Seems like a land contract recorded against the property should give you title. Then you can resell. Will take closing skills to present that to the seller and also actual cash for closing costs and downpayment to the seller. The model will change. Those willing to adapt will survive and kill. Even that installment method becomes a good alternative.
In GA, my attorney drafted a contract for us to be able to jv with the owner. Tight contract and works well. It's not novation. He told us from the beginning not to even look at doing novations. Instead, we legally partner w owners.
@andrewbarahona8747 yes, you are pretty much doing a jv with seller. The agreement specifies how much seller has agreed to, the listing agent we will use, how proceeds are determined and seller agreement to marketing the property and we cover closing cost etc. It's a jv agreement but with specific details. I can refer you to him if you're in GA and want one for yourself. He's in the Buckhead area off Piedmont Road in Atlanta. Lmk
49:40 Love that idea, Jerry! 😊 ... The idea of taking it down, trashing it out/cleaning it up, and then reselling it ... The question is ... How much profit are you looking to make on a deal like that? ... Because if the average wholesale deal is 10K-15K, it would seem like actually buying, cleaning, and re-listing the property would need to net more than that for it to be worth all that extra effort and complexity, right? What do you guys think?
In todays market the homeowner can usually make more with surplus proceeds, however homeowner does not know that and counties do not go out of their way to notify the homeowner
Thank Y’all for what you do! I signed a 1099 with a realtor & do the marketing/acquisitions & my realtor does dispo.. Is this a feasible work around instead of getting liscensed, if laws get crazy in Tn?
To add to Jerry's comments. I was working with a wholesaler and looked up his Facebook page and all of his pictures and selfies are taken from inside a public bathroom. I told him I can't take him seriously because of that. He told me that most of his buyers tell him the same thing and won't work with him. Well change it people at least make it look professional.
Wholesaling in 2024: 19 year old kid does his first wholesale deal, makes a TikTok video that goes viral, then drops a course on how to "do wholesale", gets 150K followers overnight with just 1 deal. Next week 100K followers YOLO into the business, they make a lot of mistakes that gets reported to the bureaus. Some get their first deal, and what do they do next? You guess it, drop a course AND start a podcast, and gain 100K more followers each. The cycle continues...
It’s more about falling under the real estate commission so they can profit off of everyone in real estate. By them doing that now they can charge you the yearly fees etc…
I'm a virtual real estate Wholesaling coach, Use the 70% rule when the property After repairs value is 400,000 & under and use the 80% rule when the property After repairs value is 500,000 & above on a property, have a great day!
Ok now I am super worried as a canadian that want to start wholesaling in US!!! New laws are being implemented and I have NO clue how to get around them. Jerry???!
Take a deep breath, inhale and exhale. You will still get deals even with the new laws. Follow Rick and Zach Ginn, free material to show you how to maneuver in the new market when it comes July/2024 I believe.
I just did a weird one where the buyer went on contract with the seller but me and the buyer have a contract that he owes me a consulting fee at close for finding the deal. Thats not brokering. Maybe thats a generic version of an answer
All you would be doing is empowering Realtors to get more and more bold in their demands from the seller and from us investors until it provides the appearance to the seller that they are accomplishing everything when it's us. that will create such egos and so many problems. it doesn't cause them to be competitive. I think we need to keep Realtors at Bay
I just had several BAD Actors in a deal. who were wholesalers. The End buyer sold a " non assignable contract" It has been such a mess! Wholesalers need to UNDERSTAND a contract, and what it says. WHOLESALERS need to understand a definition of a contract, and a timeliine. I found WHOLESALERS lack understanding on contracts- unless its theres that is not being honored then they seem to understand.... My ask as an agent is PLEASE be forth coming, Tell the truth and BE an honest HUMAN!! When wholesalers dont perform they affect so many other people. BE A GOOD HUMAN who happens to be a WHOLESALER.
Im not sure i can do this. Have had fear to launch for 2 years now. I have hyperhidrosis and facial blushing, both uncontrollable and beyond embarrassing and unexplainable in social situations. Any suggestions?
Hate when government intervene in people business, always ends up bad. Less regulations, more innovation. America is always just trying to find a way into anything. Making the entry to barrier harder for a lot.
Also coming from software. Could be interesting in chatting with you guys about building out a larger scale wholesale network that meets regulation needs. I think the space will consolidate like crazy and the winners will take all.
Why is he trying to "marry" NARS and realtors with real estate investing and wholesaling? Those are two completely different genus of real estate businesses. The value of the wholesaler is not for realtors and NARS, but for private lenders and investors.
Agreed. Folks like Jerry can sometimes say certain things to lower competition so he and his crew can get all the deals 😂. Listen to him as far as skillset but advice in the markets you can ignore some of what he says. Wholesalers can still get deals no matter how the market is trending
Then why doesn't affiliate marketing require a license? Or any other buy/sell strategy? Wholesaling is practically no different, just bigger numbers and helping people sell their homes faster and connecting sellers to buyers.
@stevetrang Given the context of this video surrounding the reputation of wholesalers; I think you should reconsider the messaging of your installment method ad, the statement you made in reference to having “ total control” and that the seller “has” to go through you for anything sounds pretty predatory don’t you think bud.
Wow SC is slick. If more states follow SC, the way to “wholesale” is just good ol fashion brokering to your list of cash buyers. There won’t be 50k assignment fees but the show goes on. Inorder to wholetail, the spreads need to be huge to be worth it. May as well do a full Reno lol Closing costs in our market are usually 10K to 15k.
these real estate agent bird dogs are going to try to have us compete against each other where they are in the low supply and we are in the high demand. I would stay away from any kind of normalizing of a relationship with Realtors in that kind of systematic way
I love jerry, he is a major part of why I was able to quit my W2 job. His willingness to educate and share has changed my life!
He is the real deal
Nonsense. Ain’t nobody taking advantage of homeowners. One cannot FORCE a homeowner to sell their home.
We stand behind you Jerry! Lead The Way!!! 😎
💪
Appreciate both Jerry and Steve for everything you guys do for the industry!
Thank you watching!
Seems like a land contract recorded against the property should give you title. Then you can resell. Will take closing skills to present that to the seller and also actual cash for closing costs and downpayment to the seller. The model will change. Those willing to adapt will survive and kill. Even that installment method becomes a good alternative.
In GA, my attorney drafted a contract for us to be able to jv with the owner. Tight contract and works well. It's not novation. He told us from the beginning not to even look at doing novations. Instead, we legally partner w owners.
can you explain more about how this would work?
@andrewbarahona8747 yes, you are pretty much doing a jv with seller. The agreement specifies how much seller has agreed to, the listing agent we will use, how proceeds are determined and seller agreement to marketing the property and we cover closing cost etc. It's a jv agreement but with specific details. I can refer you to him if you're in GA and want one for yourself. He's in the Buckhead area off Piedmont Road in Atlanta. Lmk
49:40 Love that idea, Jerry! 😊 ... The idea of taking it down, trashing it out/cleaning it up, and then reselling it ... The question is ... How much profit are you looking to make on a deal like that? ... Because if the average wholesale deal is 10K-15K, it would seem like actually buying, cleaning, and re-listing the property would need to net more than that for it to be worth all that extra effort and complexity, right? What do you guys think?
I try to double (net profit) what I’d make doing a traditional wholesale
@@FlippingMastery Good to know :)
In todays market the homeowner can usually make more with surplus proceeds, however homeowner does not know that and counties do not go out of their way to notify the homeowner
Great subject, i think this would be a Great debate, wholesaler vs realtor and or homeowner private equity hedgefunds, regulaor etc....
It would be a great debate
Thank Y’all for what you do!
I signed a 1099 with a realtor & do the marketing/acquisitions & my realtor does dispo.. Is this a feasible work around instead of getting liscensed, if laws get crazy in Tn?
Thanks for watching
To add to Jerry's comments. I was working with a wholesaler and looked up his Facebook page and all of his pictures and selfies are taken from inside a public bathroom. I told him I can't take him seriously because of that. He told me that most of his buyers tell him the same thing and won't work with him. Well change it people at least make it look professional.
😅
tremendous value on this podcast, appreciate all the insights🔥🙏
Glad you enjoyed it!
Facts, get property under contract close and resell however you want.
Cleanest way! ( Skin In The Game )
Hi, would that also include taking it down subject to?
Wholesaling in 2024: 19 year old kid does his first wholesale deal, makes a TikTok video that goes viral, then drops a course on how to "do wholesale", gets 150K followers overnight with just 1 deal. Next week 100K followers YOLO into the business, they make a lot of mistakes that gets reported to the bureaus. Some get their first deal, and what do they do next? You guess it, drop a course AND start a podcast, and gain 100K more followers each. The cycle continues...
Incorrect.
Why? Go look at the view count on any dedicated real real estate mentor ..
They're in the few hundreds to few thousand at the most.
We do this for a living. The Game Is Changing......
🤝
Consistent massive prioritized leveraged inspired action! To name a few
there are potential Dodd-Frank issues leaving them in the house
Thanks Jerry
Thanks for watching
Ok Jerry or Steve Ill most likely go for my RE license. How do i vet brokers?
flipping genius!!!!
will an investor whom does not wholesale, just buy and holds property and occasional sells one, cash, owner finance, etc have to get Lic.?
No, You get a LLC Bec it's your choice and it's way to protect your business or assets
The Next thing they will regulate will be transactional funding to stop simaltaneous closings
The GOAT
🐐
It’s more about falling under the real estate commission so they can profit off of everyone in real estate. By them doing that now they can charge you the yearly fees etc…
What should we offer when making an offer to the seller ? 80% of listing ? 50% ?
I'm a virtual real estate Wholesaling coach, Use the 70% rule when the property After repairs value is 400,000 & under and use the 80% rule when the property After repairs value is 500,000 & above on a property, have a great day!
Only use another real estate math formula percentage rules if a buyer your doing business asks you to do so Bec it's apart of their buying criteria!
Ok now I am super worried as a canadian that want to start wholesaling in US!!! New laws are being implemented and I have NO clue how to get around them. Jerry???!
Take a deep breath, inhale and exhale. You will still get deals even with the new laws. Follow Rick and Zach Ginn, free material to show you how to maneuver in the new market when it comes July/2024 I believe.
You can do it!
There are many states, that dont have regulations, and there is always a double close, DONT BE discouraged. YOU CAN DO IT!!!
I just did a weird one where the buyer went on contract with the seller but me and the buyer have a contract that he owes me a consulting fee at close for finding the deal. Thats not brokering. Maybe thats a generic version of an answer
🔥🔥🔥🔥🔥
Great interview. good perspective, a lot of great points. glad he's developing that
💎💎💎
💪🏼
All you would be doing is empowering Realtors to get more and more bold in their demands from the seller and from us investors until it provides the appearance to the seller that they are accomplishing everything when it's us. that will create such egos and so many problems. it doesn't cause them to be competitive. I think we need to keep Realtors at Bay
I just had several BAD Actors in a deal. who were wholesalers. The End buyer sold a " non assignable contract" It has been such a mess! Wholesalers need to UNDERSTAND a contract, and what it says. WHOLESALERS need to understand a definition of a contract, and a timeliine. I found WHOLESALERS lack understanding on contracts- unless its theres that is not being honored then they seem to understand.... My ask as an agent is PLEASE be forth coming, Tell the truth and BE an honest HUMAN!! When wholesalers dont perform they affect so many other people. BE A GOOD HUMAN who happens to be a WHOLESALER.
Any suggestions for a generic assignable contract? I'm not asking for legal advice. I'm in Texas if that matters.
Im not sure i can do this. Have had fear to launch for 2 years now. I have hyperhidrosis and facial blushing, both uncontrollable and beyond embarrassing and unexplainable in social situations. Any suggestions?
So very sorry to hear about that. You can start slowly to increase your comfort zone. I hope that helps.
Hate when government intervene in people business, always ends up bad. Less regulations, more innovation. America is always just trying to find a way into anything. Making the entry to barrier harder for a lot.
Exactly!!
Also coming from software. Could be interesting in chatting with you guys about building out a larger scale wholesale network that meets regulation needs. I think the space will consolidate like crazy and the winners will take all.
Why is he trying to "marry" NARS and realtors with real estate investing and wholesaling? Those are two completely different genus of real estate businesses. The value of the wholesaler is not for realtors and NARS, but for private lenders and investors.
Agreed. Folks like Jerry can sometimes say certain things to lower competition so he and his crew can get all the deals 😂. Listen to him as far as skillset but advice in the markets you can ignore some of what he says. Wholesalers can still get deals no matter how the market is trending
Then why doesn't affiliate marketing require a license? Or any other buy/sell strategy? Wholesaling is practically no different, just bigger numbers and helping people sell their homes faster and connecting sellers to buyers.
Thats an interesting take
I really like it but it needs a few fundamental features to get us really using this version
Flipping Genius
💪
Here comes Zach with a response video 😂
😅
@stevetrang Given the context of this video surrounding the reputation of wholesalers; I think you should reconsider the messaging of your installment method ad, the statement you made in reference to having “ total control” and that the seller “has” to go through you for anything sounds pretty predatory don’t you think bud.
Wow SC is slick. If more states follow SC, the way to “wholesale” is just good ol fashion brokering to your list of cash buyers. There won’t be 50k assignment fees but the show goes on. Inorder to wholetail, the spreads need to be huge to be worth it. May as well do a full Reno lol
Closing costs in our market are usually 10K to 15k.
Good content but that swirling background makes it hard to watch 😵💫
Thanks for the feedback
🔥🔥🔥
🔥
Why would they need someone on the inside to figure this out when us dumb wholesalers share all strategies on RUclips openly to the public? Ummm Duhhh
2500 free skip traces not 250
Thanks!
these real estate agent bird dogs are going to try to have us compete against each other where they are in the low supply and we are in the high demand. I would stay away from any kind of normalizing of a relationship with Realtors in that kind of systematic way
hard money for 80% of the purchase price?. why would you do that?. That's what gets people in trouble
What do you mean, get in trouble?