All Forum Posts by: Jonathan Greene

@John Halverson if you don't even know what questions to ask, why are you getting a deal emailed to you? What do you know right now? If you don't know how to use the deal calculator or evaluate a deal or pricing or repairs, what are you doing wholesaling? Everyone has to learn somewhere, but if it's a good deal you have to be prepared to act on it without hoping forums will help at the last minute. 

@Morgan Granger you can most definitely grow your sphere by being smart and respectful about it. The absolute best book on how to do it, without spending a cent, is The Seven Levels of Communication by Michael Maher. I was a real estate coach and told everyone to start with this book way before doing anything else and before doing what everyone else tells you that you HAVE to do to be good. All you have to do is be yourself and build relationships.

There is just no sense chasing them, even though you have legal recourse. By the time you pay attorneys and find them, you will just be trying to get a diamond from a stone. Too much trouble. If my tenants leave, they leave. I keep the security and clean it and get it back out there as fast as possible. You do need some way of documenting the abandonment just in case though so take photos and if you have a text, email or message from them about leaving, hold onto it.

@Andre Bias all of the companies will not be cheap and you said you don't have a ton to put into it so don't even look at those. Your cheapest option would be to build lists on ListSource, but you have to understand your market and what you want to target. On ListSource you can pay per list built and then you have to do the extra research on your own and door knock and handwrite letters.

Most cities have their foreclosures up on a website and you should be able to see the amount in arrears so you know if it's a property worth pursuing. That's why the lists are helpful to build because you can only look for properties with no mortgage and owned more than 12 years which is a solid start.

@Sami Gren Your best protection in the NJ Realtors lease is in paragraph 13 - 

13. DAMAGES: The Tenant is liable for all the Landlord's damages caused by the Tenant's breach of this Lease. Such damages may include loss of rent, the cost of preparing the Property for re-renting and a brokerage commission incurred finding a new tenant as a result of the Tenant's eviction or if the Tenant moves out prior to the end of the Term.

I also include this on my own or all client's rentals as landlords in the additional provisions:

In the event the Tenants terminate this lease early, the Tenants will forfeit their Security Deposit and be responsible for the balance of the remainder of this Lease.

I can't imagine a lease that doesn't allow you to keep the security. Bank that and get it on the market. There is nothing else to do. There is never any point in chasing tenants that move out, that's part of the reason you have a security.

No brokerages are designed for investor agents as they would all be broke, but there are several that are more investor-friendly than others. You won't find the more well-known companies to be the best for this. Low fee, no desk, low overhead brokerages like eXp, HomeSmart, etc may provide less obstacles for agent-investors. This might help - https://www.biggerpockets.com/member-blogs/10015/64388-5-steps-to-finding-an-investor-friendly-brokerage

If you are doing the work to try to locate good investor buys, you are helping. That's a good start. You never want to rely solely on his guidance or else you will see all the properties he likes and he will cherry pick the best ones and give you the scraps. Best-case scenario for a new investor is to make a good friend who has a license. Even if they aren't an investor, buy them dinner if they show you a couple dirt traps. My bet is the guy is just busy and unsure how much value you will earn him in the future, which is fair from the agent's side.

@Brad Johnson I mean obviously it can work, I've spent my whole life doing it. But the finance dynamics and percentages are different. I think for a family partnership to work, everything has to be equal in all ways and this has many parts where it's not. No one wants to be on a mortgage for 5 years when her "live-in" obligation is over after a year. The thing is, yes, it's safer with lawyers and paperwork, but if you need a contract with family, it's going to be a problem later and for most, it will be bad. We just form LLCs and have never had to talk about anything, but we also grew up doing this. To get on the same page, you do have to be very clear about goals and roles, but it's just this scenario's inequality with splits and live-in and mortgages that I think will be the downfall. I love working with family, I am also very protective of the family relationship in the business because most people I know who have done it hate each other now. My sister is, and always was, my best friend.

Most people who will show up on that list with multiple properties held for 15+ years are going to be old school. They don't deal the way most people on here understand investing to be. Those guys, like the one you mentioned, who you call on one and then they have ten will do deals, but you have to have cash or be able to take something off their hands that is their worst property. There is one potential option with sellers like the one you are talking about. They are usually the most amenable to seller financing on lower deals because it's no skin off their backs and they don't need the cash and capital gains. Something to keep in mind as you develop that relationship. I agree with @Will Barnard that you need an outlet source, referral for the properties that are out of your cash range or skill range since you are just getting started.