All Forum Posts by: Jonathan Greene

@Shannan Bowen - most REO listings in my area are handled via an online portal for the offer and if not, they are handled internally and transmitted to the bank that way by the listing agent. I have waited three weeks for a response before and also just heard back from one yesterday in less than a day. What I have found is that bothering the agent, on behalf of a nervous client, never helps. REO agents sometimes can get 50 assignments at a time in a hot REO area and they use the portals as a wall because they have to - they would get calls 24/7. You have to prove to the REO listing agent that your buyer is serious and understands the game. With an online offer this is harder because there is no cover email, but you can add limiting language in the additional provisions that make it clear your client understands.

@Noah Scott - just NJ right now and NY shortly.

@Michael Flynn - there are definitely REO agents like that around, but it is not the norm and not the proper way to do business. I am waiting on REO assignments now and plan to run them just I run my high-end listings. Most of the REO agents I deal with for my investors locally are just overrun with properties and can't always respond on time, but once they know you, they will get back to you. The banks DO NOT favor the type of behavior you described, they like a streamlined (mostly online) bid process so they can maximize their price and sell for cash, as-is whenever possible. In NJ, almost all REO listings are on the MLS so that does sound suspect to me.

Try finding the ones on the MLS and make contact with them. If you are interested in auction options, I have a college friend who runs an auction house in and around the Boston and Cape areas. Just PM if you would like his contact info.

@Mark Dresdner - Orange and East Orange are both ripe for investment opportunities, but both can present challenges on a block by block basis due to the number of foreclosures or abandoned homes on each block and how it affects overall block value. For both areas, you want to be close to the train to maximize your rental income. A lot of areas are really owner/landlord preference based on your comfort level. I show REO and other disaster properties in both towns all the time and really believe there is scaling value in both on a longer-term scale.

One other thing to note, renovations take some relationship development with the town in these areas as the building inspectors can be difficult depending on what day you catch them.

Network early, network often. I think in the beginning of many real estate agent's careers they are kind of timid to network because they don't really know what to say about their new career. Too many agents talk about their choice of real estate as a way to have more free time, but that doesn't elicit an "I want to work with you" response. If you spend 3 months  (I suggest never stopping) networking as much as possible, you will have more options than you could ever dream of in terms of mentorship, referrals, deals. Always see what you can do for someone, not what they can do for you, and the favors will be returned.

@Nicole Heasley Beitenman - you are ahead of the game and on the right track for sure. Networking for REI will yield some contacts with agents and usually with agents who dabble on both sides of this equation. Bigger Pockets is always a great resource, but being an agent is very specific to the locale you plan to work. If your market is saturated with agents who don't market themselves well, you can spend this time seeing what agents are not doing and start adding that to your RE plan, if you choose to go into it. Best advice is to save, like you have been, and keep some aside for real estate as a career so you have a little cushion if you move into full-time at some point. I hope this helps and good luck!

We just had our first event last month in Short Hills and are planning one in mid to late September. It will be posted on Bigger Pockets, as the last one was.

@Taylor Ferris - when I don't know a neighborhood as well I start with the absorption rate to see what kind of market it is, seller or buyer. I want to know how long homes are staying on the market and I also scour the MLS in the low price range to see what investor-friendly properties are trading it and then I look for flips in the area to see the difference. I use RPR's street view to see the blocks surrounding to give me an idea of the estimated values surrounding a property I may like.

Great point by @Jake Thomas - you don't have to pay for leads on the sites to actually have an impact. I have gotten several listing calls off of Zillow just because I make sure all of my clients give me a 5-star review and as part of my close-out, I make sure to add every past sale onto the site. I make sure my profile photo and bio are consistent with my website and across all platforms so they can see the continuity when they see you again and again.

A licensing class will teach you almost nothing about how it works in the field and absolutely nothing about how to get leads, close deals, etc. If you have a great instructor, they may give you personal anecdotes, but the licensing class is like so many other licensing classes - it's a full view of anything and everything that the profession is about, but nothing about how it really works.

You need A LOT of hand holding when you get started since you are working with legal documents that could have adverse consequences if not done correctly for a client or yourself. If you are an investor looking to get your license, you won't need the excess of training at the larger brokerages, you will want to find a mentor who is an investor-friendly agent, but you do need a mentor if a smaller agency has limited training.