All Forum Posts by: Jonathan Herron

Hi Joy,

If you are looking for any introductions in South Jersey I am happy to make some.  I can recommend CPAs and title companies who work with my clients who are flippers.  As far as I know, they work statewide.

Jon

@Daquan Johnson i represent clients in real estate transactions.  My office is in Marlton.  Feel free to contact me with any questions.

@Joshua Kaufman from the facts you supply it seems that the Broker when the sale was made is different from the Broker whose Agent you had a Referral Agreement with. If you changed listing brokers I am not sure that the referral agreement would still be active. (Can't give specifics without seeing the specific language of the agreement). Did any Member of the LLC sign a new listing agreement? If not it sounds like there might be other issues related to the transaction.

Also it seems weird that the LLC does not choose its own Listing Broker. Especially considering that with you being an Agent you would have the knowledge to choose the right Broker. Feel free to contact me if I can be any further help.

Jon

@Joy Jones it is legal in NJ so long as it is done right.  If it appears that you are merely acting as a broker for the original seller that would not be legal.  However; as a wholesaler, you are contractually adverse to both the original seller and the ultimate buyer.  By trying to make the original sale price as low as possible and the assignment fee as high as possible you are not an agent of either party.

That said if it appears you are claiming to sell the property and not the contractual rights to purchase the property it might be deemed that you are acting as an unlicensed real estate agent.  Every state has its own laws regarding this so it is important to make sure any information you are getting is NJ specific.

@Joe DeLuca I have two agents I generally refer clients to down in South Jersey.  If you would like their contact info I am happy to provide.

@Rigo V. check with the Real Estate Commission/Broker for any particular situation but generally if you are their agent you cannot do that.  As their Agent, you have a duty to get your client the best price possible. If you are simply doing a "we buy houses" postcard you might be ok so long as you do not create the actual/apparent appearance of being the real estate agent for the seller.

I personally keep my personal and business banking in separate banks but that's a personal choice.  The nearest branches to me for both banks are right across the street from each other.  If I ever consolidate to one bank it would be to move everything to the bank I currently do all of my business banking with.

You can create a gmail email address for your rental business.  Get a google voice number connected to that email and use that as a business phone.  It can be forwarded to your personal cell.  Any text messages also get sent to your email address as a copy.  

@Thien Luu off the top of my head I cannot think of a reason it would be illegal.  The two considerations I would advise is:

1. Does Cozzy charge a fee to the tenant when making the payment?  If so requiring them to use the system could be construed as extra rent.
2. Some people like using non-online payments.
3. Providing some form of a receipt for rent payments is generally a good business decision and if Cozzy does that it shouldn't be a problem.

@Luis Valdez I have seen clients find success with the Camden City market, and Camden County in general.  While NJ is a tenant-friendly state it is not difficult to get a non-paying tenant evicted.  One of my clients in Camden is aggressive at evicting non-paying tenants and usually can find a new tenant within two weeks of the eviction being completed.  With the large amount of construction happening in Camden the property values could see a decent rise in the near future.  As @Stephen Kappre said it is important to know exactly where you are buying in Camden as it can be a rough area.

Feel free to contact me with any other questions on the area.