My question is how can you refinance after purchasing and repairing an investment property if you have a high debt-to-income ratio?

    1Reply
  • Danielle Tran
    Member since 2022 · 17 posts · 5 votes
    4y

    Hello Jonathan,

    Thank you for starting this post and offering your time. I am brand new to the real estate investing. I found this property in a great neighborhood near my house with a great opportunity to fix/flip. I feel this would be a great learning opportunity to learn how to rehab properties only if I am able to partner with someone who has experience. My ultimate goal is to learn how to BRRRR and keep properties for long term investing. What advice do you have for a beginner as myself to connect with other more seasoned investors to potentially partner on this deal?

    1Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    4y

    @Jonathan Greene

    What's your general opinion of cold-calling against a very narrow, targeted list?

    1Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Joe Jung:

    @Jonathan Greene any markets and only for some. My heloc is 200k which would be my limit, but I have hard money lenders I can go to or if it's possible, get a conventional mortgage and refim


    Anywhere isn't a good option. Where do you live, where do you want to invest, where do you want to own something using that money from your HELOC or the HM. What is an ideal price point for you on this investment and what type of investment are you looking for? BRRRR, flip, STR?

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    0Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Carlos Fernandez:

    Why are you trying to work with wholesalers? Are you a cash buyer? If you, as an unknown investor, are seeing a wholesale deal it means it has gone through their VIP list, their preferred list, and now it's to you just because of what you said, the numbers are garbage. Most of us who have been in the game for a while have premier access and can get better prices based on our relationship. If you are not a cash buyer, you should not even be looking at wholesale deals. 90-95% of all wholesale deals have inflated ARVs and reduced repair costs, this is how bad wholesalers make money. I hope that helps.

    Thanks Jonathan. I am actually a potential cash buyer using a self directed IRA Account and a HELOC I have in case I need it. All I am looking now it to meet wholesale sellers in my area (South Florida/Florida). I know I must pound the pavement to find the quality wholesalers that will get me started. I just don't who what pavement to pound.


     South Florida is very sketchy for wholesalers. I lived in Ft. Lauderdale for 7 and Sarasota for 7. I do have a friend who runs off-market in the Tampa area if you are interested up there.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    0Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Mohammed Milord:

    Hi Jonathan, 

    My question is how can you refinance after purchasing and repairing an investment property if you have a high debt-to-income ratio?


    This can only be answered correctly by a lender if you are looking for anything traditional. If your DTI is high, you probably knew going in that you couldn't do an easy refi so what was the plan on the way in if you are trying to complete a BRRRR?

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    0Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Danielle Tran:

    Hello Jonathan,

    Thank you for starting this post and offering your time. I am brand new to the real estate investing. I found this property in a great neighborhood near my house with a great opportunity to fix/flip. I feel this would be a great learning opportunity to learn how to rehab properties only if I am able to partner with someone who has experience. My ultimate goal is to learn how to BRRRR and keep properties for long term investing. What advice do you have for a beginner as myself to connect with other more seasoned investors to potentially partner on this deal?


     Best advice is not to do that. If you are the money part of that equation and want to learn, it's usually a slippery slope with all of your money. What makes you think it's a great opportunity to fix and flip? Has it been on the market long? Often, new investors miss signs of it not being as good as it seems. Further advice is to not worry about this deal because you aren't ready yet and focus on building relationships at local meetups and on BP in your area to see who you can trust and who is doing projects in your area that you can learn from before having to learn on the fly with your money at stake.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    1Reply
  • Jonathan GreeneBusiness Member
    OP
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y
    Quote from @Nicholas L.:

    @Jonathan Greene

    What's your general opinion of cold-calling against a very narrow, targeted list?


     I love a very targeted list so if the list is tight, I think it's smart. Personally, I don't cold call ever. I use marketing to bring calls to me so that I am never chasing, but when building lists you have the right idea. The best lists should be culled small and then micro-targeting with marketing that suits them. Too many investors send the same buy quick for cash postcard to every type of seller and most don't care about that.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    1Reply
  • William Manning
    Investor · North Augusta SC · Member since 2022 · 30 posts · 18 votes
    4y
    Quote from @Chad McMahan:
    Quote from @Jonathan Greene:

    If you are just getting into real estate investing and have a question that you need an honest answer to, ask me anything here. But don't ask a question if you are hoping to get a certain answer, and don't ask a question that you can find an answer to in the forums 100 times because that won't help you.

    My areas of expertise are off-market acquisition, flipping, short-term rentals, fix and live, landlording, on-market real estate and real estate teams, mindset, and how to build relationships in the business, among others. I was a guest on episode 584 of the BiggerPockets podcast so fire away.


    What is the airspeed of an unladen swallow?



     What do you mean? An African swallow or European swallow?

    2Reply
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