Exactly How Hartley Made $500,000 Profit On 1 Deal | Flipping Mastery Show
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 24 November 2024
⏱️ 39 minutes
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Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition), Jerry Norton is joined by Hartley Smith to discuss the lessons he has learned along his real estate journey.
Show notes -- in this episode we'll cover:
- Jerry and Harley discuss the concept of "margin over volume" and how focusing on fewer, higher-end deals can lead to greater profits.
- Harley shares how he transitioned from small flips to luxury spec homes, achieving a $500,000 profit on a single deal.
- The duo explores financing strategies, including the use of equity partners versus hard money loans for high-value projects.
- Jerry outlines how to establish a team for scaling luxury flipping, including hiring a superintendent and bid coordinator.
- They discuss strategies for entering and competing in small or new markets, emphasizing the importance of learning from top competitors.
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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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Transcript
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| 0:00.0 | Hey, it's Jerry Norton. |
| 0:04.2 | 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. |
| 0:17.9 | 25 guys, and he did a $500,000 profit deal, and he got started in 2018-19-ish like you're five, |
| 0:24.7 | six years in and you're doing 15 deals a year. You're doing multi-million dollar deals. You're |
| 0:30.5 | doing $500,000 profits. Like, dude, this is exciting. Like, you, it doesn't need to be like me and take |
| 0:35.8 | 10 years to do your first million dollar deal. All right. |
| 0:40.4 | Hi, how are you? I'm good. How are you doing? Fantastic. Thank you for reaching out to me and sharing with me your success. So guys, I got this text from Hartley. It says, so Hartley came through the fast track program and at the at the |
| 0:57.0 | fast track one of the big takeaways you had was was where I talked about margin over volume |
| 1:01.7 | and you took that to heart and it said uh the reason I like this approach is because it forces |
| 1:07.0 | you to grow increase your risk tolerance and bigger. I've been working on this for |
| 1:12.3 | the past seven years, and last month I sold my biggest flip to date. It was a spec home that I built in |
| 1:18.6 | Idaho. The total project cost was about $950,000, and I sold the home for $1.61 million and made just shy of $500,000 in profit. |
| 1:31.7 | Without your mentorship, I never would have knew that I never would have known this was possible. |
| 1:35.5 | Thank you for inspiring me and showing me a vision of what is achievable in my life and business. |
| 1:41.0 | And then here's this property in Idaho. |
| 1:45.8 | Where's this at? Victor, Idaho. |
| 1:54.3 | Yeah, Victor. It's just about 30 minutes west of Jackson. Okay. So love that story. And I'm so happy for you, Hartley. And I wanted to take this time for you to share with everybody about this |
| 1:59.9 | deal and maybe walk us through start to finish. |
| 2:04.1 | You've been now in the game for a minute and you're working at it every day, building the |
| 2:09.6 | business, which is very exciting. So let's talk about your transformation. Like this was a $1.6 million |
| 2:15.9 | home. It was a spec flip, which means you bought a lot, |
... |
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