All Forum Posts by: Jonathan Greene

@Andre Fierro If you check on Meetup, there is one I go to hosted by my friend. It's called Brick X Brick and it's in Montclair. We are trying to confirm location and weekday for ours and it should start before Spring.

@Jay Hinrichs if your whole post is about being a marketer, rule one of marketing is no mistakes above all else. The best message will be lost in a typo and an entire marketing campaign will go down the drain. If you were hired to do marketing for a high-end company and ran their first ad out there with a typo, you would get fired. BP is obviously grammar and spelling lenient. :)

If it's such a sweet deal, why can't you find a buyer for it? How big is your buyer's list? How many properties have you wholesaled? Did you inform the seller that you could not buy the property that you put under contract and that the only way it gets sold is through an assignment?

If you are wholesaling without backing financially, didn't you envision this scenario coming up? Isn't the goal to become an investor and not a wholesaler? All this to say, why are you doing wholesale deals and placing properties under contract in your name if you don't have a way to close the deals if you can't find an end buyer?

Anyone can wholesale, or try to wholesale. Being a good wholesaler is having the answers to the same questions you are asking in advance of getting into the situation.

A good marketing agency would use the correct form of the word "You're" in their headline. "You're a marketing agency" not "your a marketing agency." It's the little things, like the title, that become disastrous marketing.

People think you can legally wholesale without any money and it makes no sense. A distressed seller isn't going to understand wholesale principles and all shady wholesalers tell them they are buying the house for cash and the assignment is in the fine print. To do it the right way, you have to be able to close the deal that you promised to the seller and also fully explain the wholesale and that you will make money and it will be disclosed. Wholesaling with no money is like internet dating with a photo of Tom Selleck when you are short, bald, and fat. False advertising.

@Jay Hinrichs In NJ, we have a Consumer Information Statement that explains the roles of all parties that is supposed to go out on first contact and can be attached to all MLS drip campaigns, but it's another one of those legal things that barely anyone does. Most people see the CIS for the first time when they are writing up their first offer as a buyer.

@Steve K. while I am sure it is not procuring cause, that does not preclude agents from trying to use it like that so your points are well taken. There are A LOT of bad agents out there who will say anything to lock people in. The buyer agency agreement can be a good thing for both parties, but it's just not for me.

If the seller knows you are coming in with an FHA loan, they (or their agent) should know that these issues must be addressed to close the sale. Those items you listed are almost all must-be-done items for an FHA inspection and will not be cleared to close without them. For the loan to close, those items will need to be done in advance, so the money has to be agreed upon upfront to secure the deal. I don't agree with cosmetic repair requests and they drive me crazy, these are reasonable requests and if you plan on splitting the difference with the seller, I would be firm and then walk. You are handling it amicably and reasonably.

If you don't have your own funding or a route to it or your own buyer's list, what is your value add for this seller? All wholesalers start somewhere, but you have to seriously ask yourself what do you have to offer this seller right now. If you can't answer that question, you shouldn't be getting on a call with a seller and calling yourself a wholesaler. A wholesaler with no money and no partners and no buyers is of no help to a seller.

It takes an agent a minute to set up an MLS drip with your parameters. It is an easy for them to assist you, before you are completely ready, without doing a ton of work on their end. An MLS-drip campaign does not establish procuring cause and if an agent wanted to sue because of that they would have to prove that you did not see the same listing on Zillow first, which they could never do. Procuring cause usually involves the first opening of the door to the property. Like if you contacting the listing agent and saw the property with them and then decided to get a buyer's agent. The listing agent would have procuring cause. (I am an attorney, but this does not constitute legal advice. Only informed opinion.) Agents who say they are going to sue over this are wasting their time. Real estate is a flimsy business, if you try to legally enforce your rights to a person's future intentions, it won't make for good future business agreements.

I've never used buyer agency agreements. I don't need a piece of paper to keep a client committed to me, when I still worked with buyers. If they want to leave, that's part of the business. If you have a relationship with an agent, give them your parameters and ask them to set up that drip as many said above. Once you see something you like, see if they will show it to you, even if it's early. Just explain when you will be ready to buy. If they know you are looking at their emails and using them to see properties, they shouldn't worry too much about you using someone else when you buy. It's their job to build the relationship as much as yours.

I would not expect to get a ton of traffic for rooms to rent in a single-family home if it's not completely separated. Are you comparing your rent to on-market properties that are stand-alone? Privacy alone is worth a premium. Also, as stated above, there is no reason not to hire a realtor as the commission is paid by the renter in most instances. However, I am not sure if they would list room shares inside of a single-family.