This Is Why You SUCK at Wholesaling Houses!

Рет қаралды 12,558

Жыл бұрын

In this video, using a students deal, Jerry explains 2 reasons why most new wholesalers suck at wholesaling!
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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: 118

@FlippingMastery Жыл бұрын

Watch this video to learn how to adjust in a declining market: kzfaq.info/get/bejne/qLR_dquj0Zaah6s.html

@hildautria3851 Жыл бұрын

Awesome Ty

@donaldlee6760 Жыл бұрын

Teaching about mistakes is actually a great teaching method.

@mauthekidd Жыл бұрын

hey what percent are you using for your wholesale formula from your market? I’m from California and i’m trying to figure out what percent works for my market. Can you let me know what percent we are using nowadays?

@tobiaslewis7386 Жыл бұрын

Agreed🤝 @Donald Lee

@itsbetty5070 Жыл бұрын

You should more of "Why you suck at wholesaling". This was great!

@cslaton921 Жыл бұрын

I like the clarified explanation about why this deal was not a deal. Thank you Jerry!

@farmermg052006 Жыл бұрын

Videos like this are awesome! Please continue to make videos on why the deals your students send aren't deals. Great for learning!

@wisediamond830 Жыл бұрын

This is sooo true. I've had two properties under contract that fell thru because the price I offered was great for the seller, even thru price reductions on both properties, but there was no interest from the cash buyers. Out here in the SF bay area, sellers are very unrealistic about their property and soon the reality that it is slowly becoming a buyers' market will hit them hard....I hope! Thanks Jerry!

@LaniLanglais Жыл бұрын

I’m in sf and understand exactly what your saying

@christinajones7319 Жыл бұрын

I'm in Ohio, trying to whole sale here, though your 10k program. I still have not got a deal, but I'm not giving up! Thanks for this video, Mr. Jerry.

@JohnsonOc Жыл бұрын

Some tough love, lol. I am happy for him for actually taking action. Imperfect action is better than perfect inaction.

@johnsatterlee763 Жыл бұрын

Jerry wish you a speedy and complete recovery. Your team on flipping mastery is very good, knowledgeable and give great advice.

@dezm1844 Жыл бұрын

Teachable moment. Take it in stride and you’ll thrive.

@hiensang5839 Жыл бұрын

You are a flipping genius Jerry! What you did have me confidence because I pause and try to find comps as well and it’s pretty much like yours. Thanks Jerry

@pastorbrianediger Жыл бұрын

Feel better soon Jerry! Not sure why people insist on comparing apples to oranges in real estate, or worse yet just pulling numbers out of thin air.

@hamcav2171 Жыл бұрын

Exactly! 🤦🏾‍♂️ like the orange is not orange and the apple is not red 😂😂.

@MrHgaynor2069 Жыл бұрын

I love this side of Jerry! He got in my ars with this one. Feel better soon.

@pipsqueak3866 Жыл бұрын

Completely agree, the real Jerry!!! Love it

@flexmendelson Жыл бұрын

I can't believe this, I've seen this house!! I was looking for deals in Licking County in November and saw it. I even found the same comp on Mill Street! I never made an offer because I figured if Mill Street wasn't selling, that maybe there isn't enough demand in that market. Looks like I made the right decision. Thanks Jerry! Sorry you were so frustrated here, but this video actually helps me a lot.

@hildautria3851 Жыл бұрын

Jerry keep adding mistake videos...and speak truth...this is so much needed. Tired of only hearing how much money you cam make but not avoiding or improving mistakes along the way. Ty for keeping it 💯

@FlippingMastery Жыл бұрын

You got it

@mediatricen4705 Жыл бұрын

@@FlippingMastery please do more videos like this same topic

@edgar_investor Жыл бұрын

I hope you get better soon Jerry. Thank you for the content and showing the mistakes we can all learn from.

@geraldlofton Жыл бұрын

You’re toooo NICE 👍🏿…he knew that BS was no DEAL

@toptopicmedia Жыл бұрын

Thanks I am terrible at comps u just fixed my problem and I love flipster great tool ur videos alone gave me courage to try wholesale

@toptopicmedia Жыл бұрын

I will share when I get my first wholesale check

@carlosvillalta9974 Жыл бұрын

A Lil crash course on certified residential appraiser would be good

@kennyspade1755 Жыл бұрын

I think he should renegotiate the price because of miscalculation of the rehab. If they wont budge just back out of the contract because its going to be a headache! Peace ✌

@jenankabbas5310 Жыл бұрын

Get better soon, Jerry! Always good value on this channel. 👌🏻

@romulo305 Жыл бұрын

Thanks Jerry! I hope you feel better soon!

@DeliveranceProjects 7 ай бұрын

I just made the same mistake! Thanks for teaching uu!

@raymiller6587 Жыл бұрын

sounds like every wholesaler I've talked to

@tomwashingtonjr848 Жыл бұрын

Super duper info🎉Thank you JN 🙏🏽

@marystead8445 Жыл бұрын

Oh Jerry, first of all, I hope you are well; then I want to thank you for all the training and inspiration you give. I love learning from you, but I need to take action. Just when I think I have everything together, I find there is something else I need to learn. Learn by doing Thank you again, Merry Christmas

@larekus100 Жыл бұрын

LOVE IT! Keep it coming!!

@arockadastra2081 Жыл бұрын

LMAAAAO, I love the realness! I hope you get better soon!

@daltonevans8442 Жыл бұрын

I usually always add about 10-15k extra in repair estimates for miscellaneous stuff.

@scoobybleu Жыл бұрын

Even being in the same neighborhood has the potential to mess you up. I renovated a house in an area where the arv values just 3 houses down on the same side of the street were 20% lower! All because the county line changed! Moral of the story…It behooves you to intimately know your areas to reduce your risks if you’re flipping properties…

@CarolWhitaker Жыл бұрын

Feel better soon! I bet it’s close to a $90k rehab. And it most likely has lead paint. Thanks for all you do, Jerry!

@thejenniferbreitbach Жыл бұрын

Get well soon thanks for the video

@machiavelli4428 Жыл бұрын

Looks like Michael Myer's house

@damondelivers Жыл бұрын

Feel better soon, Jerry!

@zacdarippa Жыл бұрын

😂😂😂 Jerry you're a Covid genius 🤙 great video

@Craptalker Жыл бұрын

Everybody should send this video to someone

@jeremystancil Жыл бұрын

Need more of these case specific “why it’s not a deal” videos! Could you do one talking about the appraisals on the back end to refi the hml and how much the appraisals have been dropping?

@GeorgiaMade404706 Жыл бұрын

I was thinking more like $100-150K for this rehab. 1930s house automatically tells me foundation/structural issues. When I’m doing a budget that is automatically $30K by itself. If my foundation guy comes out and says they can do it for 10K then cool. The point is I’m guaranteed to have it in the budget with no surprises.

@plaibwoy Жыл бұрын

The way to run comps period is this way not this similar this nonsense thats what confuses alot noobs. Too many wholesalers try to upmark the ARV trying to be greedy and push out trash deals and wonder why there not moving. These are the basics Whithin + or - 200-250 sqft of the subject home Within 5 years built + or - of subject home. May need to do 10 years depending on if you can find a comp In the same neighborhood/subdivision up to half a mile. In a falling market look at actives and pendings dont go back 3 months period thats a major no no for ARV right now Do not cross major roads or intersections, do not go into a another subdivision for comps period. If there are no comps THEN you can go further back in months in the same area and adjust the value down 20%.

@ZachGlenn Жыл бұрын

If the listing price is lower than my buy price for a specific deal. Do I submit an offer closer to the listing price and my wholesale fee increases?

@FlippingMastery Жыл бұрын

Smartest comment I’ve seen in a long time 🔥🔥🔥

@kevinrichardson7021 Жыл бұрын

great video! get better boss.

@cjhwastaken2851 Жыл бұрын

i need to get good at running comps… it’s a struggle for me

@bradtaylor9765 Жыл бұрын

That was awesome! Great video and one question. I love the excel calculator to help figure out the offer price and it looks like you are calculating 6% of the selling price as your carrying cost. Is that what you have found the percentage averages out to be over time? The selling price really doesn't have anything to do with figuring holding cost right? Its only the money you borrowed and have in the deal, correct? It would be fascinating to know though if you have figured out over many deals that your holding cost has worked out to be around 6% overall. Just curious and again great video and we need more "Why you suck" videos!

@kennyspade1755 Жыл бұрын

If he could have got that for cheaper, The guy who did the rehab on that comp would probably buy that house from him! Hope you feel better soon Buddy! Have some soup! Thankyou for everything! Peace ✌

@hildautria3851 Жыл бұрын

Feel better

@HillcidePropsLLC Жыл бұрын

I LOVE YOU JERRY.

@zachglenn7994 Жыл бұрын

Hey Jerry I have deal im working on. The listing price is way lower than my buy price using your system. Do I I submit a offer closer to the listing price? Don’t want to overthink this. Hope you feel better!!

@mattwieber5329 Жыл бұрын

Should I not even consider properties to wholesale/flip if there's no comps nearby? Or would it be smart to be the first major renovation in a neighborhood that can be used as a comp for later use in the future?

@FlippingMastery Жыл бұрын

No comps = no data Then it’s gambling not investing

@xavieralvarez4845 Жыл бұрын

Appreciate the feedback Jerry❗️

@earleweaver Жыл бұрын

Jerry always on the spot with these thumbnails😭

@royaltyestateinvestments Жыл бұрын

Unfortunately he was trying to force a higher value to sale since his assignment amount was over priced.

@Zacheriel Жыл бұрын

Hey jerry you’re a flipping genius ! Could you tell me some tips that will help me with estimating repairs?

@josang9332 Жыл бұрын

he has a video. type in Jerry Norton Edtimating repairs

@sydneybright4282 Жыл бұрын

He may suck as a wholesaler but if he's your student maybe you suck as a teacher. Comps & ARV Should be the number one focal point before anything else.

@FlippingMastery Жыл бұрын

Hence why I made the video…

@cslaton921 Жыл бұрын

His student needs to do better. The student needs to pay attention and actually put the deal together and not just throw something together. You can tell that this student threw some numbers and comps together and called it a deal.

@mauthekidd Жыл бұрын

@juanmaldonado2096 Жыл бұрын

Some people using the 70% rule and some the 60-65% rule.

@sosabreadtv5247 Жыл бұрын

Get well jerry. Let me know if you need any herbs for teas 💙🙌🏿

@armondooley5442 Жыл бұрын

The student that this is directed towards is somewhere punching the air. 😂

@Craptalker Жыл бұрын

TEACH!!!

@davidzavulun2692 Жыл бұрын

Hey Jerry, love your videos. Can you make a free trial for flipster just to see the real deal? Thanks

@FlippingMastery Жыл бұрын

Joinflipster.com

@NipseyRussell304 Жыл бұрын

@4:50 you mentioned the video you made to factor in adjustment for the decline... mind tagging the video?

@FlippingMastery Жыл бұрын

Here - kzfaq.info/get/bejne/qLR_dquj0Zaah6s.html

@joshsimons7789 Жыл бұрын

Question How do you put a lock box on property out of state?

@FlippingMastery Жыл бұрын

Hire someone

@joshsimons7789 Жыл бұрын

@@FlippingMastery could I call a lock company?

@moss330 Жыл бұрын

He needs to retake your class. You should give out a certificate after they pass a comp quiz...

@3rdchildtrey 5 ай бұрын

3:32 I’m very new not even a month in. I’m glad and that what I’ve learned i can easily tell that that’s not a comp 1930 something comp with a 1993? Red flag #1. lol I literally learned this yesterday 😅

@3rdchildtrey 5 ай бұрын

Red flag #2 3:36 it’s not the same property type

@3rdchildtrey 5 ай бұрын

3:54 not the same property type plus not within 5 yrs of construction

@Travmatic69 Жыл бұрын

Thanks for the education Jerry, now rest up!

@tommysuria5467 Жыл бұрын

Case close.😀

@Smelyansky Жыл бұрын

Angry Flipping Genius!!!

@atakbill3288 Жыл бұрын

I’m one year and a month into FlipSter paying $190 per month and I still suck at calling people. I emailed customer support twice and got no response and that’s double sucks .

@jalabi99 Жыл бұрын

_I still suck at calling people_ You can't blame Flipster for you being bad at calling people, especially after almost 1.5 years. Perhaps see if you can pause your subscription while you get more practice at cold calling.

@vickyn8162 Жыл бұрын

Man that’ll practically be a new house by the end of it all.

@anthonyralph1969 Жыл бұрын

You should start doing more videos just like this one and just as cranky

@FlippingMastery Жыл бұрын

why do you like that style?

@anthonyralph1969 Жыл бұрын

@@FlippingMastery yes it seems like you put a little more passion into it

@Badgamer21819 Жыл бұрын

I used your calculator to make deals for my last 7 cold calls, I got cussed out twice, hung up on once and declined for the rest. Idk what’s going wrong

@FlippingMastery Жыл бұрын

Nothing. Keep going

@hop4ap Жыл бұрын

My deal was rejected too, my deal was really a good deal though. Your team wanted me to low ball the seller 75% off the original price. The seller was insulted I was embarrassed.

@dezm1844 Жыл бұрын

I just look at it like this..entrepreneurs always get a no before getting a yes.

@hop4ap Жыл бұрын

@@dezm1844 it wasn't even a fair offer I felt awkward even presenting it.

@gervarisanderson7315 Жыл бұрын

@JamesLimba So, why didn’t you get another Cash Buyer or Investor to Assign your contract to since it was such a great deal?

@iAnthonyTheGreat Жыл бұрын

@@gervarisanderson7315 because it wasn’t a good deal

@hop4ap Жыл бұрын

@@gervarisanderson7315, I'm a newbie, I'm in the 10k program so I'm going to work the program first to build the foundation. I've started networking with others my goal is to get a return on my investment from the source that got me into this.

@Juju22845 Жыл бұрын

💰💰

@Herbabe215 Жыл бұрын

Shit 65,000 is a good buy price 😅

@zena9888 Жыл бұрын

This man is hilarious

@cesttmoii Жыл бұрын

What’s the deal with Ohio lately😂

@ronniemartinez1070 Жыл бұрын

Your an Ox Tio Jerry, Get some rest and get bk to great health!

@_isaac_santana Жыл бұрын

$40/foot for a gut?

@elyl78 Жыл бұрын

What should it be?

@_isaac_santana Жыл бұрын

@@elyl78 jamil and pace use 60 for a gut. it's prob cheaper in this market

@bootsbooy Жыл бұрын

Jerry's tired. He doesn't have time for y"all nonsense LOL.

@carloswarren739 Жыл бұрын

This is one of my all time greats from Jerry! I agree with @itsbetty5070 . PLEASE DO MORE WHY YOU SUCK AT WHOLESALING!!! 😂😂😂 This video is truly an instant classic!!

@Shizzoshizzo Жыл бұрын

🥲 50k lol

@zachglenn7994 Жыл бұрын

@LilMexilla Жыл бұрын

They cheaper you can submit an offer the better, for example if the listin price is 100k, and usin the system you get 130k as a deal to submit, take it to you advantage and submit a lower offer than the buy price, 70k for example, just make sure u did your numbers correctly and you will most likely make a higher profit