All Forum Posts by: Jonathan Greene

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.

@Chris Butler Investor Bro says he read Kiyosaki but really listened to the first quarter on Audible on 2x. Investor Bro says he's listened to all of the BP podcasts, but that meant all of the ones this week and even then he did it at the gym and was busy talking the whole time near the bench before maxing out on one set.

Things Investor Bro doesn't do is exactly what you hit on. Research himself. Read and take notes. Listen to others unless it aligns with what they think is right, even though they don't know anything.

@Tom Shallcross yup. Usually, 3 acronyms used in a newbie post is a Bro Investor. Too many people think anyone can do it and in a way they are right, but exactly like you said, you aren't going to be a good REI by just hanging around and being lazy and only trying to get people to help in forums so you don't have to do the work yourself. That's Investor Bro.

@Ned J. there are plenty of newbie posts that are good. The ones I rail against are Investor Bro and no background info. Like "Just got my first deal, 200k ARV 340 repairs 50. Is this good?" Then you ask - Where is it? How did you evaluate the repairs? Who gave you the numbers? Have you ever done a deal? How is appreciation in the neighborhood? Then Investor Bro, "Stop coming at me bro, just chill."

The forums are clogged with a bunch of garbage because too many people just want a quick pat on the back. If you really want help on here, and the ones that do get it, you write it all out and let people weigh in. Those who post their background, the deal thoughts, and smart questions will get a TON of help. Investor Bro just wants a head nod that he is cool.

@Landon Whitt I can't solve a city's affordable housing shortage. I can only figure out to help the seller and I do not make them move if they haven't secured a place. I only buy if they have a place to go and are working on it and it can be verified. I allow them to leave everything they don't want and take only what they need. Usually they are being foreclosed on so it's coming either way.

@Ronan Donnelly yes, they can buy our bad deals, but Bro Investor is one of the biggest reasons that investing prices are overvalued in a lot of areas. First-timers who didn't learn enough buy high and then get in trouble. A couple buy highs can overinflate a block's value and then deflate it dramatically in a year when they sell low or quit the renovation and allow the cycle to start again, but for the wrong reasons.

@Mark Allen Kenny yes. So much cash to spend on RE, but that's what pushes the prices up in all of the allegedly "hot" markets.

I make everyone confirm the deposit amount before showing it and I don't do Open Houses for rentals. Any rental I put on gets hundreds of leads online. I send them the same email back outlining 3.5 months upfront and most never respond. At least if your deposit is high and confirmed, the only people showing up have the money. I am guessing that you have an area problem as described by a couple of people above. Give us more info.

I know someone who had a multi portfolio for sale last year. The price was too high. I will check my database for a SFH portfolio, I don't think I have someone with one though.

@Julie Hill with hoarder tenants I would call for a fire department check for fire safety. Usually, they will fail and be forced to modify. Similar to what someone said above about getting it condemned although that may slow your construction time. Cash for keys works, but much harder for hoarders. Remember that hoarding is a psychological disorder and usually their attachment to the stuff leaves them attached to the unit. It's very hard to break it for them, that's why municipal intervention is best and almost always their unit will be a fire hazard with all the stuff, especially if they hoard in the kitchen area. Good luck!