Saturday Quick Tip -- The Ugly Truth About Real Estate Wholesaling (You Need To Listen Now)

On today's Wholesale Hotline Podcast (Special Saturday Edition), we help you start your weekend right offering tips, news and mindset advice. Show notes -- in these episodes we cover: Tips to level up your wholesaling business. Motivation to keep you going on your real estate journey. The latest industry news to keep you updated. 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‼️‼️

• 0:03Speaker 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.

• 0:18Speaker 00

  Let me read you a statement that you can find in my Terms of Use in my software and training programs under the Generally Expected Results. It reads, "We both know that just because Jerry Norton tested some cool techniques and strategies and made a bunch of money doesn't mean or imply that the same will happen to you or anybody else." Jerry's been doing this full-time for 20 years now, and it took a lot of very, very hard work to get to where he is today. There is no product, webinar, seminar, guru, coaching program, or potion, or anything else that will make you successful. You have to work like a psychotic animal relentlessly reaching for your goals.

• 1:02Speaker 00

  The only guarantee you can count on is this: You might experience hardship, you might experience failure, you might experience disappointment. It is in the moments that you get up, brush yourself off, and climb back in the ring to continue fighting that you will find success. The good news is with our team and system, you already have way more than when Jerry Norton had when he got started. You can do this. Now, that's either terrible for business, or maybe it's brilliant, I'm not sure, but at least it's honest. Now, if you're new to wholesaling, my name is Jerry Norton. I've been wholesaling houses full-time for over 20 years. I've been providing education on how to wholesale for over 15 years. I'm like a dinosaur in the industry,

• 1:45Speaker 00

  and I've made millions of dollars wholesaling real estate and continue to make a lot of money. But the reality is, most don't. Most come into the business, they drink the Kool-Aid that they're going to make a ton of money, and then most struggle, and most fail, and most quit. You see, there's an ugly truth about wholesaling that no one wants to talk about. In fact, there are five ugly truths about wholesaling that I've identified. So on this video, I'm going to pull back the curtain and give you the facts. No fluff, no hype, just the ugly truth. And then if you still want to wholesale, at least you'll have your eyes wide open. And for some of you, those that can live with these five ugly truths, maybe, just maybe, you'll go on to be a successful wholesaler. Maybe.

• 2:29Speaker 00

  The first ugly truth is that wholesaling is not a side hustle. I don't care what anybody tells you. I've yet to meet someone good at wholesaling, who has a day job or another business and wholesales on the side. Now, let me make a distinction between a wholesale transaction and a wholesale business or operation. Transacting a wholesale deal is not complicated. It's not time consuming or very difficult. It's a pretty simple concept. Get a contract on a distressed property at a discount and then flip that contract to someone else for a profit. The mechanics of wholesaling is not rocket science. I think we use like third grade math to wholesale houses. But a sustainable, profitable wholesale business, that is serious stuff and not for the faint of heart. That is going to take your heart and soul.

• 3:15Speaker 00

  You know, with normal W2 people who wake up, go to work, punch in, work eight hours, punch out, then go home and relax to Netflix while eating Ben and Jerry's ice cream. I joke with them. I say to them, "Why work eight hours for someone else when you can work 15 hours for yourself?" That's entrepreneurship and that's wholesaling and we wouldn't have it any other way. Now, if you're not willing to make huge sacrifices, especially in your free time, wholesaling isn't for you. And don't get me wrong. You can start wholesaling on the side. Yes, that's what I did my first year. But a wholesale business is going to require blood, sweat and tears. And if you're not up for that, don't bother starting because you'll just be frustrated and disappointed and ultimately throw in the towel. In my first year of wholesaling,

• 4:00Speaker 00

  I did a handful of deals part-time while working a full-time job. It was brutal. I side hustled nights and weekends until I had, I think, 25,000 saved up from deals. Then I quit my job and I went full-time and I haven't looked back since. So I'm going to give you the same advice I gave my daughter-in-law. She said to me one day, "I just don't want to have to think about money." I said, "Then you won't have any." I said to her, "You have to think about money constantly if you want a better life." When you finish your day job from nine to five, you start your side hustle from six to midnight. When you're driving to work, you're thinking about your business. When you're lying in bed at night, you're thinking about your business. It's the only way for your side hustle to eventually become your full hustle.

• 4:44Speaker 00

  It won't always be that way, but it will for a season. Sacrifice today like most people won't so you can live later like most people can't. Okay, ugly truth number two is that wholesaling influencers and educators are mostly liars, or at best misleading. Don't listen to anyone who says wholesaling is easy, that you can make a ton of money with little to no effort or time. It's just smoke and mirrors. Headlines that say, "Make $100,000 in 30 days," or "Get your first deal today," are what we call hooks, to get you to click or watch. They are marketing ploys, and I use them all the time too, because they work and that's what good marketers do. They grab your attention and draw you in. Now, an honest influencer will ethically bait and switch you.

• 5:28Speaker 00

  They will bait you with good headlines and good copy and good marketing, and then, once they have your attention, they'll tell you the honest truth. And then, if they have something to sell you, it will be a viable product or service that gives value to you. But you have to be careful, there are a lot of scammers in wholesale real estate. Beware of posts on wholesale Facebook groups that say something like, "I just made $100,000, ask me how." Those are scammers who prey on the naive and vulnerable. If you are drawn to wholesaling from an influencer or so-called expert, under the guise that it's "get rich quick" in any way, shape, or form, you are being naive and foolish, or both. Now, is there good training tools and coaching? Absolutely, but none of it will do the work for you.

• 6:11Speaker 00

  It will only provide an edge or a shortcut to your success, that's it. Now, I would include a part two ugly truth that is similar, and that is that others' results do not equal your results. That's why in my Terms of Use, I say, "Just because I've been successful, doesn't mean you will." It's very easy to look at someone like me or any other and think, "Well, if he did it, I can do it." That's not actually true. You see, I'm a fighter, I'm relentless. Wholesaling is a high-contact sport, and I've been in the game for a long time, and I show up to play full out. It doesn't matter how many times I get knocked down, I get back up. I'm not the most gifted or talented, but I am the most resilient. The worst thing you can do is ask me or someone else how long it took to get your first deal,

• 6:55Speaker 00

  as if what I do or someone else does has anything whatsoever to do with you. For example, when I was 19 years old, I did a two-year proselyting church mission in South America. For two years, every day, I knocked doors, and I talked to complete strangers about Jesus and religion. When I started wholesaling years later, talking to agents and sellers was easy and natural for me. My point is stop comparing yourself to others. Everyone brings a different set of circumstances, talents, gifts, backgrounds, education, and so on. Instead buckle in, commit to the process, and don't give up until you reach your goals. Now, one of my favorite types of videos to create on my YouTube channel are interviews with successful students.

• 7:36Speaker 00

  I have dozens of videos where you can learn how someone did their first deal or build a successful business. I recently interviewed one of my business partners, Mark Gabriel, about how we do a million dollars a year wholesaling just in Tulsa, Oklahoma. From the outside looking in, Mark makes it look easy, but the reality is he works his ass off. If the phone rings and a seller calls at 9:00 PM at night, he answers the phone, and he's been at it relentlessly for years. Okay, ugly truth number three is wholesaling is inconsistent. It's a roller coaster. It's up and it's down. Wholesalers live and die by the 30-day calendar. Some months are amazing and exciting, and you make a lot of money.

• 8:16Speaker 00

  And other months are frustrating and demoralizing, and you don't make money, or heaven forbid, you lose money. Most people can't handle the inconsistency. I have a wholesaler friend from Detroit who got started way back when I did. A few years ago, I bumped into him and I asked how it was going. He told me he stopped wholesaling and went back to his W2 job. He said, "Even though I was taking home $200,000 a year from wholesaling, I went back to my $80,000 a year job because I couldn't handle the up and down months, and at least now I have a steady paycheck." Now, I was shocked. He was willing to go from $200,000 to $80,000 just to not have to deal with the stress of inconsistent revenue. Now, if you can't handle feast or famine, then wholesaling isn't for you.

• 9:01Speaker 00

  And that takes me to ugly truth number four about wholesaling, and that is that wholesaling is high drama. Wholesaling is high stress, and that's because wholesaling is a high urgency business. Every day, it's go, go, go. You race the clock with lead gen and marketing. You're always in a hurry with contract deadlines and closings. There's a saying we use in wholesale real estate, "Time kills all deals." It's every day, fast-paced, and because wholesaling is high urgency business. Is transactional, you only make money when you turn deals. So the more deals you turn and the faster you turn them, the more money you make. Some days it feels like a dog chasing your own tail. And because wholesaling is distressed real estate, there are always fires to put out. Most sellers are facing hardship and often have emotional challenges.

• 9:47Speaker 00

  Cash buyers are demanding and can be difficult to work with. It's common for there to be title issues or unforeseen problems like back taxes or additional liens that you didn't anticipate. Wholesaling is about dealing with problems every single day and providing solutions every single day. That's what we do. We get paid to solve problems. I tell my students all the time, expect the best, prepare for the worst. There's nothing chill about wholesaling. It's a hustle sport and you better thrive in that environment. And ugly truth number five, this wholesaling is a high risk, high overhead business. I know very few wholesalers who produce a million dollars or more in annual revenue

• 10:25Speaker 00

  that don't spend a lot of money every month in tools, software, commission salespeople, W2 employees. And even if you're a small operation, you will be spending a lot of money every month on marketing for distressed seller leads. Now, it is true that wholesaling is a low risk from a real estate investment perspective because you don't own the properties. You aren't taking on liability like a flipper or like a buy and hold investor. But make no mistake, it takes money to run a successful wholesale operation. You better understand marketing, especially cost per lead and cost per contract. You better understand leadership and how to attract, train, and manage a team. Yes, you can get started with no money and yes, there are ways to find deals for free.

• 11:09Speaker 00

  I teach those strategies ad nauseam on my YouTube channel. But at some point, when you transition from a side hustle to a full-time business, you will have to invest a lot of cash back into the business in order to grow and scale. You will need to invest in yourself and coaching and mentoring so that you grow into the shoes of a successful entrepreneur, just like any other business. If you want to work closely with me, go to fasttrackwithjerry.com to apply. But you're going to have to show up. There's no shortcut to success in wholesale real estate. Now, there's one more ugly truth that you need to know about. Call it bonus ugly truth number six. And that is that everyone is gunning for wholesalers. In recent years, there's a pervasive narrative that's taken root that distressed sellers are

• 11:54Speaker 00

  a protected class of sorts. And that wholesalers steal equity and harm sellers. You will hear this idea from real estate agents and other non-wholesalers in the real estate community. While this is both misinformation and misunderstanding of what we do and how we actually help sellers, you will have to be prepared to deal with it. In the past five or six years, there have been laws passed in certain states regulating the practice of wholesaling, and there will continue to be more regulation coming. If you are unwilling to learn and follow these laws and transact with full transparency, wholesaling is not for you. Transacting discounted real estate will always be a thing. How we transact has an uncertain future. If you're not willing to pivot and adapt, wholesaling is not for you.

• 12:39Speaker 00

  So now that you have the hard cold facts, are you in or are you out? Leave a comment and let me know. Obviously, I still believe wholesaling is the greatest business on the planet. And I believe if you fully embrace these six ugly truths about wholesaling and with a little bit of luck, you might have what it takes to thrive and excel at wholesaling. The rest of it can be learned. The rest is easy, in my opinion. Hey, 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 a thousand 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.

• 13:20Speaker 00

  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.