Watch Me Wholesale This House In Under An Hour | Flipping Mastery

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.

• 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.

• 0:17Speaker 00

  You're going to look over my shoulder and watch me fine negotiate and contract a property in East St. Louis, Illinois for $5,000. Then I'm going to show you how I found a buyer and wholesaled it for $10,000, making a quick $5,000 profit. Now, the total time invested was less than an hour, and keep in mind, I've never done a deal in East St. Louis, Illinois, and I never saw this property in person. The entire deal, start to finish, was done virtually, sitting in my home office in East Tennessee.

• 0:50Speaker 00

  Did you know you can wholesale houses virtually? That means from the comfort of your own home or wherever you want, you can find motivated sellers, contract to purchase their properties at a discount, then wholesale those deals to active cash buyers for a profit, all over the phone, without ever seeing the properties in person. Recently, I called a lead provided by a pay-per-lead service provider called Red Panda. Now, Red Panda runs ads to motivated sellers. Those sellers fill out a form that they are interested in a cash offer, then wholesalers like you and me buy those leads. By the way, if you'd like to try out Red Panda, they're offering a $250 bonus when you sign up today. I'll put the link in the description below for you.

• 1:30Speaker 00

  So I called a lead in East St. Louis, Illinois, and in a minute, we're going to cut to a 10-minute call with the seller, where you can hear how I offered, negotiated, and contracted that deal for $5,000. After listening to the call, I'm going to talk about what happened next and how I found a buyer for the deal. So let's cut to that call, and then I'll explain what happened after that.

• 1:51Speaker 00

  Yes, hello Kirk. This is Jerry Norton, calling you about your property on 8th Street.

• 1:55Speaker 01

  Yes.

• 1:56Speaker 00

  I think you filled out a form on my website about selling that property, is that right?

• 1:59Speaker 01

  Yes, that's correct.

• 2:01Speaker 00

  Okay.

• 2:02Speaker 01

  I bought the mortgage foreclosed on the house, evicted the borrowers, so it's now unoccupied, and the trash has all been removed.

• 2:11Speaker 00

  Are you an investor?

• 2:13Speaker 01

  Yeah.

• 2:13Speaker 00

  Okay.

• 2:14Speaker 01

  I don't want the house. I don't like the houses. I like doing the loans only, rid of the house as quick as I can, so.

• 2:21Speaker 00

  Okay. Are you looking for another investor? Because that would be me, but I'm kind of like you. I got to get a deal.

• 2:28Speaker 01

  Oh, sure.

• 2:28Speaker 00

  Okay.

• 2:29Speaker 01

  I'm looking to make a deal.

• 2:30Speaker 00

  Okay.

• 2:31Speaker 01

  First question is, do you buy in East St. Louis?

• 2:34Speaker 00

  I buy anywhere if the number's pencil.

• 2:36Speaker 01

  Okay. All right. I'm looking for around $10,000.

• 2:40Speaker 00

  $10,000. Yeah, that's definitely in my ballpark.

• 2:44Speaker 01

  Okay. I need to work with the occupants. There's malicious vandalism that happened. They filled the tub and caused damage in the kitchen, ceiling and the floor, and hacked the drywall with the hammer, so there's several holes in the drywall.

• 3:01Speaker 00

  Okay. What do you think I need to spend?

• 3:03Speaker 01

  Uh, $20,000.

• 3:05Speaker 00

  Do all that for 20?

• 3:07Speaker 01

  I think. I've never seen it. I live in Colorado, so this is something I have never seen. I've got, you know, I had guys go in and guys have sent me a lot of pictures, clean all the trash out, that kind of stuff. I have never seen it myself, so.

• 3:19Speaker 00

  You've got all the pictures, though, you could send me?

• 3:21Speaker 01

  Yeah. Yeah, I can send you a bunch of pictures.

• 3:24Speaker 00

  Send that to me if you can, to this number, but, um...

• 3:28Speaker 01

  Uh, there's too many. I'll put it in a Google Drive and send you.

• 3:31Speaker 00

  Yeah, that'd be better. Yeah, that'd be better. But I can pull the trigger, close quick. You said everything's ready. When would you want to close?

• 3:39Speaker 01

  Um, whenever you're ready. I mean, I had a guy supposed to be buying it right now. He's supposed to have been buying it for three weeks now, and he's just dragging things along, so I'm tired of messing with him. And I was going to sell it to him for $10,000, so just $10,000 takes it, so.

• 3:54Speaker 00

  Why do you think he's not closing?

• 3:56Speaker 01

  I don't know. I mean, he actually lives in the area he lives in. He buys a lot in East St. Louis, so he knows the area. He says he's getting four other houses, and this is mine, just part of it. And the title company's taking forever on these other three he's trying to get, so I don't know. He's been saying that for a couple of weeks, so I'm kind of... You know, our purchase-sale agreement time has run out, so.

• 4:17Speaker 00

  Okay, so you're out of contract, right?

• 4:19Speaker 01

  Yeah, yeah. We had a purchase-sale agreement for, you know, exclusivity for two weeks. That expired probably two weeks ago.

• 4:27Speaker 00

  This is, is this two-story?

• 4:30Speaker 01

  Yes.

• 4:31Speaker 00

  It can't be 880 square feet. That can't be right.

• 4:33Speaker 01

  No, that's not right. No, it's a three-bedroom with a basement.

• 4:36Speaker 00

  What do you think the square footage is?

• 4:38Speaker 01

  I couldn't say, since I haven't seen it. Just I guess it's got to be 15, 16.

• 4:43Speaker 00

  It's 18. I think it's 18.

• 4:46Speaker 01

  That could be right, because the basement is finished.

• 4:48Speaker 00

  Let me look here. I mean, there's definitely some real cheap sales that happen in this neighborhood. Like, there's a $5,000, a $6,000, but then there's some higher-priced stuff. If I fix this up, what do you think the back end is?

• 5:01Speaker 01

  Anywhere from $50,000 to $75,000. I really don't like dealing with the houses, so I really haven't looked into that end of it. I wanted to sell it as is, and I'm not the best one to ask.

• 5:10Speaker 00

  I work with a lot of buyers. I would probably move this to one of my buyers, but I think the end game of this is a rental, not a flip.

• 5:18Speaker 01

  Okay.

• 5:19Speaker 00

  Because it's just no...

• 5:20Speaker 01

  The next door neighbor wants to buy it. I mean, the next door neighbor contacted me during the whole eviction process, and she's willing to buy, but she wants it in move-in-ready condition, so.

• 5:30Speaker 00

  Don't we all? What would she want it for? To live in?

• 5:34Speaker 01

  Live in, yeah.

• 5:34Speaker 00

  Okay.

• 5:35Speaker 01

  She lives right next door. It's a better house than what she lives in, so she was wanting to move into it.

• 5:40Speaker 00

  How much time would you give me on due diligence?

• 5:42Speaker 01

  Uh, however much you need.

• 5:44Speaker 02

  Find deals faster with PropWire. Search properties, skip trace owners, and get lead alerts. Download the PropWire app on the App Store or Google Play Store for free.

• 5:57Speaker 00

  I mean, I would need to be under contract with you, but then have a little window of time to get my head around it. Meaning, if I got, I mean, typically, I can get it done in five days.

• 6:07Speaker 01

  Okay.

• 6:08Speaker 00

  So it'd be an inspection contingency for five days.

• 6:11Speaker 01

  Okay.

• 6:11Speaker 00

  Are you all right with that?

• 6:13Speaker 01

  Yeah, yeah. I'll just tell them, you know, I got somebody else looking into it, so either close now, or somebody else is going to look at it, so.

• 6:20Speaker 00

  Yeah, so I had to email you right now a contract. I won't do any due diligence until we have that in place. Once we have that, I would probably have a five day, sometimes I'll do 10 days, but I get you're trying to move it, so I would probably go faster, and in five days, I'll know if I can get it done or not.

• 6:35Speaker 01

  Okay.

• 6:36Speaker 00

  And if I can't, I'll let you know. I mean, is 10 the best you can do? Because I'm worried it's a little tight with what it needs.

• 6:42Speaker 01

  Well, that's what I'm, that's the offer I've got now. That's what he was going to, the guy was going to buy it for 10, so.

• 6:47Speaker 00

  Yeah, but he's flaking out.

• 6:48Speaker 01

  The money first. Yeah, he's flaking out, so whoever comes up with money first, so. Yes, I'm willing to deal.

• 6:54Speaker 00

  You are willing to deal?

• 6:56Speaker 01

  I am willing to deal.

• 6:57Speaker 00

  Would you do it for five, and we close in a week?

• 7:00Speaker 01

  Um, um, five, uh, possibly, possibly. I'll give it a possible. I'm wanting to get out of it. I've been messing with this for a long time, and I'm wanting to get out of it, so it might be possible. Let me see if this guy's serious or not, but yeah. Tell me that contract. I'll send you the link to the pictures.

• 7:24Speaker 00

  When will you be able to give me an answer? Because I don't want to send an open-ended contract.

• 7:28Speaker 01

  I'll give the guy 24 hours.

• 7:30Speaker 00

  So I'll put my offer is good till this time tomorrow?

• 7:34Speaker 01

  Okay.

• 7:35Speaker 00

  Is that, is that fair? Because then I just need to have a commitment from you. I don't like to end without a firm date on things, you know what I mean?

• 7:42Speaker 01

  Oh, sure, sure. Yeah, that's why I put a date on the contract with him, so.

• 7:46Speaker 00

  Yeah.

• 7:46Speaker 01

  Yeah, that's great.

• 7:48Speaker 00

  And I'm going to, I'm going to write it up at five, okay?

• 7:51Speaker 01

  Okay.

• 7:51Speaker 00

  And then if he falls through, let's, you tell me, and we'll, we'll close it out.

• 7:58Speaker 01

  Okay. All right. Yeah, that sounds good. So what was your name again?

• 8:03Speaker 00

  Jerry.

• 8:04Speaker 01

  What's your...

• 8:05Speaker 00

  Jerry, Jerry Norton. I'm just a solo operator, a guy that works from home, buys and sells houses.

• 8:11Speaker 01

  Jerry Norton, okay. Okay, so yeah, send me that email, and I will, I'll...

• 8:17Speaker 00

  Okay.

• 8:17Speaker 01

  ...see what you can do.

• 8:19Speaker 00

  Okay, let me just confirm, uh, email is... Okay, I'll write that up right now. I'll send that over to you in the next couple of minutes. I'll text you when I send it, and then just shoot me over those pictures, too, because that would be really helpful.

• 8:33Speaker 01

  Okay.

• 8:34Speaker 00

  Okay.

• 8:34Speaker 01

  I will do that, and...

• 8:35Speaker 00

  You got, you got anything else you're selling?

• 8:37Speaker 01

  A couple hours.

• 8:37Speaker 00

  What else you selling?

• 8:39Speaker 01

  Nothing right now. Uh, no, that's not true. There's a, we got one in Saginaw, Michigan.

• 8:46Speaker 00

  Oh, I'm from Michigan.

• 8:47Speaker 01

  It's vacant. Oh, yeah?

• 8:48Speaker 00

  Yeah, I grew up probably an hour from Saginaw.

• 8:51Speaker 01

  Okay, you don't live there now though, huh?

• 8:53Speaker 00

  No, but I, I go there all, I have family there still, so I visit.

• 8:56Speaker 01

  Okay.

• 8:57Speaker 00

  But tell me about that one. What do you want for that one?

• 9:00Speaker 01

  For closure. Um...

• 9:03Speaker 00

  Let's do a twofer.

• 9:04Speaker 01

  Sure. I'm the, I'm the, I'm the, you know, I'm the, uh, the working guy and it's a partnership. And I have to talk to the money man to see what his bottom line is. We just got it emptied out.

• 9:14Speaker 00

  Okay.

• 9:15Speaker 01

  Just got the door locked, the locks changed, so I need to, he's, he's hard to get a hold of, so I need to get him to put a value on it because the Realtor's ready to list it.

• 9:24Speaker 00

  How, how, how do I be, how do I be your go-to buyer for this stuff?

• 9:28Speaker 01

  I don't want anything to do with the houses.

• 9:29Speaker 00

  Well, here's what I do. I either off it to another investor, or I buy it myself and resell it. Sometimes I'll fix stuff up.

• 9:37Speaker 01

  Okay. We got one in Toledo we're working on also.

• 9:39Speaker 00

  I'll take Toledo.

• 9:41Speaker 01

  It's not as far along yet.

• 9:42Speaker 00

  I'll even handle the trash out. Like, what I like to do is make it easy for sellers. So if you, if, I'll buy it, trash it out, I'll do all that. I'm set up for that.

• 9:51Speaker 01

  That's great. I'd rather, I'd rather have somebody else do it.

• 9:53Speaker 00

  I, I can tell. Yeah, I can tell you'd rather just move paper. You just want to move, shuffle paper and make money.

• 9:58Speaker 01

  Yeah. Well, I do not want to deal with the houses. I don't like dealing with the...

• 10:02Speaker 00

  Maybe I should do what you're doing because it is a lot of work.

• 10:05Speaker 01

  Yes, it is. That's why I try and not do it. I've done, you know, fix and flips in my own town, and I absolutely hate it. So 500 miles away is really, really hard, so...

• 10:14Speaker 00

  Yeah, you're right.

• 10:15Speaker 01

  Yes, I will send you the stuff on the, uh, Saginaw, Michigan house as well. So yeah, once I get your email, I'll send you something on that.

• 10:22Speaker 00

  I'll text that to you. Yep. All right, well, I'm gonna write this up, get this over to you, and, uh, love, love to keep doing business with you. Let's get you cashed out. Awesome. Thanks, Kirk. All right, talk to you soon. Bye. Okay, so the call ended without a firm commitment at $5,000 because he had a buyer he was hoping would come through at $10,000, but did you notice that I put a timeframe on my offer? So once we hung up the phone, I sent him my digital contract for $5,000. Now, let me stop right there and explain how I manage active deals. I use a CRM called Flipster. Now, what I love about Flipster is it allows me to organize, streamline, and automate all of the steps to wholesaling and flipping houses.

• 11:01Speaker 00

  So I added this property in the Flipster and started what is called a workflow. Now, this is where you manage all of the steps on a deal from start to finish. Inside Flipster, I filled out a contract and emailed it to Kirk, the seller. By the way, to test drive Flipster on a free trial, go to joinflipster.com. So as I suspected, this buyer flaked out, so he ended up signing my contract. Now, in my contract, I had a five-day due diligence period with a closing in a few weeks after that. Now it was time to find a buyer for my deal. Now, as I mentioned earlier, I've never done a deal in East St. Louis, Illinois, but I have done deals in St. Louis, Missouri, just across the state line, so I sent a text to four or five of my contacts over there.

• 11:45Speaker 00

  Now, while waiting to see if they had any interest, I started doing a technique I teach that I call the Neighborhood Flipper Method. Now, here's how it works. I go on Zillow and I look at sold homes in the same neighborhood as my deal that are investor properties in poor condition. Then I call the listing agent and the buyer's agent. The idea is that one or both of them represent investors and maybe their investor is interested in my deal. So I called three agents. And the minute we're gonna cut to those calls, but one of the agents called me back with another wholesaler who had a buyer. So this next section is about 13 minutes, but I really want you to watch that and pay attention to how I explain to the agents that I was looking for a buyer and how they would get paid. Hi Jenny, my name is Jerry Norton. How are you?

• 12:31Speaker 03

  Good. How are you doing?

• 12:32Speaker 00

  Good. I'm calling you because I've got a property I'm looking to sell, and I see that you sold a home in the same neighborhood over on Illinois Avenue in East St. Louis?

• 12:42Speaker 03

  Yes.

• 12:43Speaker 00

  Okay. I've got one, uh, like that. Investment property, cash, good for an investor. Wondering if either you have some buyers that might be interested. Uh, I either, I'm either gonna wholesale it. I have the contract right now, close on the 21st. Or I'll buy it and relist it and get a buyer off the MLS. One, one of those two. Any interest in that?

• 13:07Speaker 03

  Um, yeah, I mean, I work with a lot of wholesalers, uh, listing properties and stuff.

• 13:12Speaker 00

  It's vacant, trashed out already, and I've got a link with some videos and a lockbox.

• 13:19Speaker 03

  Okay. Yeah, if you want me to put it on the MLS, I mean, I could certainly do that.

• 13:25Speaker 00

  Okay. Do you have buyers you could run it by prior to that? And if they want it, we just do an assignment, and then I'll make sure you get paid?

• 13:32Speaker 03

  I do a lot with wholesalers that I list it, you know, while they've got it, a contract on it, and then find a buyer before, you know, it closes, and they usually just do a double closing.

• 13:45Speaker 00

  I mean, I close on the 21st, so it's coming fast, so I don't know that that's...

• 13:49Speaker 03

  Yeah. Yeah, that is pretty fast. I mean, I can look and see if I've got anybody, you know, off the top of my head.

• 13:56Speaker 00

  Okay, I'm gonna text you right now the link to the pictures, and then if you've got somebody interested, let me know. I've got a lockbox. We can get them in there.

• 14:04Speaker 03

  Okay.

• 14:05Speaker 00

  And I'm looking for 15.

• 14:07Speaker 03

  Okay, I will take a look at it.

• 14:09Speaker 00

  Okay, sounds good. Let me know if you got anybody interested. Uh, if, if, if I do close on it, what do you charge to list it for me?

• 14:18Speaker 03

  Usually, it depends on the price point. I mean, if it's a really low price point, then we just do a flat fee.

• 14:24Speaker 00

  Right, it's gonna be fif- I'm looking for 15,000.

• 14:27Speaker 03

  Okay, yeah, it would be, um, usually 1,500 on the list side and then 1,500 for the buyer's side.

• 14:34Speaker 00

  Okay. Okay, well, that's good to know if we go that route, but, uh, let me know if you got any buyers interested ahead of time, you know, before that, because I could pay you more than 15 if you bring me a buyer and I don't have to close on it and pay a buyer's agent.

• 14:46Speaker 03

  Yep, I will take a look.

• 14:48Speaker 00

  Okay, sounds good.

• 14:50Speaker 03

  All right, thank you.

• 14:51Speaker 00

  Thank you. Talk soon. Bye.

• 14:53Speaker 03

  Bye.

• 14:54Speaker 00

  Hello, is this Kalia?

• 14:55Speaker 04

  How can I help?

• 14:56Speaker 00

  My name is Jerry Norton. I have a property I'm looking to sell in East St. Louis. I'm calling you because I see that you sold a property on 740 North 22nd Street, and on your profile, it looks like you sell a lot of lower-priced homes in, in this area.

• 15:10Speaker 04

  I do. Are you a wholesaler?

• 15:13Speaker 00

  Uh, I do wholesale. I have it under contract to purchase and close on the 21st. I will either wholesale it before then, or buy it, close, and put it up on the MLS.

• 15:24Speaker 04

  Is this specific property a wholesale?

• 15:26Speaker 00

  Well, I can wholesale it, or I can purchase it and resell it.

• 15:29Speaker 04

  Um, is it off-market or is it on the MLS?

• 15:33Speaker 00

  Yeah. No, no, it's off-market.

• 15:34Speaker 04

  So are you the seller?

• 15:36Speaker 00

  I have it under contract. I will either wholesale it, or I will purchase it and resell it. Does that matter or something?

• 15:43Speaker 04

  Um, I'm just curious. Are you out of state?

• 15:46Speaker 00

  It's, yes, I'm out of state. It's vacant, it's been trashed out, I've got video and a lockbox.

• 15:53Speaker 04

  Oh, okay. Uh, what is the list price you're thinking about doing?

• 15:59Speaker 00

  I mean, I'd love to sell it for 15.

• 16:01Speaker 04

  It's pretty cheap. Is it in really bad condition?

• 16:04Speaker 00

  I mean, it needs work, but it's, it's not bad. I got a bunch of little short videos doing a walkthrough. It's on a basement. It says it's 800 square feet, but it's not. It's, it's a two-story on a basement. It's much bigger. I think 15's a good deal.

• 16:20Speaker 04

  Sure. No, I think it is. I mean, I just know usually around that price, it's like, maybe gutted, or I'm not even sure. So I am very interested to see what you have as far as the photos go. Um, I do have a lot of investors who like to buy in that area, um, so I will see about that. And again, if all fails, I would be happy to put it on the MLS for you and list it for you. Uh, what day is your closing date?

• 16:49Speaker 00

  21st. If you find me a buyer, then we'll JV and assign it, and that'll save me a lot of closing fees. Because otherwise, I pay closing fees twice and then your commission. So, you know, you and I'd both make more if we, if you, if you found a buyer for it.

• 17:05Speaker 04

  Right, so send me what you have. I will see if my clients are interested.

• 17:12Speaker 00

  I just sent you the lot, the Dropbox link and the lockbox, and give me your opinion if you think that condition would get 15.

• 17:20Speaker 04

  Do you have any disclosures or anything like that, or no?

• 17:22Speaker 00

  No, I haven't seen it. I just got it under contract yesterday. I have five days due diligence, close on the 21st.

• 17:29Speaker 04

  Got it. I will forward this to my clients and see what they think. I do have somebody in mind. These people particularly like to see the house in person. They like to do a walkthrough with the contractor present. Um, again, I will let you know for sure.

• 17:46Speaker 00

  Just make sure if they do, they close it up, you know, I don't, because I've, I've got that lockbox, but I don't own it yet, so I don't want any issues there.

• 17:53Speaker 04

  Yeah, no, there, there won't be any issues there. Um, I've closed several deals with them. They don't...

• 17:59Speaker 00

  Okay, turn, you know...

• 18:00Speaker 04

  They're secure. I'll let you know the time and date that we scheduled to see it if they want to move forward. Well, let me run this by them. Um, and again, is this a good call, call that's number for you, or... Okay. Let me run this by them, see what they think, and I will be in contact, Jerry. Thank you for giving me a call.

• 18:22Speaker 00

  Okay, thank you. Yes, hello, Ryan? Yes. Hi, my name is Jerry Norton. Calling you because I have a property I'm looking to sell in East St. Louis, and, um...

• 18:36Speaker 05

  Watch your YouTube videos.

• 18:38Speaker 00

  Oh, great.

• 18:40Speaker 05

  You know, I want to be very transparent with you. I work with a couple of liquidators and I live closer to Chicagoland. And I'm trying to get out of that market for the most part because it's been a total pain in the ass.

• 18:54Speaker 00

  Yeah.

• 18:55Speaker 05

  I've got about 50 of really low end properties in East St. Louis and they're just sitting. And I offer very limited services since I do live about five, six hours away. I can't put a sign up, I can't take photos. I typically don't even allow showings through. So I might not be your guy if that's something you need.

• 19:17Speaker 00

  I've got a property that I'm have under contract for 5,000 that I was just going to see if I could resell for 10 or 15.

• 19:24Speaker 05

  Understand. So it's a wholesale deal?

• 19:26Speaker 00

  I could wholesale it or I could close on it and list it. I'm direct to seller on it.

• 19:31Speaker 05

  Got it.

• 19:32Speaker 00

  I do that quite a bit where I'll just purchase it and then throw it on the MLS and see what happens.

• 19:37Speaker 05

  Okay.

• 19:38Speaker 00

  It's needs a rehab, but it's cleaned out. So there's no trash out needed. I got on, I got it on a lockbox, you know, it's like I'm looking at this one you sold for 18, I think over on Gray Boulevard. I don't know if you remember that one?

• 19:52Speaker 05

  Yes.

• 19:53Speaker 00

  And that thing got 18. I mean, I don't know why mine couldn't get 15, 18.

• 19:57Speaker 05

  Okay. Yeah. If you're willing to show it, it's already on a lockbox and you've got some photos. I'm happy to give you MLS access.

• 20:04Speaker 00

  Yeah. What I typically do is I'll find an agent that'll list for like 1% or a flat fee or just figure it out. Um, cause you're not going to make any money on a percentage.

• 20:14Speaker 05

  Right. The very lowest I can go on something like that's probably 1,500 flat.

• 20:19Speaker 00

  Uh, I bought it from a note investor. So some guy bought the, bought the note and foreclosed and now he's just dumping it. But he had it trashed out. He put a lockbox on it. He took some videos. So I've got all that. So I might need someone to get over there and do some photos. I was kind of hoping you could tell me if you think, cause I don't know that market at all. I know it's the ghetto over there. I see, I see stuff sell for five grand and I see stuff sell for 20 grand and I, you know what I mean? Like I don't, seems like mine could get it though. It's a two story. It's not that bad. I'm looking at stuff selling for 15 to 20 that look worse to me.

• 20:54Speaker 05

  Yeah. All of my listings are sight unseen. Every single thing, uh, they can walk the lot, look through the windows, but I don't have access to any of them. So it's kind of unconventional. So if somebody could actually see the inside, yeah, you're going to get a much larger buyer pool. Something like that.

• 21:10Speaker 00

  Do you have buyers that would buy on an assignment that we wholesale to, or do we need to buy it, close it?

• 21:15Speaker 05

  I, I have people off the top of my mind I could call.

• 21:20Speaker 00

  Yeah.

• 21:20Speaker 05

  To see if they'd be interested. Many of them kind of have a, uh, they purchase these pretty low and then do like a rent to own situation.

• 21:29Speaker 00

  This would be good for that because there was a tenant there.

• 21:32Speaker 05

  Yeah. The truth is I got about 40 or 50 of these in, in that are tax sale deals. And it seems to be what's going on is you've got out of state investors. Both my guys are out of state. I'm sure you are too.

• 21:44Speaker 00

  Yeah.

• 21:46Speaker 05

  What state are you based out of?

• 21:47Speaker 00

  I live in Tennessee, but I do this all over.

• 21:50Speaker 05

  Right, right, right.

• 21:51Speaker 00

  If you had a buyer, I would JV it with you. That would be better because I know I'm going to pay a couple thousand in closing fees and then again, and then commissions. So like, you know, if you had a buyer that would take it for 15, you and I could each make five.

• 22:05Speaker 05

  Okay. Well, I can try. I have three or four in mind that I could just kind of reach out to right off the bat. Now, if they wanted to get access, uh, would that be possible?

• 22:15Speaker 00

  There's a lockbox. I'll give it to you, but you know, just tell them to please close it up. Don't, you know what I mean? Cause I, I got permission to use it, but if I abuse that.

• 22:26Speaker 05

  Oh yeah. The, the one, the guy I have in mind, there's a dude, he does a lot of these.

• 22:32Speaker 00

  Okay.

• 22:33Speaker 05

  Well, and you're looking for 15, let me make a few phone calls.

• 22:36Speaker 00

  Awesome.

• 22:37Speaker 05

  Thanks buddy.

• 22:38Speaker 00

  Okay. Talk to you soon, Ryan. Bye. Good, good. Hi, Ryan. How are you?

• 22:43Speaker 05

  Good. You know, I spoke with a, an associate of mine, Aiden. Uh, he has some interest in purchasing that for around the 10,000 mark.

• 22:52Speaker 00

  Okay. I am getting quite a bit of interest on it around that 10 to 15 price point.

• 22:58Speaker 05

  Yeah.

• 22:58Speaker 00

  I think it's priced right in there between the 10 and 15. I think someone's going to want it. What does your guy need to do to make a decision and, and how's this, how do you want to do this?

• 23:07Speaker 05

  I think he would write something up right away. Um, I can, I can bring him onto the line if, if you'd like. He's familiar with who you are as well.

• 23:15Speaker 00

  Okay.

• 23:16Speaker 05

  Aiden. Um, if you're open to me giving him a call right now and doing the three week call.

• 23:20Speaker 00

  Okay. See if you can get him on.

• 23:23Speaker 05

  Jerry, I've got Aiden on the line.

• 23:25Speaker 00

  Nice to meet you, Aiden.

• 23:27Speaker 03

  Hey Jerry, how's it going?

• 23:28Speaker 00

  Good, good. How are you?

• 23:30Speaker 03

  I'm doing okay. Uh, I heard you got a deal in East St. Louis?

• 23:35Speaker 00

  Yeah. I'm not sure if you had a chance to drive by or take a look yet.

• 23:39Speaker 03

  I have not. So I actually have a lot of buyers that I know in that area.

• 23:44Speaker 00

  Okay.

• 23:45Speaker 03

  Uh, I noticed that you did have a Dropbox link though for those videos. When, when did you actually end up getting this property?

• 23:51Speaker 00

  I just put it under contract a few days ago.

• 23:54Speaker 03

  Okay, okay. So you have it under contract.

• 23:56Speaker 00

  Yeah. With the closing on the 21st.

• 23:58Speaker 03

  Closing on the 21st. Okay. Uh, of this month? Uh, so I have someone in mind who I think would be perfect for this type of property. They buy a ton of deals out in that part. Um, even if they are in pretty rough condition, you can usually get a pretty decent number out of them. Um, would you be willing to take 10, uh, 10K on your side? And I think we could probably get it moved or would you want to do like a JV? How, how would you want to structure things?

• 24:25Speaker 00

  Yeah. We'll want to figure it out because Ryan needs paid too.

• 24:28Speaker 05

  I was looking for, for like a $2,000, you know, buyer representation agreement. That would be fine. Something like that.

• 24:36Speaker 00

  Would that be covered on Aiden's end then Ryan?

• 24:39Speaker 03

  Yeah.

• 24:40Speaker 00

  I mean, I was hoping to just make five on it, you know, net five.

• 24:43Speaker 03

  I can send something just saying that we can give you 10. If you're willing to sign a JV, I can say that I'll pay Ryan's fee out of that. So you can just get a clean five.

• 24:53Speaker 00

  Okay.

• 24:53Speaker 03

  Probably get a buyer is kind of what I'm thinking around like 16, 17, maybe 18 is kind of my thought based on what I saw. Uh, and the guy that I'm thinking of, uh, you know, he should be able to pay all the title costs, everything like that. No problem. Just to have a walk through.

• 25:07Speaker 00

  Yeah. My contract has buyer to pay closing fees and the seller said it's current on any back taxes. There's no liens or anything. So. I would say Aiden, you know, talk, talk to your buyer. I would want to do some non-refundable and, and be solid on that. Before signing, you know, because like I said, I do have some other interests. I'd like your buyer to be solid on moving forward.

• 25:30Speaker 03

  Absolutely. And what would you be looking for? 2,500?

• 25:33Speaker 00

  Yeah. I think that's, that's good.

• 25:35Speaker 03

  All right. Let me, let me run a buy and make sure I can get a real, you know, buyer ready to go with earnest money and everything like that.

• 25:41Speaker 00

  Okay.

• 25:42Speaker 03

  Let me send it out to a couple of my buyers and then I will be back in touch with you and Ryan both. And we'll try to get something thrown together and you need to close by the 21st, you said, $2,500 earnest money, buyer pays all costs. Sounds good. We'll get in touch with you Jerry. We'll be in touch soon.

• 25:58Speaker 00

  All right. Thanks for hooking us up, Ryan. Take care. Okay. Bye. Okay. So I hope you noticed that I explained to these agents that I could wholesale it to their buyer or I could close on it. And then use them to relist it and resell it on the open market. Also hope you noticed that I talked about paying them because this is such a cheap property. I wanted to make sure that they knew it was worth their time. Now the second call with that third agent, Ryan, was with another wholesaler. And I just want to make sure you understand what he was proposing. I would get 5,000, Ryan, the agent would get 2,000 and he would get whatever is left. So let's say that he found a buyer for 17,000.

• 26:37Speaker 00

  The seller would get five, I would get five, Ryan would get two, and Aiden, the other wholesaler would get five for a total of 17,000. Now notice that I didn't commit to that. I told him, you know, get your buyer locked in with $2,500 non-refundable earnest money before bringing it to me. The reason is one of my St. Louis buyers responded to my text that they were interested. Now take a listen to that call and I'll come back and explain what happened after that. Hi Beth, it's Jerry.

• 27:05Speaker 06

  Hi Jerry, how are you?

• 27:07Speaker 00

  Good, good. Can I tell you about this property?

• 27:09Speaker 06

  Sure.

• 27:10Speaker 00

  Okay. It's on 8th street. It's vacant. It's already been trashed out. I got a lockbox. Looking for 10.

• 27:17Speaker 06

  Great. Livable or?

• 27:19Speaker 00

  Um, I mean, it needs a rehab, but it's not falling down from what I can see. I haven't seen it obviously.

• 27:25Speaker 06

  Okay. Yeah. I mean, we, we buy there. Um, it's got to be somewhat livable. Some of those people just go in and trash and cut all the wires. And then, you know, by the time you put all new electric and plumbing in there, it's just, it doesn't, the, the numbers don't work, even if you get it for free. But if you can send me the videos, I'd love to see what's going on in the lockbox and I can send my guy over.

• 27:47Speaker 00

  Okay. Just sent it to you.

• 27:49Speaker 06

  All right. And the address is included in that?

• 27:52Speaker 00

  Yep. Address is included. I sent you the folder with eight little like walkthrough videos.

• 27:58Speaker 06

  Yep.

• 27:59Speaker 00

  So like a good idea, lockbox, address. Redfin's calling it like 880 square feet and two bedrooms. It's not, it's on a full basement. It's a two story.

• 28:09Speaker 06

  Yeah. I've seen that. Definitely. Most of these in this area are pretty, pretty large. Cool. All right. We'll try and get out there today. If not today, then definitely tomorrow.

• 28:18Speaker 00

  Okay. Yeah. I'm on, I'm on a five day due diligence. So the sooner the better would be great.

• 28:23Speaker 06

  All right. We'll try and get out there today.

• 28:25Speaker 00

  Thanks Beth. Talk soon.

• 28:26Speaker 06

  Thank you. All right. Bye.

• 28:28Speaker 00

  Okay. So after that call with Beth, she messaged me that she was interested, but asked if she could have one more day to decide. I replied, I'm getting a lot of interest. I would decide today if I were you. She messaged back and said, I'll be there in nine minutes. Then messaged me 20 minutes later that she was good to go under contract at 10,000 with a $2,500 non-refundable earnest money. So even though I'd make the same profit as I would with the other wholesaler, Aiden, I decided to go with Beth for two reasons. I met Beth through RJ Bates Wholesale Community called Titanium University. And I do a lot to support RJ and the TU community. So in a way this is like keeping it in the family.

• 29:07Speaker 00

  By the way, if you want to learn how to virtually wholesale, I highly recommend TU. Go to fasttrackwithjerry.com to learn more. Now the other reason I went with Beth is it's a lot cleaner. She's the end buyer. So there aren't so many parties involved where things can go sideways. So using Flipster, I sent her the assignment agreement, which she signed immediately. Now this was I think day two, after signing the contract with the seller. Then I opened escrow with Freedom Title and sent them both the executed PSA and the executed assignment. So to recap, using a PPL lead from Red Panda, I contracted a property for $5,000. Using the neighborhood flipper method, I found an agent who had another wholesaler who had a buyer to JV with me.

• 29:50Speaker 00

  I also reached out to some existing relationships from being a part of Titanium University. Between the calls and writing and sending contracts and texting and emailing a little bit. I think my total time on this particular deal was around 45 minutes, maybe max one hour. Now, if you think making 5,000 for less than an hour of work is pretty cool, leave a comment and say, way to go Jerry. You are a flipping genius. But I can't take all the credit. Red Panda provided the lead. Flipster helped me manage the process and the paperwork. And because of RJ Bates and the TU community, I met my end buyer and Freedom Title did the title and closing for me. So thank you, everybody involved. Now imagine doing this at scale. I think as of this recording between wholesaling and flipping, I have around 20 active deals.

• 30:36Speaker 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 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. 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 mydatacruncher.com.