All Forum Posts by: Jonathan Greene

@Account Closed it's not negative to ask questions of posters as to why they are doing a part of the business or to clarify what they know if their post says they know nothing. The reason everyone thinks wholesalers are cheats and the business has a terrible reputation is because so many of them don't know what they are doing and mangle the leads, which can affect other real wholesalers in the area.

The forums are certainly for gaining knowledge, but if you come to a board where there are experts, you can't run home to your mommy when they ask you questions about why you are in the business if your OP says you literally don't know anything about it.

Too many new investors post too little and expect to get help, but you can't help someone if all they say is HALP!

@John Halverson "I may have my first potential deal and I really don't know what to do from here" - yup, I was really off-base reading this.

@As-Shakoor Wright you are off to a good start, but you will need more money to buy a multi in Essex County. If you've saved 10k, that's awesome, but that will just be your repair fund. Have you been prequalified? You need a downpayment (say 3.5%) an closing costs (3%) and multifamilies in Essex Co are all selling for over value. You can find deals in some parts of Newark, Orange, and East Orange, but you will need more down to close these deals. Keep saving and slowly watch the market to see what you qualify for and what that number looks like in real life. If you qualify at 200k, the properties are not going to be first-timer ready most of the time, depending on the size.

@John Halverson so you can't answer the questions? You could be burning a good deal. It's a valid question. Why are you getting a wholesale lead, if from everything you said in your OP, you literally don't know anything about wholesaling. The questions are supposed to help you. When you can't answer them, that's the answer.

You should be able to do well still in Atlanta. Looking on Zillow is completely worthless and a waste of time you could be spent building lists or going to REI meetups. Why are you looking for 3+ units on your first deal? Are you going to live in it? Have you ever been a landlord? Seems like you might be biting off WAY more than you can chew. A 3-family should have 3 furnaces, separate everything so what happens when all things break at the same time? Saying you are looking for a 3-family that cash flows is like saying you want air. Everyone wants that. What have you done to prepare for it and what do you know in terms of finding properties and how to landlord? Hit the REI meetups for like a year, make contacts, see properties with a local realtor who is an investor, but whatever you do, don't take your debt-free life and put it into a first deal, not knowing much, on a 3-unit.

@John Halverson if you don't even know what questions to ask, why are you getting a deal emailed to you? What do you know right now? If you don't know how to use the deal calculator or evaluate a deal or pricing or repairs, what are you doing wholesaling? Everyone has to learn somewhere, but if it's a good deal you have to be prepared to act on it without hoping forums will help at the last minute. 

@Morgan Granger you can most definitely grow your sphere by being smart and respectful about it. The absolute best book on how to do it, without spending a cent, is The Seven Levels of Communication by Michael Maher. I was a real estate coach and told everyone to start with this book way before doing anything else and before doing what everyone else tells you that you HAVE to do to be good. All you have to do is be yourself and build relationships.

There is just no sense chasing them, even though you have legal recourse. By the time you pay attorneys and find them, you will just be trying to get a diamond from a stone. Too much trouble. If my tenants leave, they leave. I keep the security and clean it and get it back out there as fast as possible. You do need some way of documenting the abandonment just in case though so take photos and if you have a text, email or message from them about leaving, hold onto it.

@Andre Bias all of the companies will not be cheap and you said you don't have a ton to put into it so don't even look at those. Your cheapest option would be to build lists on ListSource, but you have to understand your market and what you want to target. On ListSource you can pay per list built and then you have to do the extra research on your own and door knock and handwrite letters.

Most cities have their foreclosures up on a website and you should be able to see the amount in arrears so you know if it's a property worth pursuing. That's why the lists are helpful to build because you can only look for properties with no mortgage and owned more than 12 years which is a solid start.

@Sami Gren Your best protection in the NJ Realtors lease is in paragraph 13 - 

13. DAMAGES: The Tenant is liable for all the Landlord's damages caused by the Tenant's breach of this Lease. Such damages may include loss of rent, the cost of preparing the Property for re-renting and a brokerage commission incurred finding a new tenant as a result of the Tenant's eviction or if the Tenant moves out prior to the end of the Term.

I also include this on my own or all client's rentals as landlords in the additional provisions:

In the event the Tenants terminate this lease early, the Tenants will forfeit their Security Deposit and be responsible for the balance of the remainder of this Lease.