All Forum Posts by: Jonathan Greene

@Raul R. if you traveled to the areas and did the research and still go to the areas where your properties are, that's fine, as said in several responses. The post was for brand new investors who think they can invest OOS by looking on the computer and evaluating deals and then just making online contacts and hoping they pan out. Any investor who invests OOS and does ok, but who doesn't go and see the units often, is lucky and can be doing much better in the same area with more visits. Most OOS investors who stay hands-off lose money on PM and all repairs. It's SO easy to scam an OOS investor who doesn't pay attention. Just ask a million people who it happened to over and over again.

@Jeremy A. my posts refer to a clean-up plan with a mold remediation company that is certified to do the job. Not at any point did I advocate for doing the job yourself. Read the posts.

Ha, I meant the river was too close. Here is the link, they might only do NJ, but could have a referral - https://www.wtgroupllc.com/resources/

The only thing that matters about having a license are two of the most important things.

1. Access (to both the MLS and the houses)

2. Listing fees (if you know what you are doing as a listing agent) and offers

The most important part of getting licensed as an investor is to have access whenever and wherever you want it. Not just to the MLS, which will save you immeasurable money on understanding comps, but to the homes. There aren't a lot of agents who like showing investors 100 dumps to buy one.

If you are a good agent, most brokerages will let you list your own flips and although you will still pay your split as a secondary residence, you won't have to pay the percentage to an outside listing agent. BUT, if you don't know what you are doing as an investor or agent, do not ever list your own property. And being able to write your own offers quickly is paramount instead of waiting on an agent who doesn't care about your 80k dump that you can flip because he or she isn't thinking of the flip.

The money is all relative, it's about what you are going to do with the license if you get it. How will it help you as an investor. 

When it's really close there is a company I've used to try to get the insurance taken off. It has worked. If the property backs up to the river, it's not worth it. The source is too close.

You can contest and win, but it would literally have to be right at the edge. If you are like 100 feet in, forget it. If the whole property is in, forget it. The only time I would buy a house in a flood zone would be if I was paying cash and it was WAY under value and I planned on keeping it as a rental forever knowing the rent with offset the flood insurance in the area. It depends if you are in the 100-year plain, 500-year or other on how much insurance will be. But generally, NEVER buy in a flood zone is the best advice.

Every house will have some termite issues. It's not a big deal at all and it always treatable because the companies can always trace the sources and identify what needs to be repaired and then they just treat or tent and it's done. All inspections do a termite visual inspection. You should run back and see if it's still available.

Reptiles are in cages, they are probably better than 99 percent of the pets someone can have. Sure, "scrounging up money" would definitely be an alert for me, I wouldn't say that it not consequential, but if only those things you mentioned I would do more due diligence. I would be more worried if the owner told you they were long-term renters and then you found out they just moved in, that would worry me about the owner's truth and financials.

I don't know of a single investor who would ever respond to an agent contacting them on social media. I delete every contact I get on social that isn't from someone I know. Real investors aren't dumb, they know you want the listings in the long-term, the already know your long game so it won't work. Way too many people are trying to use personal means to advertise and spam. Now or texts aren't even safe, I get spammed every day with "offers." This is not how you will get real investors to do business with you.

And lastly, NO ONE wants an agent who will give away their services for free. You are basically telling them that you don't deserve to get paid. Why would they ever give you a listing if you will do everything for free in hopes that some time down the line they throw you a bone?

@Alma Mills you did exactly as I suggest. Practice and learn in your own market or one nearby and then slowly figure out if OOS makes sense for you. And I completely agree that if you are going to go OOS it better be worth it. There are people going OOS for $100/month per door and $4,000 a year profit which can all be eaten in one A/C issue.

@Steve K. yeah, that's why I get so mad. I see people with only 5k savings wondering how to invest that OOS or pulling from pensions a lot of money to waste it somewhere they don't know. And another great point, I do think that OOS investing does not help towns the way most think. If all the rehabs were great and the owners responsible investors, yes, but they aren't. A lot of OOS investor are first-time dummies who ruin another house and also don't appreciate the kind of neighborhood and the neighbors because out of sight, out of mind. Locals DO NOT like OOS investors at all so if you are going to do it right, you travel there and meet the neighbors and then you have more eyes looking over your property or properties. It's basially being a smart human, but in the world of quick-fixes and scaling businesses and hustle and flow, people forget that all businesses are built of personal relationships not metrics.