All Forum Posts by: Jonathan Greene

@Brian Connelly , if you are looking for an investor-friendly brokerage the first question they will ask is how many deals have you done. If you don't plan on working with buyers and sellers and got the license to use for investment, you are only valuable to them if you are paying desk fees and doing deals. Most traditional agencies won't be that interested because they make their most money of the agents that do 2 deals a year and pay all the office fees.

If you are not going to work with clients, look for a local brokerage where you won't need training since you already do marketing, and look for the best split for you. If you are looking to get trained and benefit from other agents and resources, you will be looking at a bigger brokerage and a smaller split.

@Renee Mills, to make your most on land deals you need to present a package for buyers to review to increase the ease of marketing the property. You need to know if water/power/sewer is already set with the city, you need to check the zoning requirements with the city and confirm them to know what can be built there. A residential lot is more marketable if you can get more units on it and that is what investors of builders will be looking for. A commercially zoned location could be worth more.

In terms of wholesaling, it will be hard to create a solid margin to make the numbers work for most land. The more research you have done, the more you can increase the spread on your end.

The luxury listing market requires much more targeting and finding because it is tough in the 3.7m range now all around. There is usually other inventory so buyers have more options and can ask for more. 20 showings in 7 months on a 3.7m is actually pretty solid. The question you need to ask, seconding @Russell Brazil, is what are you doing to market the property? Who are you reaching out to? What areas of buyers have you targeted? Are you looking internationally? If they can answer these questions and have answers to their plan to make the last 5 months of the listing agreement go better than the first 7 months, you should be ok especially since they have done 3 deals for you already. The first reason for properties that are not selling is price. Not value, price based on what the current market says versus what else is on the market.

@Sol G., there is a standard lease in NJ promulgated by New Jersey Association of Realtors for Realtors. As I said, it is not required but provides a safeguard or comparable to what you are using.

@Sol G. , there is a standard lease in NJ, as well as a standard lease application. They are not required, but there is a standard. PM me and I will send you a blank copy.

If you are looking for your first deal in three separate locations and using agents in each one and they know that, they will first ask are you looking to and do you have the means to close in all locations. Because if not, you are going to be wasting two of the agents time. As an agent, in order to be comfortable with out of state buyers, I want to see a proof of funds and also know your plan for properties. I also want to use something like UberConference to make sure we have a good idea of how we both work.

You are asking a lot of agents who don't know if you will do 10 deals with them if it works or if you are looking for the best deal with 3 realtors and when you find it, you will opt out of the other areas. Running comps is not simple if done right, especially for investors. You want to know block values, foreclosure prices, market prices, this all takes time so you need to show the agent if you are intending on making this a business and how you are going to do it. Automated comps are not comps.

Any agent can put you on an MLS drip every morning, that's basic. In terms of all lowball offers, you have a much better chance of finding an agent to do this where you live. Being out of state and expecting an agent who you have never done a deal with to look at the properties for you, do all the comps, assess everything and then basically be responsible for your purchase, all tied in with low-ball offers is going to be very hard.

I hope this helps.

@Cody Jensen, unfortunately, you have just dealt with the 90% of realtors who are just looking for a quick sale and don't want to do anything for it. Of the 10% of good agents left, 99% of those agents don't understand investors and how they work. In their defense, there are plenty of "investors" who give agents the runaround, use them for information and then find a way to buy without them so it's not all unfounded. The best thing to do is to do the research for investor-friendly agents in the area and then quiz them about what they know about investment properties. I would not recommend calling the listing agent on any deals. The listing agent must always keep the seller first in mind and even in the case of dual agency (both sides), the seller is their priority because the seller pays the entire commission. I would be happy to help find you a referral in the areas you are looking if you need it.

@Dylan Wang , all of those towns for multi-family homes are constant bidding wars. Even in Belleville, I have had buyers lose out on 15 offers on a small multi. Everyone wants them. Montclair, Glen Ridge, Maplewood and South Orange for multis you will overpay to get them and the rent plus taxes will not provide an annual return worthy of the spend although the ultimate value will rise on a hold over time.

It depends on your price point and your neighborhood preference where to look. I like West Orange because there is more inventory, but the multis go fast there as well. Close to the train in Orange in East Orange will provide a return over time, but many properties need some fixing to get up to the right rent roll.

Welcome to Bigger Pockets @Emmanuel Lopez . Happy to connect with you.

@Conor S. congrats on your first foray into the multi game. As @Darren Sager said, say little. Don't give them an opening to tell you all about the prior landlord and the issues. Establish a business-like approach right away, shake hands, get their full info and set a time to do a condition report of each unit. Don't overwhelm them in the beginning, they will all be scared they are getting evicted (since one is).