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All Forum Posts by: Jonathan Greene

Jonathan Greene has started 261 posts and replied 6370 times.

Post: Wholesaling Market in Miami

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476

To be successful in Miami, you would need to have some serious capital to compete with the groundswell of experienced investors and developers. Are you saying you left real estate in 2024 and want to come back in 2025 to wholesale in Miami? Why wholesaling?

Post: Investing out of state doing BRRRRs

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476

The BRRRR strategy was great a couple of years ago, but it's much harder to do now because of the high interest rates. It can be done in smaller towns, but the margins are still very tight. All of the BRRRR propaganda was from when rates were very low. Where do you plan to find your deals? Unless you are finding off-market opportunities direct to seller, I can't imagine the deals working on BRRRR.

Post: If You Are Asking These Questions About Your STR, You Are Already Failing

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476
Quote from @Brooke Roundy:

Just received my review “Awesome guest! Would love to have [insert name] stay in the future!”. The automating of reviews I understand. We should be able to templatize routine reviews, although it certainly doesn’t provide any detail about why I was a good guest. But this has me wondering what would get me a 4 star review and what template would apply. It worries me because there is almost always nuance. For example I had my slow teenage kids with me and I hadn’t replaced the keycard by checkout time (6 minutes past), although we were out of the property and had locked the door by that time. With IoT monitoring everything I could have theoretically been charged a late check out fee. As far as I know I wasn’t. Again how we balance automation and the use of AI for ops streamlining with human-centered property management is key. I like your idea of instantly pinging a human and holding on a AI response when keywords “stars” or “review” are written. I would add there has to be some level of human monitoring going on. It can’t be 100% autopilot. 


Exactly. Automation with human oversight. The majority of people are using AI the wrong way. It's like a rough draft or an assistant, not you. It's like investors who hire property managers and don't manage them - they lose money.

Post: Programs for first time homebuyers

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476
Quote from @Kyle Carter:

What about if I already have a rental, not with the home buyers program. But I want to now purchase a house with the first time housing program, would I be able to? 


 No, I highly doubt it. It's not your first house.

Post: If You Are Asking These Questions About Your STR, You Are Already Failing

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476
Quote from @Brooke Roundy:
Quote from @Bruce Woodruff:

Good points @Jonathan Greene

I would only add these two: 

FIRST - people constantly ask which algorithm to use to get their prices set. Whereas I (and others) continually urge them to stop being lazy and do their own research....go on VRBO and ABNB and look at the competition. 1) What are they charging? 2) How booked out are they? 3) What amenities are they offering? 4) What do their places look like, how do they feature their professional pictures?

SECOND - In the same vein, newbies ask which programs they can use to manage their listing. My take is that a Host should be personally involved as much as possible. I personally don't like getting a lot of automated messages when I rent a STR, I'd rather have some more personal contact.....(maybe that's just me?)

I was just a guest at an Airbnb that was not 5-star, so I provided very detailed feedback privately and a heads up that I would not be giving 5 stars. I got a response that was clearly AI, didn’t even realize I had already checked out. As a guest, this is such a turn off. I get it. In my day job I’m an ops professional who manages a tech stack and efficiency is important. But it’s not everything - this software is optimizing for the host’s success and not balancing that enough with the guest experience. I will not be rebooking. 

That is an ops disaster. This is where automation in the business has gone awry. If the word star or review comes up, it should disable the automation and ping the owner if they have an automation set up. You did the right thing. I honestly give 5 stars when I shouldn't because I feel bad, but I give them feedback the whole time on what is broken and if they are responsive I feel like it's ok and then I still include what to look for in my review to help others.

Post: brand new with high aspirations to learn more

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476

Why wholesaling to start? Most people who want to start in wholesaling think that it's a great way to earn income to become an investor. For a select few, this can be true, but wholesaling is much harder to get off the ground. Your best bet is to find and contact all of the top local wholesalers and go to work for one of them and see what they do right and wrong and see if it's even a business you like. Pair that with going to real estate investor meetups and you will start your journey.

Post: Im looking to move out this year and house hack my first property

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476

Welcome. Yeah, you don't want to try to house hack in LA based on the price points out there vs. what you can get most likely. Are you planning on staying in that area? Would your parents be interested in partnering on a duplex where you live in one side with a roommate and manage the other side rental? That would be a great avenue to explore since you are in an expensive market.

Post: New member and new to real estate

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476

Books + podcast + real estate investor meetups = taking action. If you don't know what type of assets you would like, you have to think about your why for real estate. Is it to make more money on the side of your academy? If so, you have to see what capital you have to deploy and whether or not it makes sense. There are so many veterans who have carved nice paths in real estate investing all over the site and as guests on podcasts that you can learn from as well. Good luck. Just don't fall into the YouTube trap of planning your first deal with no money. Learn and save for a year before you do anything and meet as many other local investors as you can.

Post: Sell rental now?

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476

If this is your only rental, it's more about if you want to keep the property from a management perspective. Did you have more rentals in the past? If your cash flow is break even and you don't expect a groundswell of appreciation, why hold it? Repurpose the money into a variety of different options.

Post: If You Are Asking These Questions About Your STR, You Are Already Failing

Jonathan Greene
Professional Services
Pro Member
#2 Starting Out Contributor
Posted
  • Real Estate Consultant
  • Mendham, NJ
  • Posts 6,574
  • Votes 7,476
Quote from @Tom Dieringer:
Quote from @Jonathan Greene:

Whenever I had a max complainer who uttered a word about any review not at five stars, I immediately comped their stay, apologized, and made sure they didn't write the review (even when they were a scammer or crazy person). A 1-star scammer review isn't worth the money for the stay.

Jonathan, how do you "make sure" they don't write a bad review? I've dealt with thousands of reviews in my other companies, and I get how you increase the odds of not getting a bad review by comping, but there's always a couple crazys who still give a bad review.  And if you make it a quid pro quo, don't you run the risk of violating the OTA's policy of paying to alter reviews? 

Next, and again my current experience is in a different industry but one that's a highly dependent on Google reviews and ratings, I've found that there's always a break-even point where "paying someone off" doesn't provide enough of a return on the payoff.  I could see fully comping 1-2 nights at low season rates, particularly if one doesn't have a lot of reviews yet, but would you, as an established host with tons of reviews, comp a full week or more of a prime season stay?  Sorry for the huge questions.  :D

Yeah, nothing is absolute and you honestly need a couple crazies so you can respond calmly to show you are not the one who lost it. We used to try to offer to comp and cancel right away if they were a pain so their stay would be eliminated, but I don't know if you still can do that. I wasn't suggesting in any way paying someone off. I comped their stays because they were nuts and I didn't want to deal with them. Usually, they just want that and will stop, but there are always some outliers and sometimes it is our fault and our job is to respond and correct and accept the review.

Your second point is fair too. I was thinking of early operators who can't really afford a bad review. If you have 100 5-star reviews and you get a crazy, it doesn't move the needle much. Again, we are talking about unwarranted reviews, not true 3- or 4-star reviews. I think you have to own them if the people were nice and respectful.

One thing I've found is that you have to specifically remind them in the beginning, middle, and the end, that you want to provide a 5-star stay to result in a 5-star review. Some people think a 4-star is good. I appreciate the comments, those were good things to expand on.

In my on-market business, we deal with crazy reviewers all the time on Zillow or Google and on Zillow, if they were a client, you have to eat it and respond. Owner response is the key to "bad" reviews in my opinion.