All Forum Posts by: Jonathan Greene

Where are you getting your call lists for pre-foreclosures? Most pre-foreclosures do not go to foreclosure so this is a terrible call list. A pre-foreclosure can technically be someone who has missed one payment and a lis pendens has been filed. A lot of time it's just semantics and they get back on track.

If you don't have any way of knowing where they are at in the cycle of foreclosure, you are wasting your time calling. The script would be completely different depending on where they are in the process. If you know they have just missed a payment or two, that is not the time for a call.

Dumb sites like Zillow are marking things pre-foreclosure and then not unmarking them. The data on pre-foreclosures is rarely accurate. Many pre-foreclosures don't want anyone to know and will be very annoyed with your call. If your only solution is to buy for cash, they can get that call from anyone. Learn more about where they are at in the cycle and if there is anything you can do to help. You probably won't close a deal on a pre-foreclosure list. Too many of the leads will never need to sell.

Why are they motivated? If it needs no repairs and is worth $300,000, why would they sell it to you for $250,000 or less? How much equity do they have in it? What are you going to do with it? What are the rental comps and are there even rental comps for 5 BR homes in Glenn Heights. Chances are your rental value is less than you might think if there aren't a lot of comps as there probably aren't a ton of 5 BR closed rentals there.

$100,000 is only possible if it hits a water source. The chances of going over $10,000 on a residential property in NJ are very slim because most tanks are 550 gallons are smaller and very few, to any tanks, have more than pinhole leaks. Even in the case of a large leak, it is usually concentrated to one specific area. These are leaks, not spills. The chances of going over $10,000 are probably less than .01%

That makes no sense. They get paid when you close, by the seller. A buyer's agent job is all risk-taking to get the reward, they don't get anything for trying. It's possible that the $150 fee is illegal. No agent, in most, if not all states, can take any payment directly. All transactional monies have to go through their brokerage. Ask them if their brokerage knows about the fee? If it's a fee paid at closing, it could be a transaction fee to the brokerage, which is fine, although totally unnecessary. If it is an upfront fee to the agent, it's probably illegal and extremely weird. Walk away. Find a real agent.

The real answer is inside your question. Why would an investor need investors? Seasoned investors have their own capital or can source unlimited capital from existing relationships. They don't need to say to someone, would you like to invest in my investing business - that's circular logic. The people who other investors want to invest with don't have to ask.

Removal should top out at $2,000. When there is contamination it usually runs about $7,500. There is no scenario that you hit $17,000 unless the oil has hit a movable source like water or has contaminated a neighbor's property. When I buy homes with tanks I account $10,000. You are definitely getting swindled and should of only been paying $1,800-$2,00- until contamination was found. Once that is found, be sure you get the 75-page booklet on the results of the testing from the EPA. If not, you are being swindled again.

Have you ever done a vacation rental? If not, do you plan to hire a manager? If you don't do it correctly from the outset, one bad review will capsize those expected profits right away. Vacation rentals have to be high priority and concierge service to be consistent and get to a high number of reviews. Year-round rentals are much safer, have way less wear and tear, and you will get better tenants that stay put. Depending where you are, vacation renters can be a mess and expect A LOT.

FSBOs are FSBOs for a reason. They don't want to deal with agents at all unless they are bringing a verified buyer and they probably still won't pay a commission. FSBOs are the biggest waste of time for agents in the history of the world. They are always overpriced and they are wise to the games like holding an Open House. They can do that themselves. Agents just want to get leads and how does that help them? Sure they get more feet in the door, but they are FSBO because they don't want high traffic and Open Houses. Come up with something novel if you want to approach a FSBO. This bad strategy has existed since the first land settler put out their For Sale By Owner sign on their plot.

It's about how you build a relationship if you want to be in it for the long-term. I ask them questions, the first being where do they want to go. Once you know where they want to go and why, you are well on your way to getting them there. Most investors don't care about the people behind the house, but I do. I tell them I am there to solve a problem. Even these absentee owners have a problem. They have a property unrented, sitting there. I'd offer to help find them a renter, it's not always about the deal right now.

I always say that when they are ready to go they can leave whatever they want in the house and I will get rid of it. Maybe it's too much to think of to figure out where everything can go, especially when you are not there. No problem, just leave it. Need a liquidation company? Sure, I got you, you will get some money back to and then just leave the rest. That's just one option.

You need to create a value add. If you have two years of calls with vacant owners, your script isn't good. What are you bringing to the table other than money? Anyone with a vacant home is probably getting calls from more than you so you need to have a different dialogue. Why aren't they renting it? Maybe they are thinking of moving back. How much are the taxes? Ask them how long they've left it vacant and punch that into a calculator and tell them how much money they have tossed away versus the appreciation. If the property is not appreciating and they are leaving it vacant and don't live in the area, why do they want to keep it? Whatever they answer ask why and then why again. There won't be a good answer and then maybe you have your in. They want to know they can trust you. What's your deal record? It's not the properties, it's how the calls are going.