All Forum Posts by: Jonathan Greene

Yes. I think we develop that alter ego, but new investors just don't have it in the beginning because they don't have enough reps to know the difference between a good deal and a bad deal. They can't see what's not obvious.

Keep it simple is some of the best life advice and definitely applies to someone's first deal. Take a single, don't try to stretch it for a double or triple when you aren't that fast.

The adage about who you surround yourself with is accurate. The five people you spend the most time with will influence you. But as a new investor, sometimes this advice leads you to only have cheerleaders in your life. Don't get me wrong, cheerleaders are essential - they make you feel good, are always there to lift you, and cheer you on no matter what. The only problem is that last part - no matter what.

Every new investor needs a "deal killer" in their life. This is why:

1. A deal killer is a voice of reason when you are emotionally attached to a shiny object (it could be a property or a new guru course).

2. A deal killer has no emotions. They are focused on the numbers and your well-being when you aren't.

3. A deal killer has nothing to gain from telling you it's a bad deal. (For this, your deal killer can not be a direct competitor. You must have built the trust to know they aren't telling you it's bad so they can take it. Real deal killers don't do that.)

4. A deal killer doesn't shy away from conflict. When you are new to the game, agents, wholesalers, other investors, and even you can push you around. A deal killer doesn't mind hopping into the fray and telling everyone the truth.

5. A deal killer has the experience that you don't. They can see the things you are missing because they have missed them before and they know what happens when they do.

So, make sure you have those top five in your life. The ones that motivate you and keep you on track. But don't discount a deal killer as negative when they only work in your best interests. When you are new, you can be your worst enemy (due to lack of knowledge, ego, and FOMO).

If you are new, do you have a person who tells you that some deals suck?

If you are experienced, how important do you think it is to know a deal killer?

3 BRRRRs is great. All in Indiana? Tell everyone more about some of the numbers and pros and cons of your process so far. People newer than you can get a lot of insight from that.

Welcome. Have you used any of your VA loan benefits yet on other properties? That is the best way to get started since you get such great benefits due to your service to the country.

Welcome. That area in PA can also work for STR and MTR so if you buy a 4-unit, you have the option of diversifying the asset inside of itself by doing 2 LTR, 1 STR, and 1 MTR if you wanted to give yourself some options. Good luck.

Leka Devatha runs the best meetup in Seattle. Look her up on social and you will see the meetup info there. That's a great way to network.

Nice job closing that first, but don't rush. When people bring up Subject To (very risky) and private money it's usually because they have seen a lot of scaling content. If you have your first one loaded at max rent, that is awesome. Double check any cap ex you might have coming in the next year or more there so you can plan to set that aside (boilers, roofs, etc). Also, learn how to be a landlord and manage well if you are managing yourself before you get too creative. Of the things you mentioned, seller finance is one to focus on if capital is low. That is an easy list to build and a much better and safer option than more creative like Sub To.

Welcome. There are some good meetups all around Massachusetts. You might want to get in touch with @Andrew Freed and Jonathan Bombaci, they are locked into several of the MA meetups which are great ways to connect with other investors in real life.

Welcome. I would sell that property in IL and chalk it up to a learning experience. If you are just carrying it, why keep it if you know you made a bad deal? Just take the loss and repurpose the downpayment capital into something better. Where are your STRs in NJ? I would also consider MTR in these markets as it is highly profitable with less turnover and more options for guests.

This is exactly what I was thinking - that the one-off buyer just isn't their client avatar at all so the PM company is checked out on it.