Explaining How To Wholesale Creative Deals -- It’s Just A Numbers Game! | Flipping Mastery Show
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 23 July 2024
⏱️ 14 minutes
🧾️ Download transcript
Summary
On today's Wholesale Hotline (Flipping Mastery Edition) Jerry explains how a creative deal works.
Show notes -- in this episode we'll cover:
- The easiest explanation of creative financing.
- Jerry breaks down a deal A to Z.
- Jerry explains his thought process and answers newby questions.
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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
Click on a timestamp to play from that location
| 0:00.0 | Hey, it's Tiri 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. |
| 0:16.5 | Every single one of your offers, you need to be doing like a step two counter with creative finance. |
| 0:21.6 | I'll give you an example. |
| 0:22.6 | Johnny's got one right now where they were asking 180. |
| 0:26.7 | He offered 140 and they counted at 160. |
| 0:30.2 | So they came 20 grand down off of their ask price. |
| 0:33.5 | So I told Johnny to go back and say, hey, for cash I can't pay 160. I got to be at 140. But if the seller was willing to wait to get somewhere all of his money, I might be able to pay 160. The agent was like, well, what do you mean? So then the next question is, does he have a loan? Because you need to know that if you're going to offer subject two or seller finance. Sub. Subject 2 means there's an existing loan. Seller finance means they own it free and clear. |
| 0:59.0 | Okay. |
| 1:00.0 | So if they say, no, he owns it free and clear, then you say, okay, if he was willing to do seller finance, I might be able to pay $160. |
| 1:08.0 | Okay, and why does that one? |
| 1:10.0 | Well, because again, the price doesn't matter, the terms matter. Okay, so what terms would we want? Well, then we would put it in our calculator and we'd figure out like what pencils. And when I say pencils, I mean, we would look at the rent, we'd figure out what interest rate we need to be at, how much down we could do. We said we would take out a loan. |
| 1:29.5 | No. |
| 1:30.3 | So let me show you one that I did with Johnny. |
| 1:33.5 | He's got an offer out right now for creative finance. |
| 1:36.7 | And the agent said, I'll present it. |
| 1:38.7 | I'll go present it to the seller. |
| 1:40.4 | Okay, so follow the math with me. |
| 1:42.1 | If you offer 90,000 and you put 9,000 down, the balance on the loan would be 81, right? So 90 minus 9 is 81. So now the seller is going to finance this on his own property. I thought you said that the seller didn't have a loan. He doesn't. You're creating a new one. Okay. The the seller's financing it so the seller's acting as |
| 2:02.7 | the bank now okay i get it on his own property but what are all your fees well he wants some money down |
| 2:09.1 | so you're going to put 9000 down which is 10 percent you're going to pay a couple thousand dollars |
| 2:13.6 | in closing fees you're going to wholesale this so your buyer is going to be paying your wholesale fee of 10 grand. |
... |
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