How To Get 100% Funding For Takedown Deals (None Of Your Own Money) | Flipping Mastery Show
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 12 May 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition) Jerry continues his "takedown method" series.
Show notes -- in this episode we'll cover:
- To do Jerry's "takedown method" you need cash -- but how do you get it?
- How to fund your deal with 100% of other people's money.
- How to get your loan from only one source.
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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. |
| 0:04.0 | 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. |
| 0:16.0 | I'm going to show you how to get 100% funding for doing takedown deals, which is the secret ingredient to this strategy. |
| 0:24.9 | I'm going to show you how to do this using none of your own money, which is huge. |
| 0:29.0 | Getting access to 100% funding is what shifts the takedown method from being an advanced strategy, |
| 0:34.7 | only used by the elite investors who have access to a lot of capital |
| 0:38.3 | to anyone, even if you're brand new to real estate. And I'm going to show you how, but first, |
| 0:43.7 | it's important you understand how lending works when flipping properties. Unconventional |
| 0:48.8 | lenders called asset lenders, or more commonly known as hard money lenders, will typically fund 80 to 90% of the capital |
| 0:57.0 | needed for that investor to fix and flip houses. |
| 1:00.0 | These hard money lenders require that the flipper |
| 1:02.0 | puts the remaining 10 to 20% down so that they have skin in the game. |
| 1:07.0 | Now they do that in order to reduce their exposure or risk. |
| 1:10.0 | These loans are typically 6 to 12-month loans, |
| 1:13.2 | and since they are higher risk, |
| 1:15.0 | hard money lenders charge anywhere from 12 to 15% interest on average, |
| 1:19.2 | plus points and other fees. |
| 1:20.9 | To get to 100% funding, |
| 1:22.6 | many flippers will borrow from private money lenders |
| 1:25.2 | to make up the remaining 10 to 20%. Unlike hard money lenders, |
| 1:29.6 | which is pooled money in a fund, private money lenders are individuals who lend their own money |
... |
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