New Wholesaling Law - Your Contract is Worth Less Than Used Toilet Paper!
Рет қаралды 9,424
23 күн бұрынPennsylvania is the next state to regulate wholesaling. Find out how this new law makes your contract worth less than used toilet paper!
PA SB 1173:
www.legis.state.pa.us/CFDOCS/...
Takedown Method playlist:
• The Takedown Method Ma...
Get my takedown method quickstart kit for free:
freetakedownkit.com
With over 3,000 Videos, this is the #1 channel on KZfaq for all things wholesaling and flipping. SUBSCRIBE NOW! / @flippingmastery
Podcast fan? Listen to your favorite Flipping Mastery TV videos on your favorite podcast platform! FlippingMasteryPodcast.com
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.
**NOTE: To Download any of Jerry's FREE training, tools, or resources…
Click on the link provided and 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. If you still don't see it, contact our support at: support@flippingmastery.com or 888) 958-3028.
Get Access to Unlimited Free Property Searches and Downloads:
joinpropwire.com/
Get Paid $10,000 to find deals for Jerry:
www.My10kCheck.com
Wholesaling & House Flipping Software:
GetFlipster.com
Get Unlimited Seller Leads For Less Than A Penny!
getunlimitedsellerleads.com
Get 100% funding for your deals!
UseJerrysCash.com
Advanced Mentor Program:
FastTrackwithJerry.com
Flipping Mastery TV Podcast:
open.spotify.com/show/3OHpade...
FREE 8 Week Training Program
8weekacademy.com
Get Paid $8700 To Find Vacant Lots For Jerry:
flippingmastery.com/lfyt/
FREE 30 Day Quickstart Kit
MyQuickstartKit.com
FREE Virtual Wholesaling Kit:
VirtualFlipperKit.com
FREE On-Market Deal Finder Tool:
MyDataCruncher.com
FREE Purchase & Sale and Assignment Contracts:
WholesalerContracts.com
FREE Cash Buyer Directory (100 Free Cash Buyers)!
freecashbuyers.com/
FREE Lot Finder Tool:
vacantlotfinder.com
FREE Craigslist Deal Finder Tool:
flippingmastery.com/craigslis...
FREE Comp Tool:
CompMyDeal.com
FREE Funding Kit:
MyFundingKit.com
FREE Wholesale JV Contract:
flippingmastery.com/cwyt/
FREE Wholesale NDNCA Contract:
flippingmastery.com/ndyt/
FREE Affidavit & Memorandum of Agreement:
flippingmastery.com/lpaffyt/
FREE Termination of Contract and Price Reduction Addendums:
flippingmastery.com/tlyt
FREE Option Agreement:
flippingmastery.com/oayt/
FREE Agent Offer Sheet & Scripts:
AgentOfferScripts.com
List it or flip it agent scripts:
flippingmastery.com/lp2019/list/
FREE Motivated Seller Scripts:
FreeSellerScripts.com
FREE Cold Calling Scripts
(& 20 Powerful Phrases to Build Trust):
flippingmastery.com/ccs/
FREE Blueprint & Cash Buyer Scripts:
flippingmastery.com/cbsyt/
FREE LLC Flipper Kit to Overcome a No-Assignment Clause:
LLCFlipperKit.com
FREE Deal Analyzer Software:
MyDealAnalyzer.com
FREE Instant Offer Calculator:
FreeOfferCalculator.com
FREE Rehab Estimator Tool:
flippingmastery.com/reyt/
Free Contractor Agreement:
flippingmastery.com/cayt/
FREE Report: 67 Ways to Find Motivated Sellers:
flippingmastery.com/67yt/
FREE Zillow Motivated Seller Key Word Master List
flippingmastery.com/zkyt/
FREE Facebook Ad Templates:
flippingmastery.com/fbhyt/
FREE Creative Financing Hacks Guide:
CreativeFinancingHacks.com
FREE Creative Financing Wholesale Calculator:
CreativeFinancingCalculator.com
FREE Subject To Contract Pack
& 30% Off Discount Code for Full Service Closings:
flippingmastery.com/subyt
FREE 6 Figure Flipping Business Blue Print and 10 Steps to Your First Deal:
flippingmastery.com/6fyt/
FREE Deal Structure Game Plan
flippingmastery.com/dp-yt/
FREE Best Selling Wholesaling Ebook:
flippingmastery.com/ebook-10k...
FREE Best Selling Fix and Flip Ebook:
flippingmastery.com/free-train...
FREE Best Selling Flipping Notes Ebook:
www.FlippingNotesEbook.com
FREE Wholesaling Apartments Calculator:
flippingmastery.com/wacyt/
FREE Rehab Checklist:
flippingmastery.com/rplyt/
FREE Virtual Property Walkthrough Guide & Instructions:
flippingmastery.com/vwgyt2/
LET'S CONNECT...!
FACEBOOK:
/ flippingmastery
INSTAGRAM:
/ flippingmastery
#FlippingHouses #WholesalingHouses #FlippingGenius
@rrurban 20 күн бұрын
Too many gurus on social media = too many wholesalers entered the game = party is over
@user-sw7en5hm8w 14 күн бұрын
Yup this is a result of the KZfaq guys pushing broke people to have big dreams in real estate . They train them to tie up sellers with bogus contracts and they have no money or knowledge to actually close the deal so the whole thing falls apart. Over and over till the Feds have to step up in to stop the bull )&&7
@agentdad 21 күн бұрын
Realtor associations want a larger piece of the Real Estate pie by making more people become agents who pay dues. Meanwhile, state governments, and the department of justice sit back and laugh because they will take a huge piece of the pie from real estate associations through litigation and new regulation, to the point where you only have daddy government who you have to get permission to be able to buy and sell property through. Realtor associations fail to realize that as wholesalers go so goes Real Estate.
@thecashhousebuyersteamh4921 20 күн бұрын
EXACTLY!!! Bad intentions. Watch out!
@TitleistGolf13 19 күн бұрын
The reason they want a larger piece because they know they are slowly becoming obsolete
@jesseprinkey7687 21 күн бұрын
I would think this will be challenged by the U.S. Supreme Court because of the contracts clause in the US Constitution. Federal law overrides state law if it’s specifically addressed in the U.S. Constitution. I live in and invest in Pennsylvania so I definitely hope this doesn’t pass. What ever happened to letting people make decisions for themselves? If the seller feels that whatever decision they made was in their best interest, what government has the right to interfere?
@izphilly1 21 күн бұрын
Government over reach !!! Having someone licensed or pay fees does not change whether your experience will be any better.
@crazychris60 20 күн бұрын
Exactly what it is
@crazychris60 20 күн бұрын
Plus another corporation trying to push out the little guy and take over the whole industry
@RobertHasty 20 күн бұрын
This is only going to hurt sellers and increase foreclosures in Pennsylvania.
@FlippingMastery 20 күн бұрын
True
@kyland2394 21 күн бұрын
In a perfect world it would be nice if everyone who wanted to sale their properties in Pennsylvania would do so with a direct buyer in EVERY transaction thus eliminating the need for Realtors. 😂😂. Then they would feel a Wholesaler’s pain
@johnnyrocket9372 19 күн бұрын
I live in PA, you don't know the actual game in here. Most realtors have guarantees to sell a home in X number of days, usually 180, and if they don't they will buy the home themselves. What's disgusting is the price will start high and then drop 3 to 5 percent every 2 weeks. When the realtor buys the house the price is usually 40 to 60 percent cheaper then the original listing price. The realtor get it for a steal, then has their agents sell the property at a lower price and the make a decent profit.
@Davidtheentrepreneur 21 күн бұрын
I wholesale heavily in PA. This is a money grab to make 2x the transfer tax per transaction. The offers to sellers in PA will get deeper for distressed sellers and leaving some deals undoable , unfortunate to the sellers.
@thecashhousebuyersteamh4921 20 күн бұрын
Exactly the greedy people doing this will create a crash. Bad intentions Watch out!
@v2ush581 20 күн бұрын
Where you located in Pennsylvania, getting started on getting licensed, do you have 1 to wholesale? Do I need 1 to wholesale?
@amirasalih8113 20 күн бұрын
@@v2ush581I’m in Philadelphia and laws state that you need a residential wholesalers license but I think in other parts of PA you need a real estate license
@InvestorVentures 17 күн бұрын
I’m in Berks County and can fund the rehab on deals you may have in the pipeline. Let’s still find a way to help out the sellers like a “Love it or List it” model. 🤷🏻♂️ just a thought 💭
@mcgusto82 21 күн бұрын
There goes the real estate industry in PA. EVERY TIME government gets involved, it’s a failure.
@dorcuslee4188 21 күн бұрын
Wholesale Hotline will be an interesting conversation on Monday. I'm looking forward to what you will share jerry. JERRY YOU'RE A FREAKIN GENIUS 🎉😊
@thatprcrawlerguy187 20 күн бұрын
Realtor association lobbying hard after they lost the lawsuit. And I know they didn’t lose but we all know that if you pay, you was wrong.
@daviddoten6729 21 күн бұрын
the rec has no right to say that anyone has a right to cancel a contract. this goes against long established common law contractual agreement history. unless two parties agree in writing .much like a 10 day inspection period, if they need to back out. no problem. but for the rec to force accross the board that the seller can just back out is unacceptable. but cant we stipulate that they can knowingly agree not to backout within 30 days in the contract?
@nadirmonroyail 19 күн бұрын
Assignment transactions create and raise billions of dollars in revenue every year, legislators don't talk about it and what about the benefits that these practices offer? those are ignored. Accordingly with these bills by others states the practices must be followed with codes of ethics and full disclosure to the 100% this bill is BS and and non sense, action against it will be taken when things turns ugly and too late. great material!
@ijlyons4149 20 күн бұрын
It seems that everyone is opposed to EVERYONE getting money these days! It is sad, but they will see less in profits and more homelessness because to it! Wholesalers: Double close, easy fix!!
@kathyportley-tulsareia 10 күн бұрын
@FlipMastery - Oklahoma here! The fact that NAR is touring and pressuring REC's across the country, misrepresenting what wholesalers do, is mind blowing. I am shocked that NAR (which is itself a predatory mob-style lobbying group) is the benefactor of all of these laws. Oklahoma's "Wholesale Law" was written almost four years ago, and the state saw an influx of new licensees. More agents meant that NAR received even more dues that Realtors were/are forced to pay. Even with more money, they did a lousy job of defending their members from punitive and frivolous (imo) lawsuits that are upending even the traditional real estate industry across the country. In the end, if traditional real estate agents are villainized and wholesalers are also villainized, who stands to benefit? ... Hedge funds. We are already seeing it. Would love to connect!
@FlippingMastery 10 күн бұрын
Good points Seems like there is no shortage of disgruntled NAR agents willing to organize against wholesaling.
@zackstrigin 20 күн бұрын
Phenomenal video Jerry!!!! You are the absolute best is the best, This video has depth, utility, prime info, WHAT MORE COULD YOU ASK FOR? 🏆👑
@FlippingMastery 20 күн бұрын
Wow, thanks!
@mcgusto82 21 күн бұрын
This is either going to drive home prices up, lower quality of flip, or stagnate the flip industry. I suspect all 3.
@domingorangeljr 21 күн бұрын
The best work around seems to be using transactional funding. I’d be happy to help execute your double closings!
@BillUlman-ph2pw 20 күн бұрын
So basically Realtors screw people in tough situations they do not really want to help by blocking wholesalers from helping those people.
@developerzastroishik 21 күн бұрын
Let's create a NAR antipode - NAFRET National Association for Free Real Estate Trade
@joaquinporter9313 20 күн бұрын
This is definitely building hyper focus on virtual wholesale markets, which will domino effect into more laws being passed
@nmr20067 21 күн бұрын
So this will continue to spread from state to state - RED, BLUE, and PURPLE states; it seems to not matter. If you live in a state that has not taken action yet, get on it and keep making money now while you can. The end may be near very soon in the coming years…. The only way to continue in the future will be closing on the property and reselling it later or possibly a double close, which can be expensive and is usually only worth it if it’s a BIG wholesale fee….
@rogelioordonez777 21 күн бұрын
So what happens when banks cank loan , cuz they dont appraise, most agents dont even know how to comp correctly & are lazy & sellers need out, amoung other things....thank you Flipping Genio
@matthew8661 21 күн бұрын
taking title just got more important now i have to double close here in philly to prevent this get funding
@v2ush581 20 күн бұрын
What do you mean I need a little mentoring trying to get situated in the property business
@matthew8661 20 күн бұрын
@@v2ush581 oh i mean to just buy the property by taking it from the seller actually owning it or to double close by doing two closings at once but i dont think that will completly solve it but buying it and becoming the owner is the only way to beat it
@travisbinder9426 21 күн бұрын
The problem Jerry is all it take is one unethical wholesaler once homeowner start to complain that when state going to take action.
@delorisson 21 күн бұрын
PA has an over 4% transfer tax. I wonder if that has anything to do with it
@texx07 21 күн бұрын
state only taxes 2%
@Davidtheentrepreneur 20 күн бұрын
@@texx07 counties charge 1.5-2% on top of the state tax. Comes to be 3.5-4% total tax paid. It’s a whole down payment for a lot of people, going toward tax.
@thecashhousebuyersteamh4921 20 күн бұрын
THIS is the downside of all of this social media guru mess for the past 10years telling the entire business of wholesaling . Teaching wholesale should NEVER have been exposed at the level it has been exposed the past 10 years! That’s our fault . You have the game away and NARS saw a way to stop or try to stop the business of wholesaling based greed and envy. Stop talking so much and only have private classes for the SERIOUS WHOLESALER. This is our fault the wholesaling and investor community !
@FlippingMastery 20 күн бұрын
Education isn’t the problem Organization is the problem. We should have started self-regulating a long time ago
@thecashhousebuyersteamh4921 20 күн бұрын
@@FlippingMasteryagree BUT part of self regulating is not SHARING THE HOW AND WHY TO PUBLIC SO FREELY FOR SELFISH REASONS LIKE views, likes, subscribers, followers on platforms for money . We the wholesaling community practice too much greed and ego and it became imbalanced at this point. It should never have been shared on these social media platforms in the way that it has been. The integrity of the business got compromised and these new “regulations “ are the results. The media compromised us, all the “gurus” compromised us and the lack of discipline from the new comers who were only thinking about “money” compromised us. The purpose of wholesaling was or is to be a solution to the motivated seller. You said many years back it’s about peace of mind over equity . Well that line got blurred when the information became to free and open . It somewhat brought our value down
@therealjacobsimpson 21 күн бұрын
How does this not infringe on contractual rights?
@HowardWildey 21 күн бұрын
They're gradually introducing these regulations to every state. Given the surge in new wholesalers over the years, thanks to countless channels promoting the same strategies, it's not surprising. While it's not a bad thing to share these methods, and I enjoy all the content, it was bound to happen. It's unfortunate that in the coming years, the easiest entry into real estate will likely disappear. While double closings or buying and reselling are still options in some places, it won't be the same. It's similar to how Shopify's rise turned everyone, including their grandmas, into online business owners.
@HowardWildey 21 күн бұрын
I sent this to the governor but I doubt he would see it "Dear Governor Shapiro, I hope this message finds you well. I am writing to express my concerns regarding Senate Bill 1173, which proposes new regulations for residential wholesaling in Pennsylvania. While I understand the intention behind this legislation, I believe it overlooks the significant benefits that wholesaling offers to our community. Wholesaling provides an essential service by facilitating the quick sale of properties, often helping homeowners who need to sell urgently due to financial distress, inheritance, or other personal circumstances. Wholesalers offer flexibility and efficiency that traditional real estate transactions may not be able to match. By acting swiftly, wholesalers help stabilize neighborhoods by preventing properties from remaining vacant, which can lead to deterioration and crime. If you sign this than you would have to ban the wholesale of goods and cars because the same concept applies does it not? I hope you make the right choice. Thank you Governor."
@FlippingMastery 21 күн бұрын
Love this!!
@romanogold82 19 күн бұрын
You know how many listed properties I’ve seen get sold on the courthouse steps? Most realtors don’t know how to stop a foreclosure at the last minute! This is gonna hurt sellers more than anything.
@juanmancera4408 20 күн бұрын
What about novations?
@FlippingMastery 20 күн бұрын
Doesn’t seem like it. It says - “without having taken title as the owner of record of the interest.”
@developerzastroishik 21 күн бұрын
oh man, those are very vivid metaphors 😂😂😂
@nonequivalence1864 21 күн бұрын
I spoke to an agent yesterday and offered to do some seller financing, she said "it sounds wholesale-y. I want everyone to win in the deal. I'm unsure what this type of financing is but I'm uncomfortable with it". She didn't even give me a chance to explain, she just tried to shoo me away. Little did she know, she would've made even more in commission had she followed through with my offer. Realtors are so annoying and are haters because us wholesalers have more knowledge in real estate than they do. Unpopular opinion: It's because of uneducated Realtors that average Americans are being priced out of owning a home. Their un-educated way of doing things is sweeping our nation and it's causing housing prices to be all over the place. The media will never talk about this, though. Realtors need more education and need to understand what wholesaling, creative finance, etc is and need to embrace it. I also advocate that realtors cannot get their license if they only know one way of financing a property (bank loan). It's just so ridiculous and laughable.
@JasonBasin-o6x 18 күн бұрын
No offense to the realtor but how does Seller Finance sound "wholesale-y" it's literally when the seller becomes the bank and finances you...did you send a potential written proposal?
@asan197 20 күн бұрын
It clearly states RESIDENTIAL property. So I guess its time to focus on land and commercial property! 💪🏼😤
@v2ush581 20 күн бұрын
Was already headed that way. So this law is for housing?
@heathlanyon5683 21 күн бұрын
I was thinking about a potential workaround: Contract with the Seller providing no wholesaling disclosures (because you are not going to “wholesale” it). Create a Manager-managed LLC , of which the Seller is the original Member and you are the Manager. Pocket-deed the property into the Seller’s LLC. Sign a LLC Purchase Agreement with the Seller for their LLC, but no one signs the LLC Bill Of Sale yet. Do whatever dispo marketing you want (even MLS) and contract with a Buyer, naming the Seller’s LLC as the Seller on said contract. On the day of closing, sign the LLC Bill Of Sale with the Seller, sign closing docs as the Manager of the Seller’s LLC, and pay the Seller off the Settlement Statement. It seems like you could even plug in a Land Trust (with the Seller’s LLC as the ultimate beneficiary) in place of the LLC. Of course, this is significantly more paperwork than a traditional wholesale situation, but I prefer it to the prospect of getting licensed … for anything. If people would poke holes in this idea I would appreciate it.
@FlippingMastery 20 күн бұрын
Too complicated. I got a headache reading that. Imagine explaining to a distressed seller
@2greedy905 19 күн бұрын
Yeah.. NAR is going to lead us into another Great Depression (in my humble opinion) ... Feels like, when this inflation cycle pops the market will come crashing down straight into a wholesaler's tool belt to restore all of the damage of their bad actors and their bad policy
@weylandbetha5416 8 күн бұрын
Sounds to me like these states have weak attourneys. A wholesaler has no fiduciary duties to the seller of the buyer. A wholesaler is the same as a transaction broker.
@oldstocks 19 күн бұрын
More double closes (2x transfer tax) and more seller foreclosures. Wholesalers will partner more with flippers and bigger players.
@mustbetrippin7406 21 күн бұрын
Thx for this info. This violates the UCC doesnt it?!!
@phuturephred 20 күн бұрын
imagine being a regular person who is struggling and on the verge of losing their home and then some wholesaler comes along to buy youur home. This wholesaler uses all this fancy talk making you think selling him your home to him is the right thing to do so you sign the contract. the next day you tell a friend the (what you thought was) great news, but your friend then informs you that you got finessed(which is absolutely the case 85% of the time). the seller should absolutely be able to cancle at anytime. i get it im a believer in contracts but im also a believer in ethics.
@FlippingMastery 20 күн бұрын
So let me get this straight. A home owner is smart enough to buy/own a home but too stupid to sell a home? 🤔 they need their buddy to tell them after they decided to sell that it was a bad deal for them? 99% of the time a seller knows his options and makes an informed decision.
@christinanomah8754 20 күн бұрын
You’re wrong!😡
@JasonBasin-o6x 18 күн бұрын
And 85% of the time might...might be a stretch
@phuturephred 18 күн бұрын
@@FlippingMastery your 100% full of shit. it doesnt take a genius to own a home people aquire homes many different ways. people make irrational decisions under stress or when they think someone is helpng them. why do you think scamming is so big in general there is alot of dumb people with money and even worse old innocent people who only know a different world then we grew up today. ya know i dnt even want to explain this because i know you know better but im hoping someone else reads this and learns. your a real pos.
@davidmacgown321 21 күн бұрын
Jerry, you highlighted a video of your double dipping strategy in Florida but I seem to have lost it. 😢 could you reshare it please? Also, how does this complicate matters further double dipping in non - dual agency states with the current NAR regulations? Thank you so much!
@BcottStudios 21 күн бұрын
Just the rich keeping us average broke people down.
@jasonmorris9330 21 күн бұрын
Does it say anything about being unable to install a cancellation fee as a side contract? Would that be considered applying a waive clause?
@FlippingMastery 21 күн бұрын
All payments must be returned to seller if cancelled
@lamsamm 21 күн бұрын
Double close easy fix
@v2ush581 20 күн бұрын
That's what I was thinking but didn't know if allowed. So double closing is basically an instant transaction, or require an EMD on anything you put in contract so if they do go behind ur back u get atheist the EMD for the wasted Time Disrespect and unprofessionalism?
@JasonBasin-o6x 18 күн бұрын
In the Real Estate Ecosystem, Wholesalers are not wanted they are needed(done ethically of course) Not every seller wants to deal with realtors, showings, being in of the house out of the house, fixing their property. When a Wholesaler gets a contract and their end buyer is a fix and flipper who fixes it and flips it...guess who getting those types of listings? Real Estate Agents and Realtors. Entire brokerages probably unknowingly don't know of the dynamic of this ecosystem and cycle and just how they actually benefit from it. This is going to get interesting...just because legislation is passed doesn't mean distressed situations disappear. New ways to adapt are needed....and didn't the NAR just pass the legislation that 6% guaranteed is over? Huh? Like I said things are going to get interesting.
@user-sw7en5hm8w 14 күн бұрын
I’m sure he means well but I wouldn’t be taking legal advice from Jerry . You can twist the words to fit your model how you want but when you’re standing in front of a judge none of that is going to work ! If it looks a wholesaling transaction best believe you will be tried fined and possibly jailed on practicing real estate without a license
@FlippingMastery 14 күн бұрын
Agreed. Always follow the law
@BrianLemonds-bw9vv 20 күн бұрын
what if in my assignment contract states that my company is assigning the contract to the buyer for the original contract amount but, in the wordage of the contract it states the buyer agrees to pay my company its transaction coordination service charge?
@kevinnobueno 21 күн бұрын
This isn’t right, people better wake up before all their rights are taken away!!! You should not be forced to deal with anyone if you want to sell something you own.. All about 💰and Control ⛓️💥
@_JordanMcCoy_ 21 күн бұрын
Why not get an option contract for an extended amount of time secured by a mortgage or deed of trust? Jack Miller was locking these up with options back in the 80s. Title companies won’t overlook a mortgage that’s been filed with county. Someone goes around you, Who cares. You have an option secured by a mortgage when they try to close.
@noumba47 18 күн бұрын
So we just have to get rid of N.A.R.
@sebih1 20 күн бұрын
Does this law affect creative finance deals or just the traditional wholesaling
@FlippingMastery 20 күн бұрын
If you plan on wholesaling the deal - yes
@thephoeni6 21 күн бұрын
Do all these rules and regulations apply to land also?
@livefreeordie9542 21 күн бұрын
yes
@nmr20067 21 күн бұрын
I can’t believe the anti-wholesaling law didn’t pass in Maryland over a year ago. But they will bring it back again. I know they will..
@jus.moneyy 21 күн бұрын
Hopefully it doesn’t pass. I do all my business in MD
@zoniapatreece1324 20 күн бұрын
Were you the only one at that capital to oppose the bill?😢
@jlhernandez1296 2 күн бұрын
So since I live In Pennsylvania what route would you advise I take I’m new with some previous knowledge but I’ve been going through a rough time do to amounting debt and little time in between to decrease it any suggestions?
@ElvisPresley-k6c 20 күн бұрын
Jerry, can double closing fix this? I know this is how wholesalers bypass regulation and licensing in Illinois.
@FlippingMastery 20 күн бұрын
Maybe. Will depend on how REC enforces it. Get 100% funding for double closings : usejerryscash.com
@ElvisPresley-k6c 20 күн бұрын
@@FlippingMastery how soon before the entire nation adapts such regulations and wholesaling dies all together?
@amurice91 21 күн бұрын
At what point is this an enfrengment on the sellers right to operate outside of realtor associations in regards to their own property? They want a stranglehold on everything and competition is the American way
@chriswelcome77 21 күн бұрын
Just get a license 3:46
@anthonypricerei 21 күн бұрын
Even if you have a license someone can back out of a sales agreement at anytime. Anyone can go around you at anytime directly to the seller. Even an agent would be furious if another agent was capable and had the right to go around another agent to back-door them at anytime.
@ajrose1245 21 күн бұрын
Nope, read up on it. Even with a license you lose.
@ultimatestones3371 21 күн бұрын
How,would the takedown method protect the wholesalers from being screwed by the buyer and the seller, as you mentioned in your example?
@FlippingMastery 21 күн бұрын
No because you’re the actual buyer and you don’t market for a buyer before you own it, like wholesaling.
@Aarontaylor354 21 күн бұрын
How long does it take to do a take down method is an to gut it out and re list it?
@FlippingMastery 21 күн бұрын
60-90 days
@user-di7jm8nj1w 20 күн бұрын
So Jerry I have a question besides the point. I'm all the way from South Africa, does that rule me out of the 10k program?
@FlippingMastery 20 күн бұрын
No, you can still do it
@user-di7jm8nj1w 20 күн бұрын
@@FlippingMastery oh okay, God bless you man🙏❤️
@Georgebushdidit 21 күн бұрын
Doesn’t this make all real estate in Pennsylvania more risky?
@domingorangeljr 21 күн бұрын
Definitely for the investor
@texx07 21 күн бұрын
what about novations?
@JasonBasin-o6x 18 күн бұрын
Good Question
@MarkNolan-t1t 10 күн бұрын
Novations wouldn't fall under assignments it seems as long as I guess there is no assignment contract. Novations in and of itself seem like a new thing in the REI game
@texx07 10 күн бұрын
@@MarkNolan-t1t my 'fear' with the wording they include novation.. the part that labels wholesaling as(paraphrasing) 'any real estate transaction for profit where you dont take ownership of the property'
@dotsondominion 21 күн бұрын
Is a novation agreement away this? I talked to some wholesalers in Illinois who said that they do novation agreements to get around the Illinois law.
@Bsilbs 13 күн бұрын
Does Illinois law allow you to wholesale as much as you want with a license? If you didn’t have a license, can you jv with someone that does?
@barthalamew 21 күн бұрын
At the start of the video you said it takes 6 months to get signed into law. Does this mean it would be a good idea to continue wholesaling for the next 6 months normally till the law comes into affect?
@livefreeordie9542 21 күн бұрын
Do it while you still can. Once it goes into effect they'll be on this like white on rice. If you've lived in PA you know, they pass all kinds of BS and "temporary" laws to squeeze every dime out of PA residents and businesses. My favorite was in 2007 a "temporary" 10% alcohol tax passed that was supposed to last only 6 months.17 years later and they're still collecting this "temporary" tax. You notice this crap doesn't happen in Republican run cities and states.
@FlippingMastery 21 күн бұрын
Sure
@chrisconnors4939 19 күн бұрын
Pa was one of my major markets. I do a lot of business in Philly and the Poconos. We are finishing out our leads and shutting our operations down in PA. We also do Florida and Colorado. Going to just focus on these two and maybe move into Georgia to replace PA
@FlippingMastery 18 күн бұрын
@@chrisconnors4939 I wouldn’t leave. Going to be amazing opportunities. Just adapt NEW Flipping Strategy [Better Than Wholesaling and Fix & Flip] kzfaq.info/get/bejne/d6pgaJCau5PQYGw.html
@chrisconnors4939 18 күн бұрын
@FlippingMastery good point. I will watch that video. Love the advice, as always!
@TitleistGolf13 19 күн бұрын
Do all these "new laws" also include wholesaling land? It's not a house?
@FlippingMastery 19 күн бұрын
Just applies to residential
@user-sw7en5hm8w 14 күн бұрын
Take down method is just wholetailing by a different name . By taking title you have heavy closing and transaction fees involved and then pay ( atleast half ) them all over again a month later when you sell , not a good idea as it’s cost prohibitive
@FlippingMastery 14 күн бұрын
All factored in. Same with financing and commissions
@user-sw7en5hm8w 14 күн бұрын
@@FlippingMastery fractured in ? somebodies paying closing twice which is substantial . Could be 10 grand ..That’s real money you don’t get to keep one way or another
@isaiah67ish 21 күн бұрын
Not a surprise Pennsylvanias a blue state
@hookmeupken2190 19 күн бұрын
Shall I guess on if its blue or red polititians who created the bill? :)
@tq2483 21 күн бұрын
Does anyone know what other states has this law🤔
@FlippingMastery 20 күн бұрын
Wholesaleregulations.com
@wirminminiel7101 14 күн бұрын
Can’t someone just do virtual wholesaling in another state being in PA? Can some answer me this question
@FlippingMastery 14 күн бұрын
Yes, the laws apply in the state you transact not reside
@kaznoff2782 18 күн бұрын
Are there any other states who are exactly like PA for wholesaling? Or is PA the only one like this so far?
@FlippingMastery 18 күн бұрын
List of states with regulation Wholesaleregulations.com
@kaznoff2782 18 күн бұрын
@@FlippingMastery Thank you very much. I am in Indiana and the info here is sporadic at best.
@FlippingMastery 18 күн бұрын
@@kaznoff2782 Indiana law - kzfaq.info/get/bejne/i9eJgK-WzMjDfI0.htmlsi=kBcOY_MI-9E0_sg3
@kaznoff2782 18 күн бұрын
@@FlippingMastery Ok thank you! I will check this out!
@abbyhollyn5691 21 күн бұрын
How does this impact wholesaling land?
@livefreeordie9542 21 күн бұрын
It's real estate isn't it?
@TheJayG93 19 күн бұрын
So are you gonna fight this new law for us since you want us to become dues paying members as wholesalers?
@FlippingMastery 18 күн бұрын
If we do that than it would be “us” fighting not “me” fighting
@TheJayG93 18 күн бұрын
I hear you Jerry. I just say that because you have more resources than all of us watching probably more than us combined @@FlippingMastery
@user-fo4ls4wq3l 19 күн бұрын
Looks like the greedy Realtor companies ..... lobby efforts [$$$$$] have paid off. However, I have witnessed a number of deals where "crafty wholesalers" have screwed naive elderly sellers out of a fair price. Does society really need wholesalers? They should be restricted to only high end commercial property that excluded multiplex of 6 or less units. These new laws were bound to happen as a result of millions of shady deals that robbed elderly owners of their fair share. Sorry, no sympathy. You made you millions now go out and get a real job.
@user-sw7en5hm8w 14 күн бұрын
I’m sure he means well but I wouldn’t be taking legal advice from Jerry . You can twist the words to fit your model how you want but when you’re standing in front of a judge none of that is going to work ! If it looks a wholesaling transaction best believe you will be tried fined and possibly jailed on it
@FlippingMastery 14 күн бұрын
What are you suggesting I’m twisting? I’m not following you
@MarkNolan-t1t 10 күн бұрын
A takedown method isnt selling equitable rights of a contract like Wholesaling is....its a calculated and fast paced fix and flip with very limited fix and all of the flip.
@FlippingMastery 10 күн бұрын
@@MarkNolan-t1t correct. I’m still not following you
@MarkNolan-t1t 10 күн бұрын
@@FlippingMastery Rephrase por favor? But Thanks Jerry the Takedown method makes legit sense if one gets their timing and market surroundings on point.
@JaredHettler 21 күн бұрын
Why would a motivated seller cancel a contract with someone who has built rapport with them if they have to sell because of an impending situation like foreclosure, tax delinquency, code violations, etc?
@Sharmichelle3 21 күн бұрын
They may cancel the contract if they are going to receive more money and in a shorter time frame.
@FlippingMastery 21 күн бұрын
1. Another wholesaler offers more the next day 2. Your Cash buyer goes around you to the seller and offers more money
@JaredHettler 21 күн бұрын
@@FlippingMastery sounds like reverse wholesaling isn't so bad after all. It's been labeled "being a cash buyer employee," but I have never lost sleep over whether or not my buyers would do something sketchy. Also you could literally just get licensed as a real estate agent and charge your buyer a commission instead of assigning the contract.
@kalahhavlicek9736 21 күн бұрын
@FlippingMastery sounds like reverse wholesaling isn't so bad after all. It's been labeled "being a cash buyer employee," but I've never had to worry about my buyers because I have relationships with them. Also you can literally just get a real estate license and represent the buyer and charge them a commission. I don't believe wholetailing should be a primary dispo method for every deal. The average assignment fee is like 15k. Wholetailing requires you to pay a commission, closing costs (likely 3 times... sellers on the purchase, buyers on the purchase, sellers on the resale), lending fees, and that's before paying your team or taxes. Plus if it doesn't sell the way you're expecting it to, you have high risk. I don't think it's always profitable. Just on larger deals.
@mcgusto82 21 күн бұрын
@@kalahhavlicek9736you’re relationship is ka ka once investors get wind that they can go around d you. Investors as nice as they may be, if they can skip paying 20k to you they will start considering it.
@RealEstateTradr.Online 19 күн бұрын
So having a affidavit of memorandum in effect means nothing?
@FlippingMastery 18 күн бұрын
The contract is worthless so an affidavit is even more worthless
D1NAZ02
Рет қаралды 3 МЛН
Fabiosa Animated
Рет қаралды 8 МЛН
Flipping Mastery TV
Рет қаралды 60 М.
Flipping Mastery TV
Рет қаралды 24 М.
Flipping Mastery TV
Рет қаралды 40 М.
Flipping Mastery TV
Рет қаралды 3,1 М.
Flipping Mastery TV
Рет қаралды 6 М.
D1NAZ02
Рет қаралды 3 МЛН