Pod Insights Wholesale Hotline 5 Simple Steps To Close A Seller | Flipping Mastery Weekend Edition About this episode Welcome to the Wholesale Hotline Podcast Weekend Edition (Flipping Mastery Edition), where Jerry teaches how to master the art of house flipping, wholesaling, and new construction development. Show notes -- in this episode we'll cover: Straightforward, step-by-step training on making six and seven figures from real estate deals. Insider tactics for finding motivated sellers, analyzing deals, and raising private money. Learn how to flip houses virtually from anywhere—even with zero experience. Whether you're a beginner or scaling up, Jerry gives you the blueprint to build real wealth through real estate. Please give us a rating and let us know how we are doing! ➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖ ☎️ 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. **NOTE: To Download any of Jerry's FREE training, tools, or resources… Click on the link provided and enter your email. The download is automatically emailed to you. If you don’t see it, check your junk/spam folder, in case your email provider put it there. If you still don't see it, contact our support at: [email protected] or 888) 958-3028. ➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖ 💲 USE THIS LINK FOR DISCOUNTS AND FREEBIES TO USE IN YOUR BUSINESS: 💲 Make $10,000 Finding Deals:b https://flippingmastery.com/10kpod Get 100% funding for your deals! https://flippingmastery.com/fspod Mentoring Program: https://flippingmastery.com/ftpod FREE 8 Week Training Program: https://flippingmastery.com/8wpod Get Paid $8700 To Find Vacant Lots For Jerry: https://flippingmastery.com/lfpod FREE 30 Day Quickstart Kit https://flippingmastery.com/qkpod FREE Virtual Wholesaling Kit: https://flippingmastery.com/vfpod FREE On-Market Deal Finder Tool: https://flippingmastery.com/dcpod FREE Wholesaler Contracts: https://flippingmastery.com/wcpod FREE Comp Tool: https://flippingmastery.com/compod FREE Funding Kit: https://flippingmastery.com/fkpod FREE Agent Offer Sheet & Scripts: https://flippingmastery.com/aspod FREE Cash Buyer Scripts: https://flippingmastery.com/cbspod FREE Best Selling Wholesaling Ebook: https://flippingmastery.com/ebookpod FREE Best Selling Fix and Flip Ebook: https://flippingmastery.com/ebpod FREE Rehab Checklist: https://flippingmastery.com/rehabpod ➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖ 🔌 PLUG IN & SUBSCRIBE 🔌 SUBSCRIBE: Jerry Norton and Flipping Mastery TV FACEBOOK: http://www. Facebook.com/flippingmastery INSTAGRAM: https://www.instagram.com/flippingmastery/ ➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖ 🤝 #SQUADUP & GET MORE DEALS DONE in the Wholesale Hotline LIVE Facebook group: https://www.facebook.com/groups/759418414582645 🤝 ‼️‼️Pro tip: Make a post with your market & what you need help with‼️‼️
Transcript 0:03 Speaker 00 Hey, it's Jerry Norton. Welcome to the Wholesale Hotline Podcast and the Flipping Mastery Breakout. We want to know how we're doing, so please leave a comment and give us a rating.
0:17 Speaker 00 Recently, I recorded a live seller call where I made a cash offer on a distressed property. On this, I'm going to break down that call and explain a simple five-step process I follow with sellers, so you can see it in action. All that and more, coming up. Before we dive into the call, let me first explain the context of this call. This call happened a few weeks ago on a three-hour livestream with my good friend and pro wholesaler RJ Bates. RJ is one of the best closers I know, and we often go live and take turns calling sellers. This lead-in call that I'm going to break down was a pay-per-lead, or PPL, lead, provided by an agency called Property Leads. Now, PPL is a marketing method where a lead provider like Property Leads
0:59 Speaker 00 does online marketing to generate inbound leads from sellers that are interested in receiving a cash offer. Then, someone looking for deals like you or me can purchase those leads and attempt to close those sellers and contract those deals. What's great about PPL leads is you get to cut right to the action and talk to sellers that are interested in selling to a cash buyer. In fact, Property Leads offers a special offer for my students and subscribers. I'll put that link in the description below, so you can get started with PPL. Now, this call did not result in an accepted offer, yet. The seller was stuck at 47,000 cash, and I wanted to be at 20,000 cash, but I think in time, I have a good shot at getting this deal. Regardless, there is a lot to learn from this call.
1:44 Speaker 00 In fact, RJ said it was one of the best calls he's ever heard me do.
1:48 Speaker 01 I think that was one of my favorite calls I've heard of yours.
1:51 Speaker 00 Let's see if you agree. First of all, when calling PPL leads, let me explain this setup. You don't want to do too much prep, if any at all. Even though you have a name and an address, resist the urge to comp the property. You don't know if they will answer the phone, or if they still want to sell that property. So any prep ahead of time could be a waste of time. If when a lead answers the phone, there are four things that you want to verify and find out in the first 30 seconds. Confirm the name of the seller, confirm the address that you're calling about, confirm the seller still wants to sell that property, and what price do they want for it? Let's cut to the intro of my call so that you can see this. Yes, hello, this is Jerry Norton, I'm calling for Rich?
2:35 Speaker 02 Uh, yes, this is Z.
2:36 Speaker 00 Hi, Rich. Calling about a property I believe you want to sell on North Street?
2:40 Speaker 02 Uh, yes.
2:41 Speaker 00 Okay, yeah, you filled out a form on our website, looking to see if I can help you out with this. What are you hoping to get for this property?
2:48 Speaker 02 I'd like to get in the 60s, but I'm, I'm open as far as that goes.
2:54 Speaker 00 Okay. Now, as you saw from hello to what's your price, happens very quickly. When it comes to price, I would say seven out of 10 times when you ask the seller's price, they will give you a number, and it's usually a retail number, or what I refer to as the pie in the sky number. The seller on this call, Rich, said he wanted in the 60s, and even he knew it was a pie in the sky number, because right after saying he wanted in the 60s, he said he was open to negotiate. A seller giving a high number is normal, so expect that. And also realize that it rarely is their bottom line. They will usually take much less. How low they will go is your job to uncover. Every now and then, a seller will throw out a decent discounted initial price, but usually they start out high.
3:39 Speaker 00 Three out of 10 times, the seller won't give a number, and they'll try to get you to give the number first. When that happens, don't give a number, and come back to that later. Now, the setup is crucial, because if done correctly, it puts you in the driver's seat, leading the conversation. Next, it's time for step two, which is to gather basic information and build a property profile. This is where you get your head around the property and the seller's situation and what's going on. There are six things that you want to do during this step. First is to look at the location. Is it rural or is it in the suburbs? And how far away to the nearest metro? Now, this is important because if you're wholesaling, a deal is only as good as your ability to find a buyer for it.
4:23 Speaker 00 And cash buyers concentrate in the metro markets. The more rural, the bigger the discount you'll need. Now, the second thing you want to look at is the neighborhood. Use the Google Street View to see the house, but also look at the neighbors and up and down the street. Are the homes well-kept? Or is there a trailer next door with cars in the front yard on cinder blocks? The third thing to look at is the Zillow value to get an idea on the value of the home. Are you dealing with a $100,000 house or a $500,000 house? How does the Zillow value compare to the seller's initial asking price? Usually, they are pretty similar because all sellers know how to look up the Zillow value on their property. The fourth thing to find out is the property details.
5:06 Speaker 00 Style of the home, year built, square footage, beds and baths, size of the lot, etc. This is usually readily available online, but sometimes I'll confirm with the seller. Now, the fifth thing to find out is the seller's history or relation to the property. How long have they owned it? What did they pay when they bought it? Do they have a loan on it? And what are they currently using the property for? This is usually where a seller will share why they are selling, but you may want to ask, "Why are you looking to sell this property to an investor?" Remember, at this stage, you're just gathering information on the property. And the sixth thing that you want to find out is a general sense of the condition. Now, be careful here. Don't spend a lot of time on condition. That is a common mistake most wholesalers make.
5:50 Speaker 00 It's not as relevant as you think. You just want a rough idea if the rehab is light, average, or heavy. Sometimes I'll ask the seller more questions about the condition, but it's not because I need more details, but rather to keep the seller talking and engaged while I gather more information. Let's cut to the call where you can see what this looks like.
6:10 Speaker 02 It does need a bit of work inside. The roof seems to be in good condition, no leaks. On the first floor, the flooring needs to be put back down. I mean, and that's the subflooring that also needs to be either carpeted or the, you know, vinyl flooring or something like that needs to be reinstalled on the first floor. And it could use some paging inside as well.
6:38 Speaker 00 Okay, you bought this in 21, looks like?
6:41 Speaker 02 Yeah, yeah.
6:42 Speaker 00 Okay, was it a rental?
6:44 Speaker 02 It had been a rental previously.
6:46 Speaker 00 What did you use it for? Was this your home?
6:48 Speaker 02 I basically bought it as an investment. I was thinking about fixing it up and either reselling it or renting it out, but I really never did anything with it as far as that goes, so.
7:01 Speaker 00 Gotcha. And you paid 35 for it, it looks like?
7:05 Speaker 02 Yeah, yeah.
7:06 Speaker 00 Yeah, exactly four years ago, this month.
7:09 Speaker 02 Yeah.
7:09 Speaker 00 Okay, but you haven't done much with it, which means it looks pretty much like what I'm looking at here online, or worse.
7:17 Speaker 02 I'm not sure exactly when those pictures were taken, but they were taken before I noticed it.
7:23 Speaker 00 So let's recap. Rich pointed out without me asking that it needs work. He talked about the roof, flooring, painting, and so on. Now, I confirmed that he bought it in 2021 for 35,000 and that he hasn't done anything with the property. Now, while gathering information, I saw the old listing for the property on Zillow with pictures when he bought it. So I confirmed that it was in the same condition or probably worse, since it's been neglected for the past four years. This information told me a lot about what's going on. And in this particular situation, I decided to take a very specific approach with the seller. Since he's an investor, paid 35 cash, and hasn't done anything with it for four years, I decided to take a more aggressive approach than I would
8:06 Speaker 00 if it was, let's say, a homeowner living in the property. And you'll see that, so keep watching. Now, step three is the hardest step because it happens at the same time as step two, when you're gathering information, and that's to run the numbers to determine your buy price. While you're getting your head around what's going on, you're also comping the property and estimating the rehab cost. Now, this takes practice to keep the seller engaged in the conversation at the same time. Now you have to keep this high level and do it quickly. On this deal, I saw similar after repair value or ARV comps around 175,000 or so. And I figured the rehab was going to be around 80 to 100,000.
8:49 Speaker 00 So I quickly decided that 20 to 25,000 would be a good wholesale price for this deal. Now you may be wondering what comp tool do I use? And the software that I like to use is PropWire. Now, I love PropWire because for one, it's free. You can search and download and research and comp without paying any monthly subscription. Absolutely free. And their comp tool is really, really good. So you can look at that and comp your properties. I also love that you can do a lot of research on PropWire. I can look up the property. I can find out when the seller bought it, how much he paid. I can find out if he's got a loan, who the lender was, what his interest rate is, how many properties he owns. I can get so much information about each particular deal on PropWire. Again, it's free. Just go to joinpropwire.com to start using it.
9:34 Speaker 00 Now during this step, I may also use comps or repairs to justify my position. I refer to this as being analytical to convince a seller that you need a lower price. No one likes to be low balled. So if there's a logical reason and your offer makes reasonable sense, a level-headed seller will be open to your offer. You'll see how I did that with Rich in a minute, so keep watching. Now that I have my number, step four is to low anchor that offer. But first, I want to give the seller a chance to come down on his price. So I'll usually ask about price again, but this time I'll word it differently and focus on the benefits of a cash offer. Take a listen to this next clip and then I'll break it down. All right, well then, let me ask you this.
10:14 Speaker 00 If, if we could close in a couple of weeks or whenever you want, I could put cash in your pocket as is. You don't have to do anything. I'll take it exactly the condition it's in. What, what's that number look like?
10:31 Speaker 02 Would you do 55?
10:36 Speaker 00 I don't think so. It needs a lot of work.
10:40 Speaker 02 And what would your offer be?
10:42 Speaker 00 Well, I want to make this work for you and me. So I just want to get real like cut to the bottom of it, like where you're really at. I mean, whatever number we agree on, I'm going to need to get a little bit of due diligence time. What year was it? This was built in 1900. Almost guarantee you there's foundation problems. I'm looking at one of these pictures in here and it's, I think I'm looking at some sort of dirt foundation. What I would do is I would buy it, add value, create equity through, through doing work to it and adding value to it. But I gotta get my head around that and not take on something that's impossible either.
11:19 Speaker 02 Understand.
11:19 Speaker 00 I'm guaranteeing you, if I walked in there, I've got sagging floors on the, in the house. You know what I mean?
11:25 Speaker 02 The floors did not seem to be sagging last time I was up there.
11:29 Speaker 00 I'll bet you a hundred dollars they are. I just know they are. I've just, I've done this a long time. It's 1900 built. Even though it's only 1350 square feet, like you're spending a hundred grand to redo this house because everything has to go and not that many people would even take on a project like that.
11:45 Speaker 02 Yeah.
11:46 Speaker 00 You know, most of my investors have like a, no pre 1960 rule on buying houses because it's old knob and tube. Who knows what the plumbing's doing. It's probably galvanized, cast iron sewer line, and it's just a lot.
11:59 Speaker 02 Yeah, yeah.
12:00 Speaker 00 I can do it, but I, I think I would need to be more like 20, 25.
12:06 Speaker 02 Um, okay, um.
12:11 Speaker 00 So notice the way I asked about price again. I said, if I could close fast, buy it as is and put cash in your pocket, what would that price look like? In other words, I need a better deal than in the 60s. Now he responded by asking if I could do 55,000, which I couldn't. Then he asked what my offer was. Now notice how I didn't give my low anchor price right away. I deflected the question and I focused mostly on the cost of repairs and the reason why I needed a lower price. I talked about how old the home was and how extensive the rehab would be. Then I provided my anchor of 20,000. Next, I want you to watch how he rejects that offer, how we get to his real number, which is still too high. Let's cut to that clip.
12:56 Speaker 00 Need to be more like 2025.
12:58 Speaker 02 Okay, um, tell you what, I, right now, I'm not inclined to that, but uh, I'll keep your number and I'll give you a buzz back within two weeks.
13:10 Speaker 00 I guess what happens in two weeks?
13:12 Speaker 02 I, I have somebody that had uh, said that they were interested, they were gonna put a contract in on it, they've been dragging their feet.
13:21 Speaker 00 At what price?
13:23 Speaker 02 About 47.
13:25 Speaker 00 So when he says he's not inclined to take 20,000 right now, he then asked if he could get back to me in two weeks, which means he's somewhat open to it. When I press what happens in two weeks, he divulges that he has another buyer at 47,000. Now normally when a seller says no to the anchor price, I'll come back and I'll say something like, well, how close to 20,000 can you get? And I say that with the hope that we can land at maybe 25,000. But in this case, since he was stuck at 47,000 and we're not even close, and because he's an investor, I took a more aggressive approach. Take a listen. At what price?
14:00 Speaker 02 About 47.
14:02 Speaker 00 Yeah, the reason why is because it's bullshit.
14:05 Speaker 02 Yeah, yeah.
14:07 Speaker 00 I'm just telling you, it's probably one of those wholesalers.
14:12 Speaker 00 Is it a real buyer?
14:13 Speaker 02 Real buyer, I,
14:14 Speaker 00 Okay.
14:14 Speaker 02 I know the person somewhat.
14:16 Speaker 00 I just don't believe it because, you know, until somebody puts it in writing and they put earnest money down, it's not real.
14:22 Speaker 02 Right, right, yeah.
14:23 Speaker 00 Like I have people tell me all the time, well, I got another offer, really? In writing with earnest money? No, you didn't then. I'm just shooting straight with you. I think if you paid 35 for it in 21, the market's only gotten worse since 21, and that property has only gotten in worse condition, sitting idle for four years without maintenance.
14:41 Speaker 02 Right, yeah.
14:43 Speaker 00 So, there's no way it's worth the same as when you bought it four years ago. I mean, 21 was the, was the height of the market, which is why you bought it. Everybody bought everything because, you know, we thought we could never lose and just buy it and sell it for more later. Well, market's slowing down, and it's, it's projected to continue slowing down.
15:02 Speaker 02 Yeah.
15:02 Speaker 00 So whatever I think it'll sell for today, it'll probably sell for less when any investor's done with it in a year from now. That's why honestly, a number at 35 and 21 is 20 and 20, 25. You have to readjust your thought process on things. Guess what didn't go down? Cost of renovating didn't go down. For some reason, that keeps going up no matter what the market does.
15:26 Speaker 02 Yeah. Yeah, that's true. That's true.
15:28 Speaker 00 So I challenged him on this other buyer, 47,000. I called that offer BS and that his buyer was not a real buyer because he wouldn't commit in writing or put down earnest money. Then I went back to justify my offer by pointing out how the market is slower and how his property is worth less today than when he bought it at the peak of the market in 2021. I used urgency to help him see that his property will only be worth less as more time goes on. Then I repitched my offer with certainty and confidence with clear expectations on how to move forward. Take a listen. So like, we can get it done and I'll, and I'll come through. And the way it would work would be, I would send you over an agreement at that 20 number.
16:11 Speaker 00 I would probably need like five or seven days of due diligence just to get eyes on it. I already know it needs everything. What I want to know is, am I right at 100 or is it more like 150? So that would give me some time to do that. I also work with quite a few investors. If I'm not the right buyer, I got a huge network of buyers and maybe someone has an appetite for it a little more than me and then I could get, I could still get it moved for you. So I think I can get it done, but we do need to be at 20.
16:41 Speaker 02 Okay.
16:43 Speaker 02 Right now, not really willing to do it at, at 20, but I might in a couple of weeks.
16:49 Speaker 00 Okay. Just don't be surprised if you call me in a couple of weeks and it's 15, not 20. I just want to put some urgency on your plate that like, you're talking to a legit buyer right now that can get it done. I don't know that you want to screw around too much is all.
17:04 Speaker 02 Okay.
17:05 Speaker 00 If you do lock this up with somebody, here's, here's my advice. Make sure they can stand behind it with earnest money.
17:12 Speaker 02 Right, right. Yes.
17:13 Speaker 00 You can lock up anything with no earnest money and if it doesn't work out, you walk away.
17:17 Speaker 02 Right, right.
17:17 Speaker 00 And then you're strung along. I hate that.
17:19 Speaker 02 My personal residence, I paid close to a half a bill on it. They only want to put a thousand dollars down on the house.
17:29 Speaker 00 Oh, yeah.
17:30 Speaker 02 On a half a million dollar house.
17:32 Speaker 00 Yeah, that's ridiculous. I have an offer today on a property I've got in Detroit. I'm selling it for 75,000. I got a full price offer for 75,000. And then I got a bunch of crap terms, which is like, super long inspection, a tiny little earnest money. And I'm like, you're wasting my time. Come back with real terms. So like with yours, I would say, give me seven days, just because it is a pretty big project. Give me seven days. Once the seven days are up, I will go hard with $5,000 in earnest money on a $20,000 purchase. Non-refundable, sitting in title. If I don't close, you get my five grand. And that's how it should go. Like honestly, anybody else who can't do that is not real.
18:11 Speaker 02 That's true.
18:12 Speaker 00 So I said to him, I can get it done, but we would need to sign an agreement at 20,000. I would need five to seven days to do due diligence and to see the property. Notice how I explained wholesaling when I said, I have a big network of investors that may want it if I can't do it. I reconfirmed that I can perform and get it done at 20,000, but I might not be able to in a few weeks. You see, you have to give indecisive sellers urgency. I told him I might be at 15,000, not 20,000 in a few weeks. Next, I put on my coaching hat on how to handle his other buyer. Take a listen. So like I would call up your $47,000 buyer that you have and say, let's get it done. Let's put it in writing. Give me some earnest money and let's close.
18:54 Speaker 02 Today, ironically, I sent him a, I sent him a text and basically said, dragging you any further. So we need to either, you know.
19:03 Speaker 00 Yeah. Stop wasting my time. Exactly.
19:05 Speaker 02 Get it done. Crap, we're good off the pot.
19:07 Speaker 00 Do not lock that up with loosey goosey terms, or he'll just, that person will just string you along and then not perform.
19:13 Speaker 02 Yeah.
19:14 Speaker 00 But ask yourself this. If you paid 35,000. 21, why would someone pay 47 in 2025?
19:22 Speaker 02 Yeah, yeah.
19:23 Speaker 00 Logically, that does not make sense.
19:25 Speaker 02 Appreciate that.
19:26 Speaker 00 I like to shoot straight because when that falls through, by the way, when you lock it up for 46, you'll call me back because at least I'm being honest with you where no one else is. Everybody likes to blow smoke up your ass because agents do it, buyers that fish do it. That's just not how I operate. I'm going to tell it straight up how it is and either you like me or don't, but at least I can sleep at night knowing that I'm doing the right thing to people. And I gotta make money. Like, I'm not gonna buy something that doesn't make money. So if you were in my shoes, would you pay that price? Probably not.
19:54 Speaker 02 Yeah.
19:55 Speaker 00 Well, then why are you wanting me to pay that price?
19:57 Speaker 02 I understand, I understand.
19:59 Speaker 00 Okay. Well, what do you want to do from here? You want to see if that buyer will come through at that number? Like, I don't want to just leave hanging here. What's our next item?
20:06 Speaker 02 I want to see it. I'll also, I'll also tell them, hey, you know, I do have somebody that's, you know.
20:12 Speaker 00 I would tell them this. Say, hey, I got another offer. It's a little bit lower, but they're willing to stand behind it with earnest money. You need to get real right now, or I'm gonna consider this other offer.
20:22 Speaker 02 Yeah, yeah.
20:23 Speaker 00 But then, you know, call me back when he gives you excuses.
20:26 Speaker 02 I got you, Jared.
20:27 Speaker 00 I'm your man, right?
20:29 Speaker 02 Well, hopefully not.
20:31 Speaker 00 What I'm just saying is, like, when he's done screwing with you and you're ready to get real, like, to sell this, call me back and let's get something done.
20:38 Speaker 02 Okay, okay. Well, thanks, Jerry.
20:40 Speaker 00 Okay, yeah. Best of luck to you.
20:42 Speaker 02 Okay, have a good day.
20:43 Speaker 00 Yep, you too.
20:44 Speaker 02 Thanks. Bye bye.
20:45 Speaker 00 See you, Rich. Bye. So I told him, if you do lock this up with that other buyer, get earnest money. He agreed with me that no earnest money means it's not a legit offer. I coached him to call up his $47,000 buyer and tell him to step up to the plate, to tell his other buyer that he has another offer that is lower and to step up, or he'll consider that other offer. I reconfirmed the legitimacy of me by saying, give me seven days and then I'll go hard with non-refundable $5,000 earnest money. I even said, if you paid $35,000 in 2021, why would someone pay $47,000 in 2025? And finally, I tried to get him to commit to me when this other buyer falls through. I said, when you lock it up at 47 and it falls through, call me back. I'm your. Guy, right?
21:28 Speaker 00 Now, I'm still in contact with Rich. When he's finally ready to get real, I'll be ready. So I'd love to hear from you. Do you agree with RJ that this was a great call? Now, you may be wondering what's next? Well, let's assume that he accepts my offer for 20,000. Now what? Step five would be to email him an agreement for him to approve, and then I'd have my due diligence time to get eyes on the property and actively find a buyer. Once I have my buyer, I'd go hard on the earnest money and be prepared for closing. Now, let me give you some free resources. I have my proven seller scripts that I'll give to you for free. I'll also give you my contracts that I use with sellers. I'll give those to you for free as well. I'll put the links to those free downloads in the description below for you.
22:11 Speaker 00 Thanks for listening to this podcast. To get more free tips, check out my YouTube channel. Just search Flipping Mastery TV on YouTube, where I have over 1,000 videos teaching you how to make more money with real estate. On my channel, I also give away free stuff like my Quick Start Kit, with everything you need to flip your first house in the next 30 days. Or my deal finding software called Data Cruncher, which finds discounted houses in any zip code in a matter of seconds. You can get those for free at myquickstartkit.com and mydatacrusher.com.
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