All Forum Posts by: Justin Pencook

Hey BP,

I have sent out my first direct mail campaign and I have been getting a few calls. Today, I spoke with a lady about her single family property that she is motivated to sell. There are tenants in the property currently, and while she told me if definitely needs some work, she was not able to provide any pictures. She did give me some details regarding the roof, but was pretty vague regarding the interior.

My hope was that I could get pictures of the interior so I could come up with some kind of repair estimate. However, if tenants are in place it sounds like I don't have the option to repair the property anyway. 

How do you guys handle a potentially good deal on a rental that is currently occupied? I want to get a property to BRRR, but this doesn't sound like it would work, right?

Thanks,

Justin

Thank you for the feedback.

I am very excited to begin a long and fulfilling career in Real Estate. If I am being honest, I have been bouncing around from job to job ever since graduating college 3 years ago and have struggled in finding my grounding. I started reading about RE investing and listening to BP about 6 months ago and have been hooked ever since. I know that I can invest in RE without a license, but just feel that obtaining and holding the license is worth the cost for someone who aspires to make a career out of RE like myself. 

My question is, are there any rules preventing me from working exclusively with investors? Or is there any reason that I would not want to do this? I am much more interested in working on the investing side of Real Estate. Every time I go to my local REI meetings, there are usually only 1 or 2 licensed agents there and everyone seems to want to network with them. I see becoming an Agent as a sacrifice of time, energy, and money but in return I get all of the opportunities that come with holding the license.

Is there anything that some of the seasoned Agent Investors on here wish they knew when they started? Any input is appreciated!

Very thankful that this community exists!

@Chris Torres I believe you are correct. I realize this after doing a bit more research. I found a school that offers Saturday classes and it starts next week so I am going to do that. Thank you!

Hello BP,

I am interested in obtaining my RE Salesperson License in New Jersey. Does anyone have any recommendations regarding an NJ specific online pre-licensing course that they have used? I would like to study on my own schedule, considering I work a full time job at the moment. 

Justin

Hello,

I am interested in obtaining my Real Estate Salesperson License in New Jersey. I am curious to know if I am allowed to take the pre-licensing course online. I have a list of licensed schools in New Jersey, none of which appear to be online. Here is a link to the list I am referring to: 

https://www.state.nj.us/dobi/division_rec/licensin...

Any input is appreciated. 

Thank you,

Justin

Is it possible to just browse files at the court house without having to cite a name or case number? 

@Brian Pulaski Thank you for the information. I was under the impression that it was not a terrible idea to try and get pre-approved through the same bank that owns the property. Do you have any opinion on this? 

@Ned Carey Great tip on reading the terms, I will have to clarify this. 

If anyone has a suggestion for a website that provides reliable property reports at a fair price, that would be greatly appreciated as well. I am mostly concerned with getting property's tax situation, as well as any liens on the property. I am considering ordering a report on Nextace.com for 29.99. Is this necessary? I can see this adding up quickly once I find myself digging deeper into multiple properties. 

Good info, thanks David.

There is an REO property in the town next to me that I would like to investigate further and ultimately make an offer on. I have to admit, the foreclosure process is a bit intimidating and I am going to put forth my best effort in navigating through it.

This particular property is on an auction website, and it appears that the only way I can get inside the property is with the representation of a licensed agent. Is this true? If so, what is the best way to connect with an REO Agent quickly in my area? I am looking for my first investment here, and am not willing to make any purchases sight unseen.

The property has been vacant for roughly a year, which leads me to believe there are some significant rehab costs and/or liens on the property (is this fair to say?) . I say this because in that particular town, there are rehabs on nearly every block which tells me this market is very competitive at the moment. 

Rather than bid at the auction, I may be able to find the bank who owns the property and contact them directly, without the representation of an agent. Would anyone advise against this? I am favorable to this strategy, but am a bit uneasy about going at this alone without any form of representation. 

Any and all advice is welcome!!

Justin

Hello Bigger Pockets,

My name is Justin and I came across BP a few months ago. Since then, I have been dedicated to gaining knowledge regarding RE investing. While I want to House Hack in the near future and eventually take on some rehab projects, I realize that Wholesaling is the most logical starting point for me. I don't want to get hung up on any details that may not be a cause for concern from a practical standpoint. However, I do want to understand the contract a bit better before I start marketing for leads. 

I have been lurking on the BP threads for the past few months, and am having a hard time understanding how to utilize the NJ Purchase & Sale agreement in a wholesaling environment.

I know this topic has been beaten to death, as I frequent all of the related threads. Unfortunately I have not been able to find a clear answer. What is the most efficient way around the No Assignment clause?  I have heard of people simply crossing it out, but I can't help but question the legality of doing do. Is this a legitimate concern?

Also, is the below link the standard contract in the state of New Jersey? Is there a shorter, more condensed version of this document that I would be able to use? 

http://www.wikiform.org/wp-content/uploads/2014/01...

Thank you,

Justin