All Forum Posts by: Jonathan Greene

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!

As long as you can afford the fees, part-timing it to start is a great way to get access to comps and homes and also to learn and find like-minded realtors who invest. You won't want a big-time brokerage if you are going part-time more for future investing, you will want to look for the no desk model, low fees, and no forced training like eXp, HomeSmart, and other 100 pct brokerages.

@Todd Rasmussen by no means is Bro Investor all new investors. There are a lot of smart, savvy, well-intentioned new investors doing the work. Bro Investor is pushing the prices up for all the first-time investors all over the country. Bro Investor just wants to wear the REI badge, but doesn't know how to make it worth something.

@Clifford Paul as Bro Investor would say, LMAO brah. See below:

Bro Investor - What the hell do I do? A tenant has a boyfriend who stays over a lot. Sure, he has already snaked the drain, fixed the shower, and repaired the steps outside for free because he is a good guy (also taking the load off of me, Shaka Bra Investor), but shouldn't I kick her out?

Bro Investor - I just read my first BP post yesterday. Today I signed up for 12 months of REI coaching with a guy on BP whose profile wasn't filled out and his website was under construction, but he said he knew the best deals in North Dakota. No one is in the market braheim.

If you don't have an agent who can actually run rental comps for you, I prefer Rentometer to Zillow by far. It's much more accurate, but still nothing will ever beat true comps. Also, remember with the rental comps that you never know about all of the off-market rentals by owner so market comps are only half the story.

@Landon Whitt well said. Bro Investor always is focused on the cash flow or cash on cash return or some other acronym they made up instead of the tenant and making the place a better place for them to live. Bro Investor just doesn't know enough to invest, but want to anyway and always gets in over his head.

That is a huge problem. The first thing I ask every off-market seller is do they have a place to go next and how are they planning on getting there? I often give 90-day leasebacks to make sure they can find a place. Bro Investor just pays someone local to kick them out and then overpays some contractors to do a Home Depot special renovation (not that there's anything wrong with that, but Bro Investor thinks it's "top of the line").

"Bro, just got my first deal. Don't know what to do. LOL. Halp!"

How many times a day are we seeing this post? Yes, everyone has to start somewhere, but the problem with the Bro Investor is that he is ruining good deals for the other real wholesalers and off-market experts in the area. Bro Investor makes too many promises, pays way too much, and relies solely on the advice of strangers on the Internet to win that first deal. Bro Investor opens himself up to every opportunist out there by unsubtly telling everyone that he has no idea what he is doing, but is determined to do it anyway.

Bro Investor wants to win a deal, not find a deal, so he overpays so he can call himself a "Rental Property Investor." But Bro Investor forgot about a repair fund because he only used a deal calculator once because "it's just numbers, bruh." So then Bro comes back to the forums:

"Bro, how much is a new furnace? Only allotted $27/month for repair. LMAO. Tenants are cold. Halp!"

Bro Investor is pushing the prices up in every market across the country right now by buying bad deals. Then, because someone in the forums told him that Oklahoma City is hot right now he bought turnkey at a monthly loss because of "appreciation and stuff." When you try to ask Bro Investor serious questions about why they are in the business or what their level of experience is or why they are taking deals if they have no clue what to do when they get one, they are like:

"Bro, chill."

But they can't answer because Bro Investor is used to being coddled and back patted and just wants people to help him solve his problems, quickly over the Internet in a warm, safe space, with no questions, only constructive solutions that also agree with him and align with his life principles.

You know if you are a Bro Investor or not. If you've done your due diligence, hit REI meetups, looked at deals in real life, made real-life connections with others in REI, you are not a Bro Investor. You will be fine. You will probably have to swoop in and buy Bro Investor's "deal of a lifetime" in 12 months when the market turns down, but by then Bro Investor will be posting in a forum about opening up a co-working space in Bali with 4-Hour Work Week on every table.

@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.