I never understood the 70% rule and it was hard for me to use when I NEVER UNDERSTOOD IT, JERRY REALLY broke it down, insanely thankful and blindly loyal to you Jerry thank you.
I have been taking notes on wholesaling I am watching videos and taking notes on a Friday night instead of going out to party and get drunk like most people I know :)
Just turned 20 in the beginning of this year and bc of your RUclips channel and EXTENSIVE free resources I feel confident in what I'm doing.HUGE thanks Jerry!
Not only are you a flippin genius Jerry, you also have a heart of gold! I will 10/10 support creators like you who understand how not adding a pay wall to these concepts can truly help people who are what but need a jump start on the process! Need more people like you in the world!
I can't believe you broke it down that simple in less than 8 minutes. This is genius!!!! Prior to this video I had a hard time understanding this concept. Thanks Jerry! 🙏🙏
+Flipping Mastery TV are these percentages accurate for homes in more expensive places that average 500k-1m? I feel like these might be more suitable for homes 100k-300k. Is this correct?
I’m 20 from Detroit myself looking to get started wholesaling as a way to earn money towards rental properties. Here to learn everything I can to be able to take care of my family and retire early thank you sir. And if you have any Detroit connections let me know!!!
I just made my first 2 offers tonight! They were low as is required by your method for wholesaling. My own home is in preforeclosure due to job loss and I need to make 16K fast or we loose our home. I don't care if someone scoffs at my offers. The scoffers are not going to pay my house note! I've just started learning from your videos and I haven't even learned how to write it up yet, but that didn't stop me from contacting the agents tonight!
Billy Struss Good luck! Take care of YOU! If u need any help w/ pre-f/closure send me a reply. This is NOT to use ur situation for my benefit, rather allow YOU to use my previous situations that led me to Shortsales and becoming a F/C expert ( be-grudgingly but necessary). The take-away was an intro into all that nonsense & my Passion for R.E. And HELPING people. It’s my true purpose. Keep ur head high and take massive action. 😊
@@jeannettewheeler4078 Thank you for taking the time to comment to me! So I've been busting it and am very close to closing a number of deals. but not yet. I am willing to owner finance or wrap. Please email me at william.struss2@gmail.com
Thank you so much im going to purchase flipster this friday so i can start wholesaling this weekend you are very clear in your teaching you leave no stone unturned thank you sir for being so open.
Wow im learning so much from this video. Jerry norton you are the man. Im working on own leads and trying to get some deal hopefully before christmas time. Thank you sir.
Ahh so after calculating the buy price that’s what I should get under contract, then my desired profit I add to the contract to sell? Think I’m getting the hang of it
How do we know if we have the right contract for purchase to sell in our state? Do all contracts require a double closing or is there a contract that has an "assignment clause"?
Hey jerry what happens when they don’t know the ARV and/or the rehab ? That’s what I’ve been trying to figure out. Due to your videos those are the last things I’m trying to figure out to start making offers
Here you go! FREE Deal Analyzer Tool: MyDealAnalyzer.com Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com
Hey just had a quick basic question about the numbers. Is better to round your MOA if it’s something like 61,632? And would you do the same for a cash buyer? Or is it better to offer the exact price.
Hey Jerry, this is the formula to determine your MAO for a fix and flip or wholesaling a fix and flip. How do I determine my MAO for a rental property that needs to be fixed up? Do you have a formula or a video?
Hey Jerry, quick question. when you say closing cost, does that mean only for the buyer or for both seller/buyer. If your willing to have the buyer pay for all closing cost. Does this include seller closing cost ex: Excise Tax and etc? Appreciate the help and amazing contents! Learn a lot for you.
I k ow this was a yr ago and hopefully u got ur answer but just so new comers can see….for the wholesale deal you’re the finder collecting a finder fee so no close typically (unless your contract didn’t have a protection clause for you to find an end buyer) and for fix and flip yes you would pay for closing unless you find an end buyer by lease option with a large down payment to cover cost and be able to get monthly cash flow!
hi jerry , i like to know what is what i need to start with the wholesale, what tipe of paper or law firm, like title comp, or attorney, do i need to have on hand before starting, or the llc comp or what is the first step, please
How can you determine how much it would cost to do the repairs??? Wholesalers don't do home inspections.....this is where it gets confusing. The rule sounds pretty straight forward, but I don't hear many wholesalers factoring in that price item (repair costs), especially if you're doing this virtually.
@@FlippingMastery just to be clear, so if I take both contracts to the title search company the buyer covers the title cost, because in my town that's a $800 free.
Hi The Flipping Genius! I am currently in the Tampa Bay Area within Florida and wondering how I can calculate/figure out the ARV pricing model for my area. You are mentioning the general is .70, Arizona is .82. So not sure how to figure that out for my area. Please let me know if you have any ideas/resources. BTW, just established my business to get started on wholesaling and scaling that into something bigger. Thank you again for your inspiration!
Never mind, you gave the solution to this later in this current video Lol *Face Palm*. I have been watching your videos consistently. So they are all molding together.
What happens if the buy price is negative though? I used the calculator and my sqft is 1638, my avg price per sqft based on comps on redfin is $92/sqft and it's a heavy rehab full gut and the calculator spit out ARV = $150696 and Buy price of -$9513 with a desired wholesale fee of $5000. Does that mean this is just a bad deal? Would there there be an way I could make this work?
Hey Jerry I love your videos I'm 17 here in Georgia I just have on quick question on something that was unclear is the ARV that I am multiplying by .70 the ARV after taking the 30% off the top? Thank you please respond quickly!
+flipping mastery TV I’m looking at a house that’s 522k. 9% closing cost = ~47k.. is that right? Or is the 9% rule more suitable for houses closer to 200k arv
I am stuck on that myself. Everything has a formula except the rehab costs. Maybe it is something that is determined by experience and or by contacting the listing agent?
Hey Jerry, I can't find the current buy formula for New Jersey FOR THE LIFE OF ME. How can I find this information out, because I really want to get started but I don't want to be using the wrong percentage & mess the whole process up.
How much do you, Jerry Norton, pay for closing costs when you are wholesaling an on-market home? I would assume so since you are offering a much lower price for you to wholesale to begin with
Jerry, if the ARV x .70 - repair = buy price, wouldn’t profit already be calculated in the 30% that is taken out, or is that the flippers profit, and my profit needs to be subtracted from the buy price? I am confused because you don’t differentiate between the two profits in the video
If you are a wholesaler and you are trying to negotiate a deal through a real estate agent, and they ask for proof of funds. But I am using the method of making the offer then doing my due diligence. So I don't have any investors for proof of funds. Do I really need to provide this proof and if so how do I find it?
Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com
I never understood the 70% rule and it was hard for me to use when I NEVER UNDERSTOOD IT, JERRY REALLY broke it down, insanely thankful and blindly loyal to you Jerry thank you.
pro trick: watch series on Kaldrostream. Been using them for watching a lot of movies lately.
@Damien Mack Yup, been watching on kaldrostream for since december myself :)
I have been taking notes on wholesaling I am watching videos and taking notes on a Friday night instead of going out to party and get drunk like most people I know :)
Just turned 20 in the beginning of this year and bc of your RUclips channel and EXTENSIVE free resources I feel confident in what I'm doing.HUGE thanks Jerry!
Not only are you a flippin genius Jerry, you also have a heart of gold! I will 10/10 support creators like you who understand how not adding a pay wall to these concepts can truly help people who are what but need a jump start on the process! Need more people like you in the world!
I can't believe you broke it down that simple in less than 8 minutes. This is genius!!!! Prior to this video I had a hard time understanding this concept. Thanks Jerry! 🙏🙏
That what I said
You explain everything so smooth & to the point and this is appreciated! 👏🏼
I've learned more from your videos than any other platform out there. Thank you very much for sharing your knowledge!
+Ryan Motoyama
🙏🙏👍
Ryan Motoyama Totally agree!
+Flipping Mastery TV are these percentages accurate for homes in more expensive places that average 500k-1m? I feel like these might be more suitable for homes 100k-300k. Is this correct?
I agree!! Very clear teacher!! Thank you Mr. Norton!
Same!
I’m 20 from Detroit myself looking to get started wholesaling as a way to earn money towards rental properties. Here to learn everything I can to be able to take care of my family and retire early thank you sir. And if you have any Detroit connections let me know!!!
YOU sir, you are amazing!
I just made my first 2 offers tonight! They were low as is required by your method for wholesaling. My own home is in preforeclosure due to job loss and I need to make 16K fast or we loose our home. I don't care if someone scoffs at my offers. The scoffers are not going to pay my house note! I've just started learning from your videos and I haven't even learned how to write it up yet, but that didn't stop me from contacting the agents tonight!
Good job! 👏
Billy Struss Good luck! Take care of YOU! If u need any help w/ pre-f/closure send me a reply. This is NOT to use ur situation for my benefit, rather allow YOU to use my previous situations that led me to Shortsales and becoming a F/C expert ( be-grudgingly but necessary). The take-away was an intro into all that nonsense & my Passion for R.E. And HELPING people. It’s my true purpose. Keep ur head high and take massive action. 😊
Please send me your email to William.Struss 5@gmail.com
@@jeannettewheeler4078 Thank you for taking the time to comment to me! So I've been busting it and am very close to closing a number of deals. but not yet. I am willing to owner finance or wrap. Please email me at william.struss2@gmail.com
Billy Struss I sent u an email just now. Look forward to connecting soon! 😊
Thank you so much im going to purchase flipster this friday so i can start wholesaling this weekend you are very clear in your teaching you leave no stone unturned thank you sir for being so open.
🙏🙏👍
update?? have you closes your first deal??
Wow im learning so much from this video. Jerry norton you are the man. Im working on own leads and trying to get some deal hopefully before christmas time. Thank you sir.
Straight to the point. Great content!
Hey Jerry! Whats up homie? Great video my man! Keep it real! Peace, love and prosperity to all! God Bless!
🙏
So much value. Thank you Jerry.
This video was great. I got three pages of information written down. Very well explained
Nice!
Thank you so much Jerry! your a genius
ooooh man! this video brought it home for me! THANK YOU!
+Sharita Vereen
🙏🙏
dude youre the best out there .
Ahh so after calculating the buy price that’s what I should get under contract, then my desired profit I add to the contract to sell? Think I’m getting the hang of it
bingo
Can you make an updated video to this
Hey Jerry so what I’m not understanding is why there is 9% closing cost fees, isn’t it usually more like 2 to 4%?
Good info. Always.. flipping genius
Gold
How do we know if we have the right contract for purchase to sell in our state? Do all contracts require a double closing or is there a contract that has an "assignment clause"?
Hey jerry what happens when they don’t know the ARV and/or the rehab ? That’s what I’ve been trying to figure out. Due to your videos those are the last things I’m trying to figure out to start making offers
Love it Jerry! When I make this money I wanna come out to your house for a master mind 😎
Great stuff Jerry.
Thanks for the value! It seems like some submarkets we have flippers taking 85% minus holding cost! I wonder if other folks are see this
alot of great informatin in this video!
Great value in this video
🙏👊
I am subscribed to you channel and watched your videos but what do I need to get link to free deal analyzer…need it urgently.
Here you go!
FREE Deal Analyzer Tool:
MyDealAnalyzer.com
Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com
Also another great video!
Thanks for the video Jerry
Love your videos ... keep it REAL :)
Hey just had a quick basic question about the numbers. Is better to round your MOA if it’s something like 61,632? And would you do the same for a cash buyer? Or is it better to offer the exact price.
Hey Jerry, this is the formula to determine your MAO for a fix and flip or wholesaling a fix and flip. How do I determine my MAO for a rental property that needs to be fixed up? Do you have a formula or a video?
Hey Jerry, quick question. when you say closing cost, does that mean only for the buyer or for both seller/buyer. If your willing to have the buyer pay for all closing cost. Does this include seller closing cost ex: Excise Tax and etc? Appreciate the help and amazing contents! Learn a lot for you.
I k ow this was a yr ago and hopefully u got ur answer but just so new comers can see….for the wholesale deal you’re the finder collecting a finder fee so no close typically (unless your contract didn’t have a protection clause for you to find an end buyer) and for fix and flip yes you would pay for closing unless you find an end buyer by lease option with a large down payment to cover cost and be able to get monthly cash flow!
Hi Jerry, what database provider would you recommend when buying cash buyers list with sold transaction for the last 6 months.
Joinflipster.com
Thanks Jerry, you are a flipping genius! So who gets the 15% profit?
What is the buy formula for Louisiana??
How about in southern Cali
are these %'s standard everywhere?
How would I alter the percentage to take off of the ARV in different markets? Love your videos btw
hi jerry , i like to know what is what i need to start with the wholesale,
what tipe of paper or law firm, like title comp, or attorney, do i need to have on hand before starting, or the llc comp or what is the first step, please
how did you figure out .70% to multiply with ARV? are you supposed to use that same percentage for every house?
Wholesale in volume makes sense to me bunts and base hits.
Hi Norton, according to your experience, can you tell me what is the formula for LA?
I believe 75% less repairs but always check with local active wholesalers and flippers
Doesn't the title company take care of the closing, carry and profit out of the money that the buyer agrees to pay?
ThAnk you so much
Can anyone tell me how to know the repair costs you need to subtract for the 70% method?
How can you determine how much it would cost to do the repairs??? Wholesalers don't do home inspections.....this is where it gets confusing. The rule sounds pretty straight forward, but I don't hear many wholesalers factoring in that price item (repair costs), especially if you're doing this virtually.
ruclips.net/video/EtCDWoJVtOE/видео.html
Great content my brother. Quick question. If I got a Seller under a contract and assigned the contract to a cash buyer who pays for the title search?
cash buyer pays the closing fees
@@FlippingMastery just to be clear, so if I take both contracts to the title search company the buyer covers the title cost, because in my town that's a $800 free.
How do you wholesale to a buy and hold investor What's the formula on that do you have a video of it?
Hi The Flipping Genius!
I am currently in the Tampa Bay Area within Florida and wondering how I can calculate/figure out the ARV pricing model for my area. You are mentioning the general is .70, Arizona is .82. So not sure how to figure that out for my area. Please let me know if you have any ideas/resources. BTW, just established my business to get started on wholesaling and scaling that into something bigger.
Thank you again for your inspiration!
Never mind, you gave the solution to this later in this current video Lol *Face Palm*.
I have been watching your videos consistently. So they are all molding together.
What about the MAO for a buy and holder, I heard it’s .8 instead of .7
depends
Hey Jerry, do you know how much the buy formula in Phoenix? Thanks
I've searched all my local groups trying to find the modified percentage in my area (Atlanta) and I cant find anything. What should I do?
That math is easy. The hard part is coming up with a solid ARV ☹️
What happens if the buy price is negative though? I used the calculator and my sqft is 1638, my avg price per sqft based on comps on redfin is $92/sqft and it's a heavy rehab full gut and the calculator spit out ARV = $150696 and Buy price of -$9513 with a desired wholesale fee of $5000. Does that mean this is just a bad deal? Would there there be an way I could make this work?
The house I found is nice does not need alot of work
It may be hard to get it at a good discount
@@FlippingMastery yeah ...
@@FlippingMastery im going to try the 70% rule
Hey Jerry I love your videos I'm 17 here in Georgia I just have on quick question on something that was unclear is the ARV that I am multiplying by .70 the ARV after taking the 30% off the top? Thank you please respond quickly!
Yes. Arv × .70 - Repair - wholesale fee = mao
How to calculate repairs ?
Hello!! Does anyone know if the % investors go all in for in Phoenix has changed? If so, do you know the differences?
but how do you know what the other flipping percent is in another market?
Do you calculate the same if a wholesaler just list the Arv and purchase price
So where would I get the repair price from can someone assist me please
How do we figure out the f/f formula percentage on our own?
HI Jerry, I was wondering what wholesaling friendly title company in Mesa AZ area?
Are you doing wholesale in mesa need help am on phoenix
+flipping mastery TV I’m looking at a house that’s 522k. 9% closing cost = ~47k.. is that right? Or is the 9% rule more suitable for houses closer to 200k arv
Hi, Jerry. How do you figure out rehab costs as a wholesaler? Thanks in advance.
I am stuck on that myself. Everything has a formula except the rehab costs. Maybe it is something that is determined by experience and or by contacting the listing agent?
He has a video for that. How to calculate repair cost check it out
So how to determine repair costs?
Any wholesalers in wisconsin?
How would you recommend finding other wholesalers in your market?
Facebook investor groups
how do you figure out the rehab price?
Is the buyer or seller Gonna pay the closing costs?
I know you're from the Detroit area, do you have any idea on what the current buy formula is here?
+John Simons
Always network closely with other wholesalers/cash buyers but I think it’s 75%
@@FlippingMastery thank you
So does this mean that flippers’ profits in Phoenix are only 3% of the ARV?
Hey Jerry, I can't find the current buy formula for New Jersey FOR THE LIFE OF ME. How can I find this information out, because I really want to get started but I don't want to be using the wrong percentage & mess the whole process up.
buy formula is not market specific necessarily
start making offers ASAP
How will I find out if its 70% or not or more? and is the 30?% fixed?
How do I figure out the repair?
that ARVx70 IN REPAIRS ALWAYS HAS MY HEAD SPINNING......SMH
How much do you, Jerry Norton, pay for closing costs when you are wholesaling an on-market home? I would assume so since you are offering a much lower price for you to wholesale to begin with
as a wholesaler I don't pay any closing
and closing cost are market dependent
Hi Jerry and Everybody!! How can I get the ARV FORMULA in the State of Florida ??
its the same in all states
Jerry, if the ARV x .70 - repair = buy price, wouldn’t profit already be calculated in the 30% that is taken out, or is that the flippers profit, and my profit needs to be subtracted from the buy price? I am confused because you don’t differentiate between the two profits in the video
ruclips.net/video/1ur3AJ8ZB3s/видео.html
how do i find my markets buy formula
Talk to wholesalers, flippers and cash buyers
How to "CLACULATE"...?
Jerry how do I "offer" to a real estate agent at first?
Watch this ruclips.net/video/OUAzWdB5msg/видео.html
Hi, I know I am late for this video, but can someone explain to me the carrying cost?
cost of capital, utilities and insurance
I got my first potential deal ...and I'm trying to make an offer ...
same man
how is it going so far?
@@timyarbrough8548 slow but good
In the same boat. How did it go
@@Wrecklessjlo they wanted to much ..so moved on
Are you in Austin TX right now Jerry?
I swear to god I just saw you at the store, haha. If it wasn't you then it was your twin brother.
Philo Jewett no wasn’t me. Whoever it was I’m way better looking! 🤗
If you are a wholesaler and you are trying to negotiate a deal through a real estate agent, and they ask for proof of funds. But I am using the method of making the offer then doing my due diligence. So I don't have any investors for proof of funds. Do I really need to provide this proof and if so how do I find it?
ruclips.net/video/8hcogAdQJiQ/видео.html
How do i know how much the house needs in repairs? Im not good at that at all😔 someone got any suggestions on a tutorial or something?
ruclips.net/video/EtCDWoJVtOE/видео.html
Flipping Mastery TV thank you for the reply man🙏🙏🙏🙏🙏🙏🙏
.82 of ARV. Damn, how much profit are these investors happy with over there, 7 to 10 percent? That's crazy low. Please explain if I'm wrong. Thanks
+Juanco_"C.E.O." Yea, AZ fix & flippers are crazy. Happy to make $10k but great for wholesaling!
How do you figure out repair costs?
ruclips.net/video/EtCDWoJVtOE/видео.html
@@FlippingMastery Thank you sir
So what's NYC is .70?
It will change up and down. Follow closely what cash buyers are willing to pay. Network with other wholesalers.
Oh Really Wow! Ok..tty over the week
I'm look at more of your videos tonight..tty over the week
His videos are great he just goes too fast
Do we tell the flippers our fee?
So using method #1, you’d need $90,000 first?
generally no since you will likely assign the contract
👍👍
FYI i never get anything after giving you my email, Why is that ?
Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com