Jerry, Pace, you guys are FLIPPING GENIUSES! LOVING IT! This video, for me, is just like when you go to church, and the sermon is EXACTLY what you needed to hear that day for the week ahead! This topic, and strategy (I downloaded the Creative Finance Hacks Guide, too!) is PRECISELY what I needed today to potentially lock up my own creative finance/cashflow deal that a wholesale strat just won't work on! Thank you both VERY much! Awesome sauce!
These are great strategies and are way over my skill level lol. Good job gentlemen and thank you for providing deep value. I wonder what Jerry's relationship was with the people who he did this deal with. I feel like personal relationships played a huge role in his deal.
Question for Pace's Deal: How did you come up with that $375 monthly note? It seems to me that you agreed to a 20 year fixed, 0% interest for a $90k seller finance loan, and a $10k downpayment seller finance loan @ 0% over 1 year in 2 lump sum payments of $5k each. Correct me if I'm wrong! Just trying to understand so I can repeat the process :)
I know of a 12 acre lot with home on it now in Florida that multiple builders backed out of due to rates. Asking price is 1.6 They were going to sub divide and build it out but never happened.
On Jerry's deal, where does he take into account the cost of selling the new homes? Realtor usually gets 5% fee, which is $33,000 per home sold. Why didn't he subtract the $33k from the $115k he got in profit per home?
When you get 0% financing, how does the seller manages the imputed interest since IRS would consider part of the payment as interest regardless of the parties agreement?
And when you use this method do you get the deed to the home? Are you able to; for instance take a loan/lien against the property; say for renovations while under this creative finance contract with the sellers? Thanks in advance.
Can this Worley with property on market/mls (raw land) listed. How would that conversation look like with the realtor? I got a little bit of nerves about going to a realtor with creative deals.
With your land example at the 18:20 mark, you found land and got it under contract for $50k and then its ARV was $400k? And you found a retailer for $600k? How do you determine the ARV of a plot of land?!
Jerry you flipping genius, I’ve never met ya in person but I love ya brother!! Listen, I haven’t done my first deal yet but I’m saying before the end of October I will have. There is a house one house over from me who’s yard I cut every two weeks. They lady pays me up front at the beginning of the year. She hasn’t lived there in about 3 1/2 years and it needs siding and a roof and new driveway. I sent her a message out of the blue asking if she’s interested in selling it and she said “maybe “ I said do you owe anything on it and she said “no.” I said my wife and I are starting out investing in real estate and would you consider a cash offer? Im waiting to hear back. It’s just sitting there and I’d love to get it and if I do it wouldn’t be on the market so no competition.
@@FlippingMastery And even if it’s not happening with this house then with some house it’s happening and going to continue every month. No less then $10,000 profit on any house is my goal.
Can you still let the sellers agent write the contract for you so that they can get double commission on the sale, if you are also a licensed agent yourself?
So, just so I understand, Pace put 10K down with a 0% interest note and valued the house at 100K instead of doing what the seller wanted: put 20K down with an 8% interest note on a house valued at 90. So, 100K house bought for 10K down and 0% interest versus 90K house with 20K down and 8% interest. Hmmmm, so help me out here, how much is the payment per month for each case. I used an online calculator and over 15 years, the monthly payment for the house valued at 100K with 10K down and 0% interest is 500/mo vs the monthly payment for the other option is $688. So, the seller is accepting $33840 less over the life of the note if he accepts the 0% option. Are the numbers right, Im looking for anyone to answer.
Jerry, please explain what would happen If you did a subto will the owner of the home be able to go purchase another home with the first home loan in their name? Seems like it would be almost impossible for them to get a second home loan from a bank as they are still liable for the payments. Please help.
If your seller wants to buy another property you will do a wrap instead of sub2. What that means is that the existing loan stays in place and you create a new loan and “wrap” it around the existing loan. This will then show banks that they are receiving income\payment for their loan, which will allow them to purchase a new property. This does not work 100% of the time but does about 85-90% of the time.
Start here… FREE Creative Financing Hacks Guide: CreativeFinancingHacks.com FREE Subject To Contract Pack & 30% Off Discount Code for Full Service Closings: flippingmastery.com/subyt
Hey Jerry! I kill it in the phone I just graduated High School, getting my realtors license, and have been doing all types of sales including over the phone since I was 13 (making commissions). Can I please become an AM for you? I would be so grateful. Thank you so much! PS. You’re videos are Amazing CAN I BE AN AM PLEASE
A seller might say, but with nothing down, zero percent--How do I know you'll perform? You're not giving me a penny until the house sells in 6mo. Credibility is huge here because if Jerry defaults on both loans, he's sitting in 2nd position on his own property. But he knows Jerry will perform. Reputation is invaluable.
Listen you cannot do this with no money your forgetting they want you to have liquidity in the bank we can’t even get a hard money loan because of this. The only way with no money is sub - to but it has to be the perfect deal please explain how you are doing this? How can I with zero in the bank if they are all saying you need liquidity in the bank to be able to use someone’s else’s money? Even wholesaling I still need earnest money?
Do it with some one you trust at least 18. You need someone to sign . Also use LLC they signed as manager of LLC but LLC is yours . Look more into it This is advice Someone gave Bigger pockets or fb wholesaling groups
Flipping Mastery TV is there any way i can send you my deals with out having to pay for the course. I would just like to send you deals and get assigned a fee, i dont need mentoring or any sort of training.
@@FlippingMastery mister Jerry I have a deal I would like to submit to you. Might meet your flipping luxury criteria. Can be sold for 1.2 please let me know how can I contact you or your team
Hi jerry Norton I’ve sent you a dm on Instagram and I’ve tried emailing and calling provided on your website I’ve made a member account but when I login I get a message saying that I don’t have enough permissions
Whoooooaaaaa!! Jerry’s deal just blew my mind… That’s wild! Thanks for the video! 🤯👌🏼
Love these two can’t wait to meet them and be a guest
Wow! Jerry...You're A Creative Financing GENIUS!! 😀
LOVE these Whiteboard Break-Downs You and Pace do together!
Wooo y’all some flipping geniuses fr 💕
Jerry, Pace, you guys are FLIPPING GENIUSES! LOVING IT! This video, for me, is just like when you go to church, and the sermon is EXACTLY what you needed to hear that day for the week ahead! This topic, and strategy (I downloaded the Creative Finance Hacks Guide, too!) is PRECISELY what I needed today to potentially lock up my own creative finance/cashflow deal that a wholesale strat just won't work on! Thank you both VERY much! Awesome sauce!
Flipping CREATIVE Genius!
Pace & Jerry, thanks so much for all your amazing content!
You guys are Flipping Geniuses!
I love this NO box 📦 thinking! Jerry and Pace are the creative thinkers of Real Estate. Thanks for sharing what's possible.
Great video you two!
Jerry. You are a flippin genius ❤🎉😊
Pace...You're A Creative Financing GENIUS!! 😀
Jerry-you are a flipping genius 🎉 💯 🙌🏽
I’m gonna have to watch this 10 times in order to understand what Norton is saying
This is GOLD folks!
These are great strategies and are way over my skill level lol. Good job gentlemen and thank you for providing deep value. I wonder what Jerry's relationship was with the people who he did this deal with. I feel like personal relationships played a huge role in his deal.
Great content and info.
Question for Pace's Deal: How did you come up with that $375 monthly note? It seems to me that you agreed to a 20 year fixed, 0% interest for a $90k seller finance loan, and a $10k downpayment seller finance loan @ 0% over 1 year in 2 lump sum payments of $5k each. Correct me if I'm wrong! Just trying to understand so I can repeat the process :)
I'm just smiling through this whole thing. Bang bang
I know of a 12 acre lot with home on it now in Florida that multiple builders backed out of due to rates. Asking price is 1.6 They were going to sub divide and build it out but never happened.
Indeed it's creative and it's so awesome!
Flipping geniuses, love it
Love these guys!
You are a flipping genius!
On Jerry's deal, where does he take into account the cost of selling the new homes? Realtor usually gets 5% fee, which is $33,000 per home sold. Why didn't he subtract the $33k from the $115k he got in profit per home?
Another master class 🙏
When you get 0% financing, how does the seller manages the imputed interest since IRS would consider part of the payment as interest regardless of the parties agreement?
wow what a great strategy
Will sub to work instead of a short sale?
That's crazy dude
👏 grt info LetsGo!!!
Great work guys!! How long was the term on Pace Morbys deal for the $10 000 to cover interest?
It was 13 months.
Land is my jam!
And when you use this method do you get the deed to the home? Are you able to; for instance take a loan/lien against the property; say for renovations while under this creative finance contract with the sellers? Thanks in advance.
Love these videos man. Quick question, is it possible to buy ON market homes via creative financing? If so, how do you go about it?
Yes! Watch this -ruclips.net/video/Ee5F7clsWhQ/видео.html
Can this Worley with property on market/mls (raw land) listed. How would that conversation look like with the realtor? I got a little bit of nerves about going to a realtor with creative deals.
With your land example at the 18:20 mark, you found land and got it under contract for $50k and then its ARV was $400k? And you found a retailer for $600k? How do you determine the ARV of a plot of land?!
not sure how this calc works with 7-9% mortgage rates and 10-15k annual property tax area?
Will the Creative financing works in any State?
Frickin insane I was watching Pace's shaking head explode
where do i find these private money lenders??
Watch this - ruclips.net/video/EDBn63TdjXE/видео.html
Guys explain 1st and2nd position and how again how they flip flop
Curious as to how creative financing would work with on market properties with a realtor?
Watch me do it here - ruclips.net/video/Ee5F7clsWhQ/видео.html
I been reaching out everyday about the fast track program but never get a call back.
Reach out to my support team for follow up at: support@flippingmastery.com or (888) 958-3028
@@FlippingMastery thanks just emailed.
What IF the sellers price is WAY over the market value? Then the deal simply wouldn't work correct?
Video #1 Primo #FreeStuff
So are u interested in land in the uk
Geniuses!!!
Pure genius
Good thing you went into real estate and not art.
True!
Jerry you flipping genius, I’ve never met ya in person but I love ya brother!! Listen, I haven’t done my first deal yet but I’m saying before the end of October I will have. There is a house one house over from me who’s yard I cut every two weeks. They lady pays me up front at the beginning of the year. She hasn’t lived there in about 3 1/2 years and it needs siding and a roof and new driveway. I sent her a message out of the blue asking if she’s interested in selling it and she said “maybe “ I said do you owe anything on it and she said “no.” I said my wife and I are starting out investing in real estate and would you consider a cash offer? Im waiting to hear back. It’s just sitting there and I’d love to get it and if I do it wouldn’t be on the market so no competition.
You got this!
@@FlippingMastery thanks brother
@@FlippingMastery And even if it’s not happening with this house then with some house it’s happening and going to continue every month. No less then $10,000 profit on any house is my goal.
For how long do you finance the 100k for ?
whos name is the property in? If it is in your name when did you get it in your name?
Can you still let the sellers agent write the contract for you so that they can get double commission on the sale, if you are also a licensed agent yourself?
Jerry I love your hair what you did 🤩
What happens if the seller passes away?
So, just so I understand, Pace put 10K down with a 0% interest note and valued the house at 100K instead of doing what the seller wanted: put 20K down with an 8% interest note on a house valued at 90. So, 100K house bought for 10K down and 0% interest versus 90K house with 20K down and 8% interest. Hmmmm, so help me out here, how much is the payment per month for each case. I used an online calculator and over 15 years, the monthly payment for the house valued at 100K with 10K down and 0% interest is 500/mo vs the monthly payment for the other option is $688. So, the seller is accepting $33840 less over the life of the note if he accepts the 0% option. Are the numbers right, Im looking for anyone to answer.
can't pay the $1000 membership fee but I have Flipster, can I still present deals to you?
Jerry, A little off topic, but hows life in Puerto Rico?
Jerry, please explain what would happen If you did a subto will the owner of the home be able to go purchase another home with the first home loan in their name? Seems like it would be almost impossible for them to get a second home loan from a bank as they are still liable for the payments. Please help.
If your seller wants to buy another property you will do a wrap instead of sub2. What that means is that the existing loan stays in place and you create a new loan and “wrap” it around the existing loan. This will then show banks that they are receiving income\payment for their loan, which will allow them to purchase a new property. This does not work 100% of the time but does about 85-90% of the time.
How did Pace calculate the $375 he paid to the seller and is it a principal payment?
Principal only payment
Genius
Can you recommend a terms course
Start here…
FREE Creative Financing Hacks Guide:
CreativeFinancingHacks.com
FREE Subject To Contract Pack
& 30% Off Discount Code for Full Service Closings:
flippingmastery.com/subyt
Hey Jerry! I kill it in the phone I just graduated High School, getting my realtors license, and have been doing all types of sales including over the phone since I was 13 (making commissions). Can I please become an AM for you? I would be so grateful. Thank you so much!
PS. You’re videos are Amazing
CAN I BE AN AM PLEASE
A seller might say, but with nothing down, zero percent--How do I know you'll perform? You're not giving me a penny until the house sells in 6mo. Credibility is huge here because if Jerry defaults on both loans, he's sitting in 2nd position on his own property. But he knows Jerry will perform. Reputation is invaluable.
That seems impossible for ppl with bad credit no money bet you gotta have good credit tho
Listen you cannot do this with no money your forgetting they want you to have liquidity in the bank we can’t even get a hard money loan because of this. The only way with no money is sub - to but it has to be the perfect deal please explain how you are doing this? How can I with zero in the bank if they are all saying you need liquidity in the bank to be able to use someone’s else’s money? Even wholesaling I still need earnest money?
Wow. I didn't know you buy land. Do I have a Deal for you.
I've been dealing with the homeowner for one year now.
OK
These guys both looking 30. Maybe a major benefit of real estate is you age better lol!
Can you do this under 18
No
Do it with some one you trust at least 18.
You need someone to sign . Also use LLC they signed as manager of LLC but LLC is yours .
Look more into it
This is advice Someone gave
Bigger pockets or fb wholesaling groups
🤯
🔥🔥🔥👏🏻👏🏻
What if the tenant refused to pay and was evicted?
Then you find another tenant
Sateahs... you find another tenant. Its part of the game.
💰💰💰💰
Jerry i have a few lots under contract and would like to ask how i can personally contact you or your team.
Get Paid $8700 To Find Vacant Lots For Me
flippingmastery.com/lfyt/
Flipping Mastery TV is there any way i can send you my deals with out having to pay for the course. I would just like to send you deals and get assigned a fee, i dont need mentoring or any sort of training.
@@FlippingMastery mister Jerry I have a deal I would like to submit to you. Might meet your flipping luxury criteria. Can be sold for 1.2 please let me know how can I contact you or your team
This is just you two bragging about your deals.... ???
I mean, did you read the title?
1st
flipster is not loading for me... why is this? i already called and emailed support
Hi jerry Norton I’ve sent you a dm on Instagram and I’ve tried emailing and calling provided on your website I’ve made a member account but when I login I get a message saying that I don’t have enough permissions
My team can help you
Support@flippingmastery.com
🤯