All Forum Posts by: Justin Pencook

Good afternoon BP,

I am currently have a salesperson license under Keller Williams, and my understanding is that I am able to offer property management services under the KW umbrella. Is anyone currently doing this in New Jersey? 

What I am trying to get an understanding of is how I can get started, in addition to if it is worth it or not. For example, is it more beneficial to get a brokers license and have full ownership of the company?

In addition, can I go to my broker and request that I be contracted as a company as opposed to myself individually? For example an LLC dedicated to property management service. Could I hypothetically operate under both (Individual & LLC)?

Any input would be greatly appreciated. Thanks!

Justin

Ok just a quick brief on my current situation and what I am looking to do:

I am currently a licensed Realtor with Keller Williams and have only done a couple of deals this year, as I was working full time in a warehouse environment. Long story short, I am no longer working in a warehouse anymore and I am not generating any near the amount of commission I need to be in order to work as an agent full time. 

I really want to land a job in property management while I work on building my real estate investor business on the side. The only problem I am facing is that I do not have any experience! I know I am passionate about real estate and will absolutely succeed in this field, but I am having a hard time getting my foot in the door as my current resume does not depict a property manager. 

Does anyone have any recommendations or advice on how I can get into this field with my lack of experience? Does having my real estate license benefit me in my job search? Any advice is welcome.

Thank you,

Justin Pencook 

Hello BP Agents,

My Father is planning to direct his IRA into real estate in the form of a flip. I realize I am a prohibited person regarding working physically on the house. However, am I able to help him find the property and eventually list it when the rehab is complete? I am licensed real estate professional in South Jersey.

Thank you,

Justin

Hey guys,

I am working with a client who is interested in flipping a wholesale contract to a flipper. I have not worked a wholesale deal as a Realtor, but I am somewhat familiar with the process. The reason I want to help this couple is because they want to invest in rental properties in the future. Do any Realtors on here have experience with this business model? My understanding is that although I cannot collect a commission on a wholesale transaction, I can earn multiple commissions assuming I find the end buyer and they decide to hire me on the listing side post rehab.

They are sending me MLS listings and want me to send out multiple offers, some which are as low as .35 on the dollar. I have educated my client and made them aware of some of the drawbacks of coming in this low with essentially no basis. I am currently searching the MLS for properties that are good candidates to wholesale, but I am not 100% this is the best approach. I have a few questions that hopefully some fellow agents on here can answer.

1. Is it possible to find properties to wholesale on the MLS? If they are actively listed, would a listing agent be open to this sort of arrangement, and would it effect their commission at all?

2. What kind of properties are best to target for this? Should I be setting certain filters like: Notice of default, absentee owner purchase at least 10 years ago, etc. Anything specific that would make a prospective seller more receptive to our arrangement would be helpful.

3. Can you legally include "and/or assigns" in an offer to purchase in New Jersey? If not, what is the workaround to this?

4. My understanding is that off-market deals leave more room for profit and although more difficult to find, these would be the best approach to take. I know I would have to send out marketing pieces and start talking to sellers on behalf of my clients, all while not collecting a commission.  Is it worth it for me to do all this work for a modest marketing fee?

Any other tips on how I can best serve this client and build a strong relationship with them would be greatly appreciated!

If you are an agent in the South Jersey area who has experience working with investors, I would love to connect!

Thanks!

Justin

@Chris Grenzig Awesome info, thanks Chris.

@Jake Fugman How will free deal analysis benefit the agent that is running the numbers? I am just trying to get an idea of what the process would look like. If a client were to send me a property to evaluate, they would have essentially found it themself and not be required to pay a commission on it. Is this right?

Does anyone here know of any reliable tools that I can use to figure out what an investment property can expect to rent for?

Thanks!

Justin

Hey Guys,

I am a brand new Realtor with Keller Williams Moorestown and I am currently in the process of launching my business. I have been spending much of my time going to trainings and building my Facebook business page. I have not invited anyone to it yet, but plan to do so in the next week or so. 

Hopefully some of you can relate to some of the hurdles I am experiencing. As a new Realtor, the amount of strategies you can adopt seem endless and the amount of information thrown at you can be overwhelming. I would like to avoid falling into the trap of analysis paralysis and just focus on working expireds and also working the investment side of the business.

Most of my advisors seem to discourage the approach to working with investors, which I cannot seem to wrap my head around. My train of thought is that 99% of agents are focused on the working with retail buyers and sellers, and I want to carve my niche in the investment sector. I don't necessarily care that the commission is typically not as high, that just means I have to do more volume. 

Are there any downsides to this that I may be missing?

Also, does anyone have any recommendations on how I can get started with expired listings? I tried running a search on the MLS and got only 3 results. I am thinking of spending a little bit of money on a service such as Mojo and begin prospecting every day. Does anyone have experience with this platform?

Lastly, if there are any local Realtors that are focused on the investment side of the business I would love to pick your brain when you have the time. I am highly motivated to take action, just feeling a little bit stuck on what my next moves should be. I already go to REI meetings, but rarely do I see any agents there to connect with.

I just want to learn this business from the people who have already been doing this for a while. Any advice is appreciated!

Thank you,

Justin

Hi Guys,

I am about 2 weeks from obtaining my RE license in NJ and am working on my plans for prospecting. I plan on hitting expireds and FSBO's, but want to try working some leads that might have less competition.

Have any agents on here had success helping tax delinquent property owners? It sounds like the owner's back is against a wall and can truly benefit from working with an agent in most situations. There is not a ton of info online covering this strategy, so I wanted to post on here and see if I would have better luck.

Any insight from experienced professionals would be greatly appreciated!

Thank you,

Justin

Thanks for your input Bruce. 

I guess I am going to try and stay away from anything tenant occupied, at least for my first deal. Sounds like more trouble than its worth, and there are better opportunities out there.