All Forum Posts by: Jonathan Greene

@Tim Rostro That was a rough go, but thanks for all of the information. You seem like you are handling that really well. Do you think part of the issue was being OOS and not having enough real eyes on it? This from you was absolute gold and something we should all remember when we hold "This is a buy and hold property I'm keeping for a long time. I also consider the first year or year and a half of any new property lost time and income due to deferred repairs from the previous regime that I had to correct." Happy holidays!

@Pat L. We are seeing a lot of that in here. Tenants + drugs = immediate eviction with any grounds we can find because it's not going to end well. I do what you do though and agree. Sometimes when I have a bad run on a property I just sell it and move the money into something else that I can start fresh on.

@Andrew Postell I think we all have those, but it's safer when we don't try to get them all. But we always love the ones that got away. I have one right now that is about to get away and I know I am going to regret it, but I just can't meet their price.

@Christopher Sparacino I think you hit on two great points. Fear can keep us from growing, but you seem like you found the thing you are best at and are working with someone to maximize your strengths. That's a great way to get on a roll and then once you feel more confident about the part that scared you before, you can begin to branch out in 2020.

@Matthew Anderson I think a lot of us have done that. I tend to feel like embarrassed sometimes to call out my lender or title company on errors, which makes no sense. We are the end client. I'm glad it's on track to close - congrats!

@Clifford Paul It's weird when our go-to guys can't do something the right way. You'd think they could nail a fence. But at least the cost was low enough to figure it out. If that's the worst of 2019, your year was probably pretty good.

@Dennis M. That is a huge listen for all levels of experienced landlords. We all feel bad for someone and usually come to regret it. I've done that many times and am still stuck regretting one. I think when it comes to recent addiction, the business decision would always tell us to pass based on percentages and potential damage from that coming up again, not just to the unit, but to other tenants as you said.

@Scott Passman That's a rough one, but at least you are straightening it out now. Was that OOS turnkey or were you able to see it in person. I was wondering if distance played a role in that.

@Mark Fries I think that adequately explains all of us. Sometimes we find more comfort, angst, fun, or learning in the forums here, but we would all be better served by taking our knowledge and connections and putting them to use in the real world. Thanks for the good reminder that we all need.

@Charlie MacPherson Oh, man. That's a story I have watched play out over and over. Do you think he was too hopeful or checked out or both. Anytime an investor lacks oversight and trusts someone on design decisions who is not an architect or interior designer, it's trouble. The weirdest part of the saga to me was sticking with the old floorplan. What a waste of time for you, but it is part of the job we take on. There is a lot of good information in your post for new flippers and OOS because not being hands-on will allow so much of this to happen.

@Ryan L. Damn. What were the repairs on that one? About two years ago I started doing full camera sewer inspections on all properties after buying a primary residence and not doing one and finding out I had all clay pipes to the street and they were all rooted by trees. Full replacement at $15k.

@Michael Spindler I used to have a large team of about 10+, mostly buyer's agents. They traded off a little more split in favor of leads and enhanced training and mentorship. I think in your first year it would be invaluable to join a team and just focus on buyers. But I wouldn't stay there too much longer because after a year you will inevitably get seller leads and when you are on a team, they will poach a percentage. Most of us when we start just end up working with buyers until listings come since listing agents usually need more experience in the eyes of a seller.

The best way to get started on your own is just to mine your sphere in a nice way. You don't have text everyone and ask if they know someone who is looking, but look at them and think who is ready to rent or buy. Also for new agents, I don't think focusing on renters is a bad way to start. They usually pay quickly, have less issues, and don't have to look at as many properties as buyers. Although the pay is less, usually a 1/2 month minus brokerage fees, renters get you ready for buyers.

If the church has their church and four homes and you own the only other home, I see them as more likely to buy you out than you buy them out of all the houses. Do you know how they are doing or if they are struggling? The way I look at business or colleges that acquire local housing, they are usually the ones with a longer term plan. I would think they'd like to talk, but to buy you out and close the loop on the area.

I agree with @Mark Durham. Wholesaling is not a great place to start. Are you just getting started as an agent or you have been an agent and want to get into REI? Wholesaling sounds attractive because it's something you can do and not spend your own money, but that's exactly what makes it so hard because there are so many contingencies in all of the deals. If your goal is money, you would probably have a safer upswing learning more on the agent side if you are new.

@Jim K. that last point is gold. We all get to the point where we outpace our business model and then we end up scrambling around finding all the spare bits we bit off when we shouldn't have.

@Nick Barlow that's something that any landlord has done. I've let tenants go six months before, but they were long-term and had a job loss. They are still there, six years later, and have been there more than fifteen so sometimes the decision is even harder. When we've had a property manager in some areas that helped because we didn't have to feel bad.

@Gabriel Edgar that sounds like an overall win in the end, but one of those that you really wish had worked out. I've always had trouble pulling the trigger on land because of all the things you mentioned.

@Daniel Umstead wholesaling is always a mess in the beginning. I think you are on the right path with advancing your networking because then, at the very least, you have more people to bounce ideas off as to how to solve things in advance.

@Courtney Jones that's a big one we were talking about above in a different context. Getting too comfortable with tenants and even banks, expecting the relationships we built to stay the same. At least it was only one more deal.

I always use these guys. I am not sure if they go to Mercer, but they may have a referral as well.

Accurate Tank Testing, LLC in Franklin Lakes

@Mark F. I've done that too. You would think when you give freedom like that the job would come in quicker and reasonably priced to foster future jobs, but they never do in my experience either. I think it ties in to other posts above about keeping all parts of our REI business business-like. The second we allow a more lax approach to tenants or partners, it seems to come back to haunt us.

@Dan H. been there as well. And your last point is another good one. It's not just friends as renters that become complacent, sometimes our relationships with our "team" can get too comfortable. I've found that as well and end up switching out my contractors and specialists too often.

@Nicole A. I appreciate it and get it, but if you track both posts, all I am doing is responding to what comes at me or about me, nothing more. I find it strange that I should be subjected to multiple personal attacks over and over, but my sarcasm is a bit much. It was a sarcastic post, more than half of the people probably find it funny. It didn't @ anyone. The whole thing is an abject comedy routine and continues to prove the point.