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How To Wholesale Real Estate Step by Step (In As Little As 21 Days) — Transcript

by Flipping Mastery TV · 3,424 words · 487 segments · language en · Watch on YouTube

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0:00if you're looking for a way to make a
0:01lot of money that is low risk easy to
0:04learn that you can do from anywhere then
0:06nothing beats wholesale real estate on
0:08this video I'm going to show you step by
0:10step how to wholesale your first house
0:11in as little as 21 days in fact I'm
0:14going to outline for you a 10-step
0:16process including all of the resources
0:18you need that you can Implement right
0:21now but first if you're new to
0:22wholesaling let me give you a brief
0:24overview in any given Marketplace there
0:27are investors that we call Cash buyers
0:29who are looking for distressed
0:30properties that they can either buy Fix
0:32and Flip for profit or buy fix and rent
0:35for cash flow these investors have cash
0:38or access to cash and they're actively
0:40eagerly looking for good deals every
0:42single day
0:43what a real estate wholesaler does is he
0:45goes out in the marketplace and he finds
0:48and sources good deals for these
0:49investors and he actually negotiates and
0:52enters into contracts on these
0:54discounted properties once a wholesaler
0:56has a contract with a seller he Now
0:58controls that property and takes the
1:01deal to an active cash buyer and offers
1:03to let him step in and take over the
1:05position in the contract and buy the
1:08property directly from the seller of
1:10course for a fee the wholesaler's profit
1:13on a deal is the difference between what
1:15a cash buyer pays for the right to buy
1:17the position on the contract and what
1:19the wholesaler has the contract for with
1:21the seller for example if the cash buyer
1:23will pay 175 000 for the deal and the
1:26wholesaler has the contract with the
1:28seller for 165 000 the wholesaler has a
1:32ten thousand dollar spread on the deal
1:34wholesalers are extremely valuable in
1:36the marketplace because they do the work
1:38to find source and bring good deals to
1:40cash buyers get good at wholesaling and
1:43you can do more multiple deals each
1:45month and make six and even seven
1:46figures a year in income that's my story
1:49nearly 20 years ago I was working in
1:51construction earning minimum wage and
1:53discovered wholesaling and started doing
1:55around five deals a month within three
1:57years I became a millionaire and I
1:59haven't looked back since if you don't
2:01know me I'm Jerry Norton I make millions
2:03of dollars a year wholesaling and
2:04flipping real estate and here on my
2:06channel I show you how to do the same so
2:08if you want to be a flipping Genius Like
2:10Me and live your dream life subscribe to
2:12my channel and watch my videos if you're
2:14just getting started then follow these
2:1710 steps to get your first deal in as
2:19little as 21 days step one is to set up
2:22your business now while it isn't
2:24critical to doing your first deal why
2:27wait transacting in an entity gives you
2:30liability protection and tax advantages
2:32because you can write off expenses and
2:35most importantly it shows a higher
2:37commitment level because you're treating
2:39it like a business not a hobby it's just
2:41the right way to get started with any
2:43new business especially wholesaling
2:45houses now to set up your business
2:47you'll need to do three things first
2:49register an entity with your state two
2:51get a tax ID number so you can file a
2:54tax return and three open a business
2:56bank account I refer all of my students
2:59to Prime Corporate Services they
3:01specialize in helping Real Estate
3:02Investors get set up quickly and they're
3:04really good they'll even do a free
3:06consultation call with you to discuss
3:08what's best for you based on your goals
3:10I'll put a link in the description where
3:12you can set up that free call
3:14step two is to choose and learn your
3:16market now your Market is the
3:18geographical area where you're going to
3:19focus on for finding deals and finding
3:22cash buyers for your deals since you
3:24will be investing time and resources
3:26it's very important that you are clear
3:28about your market and commit 100 to that
3:31market changing markets is starting over
3:33at zero so be very intentional about
3:35choosing your Market the good news is no
3:37longer does your Market need to be local
3:39to where you live you can choose a
3:42remote Market this is called virtual
3:43wholesaling here are some important tips
3:46when choosing your Market first is the
3:48population needs to be big enough so
3:50there are plenty of opportunities in
3:52terms of both deals and cash buyers
3:54avoid rural markets choose a county that
3:57has at least a population of five
3:59hundred thousand if you do consider a
4:01deal in a smaller town it needs to be no
4:03more than 45 minutes drive to a major
4:06Metro City otherwise we'll be
4:08increasingly difficult to find the cash
4:10buyer step three is to generate leads
4:13now a lead is a distressed property the
4:16goal is to identify leads every day that
4:18you can go after and hopefully find a
4:20motivated seller a motivated seller is a
4:22property owner who will gladly sell
4:24their property at a discount and give up
4:26equity in exchange for peace of mind for
4:29example someone in pre-foreclosure a
4:31tired landlord someone who moved out of
4:33state and now the property is vacant
4:35someone who inherited a property and
4:37dozens of other lead types these owners
4:40desperately want out from under the
4:42stress that property is causing them and
4:44your job is to help them lead generation
4:47is the lifeblood to your wholesaling
4:49business without enough leads you simply
4:52can't find enough motivated Sellers and
4:54you won't do your first deal
4:56now I created a report that has over 67
4:58different ways to find motivated Sellers
5:00and I'll give that to you for free check
5:02in the description box below for the
5:04download link
5:05now while there are several different
5:06methods to generate leads some expensive
5:09some low cost and some free one of the
5:12most effective methods is to acquire a
5:14list of distressed seller leads
5:16fortunately there are data software
5:18providers that compile organize and
5:20provide seller leads most of these
5:23softwares require a monthly subscription
5:24for a minimum amount of downloads with
5:27additional up charges for more leads
5:29that's why I recommend prop wire
5:31propwire is free to search and download
5:33as many leads as you want not only does
5:36propwater have over 157 million records
5:39Nationwide it's also really easy to use
5:41all you do is choose your Market choose
5:44your lead search and download and don't
5:46forget it's absolutely free to search
5:49and download as many leads as you want
5:51the monthly subscription and no
5:53additional up charges for more data and
5:56what could possibly be better than free
5:57nothing nothing is better than free
6:00especially when you're just getting
6:02started check it out at joinpropwire.com
6:05and see for yourself
6:07another free method to generate leads is
6:09to contact real estate agents some
6:12sellers decide to list their distressed
6:13properties for sale using real estate
6:15agents these are considered hot leads
6:18because the seller is actively trying to
6:20sell his unwanted property unlisted
6:22distressed properties the best strategy
6:24is to use my double dip technique this
6:27is where you go directly to the listing
6:28agent representing the seller and offer
6:30to let that agent also represent you by
6:33doing so that agent will get double
6:35commission and work hard to help you get
6:37the deal they will also bring you repeat
6:39deals ongoing so create an agent
6:42relationships in your Market is a
6:44powerful strategy and remember doing
6:46deals with agent doesn't cost you
6:48anything because of the seller pays the
6:50commissions not the buyer by the way
6:53I'll give you my agent scripts for free
6:54so you know exactly what to say and how
6:57to overcome objections just go to
6:59agentofferscripts.com for the free
7:01download I also created an exact
7:03blueprint to do three to five deals a
7:05month just working with agent I did a
7:08video that breaks it down in detail I'll
7:09put the link to that video in the
7:11description below for you also keep in
7:13mind propwire has on Market properties
7:15listed with agents as well so it really
7:18is your go-to for leads again just go to
7:20joinpropwire.com
7:22once you've generated some distressed
7:24property leads it's time for step four
7:26which is to calculate your offer price
7:28or what's called your maximum allowable
7:31offer or Mao you can't make an offer to
7:34the seller if you don't first figure out
7:35what the right price is so you actually
7:38make money on the deal The Mao is the
7:40price you need to get the contract for
7:42with the seller that factors in your
7:44desired wholesale profit and wholesale
7:46real estate when calculated an offer
7:48price on a particular deal the idea is
7:51to figure out what an investor would pay
7:53in cash to buy that property in that
7:56neighborhood and in that condition once
7:59you know what price makes it a good deal
8:00to a local active buyer simply back out
8:03your wholesale fee and what's left is
8:05your Mao for example a flipper who would
8:08be interested in buying the property
8:09fixing it up and then flipping it for a
8:11profit is going to look at the after
8:13repair value or the price you can sell
8:15for later after it's fixed up he's going
8:17to look at the cost of repairs he's
8:19going to have to factor in closing costs
8:21and commissions to sell it he's probably
8:23going to borrow money to do the deal so
8:25he'll have financing costs to factor in
8:27based on how long it takes him to do the
8:29flip and he's going to want to make a
8:31profit a good wholesaler knows how to
8:33look at the deal from the Investor's
8:35perspective so they can figure out
8:37what's a good deal but this step often
8:40trips up a lot of new wholesalers
8:42because they overthink it and spend way
8:44too much time analyzing the numbers
8:46that's why I created a simple offer
8:49calculator for wholesalers where it
8:51calculates the average as is value of
8:53the property and automatically
8:55calculates your offer price with
8:57built-in wholesale profit it's great
8:59because you don't have to spend any time
9:01analyzing comps to figure out the after
9:02repair value and you don't have to
9:04estimate repairs it's plug and play and
9:07instantly gives you an offer price and
9:09I'll give it to you for free just go to
9:11free offercalculator.com to get the
9:14download Once you determine your offer
9:16price it's time for step five which is
9:18to actually present your offer to the
9:20seller and when it comes to making
9:22offers there is a very valuable lesson
9:24you need to understand and the more you
9:26get this idea the faster you'll get to
9:29your first deal or your next deal are
9:30you ready for some profound advice
9:32you're going to want to write this down
9:33are you ready the more offers you make
9:35the more deals you'll do and the more
9:38money you'll earn let me say that again
9:40in fact to prove that you're paying
9:42attention write the following in the
9:43comments below the more offers you make
9:46the more deals you'll do and the more
9:48money you'll earn then throw in there
9:51Jerry you are flipping genius for good
9:53measure although that may seem obvious
9:55most new wholesalers don't get it you
9:58have to be willing to make a lot of
10:00offers keep in mind you're looking for
10:02the five percent of all transactions
10:04that happen every single month in any
10:06given marketplace where the seller is
10:08motivated to sell his property at a
10:10discount understand this most people are
10:13gonna say no which means the more no's
10:16you get the faster you'll burn through
10:17the 95 percent who aren't motivated and
10:20the faster you'll find the five percent
10:22who are motivated it's that simple it's
10:25just a numbers game here's my advice to
10:28all new wholesalers if you're not
10:30willing to make a hundred offers to get
10:32one deal then you have no business being
10:34a wholesaler I did a video where
10:36outlined a detailed game plan for making
10:38five offers a day like clockwork I'll
10:40put that video link in the description
10:41below for you once you've started making
10:44offers that special moment is going to
10:46happen where the seller says yes to your
10:48offer so step six is to execute a
10:51contract you don't have a deal until you
10:53have a contract because your contract is
10:55what you're going to sell to a cash
10:57buyer if the deal is on Market the agent
11:00will write and present the offer to the
11:02seller using their state approved
11:03contract but you still need to make sure
11:05that contract is written with everything
11:07you need to wholesale it I did a video
11:10where I break down exactly what to
11:11include in an on Market contract Link in
11:14the description with off Market there is
11:16no agent involved so you have to write
11:18and present the contract to the seller
11:20if you're a member of my wholesale CRM
11:22system called flipster my digital
11:24contracts are standard it takes a minute
11:27to fill out and then you just email it
11:28directly to the seller and they sign it
11:31electronically right on the spot to
11:33check out flipster on a seven day free
11:34trial just go to joinflipster.com as
11:37part of your contract with the seller
11:39you may have earnest money that you
11:41agree to pay earnest money is a good
11:43faith deposit that is held in escrow at
11:45the title company until the day of
11:47closing at which this time it's
11:49reimbursed to you I'll explain in a
11:51minute so keep watching
11:52try to give yourself about three weeks
11:54for closing if you can so you have
11:56plenty of time to find a cash buyer I
11:59also highly recommend including a 10-day
12:01inspection clause in your contract that
12:03gives you time as well to renegotiate or
12:05terminate the contract if you discover
12:07you don't have a good deal once you've
12:09executed a contract with the seller it's
12:11time for step seven which is the open
12:13escrow with a title company a title
12:15company is going to do a title search to
12:17verify who owns the property and find
12:19out if there are any issues such as
12:21liens or unpaid property taxes Etc
12:23they're going to prepare everything for
12:25closing where change of ownership will
12:27happen between the seller and the new
12:29buyer which we'll cover in a minute
12:30since you're going to assign the
12:32contract to a cash buyer make sure you
12:35open escrow with a title company that
12:37understands how to do that surprisingly
12:39not all do we call this a wholesaler
12:42friendly title company I did a video
12:44where I explained how to find a
12:45wholesaler friendly Title Company in
12:47your Market Link in the description
12:49below after you open escrow it's time
12:51for step eight to find a cash buyer as
12:54you go and over time your goal is to
12:56build a list of cash buyers in your
12:58Market that way every time you get a new
13:00deal you have ready to go buyers for it
13:02but in the beginning you just need a
13:04buyer for your first few deals while
13:07you're building your list so let me
13:08share with you my top three favorite
13:09methods to find the cash buyer the first
13:12method I call the neighborhood flipper
13:14method the idea here is to find other
13:16flippers who bought a house fix it up
13:17and then sold it or has it listed for
13:19sale in the same area as your deal
13:22flippers love to do deals in the same
13:24areas where they've previously done
13:25deals so this is a solid strategy I did
13:28a video where I show live how to find
13:29Flippers near your deal and contact them
13:32about your deal I'll put the link to
13:33that video in the description below my
13:36favorite method number two to find a
13:37cash buyer is using local Facebook
13:39investor groups every Metro Market has
13:42several public Facebook groups where
13:43investors hang out discuss investing
13:46stuff and post their deals obviously
13:48some groups are better than others it
13:50really comes down to how well the admin
13:52monitor and maintains the Integrity of
13:54the group and removes spamming and
13:56soliciting and really upholds the
13:58group's purpose and rules you want to
14:00join all the groups in your Market once
14:02you've joined all the groups make a post
14:04about your deal I did a video where I
14:06show how to create a simple video flyer
14:08about your deal that will stand out
14:10above all the other posts so you get a
14:12buyer super fast for your deal I'll put
14:14the link to that video in the
14:15description below for you and finally
14:17favorite method number three to find a
14:18cash buyer is best if you're serious
14:20about killing it wholesaling analysis
14:22and that searching and downloading a
14:24list of active cash buyers from propwire
14:27yes propwire also has cash buyers and
14:29even has a really cool feature where you
14:31can look up how many properties the cash
14:33buyer owns to see how big of a player
14:36they are and again it's absolutely free
14:38to search and download an unlimited
14:40number of leads just go to
14:41joinpropwire.com
14:43and to really help you get comfortable
14:44talking and building relationships with
14:46cash buyers I'll give you my word for
14:48word scripts for free these include my
14:51scripts for texting voicemail emails Etc
14:53check in the description box below for
14:55that download link and a fourth bonus
14:57method to find a cash buyer is not to
15:00I'll be your buyer I Fix and Flip houses
15:02all over the US and I'll pay you ten
15:04thousand dollars for every deal you find
15:06that meets my criteria if that sounds
15:08exciting go to my10kcheck.com to
15:11register for a free training to learn
15:13all the details
15:15once you've identified your highest and
15:16best offer from a cash buyer it's time
15:18for step nine which is to execute an
15:21assignment contract if you're doing a
15:23single closing the assignment contract
15:25is what allows the cash buyer to step in
15:27and take over the contract with the
15:29seller of course for a fee and again if
15:32you have my wholesaler CRM system
15:33flipster then a digital assignment
15:35contract is included which makes it
15:38really easy to send to your cash buyers
15:39for electronic signatures to test drive
15:42it on a seven day free trial just go to
15:44joinflipster.com now quick tip make sure
15:47to get a sizable non-refundable deposit
15:50from your cash buyer I suggest at least
15:52twenty five hundred dollars maybe even
15:54more this makes sure your cash buyer is
15:57committed and shows up on the day of
15:58closing
15:59once you have your executed contract and
16:01non-refundable deposit get both over to
16:04the title agent who you opened escrow
16:06with now they have the original contract
16:08with you and the seller and the
16:10assignment contract with you and your
16:11cash buyer and if they're good they'll
16:13handle everything from there and finally
16:16step 10 is to close and get paid on the
16:18day of closing title will close with the
16:20seller and your cash buyer and why are
16:22you your wholesale fee that means you
16:25don't need to attend closing I haven't
16:27been to a closing in years now following
16:29this 10-step process I outlined in this
16:31video it's possible that you can get
16:33your first deal in as little as 21 days
16:35but hopefully your goal isn't to just do
16:38one wholesale deal but to consistently
16:40do deals each and every month that means
16:42instead of chasing after a deal learn
16:45how to run a business that does deals
16:47there's a big difference and if you'd
16:49like to work directly with me and learn
16:50how to make a six and even seven figure
16:52income while partnering on deals with me
16:54so you earn while you learn then check
16:57out my mentor and partner program called
16:58Fast Track for free training with all
17:00the details just go to fast
17:02trackwithjerry.com and finally if you're
17:04new to wholesaling and you have time but
17:06no money I did a detailed video where I
17:08show step by step how to do three to
17:09five deals a month watch that now and
17:12I'll see you on the next video

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