Flipping a House Live With Creative Financing -- Full Breakdown | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 19 March 2023
⏱️ 22 minutes
🧾️ Download transcript
Summary
In today's episode of Wholesale Hotline Podcast (Flipping Mastery Edition), Jerry Norton flips a house live! He shows you exactly how he sourced the deal, his acquisition strategy and his exit strategy. He breaks everything down in this cant-miss episode of the Wholesale Hotline.
Show notes -- in this episode we'll cover:
- How this deal was sourced and why Jerry jumped on it.
- Jerry breaks down all the numbers involved with this deal.
- What exactly is subject-to (subto) and how to pitch subto to a seller.
- Jerry explains the mechanics of a subto deal, like the paperwork needed.
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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
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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. |
| 0:17.1 | Welcome to this special series where you get to look over my shoulder and watch me buy and sell this house in Grand Junction, Colorado, using creative financing. |
| 0:27.1 | My goal is to show you step by step exactly how I did this deal virtually without ever seeing the property in person. |
| 0:34.6 | Now, if you're new here, I'm Jerry Norton. I make millions of dollars a year, wholesaling and flipping houses, and I show you how to do the same. I'm going to show you how I acquired |
| 0:42.6 | this house using a creative financing strategy called Subject 2, and then how I immediately turned |
| 0:48.2 | around and flipped it using another creative financing strategy called a wraparound mortgage. All right, let's get to work. |
| 0:56.0 | This deal was brought to me by one of my mentor students, Spencer Straddling from Phoenix, Arizona. |
| 1:01.2 | Now, Spencer is amazing. When I first met him, he was barely scraping by as a handyman, |
| 1:06.1 | and now he's earning six figures wholesaling houses. He's put in the work and he's paid his dues, |
| 1:11.1 | but if you'd like to learn how to create |
| 1:12.6 | a thriving real estate business and kill it like Spencer, |
| 1:15.6 | check out my mentor program, go to fasttrack with Jerry.com. |
| 1:18.6 | So about five to six weeks ago, |
| 1:21.1 | Spencer sent me the following text on Friday, January 20th. |
| 1:25.1 | It said, good morning, Jerry, |
| 1:26.6 | hope you and your family are doing well. |
| 1:28.1 | I've got an emergency sub two deal in Colorado. I had a private lender lined up and he had to |
| 1:33.6 | back out last minute due to family issues. It's a pre-foreclosure with a hard deadline to close |
| 1:39.1 | before this Tuesday, January 24th. I'll send the numbers in the next text, |
| 1:44.3 | need 35,000 and can't find a hard money lender |
... |
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