All Forum Posts by: Jonathan Greene

@Justin R. there are many different kinds of coaches. First, the post isn't mocking people, it's satire and sarcasm based on facts. If you are a new real estate investor, the last thing you need from a coach or friend in the business is to blow smoke up your hole all the time telling you how good you are and how smart you are. There are MANY, MANY posts after the OP and in other forums about how I was new and how I get it. You can be new at something and not act like a Bro, who wants something from others, but has nothing to offer in return. When you read the OP and post at the end, you miss the whole discussion. And if you want a coach who massages your ego on life, REI, or anything else you will never get anywhere. You will just pay money to have someone tell you that you are good. Tony Robbins and coaches who "made it" didn't get there by giving you apple cider and krumpet, they got there by calling you all out on your BS.

If you are really interested in attracting a mentor in S. Jersey/Philly, take the time to fill out your profile and add more about what you are looking to do in real estate, what skills you have to help them, your level of experience in real estate or a related business, and what value you bring to the table. If they can't garner any information about you up front, they won't reach out.

Nothing proves the point of the original post more than Bro memes as a response. Literally could not script it any better.

@Irene Nash I don't work on-market with buyers anymore, but saw the dynamic before I left. I did as many buyer consultations as possible back then as well and they did help lay the groundwork. Coupled with the expectations of the modern buyer is the view that anyone can show them the properties so I think it applies more to newer agents who don't have the systems and experience to counteract the new "knowledge" of the HGTV buyer.

No. That monthly cashflow would be eaten up for three years by one broken furnace in one unit. How much did you allot for reserves for repairs and if so, did you do it on a monthly basis or a lump sum. Those percentages and calculations are all the rage, but if you look at it as a straight investment, you want to spend 205k to make $2500/year? The appreciation in Albany isn't great if it even goes up and the weather is some of the worst in the Northeast which causes more wear and tear on a rental property, more issues in the winter, and more overall repairs to account for.

@Michael Noto no. I stopped working with buyers altogether, but when they were at their peak it was mostly first-time homebuyers moving out from NYC to NJ. The $500-$750k range was ripe with this behavior in my market. Part was surely just being overly cautious with a first buy, but the other part was a real expectation of perfection even from homes built in the 1920s.

@Michael Ablan that's a good point. I do think it will help them if they learn to manage the ebb and flow of these relationships. So many new agents are a foot in and a foot out and can get discouraged quickly and when their first deal fails in inspection because the buyers thought they should get credits for a garage because it was older than the house, it can be frustrating. Totally agree though. If they can deal with new buyers, it will spill over.

Knowledge and/or willingness to learn. You don't have to know it all when you are new, but you have to make sure people know you are always learning and willing to learn from them. New investors who think they know everything just from books and online courses and podcasts are only 50 percent of the way there. You have to see what it all means in real life to generate credibility when out doing it.

Attitude. Most of that is above, but attitude is also about your why. Why are you getting into REI? If you have a solid why and a passion about REI, others will gravitate more to you and over time, come to trust you more when you don't walk away and keep grinding.

Background. It doesn't matter if you have no REI experience when you start, what else have you done that will help. Obviously people in construction or handyman trade or related fields have an in on a lot of knowledge - plumbers, electricians, those skills are invaluable for partnerships. Also, negotiation. I was a trial attorney for many years and the skills I took from negotiating every day make it easy when it's just a house on the line and not a prison sentence. If you can tie whatever your background is to your passion for REI then you aren't just a newbie anymore, you are packing skills from your past.

That should be a good start.

@Lien Vuong that is all I work with now as well for the buy-side and I agree. Those relationships are based on different factors and they also have more knowledge of what they want. It's the new agents that are suffering with the new market buyers in my opinion, especially when it comes to expectation on inspection. They watch shows and think houses will be near perfect. Investors are looking for the worst ones to make the most money. I will be interested to hear from newer agents who still work regular retail buyers to see if it's still going on as it was before I left that segment of the market.

@Michael Ablan same with me. I left the retail side for a year because the constancy of this behavior just drove me mad. I've eliminated market buyers altogether. For us, who can choose, it's easier, but I think it's really hard for brand new agents that these new buyers think they know everything and also think anyone can open a door. Although, as I said, with the low bar there is evidence to support some of what they fell about us as a whole.