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All Forum Posts by: Jonathan Greene

Jonathan Greene has started 268 posts and replied 6424 times.

Post: Programs for first time homebuyers

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603
Quote from @Kyle Carter:

What about if I already have a rental, not with the home buyers program. But I want to now purchase a house with the first time housing program, would I be able to? 


 No, I highly doubt it. It's not your first house.

Post: If You Are Asking These Questions About Your STR, You Are Already Failing

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603
Quote from @Brooke Roundy:
Quote from @Bruce Woodruff:

Good points @Jonathan Greene

I would only add these two: 

FIRST - people constantly ask which algorithm to use to get their prices set. Whereas I (and others) continually urge them to stop being lazy and do their own research....go on VRBO and ABNB and look at the competition. 1) What are they charging? 2) How booked out are they? 3) What amenities are they offering? 4) What do their places look like, how do they feature their professional pictures?

SECOND - In the same vein, newbies ask which programs they can use to manage their listing. My take is that a Host should be personally involved as much as possible. I personally don't like getting a lot of automated messages when I rent a STR, I'd rather have some more personal contact.....(maybe that's just me?)

I was just a guest at an Airbnb that was not 5-star, so I provided very detailed feedback privately and a heads up that I would not be giving 5 stars. I got a response that was clearly AI, didn’t even realize I had already checked out. As a guest, this is such a turn off. I get it. In my day job I’m an ops professional who manages a tech stack and efficiency is important. But it’s not everything - this software is optimizing for the host’s success and not balancing that enough with the guest experience. I will not be rebooking. 

That is an ops disaster. This is where automation in the business has gone awry. If the word star or review comes up, it should disable the automation and ping the owner if they have an automation set up. You did the right thing. I honestly give 5 stars when I shouldn't because I feel bad, but I give them feedback the whole time on what is broken and if they are responsive I feel like it's ok and then I still include what to look for in my review to help others.

Post: brand new with high aspirations to learn more

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603

Why wholesaling to start? Most people who want to start in wholesaling think that it's a great way to earn income to become an investor. For a select few, this can be true, but wholesaling is much harder to get off the ground. Your best bet is to find and contact all of the top local wholesalers and go to work for one of them and see what they do right and wrong and see if it's even a business you like. Pair that with going to real estate investor meetups and you will start your journey.

Post: Im looking to move out this year and house hack my first property

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603

Welcome. Yeah, you don't want to try to house hack in LA based on the price points out there vs. what you can get most likely. Are you planning on staying in that area? Would your parents be interested in partnering on a duplex where you live in one side with a roommate and manage the other side rental? That would be a great avenue to explore since you are in an expensive market.

Post: New member and new to real estate

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603

Books + podcast + real estate investor meetups = taking action. If you don't know what type of assets you would like, you have to think about your why for real estate. Is it to make more money on the side of your academy? If so, you have to see what capital you have to deploy and whether or not it makes sense. There are so many veterans who have carved nice paths in real estate investing all over the site and as guests on podcasts that you can learn from as well. Good luck. Just don't fall into the YouTube trap of planning your first deal with no money. Learn and save for a year before you do anything and meet as many other local investors as you can.

Post: Sell rental now?

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603

If this is your only rental, it's more about if you want to keep the property from a management perspective. Did you have more rentals in the past? If your cash flow is break even and you don't expect a groundswell of appreciation, why hold it? Repurpose the money into a variety of different options.

Post: If You Are Asking These Questions About Your STR, You Are Already Failing

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603
Quote from @Tom Dieringer:
Quote from @Jonathan Greene:

Whenever I had a max complainer who uttered a word about any review not at five stars, I immediately comped their stay, apologized, and made sure they didn't write the review (even when they were a scammer or crazy person). A 1-star scammer review isn't worth the money for the stay.

Jonathan, how do you "make sure" they don't write a bad review? I've dealt with thousands of reviews in my other companies, and I get how you increase the odds of not getting a bad review by comping, but there's always a couple crazys who still give a bad review.  And if you make it a quid pro quo, don't you run the risk of violating the OTA's policy of paying to alter reviews? 

Next, and again my current experience is in a different industry but one that's a highly dependent on Google reviews and ratings, I've found that there's always a break-even point where "paying someone off" doesn't provide enough of a return on the payoff.  I could see fully comping 1-2 nights at low season rates, particularly if one doesn't have a lot of reviews yet, but would you, as an established host with tons of reviews, comp a full week or more of a prime season stay?  Sorry for the huge questions.  :D

Yeah, nothing is absolute and you honestly need a couple crazies so you can respond calmly to show you are not the one who lost it. We used to try to offer to comp and cancel right away if they were a pain so their stay would be eliminated, but I don't know if you still can do that. I wasn't suggesting in any way paying someone off. I comped their stays because they were nuts and I didn't want to deal with them. Usually, they just want that and will stop, but there are always some outliers and sometimes it is our fault and our job is to respond and correct and accept the review.

Your second point is fair too. I was thinking of early operators who can't really afford a bad review. If you have 100 5-star reviews and you get a crazy, it doesn't move the needle much. Again, we are talking about unwarranted reviews, not true 3- or 4-star reviews. I think you have to own them if the people were nice and respectful.

One thing I've found is that you have to specifically remind them in the beginning, middle, and the end, that you want to provide a 5-star stay to result in a 5-star review. Some people think a 4-star is good. I appreciate the comments, those were good things to expand on.

In my on-market business, we deal with crazy reviewers all the time on Zillow or Google and on Zillow, if they were a client, you have to eat it and respond. Owner response is the key to "bad" reviews in my opinion.

Post: Quitclaim to LLC?

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603

I believe your loan could get called if you transfer ownership to an LLC without consent of the lender, especially a brand new LLC that does not have two years of tax returns.

Post: 2025 is all about Action

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603

If all you are doing is watching YouTube videos, you don't know as much as you think. At least half of the videos are probably abject garbage or gurus selling a program. The best way to learn about how to really invest in real estate is to read books, listen to good podcasts, and pair that with going to in-person meetups so you can see people just like you, married with 3 kids, who are making it work for them. Good luck!

Post: Role insurance plays

Jonathan Greene
#5 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,632
  • Votes 7,603

Insurance protects your property from paying out of pocket for damage, plain and simple. I am not sure what you are looking for here, but you can't get a loan without having homeowner's insurance. These days too many people have too little coverage in case of a rebuild so you do want to make sure you understand the true cost of a total loss.