How To Explain To A Real Estate Agent That You're A Wholesaler
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- Опубліковано 5 вер 2024
- In this video, Jerry explains to his coaching student Kirt how to explain to an agent you're a wholesaler.
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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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I never tell them I'm a wholesaler or an Investor. If they ask, I just say, "I buy real estate." And leave it at that. It's worked well for me so far
Good call. It's amazing how even the term 'investor' spooks certain realtors and sellers. It hasn't been beneficial in the majority of my conversations with agents, especially realtors who are wannabe investors, or player haters. They'll need to be finessed if they have negative preconceived notions about working with investors.
Ultimately pros working with pros should be the ideal scenario
i did this and the agent is still reluctant. I dont know what to explain to her...
@@xavierprieto884this guy gets it
How does this work when the contract is made? 🤔
@@InvestorDad408 well you still get the deal done. Nothing changes. All we're talking about is how to get around a seller when they ask if you're a wholesaler or an investor. Some sellers get annoyed because so many people contact them so a good answer would be to tell them you buy real estate. Obviously their property is for sale so they're going to want to get the deal done. Hope that helps
Bravo.. Well explained. Remember it's an Investment and the livelihood of your business. If the #'s don't work. THE #' S DON'T WORK! The heck with people's feelings! 😒 It's a #'s game people. PERIOD!
Jerry, you are an excellent communicator. I admire you for your intelligence
Thank you, Jerry much appreciated as always
Perfect choice of words and well said.
Wow, you have made a video for everything. Jerry, you're a flipping genius
I love Jerry's videos. Always so thorough.
To the kid in the beginning, I’d love to do business with you you seem like a great kid!
This is why Jerry Norton is a flipping genius
This video came right on time! I have been calling agents and as soon as I tell them the criteria as soon as I say the contract must say “and/or assign” or that EMD money will be paid after due diligence period of 10 days. They ghost me. I also spoke to the title company and she told me that no agent is going to let you put EMD money after inspection period. So in other words the agent wants everything sign sealed delivered all at once. How do I handle this?
just make sure the emd is refundable if the contract is cancelled. If it is a matter of money, you can JV with someone else who his will to put down emd instead.
See they take $200 not refundable due diligence.
Jerry your a flipping genius!
This answers sooo many questions for me. I had one under contract with an agent and we had talked about how I might assign it to one of my partners and she was cool with that. But she saw where I posted it on Facebook marketing my contract LEGALLY. It ended up pissing off the agent and the seller and we ended up canceling the whole thing. As far as posting my deals on investor Facebook groups as long as I'm legal here, what do I do if that happens again? I'm not trying to deal with this every time.
You could call another agent and tell them that you need a buyer for a property that you have for sell and pay them the commission
I'm curious as to how they came across it on Facebook? Where the intentionally looking for it? Otherwise why would they be looking in an investors Facebook group?
@@40EntrepreneurDrive they might’ve posted on marketplace possibly
@@40EntrepreneurDrive realtors who work with investment properties are in those groups.
Hey Michael Embrey. I work with agents all of the time. I can help fund your EMD on transactions if you need it.
My first wholesale deal just got squashed on my second day of working the deal. It was squashed by the broker. I was going through a fairly new real estate agent and I was the new wholeseller talking about wholeselling, trying to be real candid so we could do the deal correctly. Haha. Squashed within 24 hours. Oh what a great investor house it was. The one that got away. It needed so much work, this old house. Was excited to have it as my first wholesale deal. But now I'm a bit blue. Lessen learned the hard way. Lol
Keep going
@@FlippingMastery thank you for the encouragement. 😉 Oh I will. I've wanted to do this for too long. And once I set my mind to something I always finish. Been learning about this thru UA-cam videos for about 4 years now. Guess I'm about as ready as I'll ever be. 😉
@@FlippingMastery you know UA-cam only allows me to see one of your replies, though it says that you replied twice. I only see the "Keep going" reply. Perhaps UA-cam considers a like or heart symbol a reply. I hope I didn't miss something good. 😉
@@FlippingMasterydo you think it’s better for beginners to focus on off market or dealing with agents?
I saw a listing a while back that said "no assignments" here in Colorado. I thought about calling asking why, but since I wasn't interested in the property I figured that wasn't a good idea.
Even if that were the case, double close. Use my money
Usejerryscash.com
Yep double close
Another GOLD Video
Thank you Jerry
Hey everyone I’m new to wholesaling and I had a few questions about assigning the contract, after you sign the purchase agreement and it’s assignable do you ask the agent for an assignment contract? Or would you have to get an assignment contract paper yourself
you get it yourself. You need a purchase contract which your seller will sign, then you will take it to the title company. After you get an assignment contract that you make your buyer sign you take that contract to the title company as well, if you find a wholesale-friendly title company they should know what to do.
@@ezequielmartinez3582 oh okay thank you so much, but what if I’m doing this online and with an agent ( an on market deal) do I send that assignment contract paper to the agent since they handle all the paperwork what gets handed to the title company??
@@syedraveen9473 Ideally you would use the double dip strategy, which means you ask the Agent to represent you as well. In that case he would write the buyers contract. (DO NOT SEND AN ASSIGNMENT CONTACT TO THE AGENT OR ELSE HE WILL KNOW YOU ARE A WHOLESALER LOL) Once you have a contract in place you would go with you cash buyer and make him sign the assignment so he could take over the contract. ( assignment contracts is only discussed between you, the cash buyer and the title company, the agent doesn't take part of that conversation )
The title company will take care of the rest.
I hope that helps. Jerry has so many information on his channel i recommend you watch literally all his videos and take notes .
I hope that helped
@@ezequielmartinez3582 awesome, sounds good. That helped tremendously man, thank you for taking time out of your day to help me. Best of luck on your journey
@@syedraveen9473 best of luck to you !
new at this.... do I send the real estate agent the wholesale contract
I get hung up on the part where an agent asks me to send pof BEFORE they submit a verbal offer. Because it takes a couple days to get a soft pof and in that couple someone else who actually has the funds or someone who has an investor that sends them pof before they get the contract will end up getting the deal before me.
You can get soft pof under flipster
Jerry should I pay the $400 to have an inspector go out and get a scope of work for my contractor? It feels like I'm throwing money in the wind when my buyers bring their own inspectors to the investor open house/repair party day.
Jerry, I'm using your deal analyzer for an on market deal. House is $100K. And based on the light cost for repairs & ppsqft, my MAO is under $70K. I know it's a numbers game, but I really want to get a solid grip on running the numbers correctly so I can make sure I'm taking care of my buyers. What are your thoughts on my MAO & what would you suggest I do to get better at crunching #'s?
@Antwaun Brunson I fund EMD on transactions. Let me know if you ever need help with that.
@@veronicagrimes. For any state?
@@antwaunbrunson3450 Yes, but the right title company or attorney is key and there are steps I take to make sure that I get my EMD during inspection period in the event something goes south.
@@veronicagrimes. I agree. Smart.
When you found a property and want to get it under contract/agreement what is the seller want to provide the purchase and sell agreement ? Will I just have to make sure it’s an assignable contract ?
@mgwhoadie241, How are you since your last post? I can help you fund your transactions if you ever need it.
Yep make sure assign on it n due diligence period. If dont want assign, then make sure due diligence period n double close
Jerry, The flipping genius himself! How do I get a real estate agent to use my contract & title company?
Hey @xixtheuchhiakingxix , 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.
3:34
Soild! Thanks Jerry
why would a contractor show up to a job site to give an estimate for a deal that they know you are wholesaling...
To provide to the cash buyer
These newer member and people you help out. Just need a little better problem solving or. Pre convo with themselves. Do your homework on the property all the number. Try to assume how the convo will go so you know what to say if it comes up. Like shadow boxing but in this instance. Shadow Dealing
So question, can you the (Wholesaler) use transactional funding to close on the property and sell it to the investor?
I hope that makes sense 🤨
Yes!! Double close!!
What sales books do you recommend to learn selling.
What are the states that require seller’s permission to assignment contracts
Google?
Hey Jerry, do you recommend someone new to find the buyers first? Then call on market deals? Or vise versa
This one best advice!!! Awesome!!
Does anyone have the actual agent contract every time I go to his website it keeps telling me to go to a webinar and doesn't send the contracts.
are there any issues when you have a deal and the buyer is being represented by a real estate agent?
How can people get the opportunity to ask you questions like this?
Fasttrackwithjerry.com
I’ve noticed agents hate wholesalers. Most of the time agents realize I’m wholesaling and reject me
They hate bad wholesalers. They love me ❤️
A lot of agents have had horrible experiences with wholesalers. I actually had one agent tell me that after I asked her if she had encountered a bad wholesaler in the past after she started getting all apprehensive towards me.
Does anyone know a good skip tracing program. I paid for 3 and they all been terrible.
Hey Kemet, I know someone who can help you out with skip tracing.
BatckSkipTracing
@@isahia Thanks family! 💯
Joinflipster.com
@@FlippingMastery Copy! Thanks my man! 💯
I have a deal., I do not have a cash buyer yet.... It's an attorney state... Will I need to have proof of funds?
Or should I find a cash buyer and have him provide this ? - I dont want to get stuck when I reach this part of the deal
With a pro or prime level subscription to flipster, you get unlimited custom proof of funds letters for as many offers as you want. To learn more go to: Getflipster.com
@allansawe6342, How are you? Did you ever get your first deal? If you need help with transaction funding, feel free to reach out.
So I just turned 26. I'm in a really bad point in my life to the point I honestly could be going homeless, however, I'm making it out of that. I've been told I could get into wholesale with little or no money. I have good credit. Could someone possibly mentor me on wholesale? I really want to get into this so I can get my life on track, and help my mom since it's just her now. Please reach out to me as soon as you can anyone. If you can't be a mentor please just point into right direction or where I could find one.
I'm more then willing to put in the work!
Don't even try. Get a solid foundation with at least a few grand saved up first.
@@jackjack4412 the only problem every chance I get to get on my feet ppl let me down. Roommates run out m me, and I'm stuck in debt till I find a way out.
Are these students in your fast track system?
Yes
hey jerry what if they ask you right off back if you're a real-estate agent??
Do you recommend making the offer upfront or after due diligence?? And after the offer, how do you tell them you’re going to assign for 5k-20k? 😢😅
Double close
I have a quick question. Do you recommend contacting the real estate agents via text or email? or should it be phone calls always? I just invested in the software yesterday and spent the entire day today looking and analyzing deals. The buy price keeps coming under $100K. I am just learning this and don't want to go in with low offers but will if that's what it will take.
Hey! @petercruz6608, Did you get the answers you're looking for? I am a transaction coordinator and would love to be a resource for you. Feel free to reach out.
Jerry I have a question I’m underage I’m 16 years old is everything in real estate possible at my age in the aspect of contracts and legally because I can definitely get the work done ✔️
Need to be 18 to sign contracts
Have mom or dad sign contracts while u do all the work
I love Jerry and super pumped to be a part of the 10k club
Can they sue you if you misuse words?
If enough meat on the bone I’m going straight for the double close eat the cost and keep it moving
EXACTLY
I let a realtor know I’m a real estate investor was that wrong?😭😭 she’s gonna be showing me the property etc and gonna be helping me w making a deal did I go the right way or should I say something else?
Nope u are investor. Let know if property does not fit portfolio. I going to either flip n rehab, buy n hold, or give this property to one my partners that best fit them. No matter what I do. The price we agreed upon will be final nothing will change
Hey Jerry I just bit on my first house and I’m expecting to talk to an agent tomorrow, house is going for 185000 but the arv is 358560 if my math is right I offered about 180000 looking for 20k profit and 50k repair fees (2241 sqft with prices $160/ sqft in the neighborhood) seems like a good deal but now Im extremely nervous for that phone call. What’s next???
Update: I purchased Jerry’s proof of funds letter and the agent will be in contact with me soon. Currently bi ge watching Jerry’s videos wish me luck 🤞🏾
@@Slimmsizzle3x Any updates?
Did you have any luck on closing
Hey @sincerechandler8733, How are you since your last post? If you still need help with funding your transactions, I would love to help. Feel free to reach out.
Any updates on your deal?
Jerry you're a Flipping Genious. One question, who is that lady I think she is very beautiful
I got yelled at by a agent on my first wholesale call, because I wasn’t from Arizona
Why?
That's a bad agent. Out of state institutions invest all the time, FOREIGN (over seas) investors, invest all over the US. It doesn't matter if you're out of state or not, as long as you have or can find partners/cash buyers in that area and can close on it.
@@FlippingMastery i probably wasn’t confident, it really unmotivated me a lot. But I had called him and he ain’t answer so he later called me, and I said “one moment, I need to pull it up on my computer” when he said “which listing? Haha, I have a several”, then he proceeded to say if I’m a out of state investor and that he hates working with “you” people, and to never call his number again. Felt like giving up honestly cause it was literally my first call but I sacrificed free college for this and it seems like im just not able to, but im going to keep trying
@@SOULJALOS thanks man, i needed this ♥️
@@Tony40022 that’s normal. Do it 100 times a month and you’ll get deals!
Can I wholesale a deal if the owner or the property is an LLC company? I'm sure I've watched it here but can't find the exact situation. I'm looking at the MF that is owned by LLC
Of course. It's the same exact procedure. Simply put the LLC as the seller in the agreement and then the name of the owner/ CEO at the bottom to sign.
Jerry, you are beginning a little unfair to the rest of us. We are not all in the position to actually close on these contracts. I think 90 percent of wholesalers will shoot themselves in the foot according to your words. It's s great line. I would say still use it even if you can't fund and close the deal yourself. Fake it until you make it.
Not true. You can get funding to double close. Use my money
Usejerryscash.com
@@FlippingMastery I saw this after watching videos for approximately 4 years. Desiring to wholesale and learning from UA-cam videos for this long. I then discovered it cost $1000 to usejerrysmoney. I understood the reason behind this is to only have this opportunity available to serious people. Funny thing is I am serious, just don't have the extra $1000. I'm serious enough to finally have jumped out there and started this week. I figured the extra I still need to learn will be learned best while doing it. So started yesterday. Fell flat today because I was going through a real estate agent friend who needed to ask her broker (boss) about doing a wholesale deal cause she hadn't done one before. I myself being all candid and everything else, agreed with her cause my friend didn't know how to do a wholesale deal, and well it sounded good to me cause I am still learning too. We need to do the deal correctly you know. I was just being so honest, then got chance to talk with broker today. Well my light was squashed out. My first lesson was learned today. Do not mention the word wholeselling to an agent or broker. This lead me to this video. My poor friend now can not get the commission and poor me 😉 can't make the money. Hey its just a learning curve. But I have to regroup, get undiscouraged, and get a new improved plan of action. So what am doing at 11:30 pm? Still learning more about this. 😉
Mind if I have Kirks email or number? I live in Arkansas and had some questions for him if possible
So agents have been watching this now and sharing it with their agents buddies they are upset lol it sucks to be a agent and leave money on the table because you don't like Wholesalers, maybe get another job? 🤷🏾