All Forum Posts by: Jonathan Greene

@George W. very true. NYC Investors are hounding me for all the deals because everything sounds like a good deal comparatively. The metrics are very different though. They are used to square feet and different valuation styles and it does not apply when coming out here in the same way.

It's just not a good use of time to post a question, but not give any background because all of us come in there asking questions anyway. The best responses for newbies come when they give all the info upfront. They are the ones who benefit the most right away with top-notch answers from the community.

I wouldn't submit that and I don't think the realtor is off-base on this one. With foreclosures or REO, the price can be pretty close to the bottom. You should always be able to submit lower offers, but when you tack on a seller credit, it's very unlikely. It depends how the foreclosure is on the market. They may know there is no chance and from their point of view, if you are going to ask for a seller credit on foreclosures moving forward, they may not want to do it. I agree with @Edgar Butler though, discuss it with them and just ask why they know it won't work. On some auction sites they do give the opportunity for seller credits, but you have to realize that most foreclosure deals are fully as-is and the bank does not care about seller credits. Asking for a lower price and seller credit on a foreclosure is a double-dip to them.

Very risky inside an HOA community. I would not do it. Neighbors in HOA communities report everything in my experience, but that was in FL mostly with tight HOA. If they see someone exiting and entering all the time they will eventually figure it out. You would need certain window height and exits to be fire legal also and you could be held liable if something happened to the illegal boarder tenant. (I am an attorney, but no longer practice. This does not constitute legal advice.)

@George W. in some ways it does provide more opportunity, but you know that in NJ the influx of Bro Investor has pushed prices, specifically for multis, way up. Every multi near me gets 15 bids and 10 of them are overvalued because Bro wants to win. It messes up the block value by adding value, but when they bomb and have to sell out back down it goes and that screws with appraisals big time in a one-year span.

Bro Investors make a surprisingly negative impact when trying to wholesale because when the first wholesaler in the door says everything wrong, that seller (one who is old school and not in need of selling) will hide for another year thinking we will all try to Bro Dawg approach.

@Kevin Dureiko keep 'em coming. From a lender's perspective, I would expect Bro Investor to be just as you say.

"Bro, I've done 203k loans before. What's a draw? When can I have all the renovation money?"

"Bro, let's just hop on the phone. I know I can convince you to lower the federally mandated rate for a Bro."

@Account Closed chest-pounding is what bros do. When someone continually tells me in multiple posts, good luck with my business and also that I should be more careful how I approach being negative on BP, it's just a reminder that I am not on BP to get deals or grow my business. My business has been and always will be fine, anyone can look at my profile and deal flow to know that. Bros talk junk online and have nothing in their profile.

"Bro, I have mad deals son. No, I don't want to list them. Privacy and all. But crazy deals."

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.