All Forum Posts by: Shaq Jones

Originally posted by @Elizabeth Wilson:

@Shaq Jones - Great post.  Any lessons learned or suggestions that have helped when talking with vacant homeowners?  Like you, I've found it an absolute struggle to let me buy their home before it goes into foreclosure.  They either call too late or after the fact.  

Thank you! Persistence and a form of educating them in the letters I send out. Many do not realize when they leave these homes, they are still liabile for any damages that happen. So a slip and fall or a fire, it isn't the bank's responsibility,they will come after the home owner which in most cases they don't think they are because their bum attorney didn't educate them properly on their situation. We too deal with people that want to talk after the house has foreclosed. For those people we tend to get calls like crazy after the fact from them because all of a sudden they want to handle the issue now that it's too late. Which reminds me I may write a letter about this guy that we tried to reach for 3 years. He ignored us all those years. The bank finally foreclosed and as of a week ago he's  been calling us off the hook. I also send testimonials from people I've worked with. I would have your husband's real estate information on the letters you send out because it helps with credibility. Not to say you're not credible. But there are a lot of scummy investors out here that made it hard for the honest guys, so people are extremely reluctant to deal with regular people. So, I think having your husband's information on the letters will put people at ease because they know it's  a business behind the letter. Whatever letter you send out put a jpeg of hubby's business card on it. That way they can put a face to the letters and that helps as well. 

I deal with pre foreclosures. Yes I am a realtor, but you do not have to be realtor in order to deal with pre foreclosures. Anyone with cash can approach someone to purchase their home without a license. You cannot legally market a property without having a secured interest in the property( which would be a signed contract with you intentions to purchase or assign.) If you find a preforclosure that let's say $100k is owed and you know the home can retail for $300k. If you have cash, you can actually approach the homeowner and offer to pay off their debts for the house. Now in my experience, going after preforclosures with people that live in the home is challenging. The attachments people have to their homes are real. I deal with preforclosure homes that are vacant. Trying to get people to allow me to help them get their name off the title of a home they no longer live in is almost like pulling teeth for a home they've already walked away from for NOTHING. So, good luck and have some money lined up in the event you get someone to agree to let you buy their home. Even if you decide to wholesale it after you get a contract signed that can work as well. One frustrating part about this forum is everyone has their opinions, and they can at times be discouraging, but do your own research. Unless you're trying to talk the bank down you don't need a license. Even then only thing you really would need is written authorization from the owner to speak to the bank and proceed from there. Just make sure you do everything right, and you will be fine. Good luck!

Unfortunately I don't, this was five years ago, it was a promotion they were running. Cheapest I've seen have been like $178 on Groupon. 

I agree with Manny, they give you one year to take the exam. You can study as much as you need or take it as many times as you need be within that year. Keep in mind each time you take the state exam, you will be charged for it. I don't know any schools around the Edgewater area, but I went to Weichert's Real Estate school. They were giving a great deal I couldn't pass up. $99 for the course which is typically $300-400 dollars. You have to pass a pre licensing test, which the school will administer, which will give a pass for you to take the state exam. 

Good Luck!

There is no such thing as real estate courses online in NJ. The hours MUST be 75 in person hours. The only thing you can do online are continuing education courses once you're licensed. Source: I know this because I am a NJ realtor.

Did you get any pictures from the homeowner to see the condition of the house? If you're local to the home, if you're just starting I would just go ahead to look at the house in person to get an estimate of the repair or send a contractor if you can. If they're motivated, ask them to name a price they're willing to sell it for. Then have the contractor go in five you the numbers and work from there.

Hey everyone,

I made an offer to a seller using a regular NJ Residential Real Estate Contract. The property we are looking to get under contract is 5 units. I've looked online and for some reason I cannot find a NJ state commercial Real estate contract. Will we be okay with the residential contract, or does it HAVE to be a commercial contract? If it has to be, can anyone point me in the direction of it. We prefer to use the NJ Realtor's contract just for those particular attorneys. 

Thanks

Shaq

Hi, She would fall under the realtor assistant guidelines. She may make calls for you, but she cannot discuss anything on the MLS. I believe there is something on the MLS for assistant access many people do not know about, I suggest you pay for that instead of giving her access to YOUR MLS too because they're VERY strict about sharing passwords. She can call and make appointments for you VERY generally " Noticed your listing to sell you home expired, would you be interested in relisting the property? Yes, what's a good time to set an appointment for you to have a realtor come out to meet with you and further discuss in detail? " She may take note of details of the home if it's a brand new listing you guys come across, but that's it. Good luck!

Benjamin Barredo Thank you for speaking honestly, it's to the point where I loathe going into any type of wholesale post because I know he will be here bad mouthing the majority. P.J. Bremner You said something that stuck out to me, you said it's smart to stereotype a group of people. No I don't think it's smart to. It's sad that he stereotypes a collection of people based on his bad experiences. But, It doesn't mean everyone is bad. There are good and bad and each sector. One thing I have noticed is that everyone isn't as encouraging on here, there are some people that don't believe people getting into this business without money is smart and sometimes they highly speak out against it, but just like everything else in life there will always be the naysayers, listen to the ones that are positive. There are successful wholesalers that are honest and unlicensed. I know plenty it's a shame John obviously hasn't met them.

Maybe you can rent it to someone month to month to at least help with the fees the home is accumulating. Inform the person that it may be short term as u are looking to eventually sell. Someone mentioned to fire your agent, not every situation is going to be easy to do FSBO. Sometimes you need a professional in areas you aren't experienced in. When you do gain experience, THEN you can decide to branch off on your own. If you decide to do FSBO, you have to market your home yourself, and people prefer going to NJMLS.com not Forsalebyowner.com. I feel like people that do FSBO are trying to save their profit which is understandable. But realistically this situation is a win- win for u regardless because you made no initial investment and making a profit. Even if you were to get 20k after all fees, it's free money. Some is better than nothing. As an investor, it's important to build relationships with realtors because they can send great deals your way if you take care of them. You want to keep your property where the most people can see it. This isn't a great time to sell. Just hold it, get a tenant in the house and at least you will begin to get the hang of the landlord life.