How To Fix & Flip Houses WITHOUT Using A Dime Of Your Own Money!
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- Опубліковано 25 лис 2021
- Lack of capital prevents a lot of people from buying, fixing and flipping houses but it shouldn’t. On today’s video I’m going to break down for you exactly how to flip houses with 100% funding, even if you’ve never done a deal before. That means none of your own money in the deal. And when I say 100%, I mean 100%
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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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#FlippingHouses #WholesalingHouses #FlippingGenius
Jerry..you are a flipping genius. Thank you for all you do. Jeez. I have already spent over $40K to invest in myself in REAL ESTATE INVESTING. My school loan is over 150K. I have a few masters in education. Now I'm as broke as a church mouse. I'm. also an older person who joined quite a few MENTORShips. nothing like you and your devout friends.(Pace&Jamil)I'm using this opportunity to scale back a couple of years so I can help myself to help others. Watch me scale back a few years. lol I'm on rapid. I sweat through more than 80 of your videos. Also, Pace and Jamil's video. For me, REAL ESTATE IS AN ALL OR NOTHING LAW. This is my life now.
Thanks for all the free game and educational real estate content. Plus a video like this really helps real estate entrepreneur in the beginning stages of their careers like myself. Because I definitely don't have good credit, I don't have a degree, I don't have a job, and most importantly I don't care!! Because.... with the DEDICATION and right INFORMATION you can do a deal and REPEAT and... without any of those other things above. And because of great educational videos like yours Jerry I have the information, it's just the biggest and most important part of being successful is.... THE DEDICATION OF JUST DOING THE HARD WORK THAT IS NEEDED TO BE DONE!!!! PERIOD!!..... AND I HATE TO BE MEAN, BUT I HAVE TO BE HONEST... MOST PEOPLE AREN'T SUCCESSFUL BECAUSE THEIR LAZY! IT'S AS SIMPLE AS THAT...... THANK YOU JERRY, FOR ALL YOUR AWESOME CONTENT. ITS DEFINITELY ADDED GREAT VALUE TO MY REAL ESTATE CAREER.
@flippingmasterytv Thanks for the acknowledgement! Looking forward to our Interview sir!! 😎👍💪
Jerry I love it, you’re a flipping genius.
I really appreciate you sharing your knowledge and advice for free to us folks that do not yet have the knowledge or means. Thank you.
Hey! Did you ever get the help you need? I would love to help you in any way I can especially funding your transactions. Reach out anytime.
Jerry, I love it. You're a flipping genius
Jerry. I love it ! You are a flipping Guinness!
Jerry I love it! You are a flipping genius ‼️
Jerry I love it Buddy! Very creative! You are a flipping genius! Peace ✌
Jerry I love it, you are a flipping genius!
Jerry i love it, you are a flipping genius!!! Shout out from OHIO!!
I needed this video thank you immensely
I love how he called me out and said I’m irresponsible with my money. I couldn’t argue lol
Jerry, you are a FLIPPING GENIUS!
Jerry, you’re a flipping Genius ! 🙏🏽
Love the shirt. Thanks ya flippin genius
Everyone I’ve seen including you actually require me to pay them for education before any kind of funding.
@Jena Palmer it's a big game. Millions to be made in both courses and real estate. You can learn how to do everything on his channel. Ain't gave Jerry Norton a dime but I've just about closed on this deal and have had 2 previous deals.
Loved it 🔥
Jerry, You're a flipping genius!!!
Jerry...you're a flipping genius.
What are your go to hard money lenders?
# JERRY I LOVE IT YOUR A FLIPPING GENIUS!!!
Hey Jerry can you do a video of how you give your contingency’s to agents when putting together a contract. It’s at a point to where I feel like I’m scared to even get the contract because I’m not sure how to add those contingency’s when wholesaling on market.
Tell the agent to give you a 15 days inspection contingency that allows you to cancel for any reason with a full refund of any earnest money you put down.
Jerry, I love it, you're a flipping genius! Pregunta, what if you need funding for a different state??I currently love in TN but have a flip in Guanica PR!
www.hardmoneyloansolutions.com/hard-money-loans-bridge-financing-for-puerto-rico/
@@FlippingMastery Perfect, Thanks so much bro! Would love to partner on PR, I know you're too busy for the smaller properties, but I'm not 🤝🏽
Wow! You gave me an idea!
You're still a flipping genius! I've heard of ways where you can get paid upfront by borrowing enough money to cover your profit. How does that work?
Jerry, love the idea BUT most lenders WILL in fact give 80-90% LTV but as far as construction cost will not reimburse you until construction is completed. Or you can set up draws. What would you recommend for someone who doesn’t have the money to front for rehab cost to contractors
@kylekorczynski7235, How are you since your last post? If you ever need help with funding your transactions, I would love to help. Reach out anytime.
Hey @kylekorczynski7235! Did you get the help you're needing? I would love to help you in any way I can including funding your transactions if you need it. Reach out anytime!
Great video! Anyone know how to get the cost of capital calculator ?
personal loan for people with even average credit may also be an option as well.
Jerry I'm lost how are you paying them back monthly if the deal haven't sold yet
I'm all in 😊 Genius FLIPPER JERRY ❤
Another question. Which contracts are used to do a seller finance? I found a deal on flipster that would be a great sf.
@ENTREPRE-MOMMY, How are you since your last post? Did you get your questions answered? I can be a resource for you or even funds your transactions if you need it. Feel free to reach out!
Does the LTC include closing costs?
Love it I need your help
Hey! @ralphejoh0160 ,How are things going now? If you need help with anything including funding your transactions, I can be a resource for you. Reach out anytime!
Mannn I know people who’ve been working for years & don’t have $1000 in they bank account
@johnwaltman8673, How things are going now? I can help walk you through the process, hand if you need help with funding your transactions, I can help with that as well.
Hi jerry, I am wholesaling houses on market and almost have a deal locked in. However, the agent asked for a hard proof of funds letter. What would a hard money lender want in return for such a thing?
What about the reserves most hard money lenders require you to have in the bank?
Good question… they ask for a proof of funds two months at least
Jerry,
Do hard money lenders have issues doing their funding with an LLCs? As in it's my LLC taking out the loan vs me personally.
LLC is usually fine
LLCs are not only fine, but almost always necessary for HMLs for investment properties.
Is there a way to bypass earnest money I have a deal that’s profitable but requires 8,000 EMD
why not just do 100% funding from private lenders? then there are no points carrying costs or junk fees - so 200k in funding to buy and fix and flip at say 8% interest rate = 16k funding cost for everything - paid in full at the 286k sale. so 286k at sale minus 216k total cost for funding = 70k profit to me for getting the deal and doing all the work. 16k in 5 months for the lender is good too for just lending and collecting. it is all backed by mortgage and promissary note - so for lending 200k either they make 16k or they will get the property worth 286k arv if i fail to perform . win win deal.
🙏👏 LOVE IT 💪🏁
Bro do you know what times we living in right now? The average person don't even got 5000 in any account. So what makes you think somebody will have 40k to loan out?
That’s not true. 40% of all homes are owned free and clear. You need to hang around different people
This video is killer.
Qurstion is if I go your route and get a loan today, when do I start making payments back????
@male88263, How are you? If you ever still need help with funding your transaction, I can help. Reach out anytime.
@male88263, How are you since your last post? Did you get your questions answered? I can be a resource for you or even funds your transactions if you need it. Feel free to reach out!
Jerry I like it.
So, if I understand correctly. First, you get a hard money loan. But the collateral for the hard money loan is the property.
How can the property also be collateral for the private money loan ? Is the loan backed up because I would have 20% equity because the hard money only finances 80% of the deal ?
Theres lien positions. 1st place and 2nd place Liens
hard money - 1st lien position
private money - 2nd lien position
@@Davidtheentrepreneur thank you!
I still don’t understand
@@FlippingMastery all right, thank you !
I'm a working on my first flip at the moment, gonna go visit the property next week, if this works for me, that'd be amazing !!
I'll let you know if it works ! Thanks !
Thank you for this genius idea! Can I Borrow 50$ for my first flip?
@chasecline5918, if you ever need help with transactions funding, I can be a resource for you. Reach out any time.
@chasecline5918, if you ever need help with transactions funding, I can be a resource for you. Reach out any time.
Jerry, you are awesome and I follow your content. However, you just broke down the funds needed. Yet still no real solution for the extra money. In my market, our average home before renovation is minimum $500k. It's not easy to get $150k liquid private money from "grandma" in addition to hard money. I have yet to find a solution for mid to higher end markets. All advises are based on 200-300k deals. What would you do to get low to high 6 figure private money loan?
where do you get the money to even pay contractors to fix the deal in the first place?
@YouloveJay, How are you? I can help walk you through the process. Also if you need help with funding your transactions, I can help with that as well. Reach out anytime.
Hey! @YouloveJay , How are things going now? If you need help with anything including funding your transactions, I can be a resource for you. Reach out anytime!
Jerry you are a flipping genius..btw...am I crazy for thinking why doesn't everybody to 5-10 flip projects taken on every month if the funding (both hard and private) can be sourced.
Exactly! That’s how I did 40 flips a year and made over a million with none of my own money
I have great credit ..own 2 houses totally paid for , plus flipping my 1st house now that is paid for ..and I CANT FIND PRIVATE MONEY! Banks want 2 yrs income (Im retired from self employment) ..they say my debt to income isnt enough to loan me more than about 40,000 on a refi of one of my homes! I have 3 more houses I know I could get and flip rt away if I could find reasonable funds..should I wholesale them to raise some cash??
@ttownsupreme2183, How are you since your last post? If you ever need help with funding your transactions, feel free to reach out
@@VeronicaGrimes_tc Literally just saw this post on my email.Thank You.And I hope that offers till stands.
Can I flip the house into a rental property instead
@foxxy2017, How are you since your last post? If you ever need help with funding your transactions, I would love to help. Reach out anytime.
Jerry hi. I have a great deal and need funding asap...don't wanna wholesale...want to fix and flip...
Hi do you still need a loan
@ptamukum, How things are going now? I can help walk you through the process, hand if you need help with funding your transactions, I can help with that as well.
They all want you to have skin in the game
Yep. Flippin' Genius. Thanks for helping us reach our goals, and putting all this out there. Karma will reward you !
😎
All I want to know is what he used to grow his hair back.
Today’s hard money lenders are more like 80-90% of LTC and 60-70% of LTV. With 2-4 points and 9-15% APR + $1500 junk fees. 600 or better credit score. 3-6 months bank statements and 2 years tax returns. You’re better off going with bank or credit union financing
Please define the abbreviation for LTC & LTV
@@Jeanyuhzz LTC = Loan To Cost. LTV = Loan To Value.
Im Lost like the little boy Jerry!
Who is gonna trust you though? I'd be more afraid of losing a friend or family members money than a hard money lenders who I don't know. My dad has a huge amount of capital but he's retired and I can't risk his money.
Third grade math...it really is that easy. DO IT!
what if I dont know anyone who would lend me money?....
@denajahthomas7407 , How have things been going since your last post? I'm looking for someone needing my help. I am a transaction coordinator and would love to help you in any way I can including funding your transactions.
@denajahthomas7407, How are you? If you need help with any of your transactions including funds, I can help you. Feel free to reach out.
Veronica Grimes
Thank you for cheating with us about fix and flipping formula. I looking forward to learn more
Couldn't you do just do a separate personal loan for the last 20%? Instead of asking a family member or something.
If you have good credit then yes
@aerobins12994, How are you? Did you get the help you're needing? I can help you if ever you need it especially with funding your transactions. Feel free to reach out!
Ok, I need $50,000 to flip a house, can you borrow me the money?
is this the money you need to repairs ?
what about the money to buy the house ?
@@heronleal3582 LTC = Loan-To-Cost (ALL COSTS) Purchase, Rehab, Permits, etc..
@@heronleal3582Hard Money
@@heronleal3582 Yes to repairs.
@@heronleal3582 In Massachusetts.
This video just hurt my head 😂😂
How do you mean
why did he find a way to fit dick jokes in there... hilarious but silly.
Nobody is going to loan someone $40k that easily!!!! You’re giving people false hope especially newbies in the game! If you don’t have at least $50k in the bank cash don’t flip houses period!!! Don’t rely on other people cuz most won’t help
Ok you’re right. It doesn’t work. It’s too hard. You should do something else.
This is business. You have to be able to sell yourself and convince others to invest in you, it’s how almost any company starts and I’d argue it’s why most fail.
@@FlippingMasteryI don't know a single person that has $40k to just loan out and it won't hurt them. I get what you're saying but it's shitty to make it seem like everyone has connections with someone who has $40k just sitting around.
Some of us are trying to be the one to break the cycle that many if not all of our family and friends have been stuck in for generations. For some of us ourselves are literally the only person we have to turn to.
@@Nunyabizzness86 join a RIA or a community
@@Nunyabizzness86me
You lost me at total carrying cost.
contents getting really repetitive man. Change it up some for the day 1’s. Maybe more live phone calls or something?
Hey Jerry, can I borrow $40,000? :)
@michaelbryan4618, How things are going now? I can help walk you through the process, hand if you need help with funding your transactions, I can help with that as well.
Hopefully you can answer. What if it’s your first time flipping? Will Hard Money loan the funds, for first timers? @jerry
Yes
Hey @mrtravelguy7867, How are you since your last post? Did you get the help you're looking for? I would like to be a resource for you especially funding your transactions if you need it. Feel free to reach out.
Jerry, I love it. You're a flipping genius