All Forum Posts by: Jonathan Greene

@Brian Ploszay That is definitely one I have seen happen when partners are both busy with other parts of the business or side projects (or real jobs) and just lose track of one. But in the grand scheme of things, that's not a bad loss for being the worst in a year. Is the partnership still solid or was this the start of you going in different directions?

Trenton is too far out with the commute. You would want to focus on Northern NJ. Newark, Orange, and East Orange have lower-priced opportunities to BRRR and the commute to NYC will be easy. If you are moving and work from home then you may have different options. You want to focus on train line towns to maximize your rental options if you are looking to BRRRR a two-family.

Who are you trying to sell to? If you did a lipstick flip to sell to investors, like an upgraded double close wholesale because it was a good deal, then you might not need it. But if you did the quick flip to attract new homeowners, which it sounds like you did, then I would definitely put them in. If you clean the place up and mini-flip it and don't add appliances, they will try to get that money back somewhere else in my opinion. It looks better, even on a small flip, to have a full kitchen. Buyers are used to associating no kitchen or missing appliances with REO or short sale and you want to make the most and not lump in on those.

Focus on things outside of the final price, which I agree you should stick to. Your terms are just as powerful as your bid price, even for banks. How quickly can you close? What inspection repairs are you willing to waive? Most investment properties are as-is, but buyers still add terms. When you have more experience, it's common to waive inspections or limit them to major structural, electrical, foundational, and plumbing issues. Make sure your financing is tight and backed up by a separate proof of funds that shows you have adequate reserves for closing costs and all deposits prior to the loan funding.

Ask your managing broker who has the biggest team at your brokerage. For new agents, working on a team provides training, experience, and leads.

Tax records first for the current address of the owner. Many times they will not disclose the phone number and rarely are phone numbers listed online in the tax records. Then take the full name and the address and use a site like Spokeo. You will get maybe 20% correct emails and 50% correct phone numbers there, but you will have multiple options with a paid account.

@Billy Smith I know that whenever I get too comfortable with anyone, they are in turn way too comfortable with me, and either the prices somehow rise or their response time is longer. It makes no sense. We always have to have a backup at every position because all relationships in REI usually run their course if you are doing a lot of deals.

@Seth Mceleney My feelings? Ok, bro. You weren't simply saying anything, you were talking a big game without having any experience. I read that post and it's the quickest way to end your career or get in trouble with licensing or eventually get arrested. Not understanding the process of wholesaling is the biggest error in most people's business plan, including this one. Anyone who goes into a seller's house and says I have no money, but I can find you a buyer and for that I am going to get paid, is not using the correct value proposition to close and become a good wholesaler. A good wholesaler already has a buyer's list, knows who wants what types of properties, and has backing in case he needs to close the deal him or herself. If you do your first deal, tell them you have nothing and will find a buyer, and then don't, what's your reputation? Moreso, what is your value in the process?

If you read the OP and then the ridiculous statement that he hasn't started building a buyer's list because he wanted to get a property, it's amateur. If you and the OP want to learn (and not get in immediate hot water following ludicrous advice), you have to build a personal value proposition that is part of the pitch. If you have no money to close a deal, no rational seller wants to sign something with you in the hopes that you find a buyer and if you don't, it's cancelled. Just think about that. Why would they do that? If your answer is because they are desperate, you aren't looking to build a career in this, you are looking to take advantage.

Grow up, stop acting like a frat kid looking to crack jokes and get two high fives, read the real advice, and build a business plan around your business. And get backing. You can't be a good wholesaler if you can never close the deal yourself (with backing or a partner if you are broke). Your reputation will be done in a second.

@Matthew Barnett You definitely need a website these days, but don't think you need it just to start spamming people with ads and lead pages. Your website, especially when you are starting out, lends credibility. If you hand someone your card, what's the first they are going to do? Call you or look you up? You want them to be impressed with your website so I would not just toss one together. Wix is ok, but has very little functionality for the business, but you can create something for low cost that looks good. I created mine on Squarespace, but I wouldn't call it easy if you've never done it. You just want a hub for your business so that if people look you up, they get a point of verification.

When I have one property in any area, I always start with a trusted handyman. You want a person who can fix almost anything and can be available with little notice. If you tell them that your plan is to grow to more properties (if that really is the plan), there is an incentive that could scale up. We've had handymen move over to full-time property management and have never used a company to do PM.