All Forum Posts by: Jonathan Greene

They are not legally required to remove the tank, but you should not buy without that as a condition unless it is an REO and you are aware of the risks. It can be negotiated. Most on-market sellers in NJ know they have to remove them or the property will never sell. Here, removal is $1,800 range and if there is a drop of contamination it will run up another $7,500. It it hits water it goes up and up.

An oil tank that is underground and in use is actually much safer, in general, than one that is out of use and buried. In use you would know from the consumption if there was a large leak. When it was decommissioned and left there you don't know they did the process. Sometimes they weren't cleaned and filled with sand which eventually compresses together and can seap out.

In short, there are a number of ways this can go wrong. I know a lot about them if you decide to go forward and want advice, but the short version is just require it as part of you buy but your language should read to the effect of:

"Seller will have the underground oil tank removed by a trained and licensed company and provide notice from the township that there was no contamination. If the tank does not pass the town's requirements and/or there is any contamination, seller will be responsible for cleaning up all contaminated areas and getting a report from DEP."

@Henry Lazerow thanks a lot man, I really appreciate it. I've been doing this for 30 years so I think I will be ok, bro.

Go to Upwork and search for real estate VAs. If you are using a system like Podio, put that in the keywords. I have worked with very good VAs from Upwork for real estate calling and data. The rates are very good, you can do it for like $5-$8/hour and their work is tracked in the system and accountable.

Yes, in my market it has to be listed on both. The issue is that the REO agent sometimes doesn't care of keep up with the MLS version so it isn't always marked. The MLS version usually has the reserve price or higher and when you go to Auction dot com or Hubzu you will see a much lower price, but that is the opening bid. Once it's listed on the auction site, that usually has more up-to-date information than the MLS. Hope that helps.

An apology to Bro Investor:

I'm really sorry you were hurt by this post. It's true, all investors are doing a great job. They are also super amazing people, all of them, in every market. Wholesaling has a pristine reputation and everyone should feel welcome to just start now, with no experience, no skills, and just a wee bit of capital. I mean, we are all in this together.

Every response to every post should be upbeat and chipper because no one on BP ever asks a stupid question or one that has been answered over 1,000 times just in the last week. No one on here is ever slinging their coaching or their company or their new deal flow, no one would ever do that because it's only allowed in one part of the forums and everyone is a nice person.

I'm also really sorry that you find satire to be an aggressive and negative attack on your manhood. I know you lift, bro, it's cool. Let's make the biggest sandbox in the world and all build a house together in it. 

@Henry Lazerow I don't come to BP to push my business stream. My business is fine. The market in the entire US is not hot because of owner-occupants, but yeah, they are overpaying right now - that's a good point. But I never said that the Bros were the only reason for anything.

The forums are at least 15% flex. Then there are probably 25% of posts that are just re-asking the same question that has been asked a million times. So, coming in hot on some topics is meant to help. I think when people take offense to Bro Investor hyperbole, they may be a little too close to the source.

It's basically fact-based satire for a change instead of reading about another deal falling apart because someone ran into it too quickly.

If you didn't have an assignability clause in the contract, you may need to double close and do it that way. You have to be very careful about any outward advertisement without a license. I have a license and I only send my wholesale deals to my private email list with a disclaimer that it is for private use only and no dissemination is allowed. To double close makes some parts easier and some harder. You don't have to inform the seller, here the auction so it doesn't matter, about the next sale, but you do have to organize the second close right with the first and make sure the title company knows how to do a double close. Hopefully Cody DeLong can take it off your hands and you can avoid any trouble.

@Alexander Felice thanks for going through my entire post history and only picking out the ones where I talk about new investors, which probably is about 25-40% honestly. But you should know as a moderator the difference between personal attacks and a truthful, but satirical post. I mean really, Guy With Great Hair, means you understand satire or at least I hope so. The point of the post is not that all new investors suck, but the representation of what the Bro Investor is is actually what is driving prices up all over the market. You selectively avoided all the good points, which are all true, just to play games and attract new investors to some class you may offer later on Broke is a Choice. I am not here to get business, I am here to do business and to help those who really want to learn about REI and do it the right way. I don't have classes to sell, I just run my own REI business and have done it for a long time. Bro Investors are in it to pound their chest, talk big game in the forums, and scrounge others for information instead of doing the work. I've been doing it 30 years so if you think new investors annoy me, you are wrong. Dumb and cocky investors annoy me because they make it harder for us to do our business and push prices up by overbuying, under-repairing and generally not knowing what they are doing and then running to the forum for HALP.

What area are you in? If you are in at 315 and it's worth 400, those rents seem low from traditional 1% rule logic. If there is huge upside on appreciation, it might make sense, but based on those numbers I don't see that as cash flowing like crazy. I would flip it.

What's in your assignment contract with the wholesaler? Did you add an addendum that the property was to be delivered tenant-free? If so, you don't close until they get the tenant out. I only close with that agreement in place and it's written into all of my contracts or addenda. If you had that agreement with the wholesaler and it's memorialized, I would remind them they need to get the tenant out to close the deal. I wouldn't start considering cash for keys yet as it's not your obligation, but in the end, if you want to close the deal, that may become necessary.