10 Steps To Wholesale Your First House -- The Beginner's Guide | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 18 February 2024
⏱️ 18 minutes
🧾️ Download transcript
Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition) Jerry does a comprehensive overview of wholesaling in under 20 minutes.
Show notes -- in this episode we'll cover:
- Jerry explains wholesaling.
- Steps to take to get started wholesaling today.
- The more offers you make, the more deals you'll do and the more money you'll make!
Please give us a rating and let us know how we are doing!
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☎️ Welcome to Wholesale Hotline & Flipping Mastery Breakout! ☎️
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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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:17.8 | This is going to be the most comprehensive breakdown on wholesaling real estate you've ever seen. |
| 0:22.9 | I've come to not just understand but really master the process of wholesaling and I'm going to attempt to break it down for you so that this serves as a beginner's guide to your first deal, if you will. |
| 0:34.3 | Now real quick, before we get started with the 10 steps, in case you're brand new to |
| 0:37.7 | wholesaling, let me give a brief overview. In any given marketplace, there are investors that we call |
| 0:42.5 | cash buyers who are looking for distressed properties that they can buy the discount, that they can |
| 0:47.7 | either fix and rent for cash flow or fix and flip for profit. Now, these investors have cash or |
| 0:52.9 | access to cash, and they're actively looking for deals |
| 0:56.2 | every single day. |
| 0:57.8 | What a real estate wholesaler does is they go out in the marketplace and they not only source |
| 1:02.2 | and find good deals, but they actually negotiate and enter into a contract with motivated |
| 1:07.9 | sellers. |
| 1:08.9 | A motivated seller is a property owner looking for a fast and convenient cash offer for his property |
| 1:14.6 | and will gladly give up equity for peace of mind to be rid of his unwanted property. |
| 1:19.6 | By entering into a contract with the seller, the wholesaler now controls the property because the seller can't sell the property to anyone else. Next, the wholesaler |
| 1:28.5 | takes his deal to active cash buyers in the market and offers his contract for sale. In essence, |
| 1:34.4 | he's selling his position in the contract or his right to buy the property to a cash buyer |
| 1:39.8 | for a profit. Now the cash buyer steps in as the new buyer and purchases the property directly |
| 1:45.8 | from the seller. The wholesaler's profit is the difference between what a cash buyer will pay |
| 1:50.6 | to buy the property and what the wholesaler has the contract for with the seller. For example, |
| 1:56.2 | if the wholesaler executes a contract with a seller for $185,000 and a cash buyer agrees to pay $200,000 for the property, |
... |
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