How To NOT Get Cut Out Of A Wholesale Deal

Рет қаралды 34,649

5 жыл бұрын

On today’s video I'm covering the 4 steps for how to NOT get cut out of a wholesale deal.
FREE Affidavit & Memorandum of Agreement:
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Пікірлер: 264

@thegrandnewbie1474 4 жыл бұрын

Jerry, I just completed my first deal by watching your videos and wanted to say thank you! On my first deal I went to put the affidavit on the home and went to the wrong county’s courthouse first😩. We also did a daisy chain on the deal (Yes, it was that much left over 🥴) so being there at the walkthrough with the homeowner was the best thing I could have done. The company that we whole sold the deal to had a walk through of cash buyers and had I not been there someone would have definitely gone behind my back. One of the cash buyers even tried to talk to the seller in front of me and I literally extended my hand and smiled! 🤣🤣People are vultures!🤣🤣

@FlippingMastery 4 жыл бұрын

Wow! I bet you learned a ton. Tell me about your deal and show me a pic holding your check!

@thegrandnewbie1474 4 жыл бұрын

Okay, I’m getting super excited. We got the HUD settlement today and everything looks good! Closing is next weekend. Will update you.🙌🏾 (I know you’re like this girl is crazy lol) Also, it was a JV deal, not a daisy chain. I used the wrong terminology.

@FlippingMastery 4 жыл бұрын

Keidra De'Ann good luck! Keep me posted

@thegrandnewbie1474 4 жыл бұрын

Jerry, question for you. My title company is out of town and they’ve asked for a wire transfer or to over night the check. Do you typically prefer wire transfer?

@FlippingMastery 4 жыл бұрын

Keidra De'Ann wire

@joeywippledo9028 Жыл бұрын

Wow! How did I miss this one until now?! Jerry, once again I gotta say it...Jerry, you're a flipping GENIUS! Thank you, Jerry

@VincentMistretta122106 Ай бұрын

You the man Jerry! I have been having this happen to me a lot lately !!!

@michaelm9621 3 жыл бұрын

Straight to the point, thanks for posting this information.

@kritnattaphatjaturapattara9098 4 жыл бұрын

Nice info mate, thank you Jerry

@mattdupre7028 3 жыл бұрын

Fantastic free content, Jerry. Thanks for sharing your experience, and for taking it two to three levels deeper than most wholesalers who also have channels! Love the idea of moving the business to Puerto Rico as well that I saw in another recent video!

@chrisislas1838 2 жыл бұрын

Maaaaaaaan, I was looking for this vid. Nice, thank you.

@Nailtalkwithbri 3 жыл бұрын

Jerry you’re a flipping genius and your videos are so helpful!

@rcchmnd3223 4 жыл бұрын

BRO I WAS WORRIED ABOUT GETTING TAKEN OUT OF THE EQUATION....til now

@DaraAbasute 5 жыл бұрын

you're the man! Thanks for providing these agreements for free. I shouted you out in a video I made about filing this agreement at the courthouse 👍

@MissTaviBaby 5 жыл бұрын

😉 Absolutely I think I found Jerry because of you!!

@barryabrams6071 4 жыл бұрын

Thanks Dara - Your Info is great

@mannyfy9366 4 жыл бұрын

Hey Dara! Any chance you can email me agreements? I tried the link but it’s not showing up for me. Thanks!

@RigginTheRod010 3 жыл бұрын

Where'd you disappear too???? You were doing good videos! Did you just stop??

@ajayshastri893 4 жыл бұрын

Jerry, you are the best. So much of knowledge and free stuff from your channel. I’m a regular follower of your videos. Really appreciate your efforts and teachings 👏👏👏

@FlippingMastery 4 жыл бұрын

🙏🙏🙏

@carmenrojas4469 4 жыл бұрын

Jerry I don’t know how I came across your channel but god bless you and your family. I’m learning so much, I have your videos on repeat 🙏🙏🙏🙏🙏

@FlippingMastery 4 жыл бұрын

🙏🏻🙏🏻

@akeemf3203 5 жыл бұрын

Thank you! You’re super helpful 🙏🏾

@FlippingMastery 5 жыл бұрын

+Akeem F 👍 what was your biggest takeaway?

@BigReddsGarage Жыл бұрын

I’m literally learning so much from your channel. Your the man. I’m going to sign up for your flipster and get the ball rolling.

@FlippingMastery Жыл бұрын

Let’s go!

@jessicagettle1759 4 жыл бұрын

HI there, just subscribed. Always looking to learn about my career!

@bigkahunamounts Жыл бұрын

Thanx again Jerry!!

@mikedelarosa4792 Жыл бұрын

FLIPPING GENIUS

@jayxsnipes 3 жыл бұрын

very informative

@zee_lolaj7382 4 жыл бұрын

BEAUTIFUL!

@jr9655 3 жыл бұрын

I got cut out of a virtual deal in a rural town in Alabama. The end buyer completely went around me and went directly to the seller.

@robertrodriguez578 4 жыл бұрын

Jerry, Jerry, Jerry 🙌!!!

@tjsylla 4 жыл бұрын

Jerry, God bless you and yours always. You provide some of the most unparalleled #value out here.

@FlippingMastery 4 жыл бұрын

🙏🏻

@ChampionPowwerWashing 3 жыл бұрын

YOU. are a flipping genius

@EcommerceKing55 3 жыл бұрын

I swear you have every issue, every hurdle, every challenge tgat anew wholesaler would encounter covered with your vids!! Top notch content! But followup question; since the idea is to hit up multiple areas all.over the country, we can't just walk into an assessors office. Could this be notarized and filed remotely?

@xmochizuki Жыл бұрын

good question, i was just wondering this

@RagnaRoark 3 жыл бұрын

Hey Jerry where do I get the contract for an assignment? Nm. I see u have link just for that. Thanks Jerry I wish I could meet more legit honest people like you and thank you for being a role model for all of us

@andypark7041 3 жыл бұрын

Hi Jerry! Thanks for providing so much value to this community! After looking through all comments, I couldn't find an answer to my question. I am wondering how you would handle the Affidavit agreement when you are wholesaling virtually? For example, I am in a different state where the deal is taking place. Can I just send this to the title company??

@FlippingMastery 3 жыл бұрын

A good title agent will take care of this filing.

@davidmacgown321 4 жыл бұрын

Jerry, would you recommend filing an afadavit of memorandum on listed properties?

@nicoleh3982 4 жыл бұрын

Can this be filed online? I want to fill out the Affidavit of Memorandum with the Courthouse but I do not live in the city that the property is located in

@wordpresslife7551 3 жыл бұрын

You still need help understanding

@lasoul680 3 жыл бұрын

@@wordpresslife7551 I do

@ernestmiller5789 3 жыл бұрын

Bro really the goat🐐🐐🐐🐐🐐🐐🐐🐐🐐🐐🐐🐐

@davin397 3 жыл бұрын

Great knowledge! My question is: What’s to stop the buyer from just waiting until the end of your due diligence period?

@FlippingMastery 3 жыл бұрын

They will miss the deal because I’ll wholesale it someone else

@davin397 3 жыл бұрын

@@FlippingMastery 🤯🤯🤯 On point. Thanks 🙏🏾

@monikamarvel4247 2 жыл бұрын

Hey Jerry, there are no video's on the extension of this subject, which is... "JV deals with multiple wholesalers as it pertains to protection" . If you could touch on this subject that would be great. 1). How do I construct the JV agreement so that the agent in charge of escrow knows how to distribute everyone's split? 2). Specifically, how do In protect myself so that I'm not cut out of the deal once I bring the end buyer? I would have spent time and money on marketing so am I able to protect my equitable interest by way of filing a affidavit of memorandum, or am I not considered to have any because I am not the one the seller has the original agreement with; or, does the clause 'and or assigns' lend me any rights in that regard? Thanks so much Jerrry, your videos are so elaborate and clear for anyone to understand and apply. You are AWESOME and you are a FLIPPING GENIUS ❣

@ritchboy9747 Жыл бұрын

Hey Jerry, I tried getting both of these documents and it's not letting me. If you could get back to me and let know how to obtain these I would greatly apricate it. Thank you, Jerry, You're A Flipping Genius!!!

@stevelasseigne117 4 жыл бұрын

+flipping mastery TV I saw you on the wholesale hotline a few days ago and was looking at your KZfaq channel and came across this video. In doing some research I found California (where I live) is a two signature (seller & buyer) state when it comes to this document. Do you have an Affidavit of memorandum thats approved for California?

@FlippingMastery 4 жыл бұрын

No I don’t. Sorry

@M4DForever 3 жыл бұрын

Can I fill this out if i am canadian doing deals in the US? Would a Canadian notary work?

@somedude4530 3 жыл бұрын

Hey Jerry does this work with on market properties?

@leonelthomas9502 3 жыл бұрын

How do I do this if I'm doing deals outside my state? Can I fill out the form online with the courthouse at the state I'm doing the deal?

@tatoleah21 2 жыл бұрын

Wish you showed how to fill out the affidavit but thanks!

@cosmicflowdn1197 4 жыл бұрын

I have always wondered how the fundamental principles of contracts can not be invoked since it is an eelctronic signature, anyone can abate liability of that electronic signature verye asily, but this memorandum makes sense in joining it as an alonge to a mortgage is. There is nothing really saying this cant be done. The ntoayr becoems teh witness to the contract really. I get it!!!

@victorrojas1345 Жыл бұрын

Thank you Jerry for the video. When I click on the link to get the Affidavit it sends me to the flipmaster. How can I get the Affidavit? Thank you!

@FlippingMastery Жыл бұрын

*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

@RaelonWhite 4 жыл бұрын

How to file quickly if I don't live in the same county?

@Classysha33 3 жыл бұрын

Is the affidavit and memorandum notorized with the seller and present even though the seller does not have to sign it or can it be notorized with just the wholesaler, the signed contract and the affidavit?

@mexicanjumpingbear 3 жыл бұрын

So when you say to take the document to local county assessors office, you mean local to your subject property right? I’m just clarifying because I’m doing this remotely.

@FlippingMastery 3 жыл бұрын

Yes county of property

@thegodfather9572 3 жыл бұрын

How would we go about recording a affidavit & memorandum if we're virtually wholesaling ?

@mexicanjumpingbear 3 жыл бұрын

Also do you have to notarize the document in the same state as your property if you live and are working in another state?

@FlippingMastery 3 жыл бұрын

No that doesn’t matter

@cobenajerson Жыл бұрын

Do you have to file with that specific county that the deal is in or can you file it in any county?

@AberrantArt Жыл бұрын

This works with option contracts as well? In assume we need to put money down for consideration to make the option valid. And we also need to have the seller sign a document that says they allow us to place a memorandum on the property?

@sonnytimpkins9699 4 ай бұрын

so the contract/agreement we sign with seller is not legal and binding after all, no legal recourse? You can not enforce contract in court? Then why are we even signing a agreement?...Thanks Jerry for all the info you provide.

@lootrite9539 Жыл бұрын

When notarizing an affidavit does it have to be recorded in the same state and city of the property you’re planning on wholesaling?

@rickhicks2891 4 жыл бұрын

Jerry does this form get cancelled once your contract is up?

@chosen1_jd Жыл бұрын

So if your dealing with a virtual property is there a way you can just FAX or email the paperwork to the local county’s tax assessor office ???

@davidruffin9871 5 жыл бұрын

Hello, Great content... I tried downloading the Memorandum a couple times and nothing was sent to my email. Please advise.

@FlippingMastery 5 жыл бұрын

Once you enter your email, the download is automatically emailed to you. If you don’t see it, check your junk/spam folder, in case your email provider put it there.

@stevelasseigne117 4 жыл бұрын

+flippingmastery @flippingmastery Jerry, I saw you on the wholesale hotline a few days agoand was looking at your KZfaq channel and came across this video. In doing some research I found California (where I live) is a two signature (seller & buyer) state when it comes to this document. Do you have an Affidavit of memorandum thats approved for California?

@GermanoBacchetta 4 жыл бұрын

Hi, what happend if the sale go away for other reason at that affidavit and memorandum of agreement, i have to cancel?

@FlippingMastery 4 жыл бұрын

Yes, ask title to remove it

@JohnSimons0314 4 жыл бұрын

Im hearing of people having to pay the transfer taxes when filing this now.... that seems a little pricey if its true.

@jesusm5883 3 жыл бұрын

Do you need affidavit when wholesaling on market?

@jaysmith3563 4 жыл бұрын

Jerry if I’m doing a deal virtually would I need to fly out to the state where the property is being bought and have THAT COUNTY assessors office do it, or could I do it from out of state at MY local ASSESSOR OFFICE?

@davidlongoria2255 3 жыл бұрын

Did you get the answer to this?

@MsOmgnowai2 3 жыл бұрын

@@davidlongoria2255 there are going to be plenty of people with the same question, and if you answer it here I'm sure it would be appreciated

@davidlongoria2255 3 жыл бұрын

@@MsOmgnowai2 I personally use an electronic service for filing the document at the county and I use a virtual notary to notarize the form. www.notarize.com www.erecording.com/models-of-erecording/

@ciaracorr6015 2 жыл бұрын

What about it being out of state??? Can you still do it if it’s in another state and go to your local county assessor office or it’s got to be in the state ?

@FlippingMastery 2 жыл бұрын

Title can record the affidavit for you

@calderonenterprises 5 жыл бұрын

My questions is does filing something like this make me liable during the period stated in the memorandum for any code violations or any fines? I stopped using land trusts a long time ago because of this. I would find years later I have fines that occurred during the period I filed (15-45 days usually) and even though it was only to protect myself from this very subject, I got burned later

@FlippingMastery 5 жыл бұрын

+Marco Calderon It doesn’t make you liable. It only gives you equitable interest in title not ownership of title or liability

@crissalvador7769 3 жыл бұрын

Hi Jerry! I filed the affidavit but we didn't close the deal. Does the affidavit automatically get terminated on its own since we didn't close? Thanks!

@FlippingMastery 3 жыл бұрын

You should remove it

@gerrig964 4 жыл бұрын

Jerry you are a flipping genius, please send me a copy of the Memorandum/ Affidavit and Purchase and Sales Agreement mentioned in this video, Thanks a million

@FlippingMastery 4 жыл бұрын

See links in the description

@AndrewCamberos Жыл бұрын

Two questions Does the title company have to be in the city of the property or can it be in your local city And does the affidavit have to be in the property’s county or can that be in your local city? Both of these are in the same state (California to be exact)

@FlippingMastery Жыл бұрын

Title needs to be in area of property. They will file in the county

@Eduardo-wy7zc 4 жыл бұрын

Hi quick question, after you buyer wasnt able to cut you out the deal, will he still want to buy it from you? Or what happens if he decides to back out and your in the middle with a contract in play saying you will buy it????

@FlippingMastery 4 жыл бұрын

Buyer usually really wants the property. He just thought he could cut you out and go around.

@aimquarterbackacademy3364 3 жыл бұрын

Hey Jerry, do you have to take it to the courthouse in that county or any courthouse ?

@FlippingMastery 3 жыл бұрын

yes or you can ask a title company to file it for you

@DarelJettSmith Жыл бұрын

Jerry what if your acq JV partner wants you to sign a NDA or non-circumvent NDA. Your input would be very helpful

@Altair9292 5 жыл бұрын

So do you and each potential buyer need to signs this before a viewing?

@FlippingMastery 5 жыл бұрын

+Altair No, you sign it after getting contract with seller and have title co record it

@mostafamadanzade4904 Жыл бұрын

Is there a contract we can sign with buyers or wholesalers before we send a deal so they can't bypass us? For example, a contract such as non-disclosure of information or... That is, if we send them the details of the property and they go and sign another contract with the seller, we can get our rights from the wholesaler or the buyer who bypassed us.

@kryptonitekyy5641 Жыл бұрын

How would I do this on a virtual market. Do I call the recorders office?

@vivideyedc9792 3 жыл бұрын

Would the contracts work in California.?

@derrickn2410 4 жыл бұрын

How do I file when I am doing this virtually from another state?

@davidlongoria2255 3 жыл бұрын

Rights?

@giancarlosarmiento5345 2 жыл бұрын

Do I have to personally go to local county assessors office for recording ? What is this is a virtual wholesale ?

@dblk5672 3 жыл бұрын

When buying from an agent, do I still need one of these? Or once a contract is signed with an agent theres no way to get cut out? Thanks

@FlippingMastery 3 жыл бұрын

generally if there is an agent involved you don't need to file a memorandum

@seanmacdiarmid7693 Жыл бұрын

How do you do it in remote markets?

@FlippingMastery Жыл бұрын

Title company can record it for you

@wavyboy2887 3 жыл бұрын

Quick question if you have a lead on an out of state owner how would you obtain access or keys to the house.

@FlippingMastery 3 жыл бұрын

You will need to talk with the seller and negotiate that.

@mrjeremynguyen6302 3 жыл бұрын

Jerry, as the wholesaler do you have to get the affidavit recorded at the county the property is in or can I just go to my local county assessors office and record the affidavit once I get it notarized there? I live about 50 minutes away from the current off-market property that I just got under contract. Thanks in advance !

@FlippingMastery 3 жыл бұрын

same county the property is in

@mrjeremynguyen6302 3 жыл бұрын

Flipping Mastery TV does it have to be in person or can I send the notarized affidavit of memorandum electronically? Have you done that ?

@dblk5672 3 жыл бұрын

Awesome. Now what happens if im in another country or state and can't get to that county assessor's office?

@FlippingMastery 3 жыл бұрын

have a title company help you file the memorandum

@dblk5672 3 жыл бұрын

@@FlippingMastery ah perfect thanks so much!

@tarekemam7098 4 жыл бұрын

Hey Jerry i tried getting your Affidavit & Memorandum of Agreement and it is not sending to my email. I also checked my junk and spam folder and i received nothing. How can i get this form.

@FlippingMastery 4 жыл бұрын

That’s weird because it’s automatically emailed. Send an email to my support and we’ll help you. Support@flippingmastery.com

@theasher87 3 жыл бұрын

How do you get this notarized if you are wholesaling virtually and are in another state?

@FlippingMastery 3 жыл бұрын

Traveling notary comes to you

@bealashelle5412 4 жыл бұрын

My affidavit says “space above reserved for recording purposes “ is it still legal? Will they still record it?

@FlippingMastery 4 жыл бұрын

Ask the county recorder

@itsjacobgandy 3 жыл бұрын

Hey Jerry. First deal running right now. When I sent the Aff.&Mem. To the title company they said "After reviewing your document we highly recommend you do not complete and record this as it will cloud title and will need to be released I would enter into a TREC contract with an OPTION PERIOD" TREC (Texas Real Estate Contract) TREC - allows the buyer to submit objections to the survey or the title commitment which the seller “shall cure” so long as the seller does not have to incur any expense in doing so. This doesn't keep me from getting cut out of the deal. What are your thoughts? Thankyou sir.

@noesandate Жыл бұрын

May I know how did it go at the end, please?

@Brbz.98 4 жыл бұрын

Why can’t I download the form?

@arenjunior28 Жыл бұрын

Do I need a Affidavit of Memorandum for on market deals

@FlippingMastery Жыл бұрын

No, agents won’t let sellers back door you

@somedude4530 3 жыл бұрын

Hey Jerry I am trying to present a deal to the cash buyer they said they will run their own comps and they want an address before I got a deal locked feel like they want to buy the property without me in the picture should I secure the deal while at the same time asking the seller to sign the affidavit?

@FlippingMastery 3 жыл бұрын

You need it under contract and you need to file the memorandum.

@thatdude957 3 жыл бұрын

Can this still happen if it’s land ?

@chrisislas1838 2 жыл бұрын

Do I do this along with a non refundable EMD? Or would this be just one or the other?

@FlippingMastery 2 жыл бұрын

Doesn’t have to be non-refundable

@Altair9292 4 жыл бұрын

Do you have a sample of how to fill this out? What do you put down for the "My commission expires: " line ?

@sirebumf 4 жыл бұрын

After the "Buyer ________ Co-Buyer_____" line, STOP. That is for the Notary person to fill out.

@Altair9292 4 жыл бұрын

sirebumf thanks man!

@sirebumf 4 жыл бұрын

@@Altair9292 You're welcome!

@nananna915 2 жыл бұрын

How do you release the memorandum of agreement to clear title for the buyer at close?

@jasminjimenez1790 2 жыл бұрын

???

@nananna915 4 ай бұрын

Hi! I figured it out - title has an attorney that can draft up the release docs for you@@jasminjimenez1790

@TaylorOnDemand 4 жыл бұрын

How can I do this for a mobile home wholesale? I called my tax assessors and tax commissioners office. Who have given me different answers?

@erikagilchrist4761 Жыл бұрын

Please clarify - the Affidavit has a blank line for the Seller, but the video states that the Seller does not have to sign the document. If the Seller's name is on the document, how can the notary authorize the agreement without verifying the seller's identity?

@nelsonklein8642 4 жыл бұрын

If I am wholesaling virtually, do I have to file the 'Affidavit & Memorandum of Agreement' in the same state that I got the property under contract for, or could I file it in any state?

@FlippingMastery 4 жыл бұрын

same state as the deal

@nelsonklein8642 4 жыл бұрын

ok thanks

@poligrus2965 2 жыл бұрын

It says "personally appeared" how does this work if u wholesale virtually?

@samtx5518 3 жыл бұрын

🎯

@MrHicks-lo8vn 3 жыл бұрын

Can we record the contract via the County recorders website in our respective State?

@FlippingMastery 3 жыл бұрын

use a title company

@mrjeremynguyen6302 3 жыл бұрын

Jerry how do I cancel the affidavit of memorandum if we couldn't close ? What form should I use ? Thanks in advance !

@FlippingMastery 3 жыл бұрын

there is a closing date on the memorandum

@mrjeremynguyen6302 3 жыл бұрын

@@FlippingMastery so if we don’t close by the scheduled closing date then are you saying the affidavit of memorandum is automatically cancelled along with the purchase and sale agreement as well ?

@jwrel1808 4 жыл бұрын

Thank you for this. Does the Cash Buyer have to sign the Affidavit & Memo Agreement?

@FlippingMastery 4 жыл бұрын

No just you

@siblingganggang 3 жыл бұрын

I recently tried to do this and was told the sellers had to be notarized as well. Has this changed in the last year?

@FlippingMastery 3 жыл бұрын

Depends on state and title company.

@freedomtrades4264 2 жыл бұрын

@@FlippingMastery Title company? But I thought you just filed this document with the county?

@tomtagler6158 4 жыл бұрын

how come he says download for a free copy of the contract affidavit of memorandum. and you put your email and it takes you to a up sell to buy his software. great video though will do that when I got a deal under contract

@FlippingMastery 4 жыл бұрын

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

@magicalteepees8916 4 жыл бұрын

Will clouding the title also work doing the Double Dip Strategy?

@FlippingMastery 4 жыл бұрын

+Magical Teepees I don’t usually worry about getting backdoored with agents.

@magicalteepees8916 4 жыл бұрын

@@FlippingMastery Aaah Ok, great thank you!

@TyTeckk1 4 жыл бұрын

Can you file an affidavit and memorandum and still cancel the contract with the seller before your 10 day inspection contingency is up? And how do you file an affidavit and memorandum virtually?

@FlippingMastery 4 жыл бұрын

Only you sign it do send a scanned copy to closing agent. If you terminate contract ask title to remove affidavit

@TyTeckk1 4 жыл бұрын

Okay thanks and how do you file an affidavit and memorandum virtually?

@TyTeckk1 4 жыл бұрын

Oh so what your saying is send a scanned copy to closing agent without getting it notarized so I would be the only person who signs it or do I still get it notarized and how?

@killmy925 2 жыл бұрын

How does this affidavit of memorandum come into play if you're working with a buyer's agent and wholesaling deals that are ON market? 🤔

@FlippingMastery 2 жыл бұрын

If on market it’s not needed. Agents won’t go around your back

@killmy925 2 жыл бұрын

@@FlippingMastery thanks a lot Jerry

@javoncook2441 3 жыл бұрын

Does the contract date make a difference? If the date of the contract is for 60 days and the seller waits out the 60 days, can they still sell to someone else even with the court documents?

@FlippingMastery 3 жыл бұрын

contract can't be expired