Jerry, you are an excellent teacher 👏 Through your techniques and other flipping mastery videos, I am learning how to excute deals and scale on a level that I started years ago when my wife and I were fix n flipping houses but unfortunately stopped because I didn't have this knowledge to wholesale as well! You are God sent 🙏 brother...thank you for sharing . Blessings to you and your family!
That non refundable deposit works for everything. Love it. I use that for rentals... if a tenant wants the unit I take a big deposit... no flakers since 😁
Wow … I’ve been doing wholesaling on and off since 2003 …about 20 years and I’ve never gotten a non-refundable deposit from my end buyer … well …I’m going to start doing that from now on … 🙏🏽thank you Jerry… Great stuff and… You are a flipping genius! 😉 TandRHomebuyers
Hey do you mentor or support beginner wholesalers I'm just getting started or trying to prep myself to.find my.first deal Let me know. I'm little nervous in.case I get in a rut
I’m working on my first deal and have a question. When the cash buyer is ready to pay how do you receive the money from them? Do they just take out a cashiers check and how do you go about this if you are working remote?
@@FlippingMastery Thank you for your response 🙏🏽 I appreciate it. That would be the earnest money deposit and with he title do i have to send that anywhere?
Hi Jerry, excellent video/material as usual. Thanks! I'm just getting started at wholesaling and plan to use a $5k EMD with my cash buyers. On a somewhat related topic, how do you handle showing the property to potential cash buyers, assuming the seller lives in the prop? Do you have multiple showings for each buyer, thereby inconveniencing the seller, or...what I'm thinking of doing....is once I get a group of interested cash buyers, schedule one showing with a 2 hour window, thereby allowing all buyers and their GCs to preview the prop. I would then inform them that first one to sign a contract/provide the EMD gets the prop. Thoughts on this approach? Thx
@@FlippingMastery Thx....just reviewed that video....it did not address one showing vs. multiple showings....maybe that info is in a different one of your videos? Thx.
Jerry I've heard a lot of states require EMD to be held at the title or escrow company. Is it still acceptable to request the buyer to have the EMD check made out to you at the time they sign the contract?
Hey Jerry. Let’s say I have an EMD of only $100 with the seller. So your EMD with your buyer doesn’t have to match what you have with the seller and can be whatever you want, correct?
Hey Jerry, could you make a video on very popular markets and the adjustments that might need to be made to your deals to make sellers more likely to accept your offer in a market that is saturated with investors? For example in NJ where I'm from lots of distressed properties are on market and are selling for market price based on comps. The 70% rule isnt giving me a high enough offer number to be a serious competitor, keep buyers interested and collect a decent paycheck while wholesaling. Also any adjustments to your rehab cost based on sq ft and rehab severity, what degree would you adjust to in an area where contractor costs are high because of demand?
Jerry, thanks heaps for all the super solid free content. Hey, besides EMD and the Memo I'm hearing that some folks are requiring EMD for all those who appear for a showing to negate any temptation to snake a deal and get "chatty" with the owner... the buyer who is highest and best has his EMD stay with title till the deal closes while the folks who chose not to buy have their money refunded right after the walk through/when the "one" has chosen to buy... is this something you are seeing become common place in the industry? If not, is this a good or bad idea in your opinion. Thanks again!
I have a question about the Not Ref.EMD ? I got clear it's not refundable but it's a hold we as a wholesalers are holding for the assignment fee we are getting paid for that transaction?
When Seller asks for EMD, Wholeseller has his own Escrow Company hold the EMD. When Wholeseller asks Buyer for EMD, who's Escrow Company holds it? Wholeseller's or Buyer's?
Jerry I think I have a potential lead on a property that has a potential ARV of 600-700k based on Location. I saw on Zillow that it's pre-foreclosure. But the auction was last scheduled for last year. Something tells me it's still in the hands of the last owner though. I know exactly how to locate that last owner to possibly make an offer if they still have it. You said you may be interested in working something out with someone that can bring you a lead you may be able to close on. Or maybe you want to invest in it if I can get it under assignable contract. It's in NYC. LMK bro!
I’m always looking for good deals to flip. However, you need to be a member of my finder program in order to submit deals to me. Go here to learn more: My10kcheck.com
Jerry here in the Houston market the title company requires the buyer to sign a release of emd to actually get the emd if they flake, even though it’s clearly stated in the assignment that it’s non refundable. Any way around this?
hi jerry, in the offer letter do we need to mention that the EMD is non-refundable . or do we take it seperately instead of written in the offer . thank you for the information jerry. YOU ARE A JENIUS !!!
@@FlippingMastery thank you jerry for this valuable information. I have a problem with proof of funds my sellers agent asked for it where can I get it even thought I don't have money. Thank you jerry for the support !! You are a flipping genius !
@@ThanuriMendis 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
Hey Jerry, we are in Houston & have a deal where we will make $80k assignment fee. It’s such a great deal we are worried our buyer will try to go around us. We put a $5k earnest deposit in contract. Any other way we can make sure they don’t mess up our deal? Also, they wanted the purchase agreement between us and seller is that normal?
Zebadiah Franklin agents are not impacted whatsoever by you assigning a contract. However, rather than use a buyers agent try going directly to the listing agent and ask them if they’d represent you as the buyers agent as well, which is called dual agency.
Question Jerry, can my contract with the seller state something like ,"the buyer can cancel the contract as needed, if partner investor/ assignee/ buyer does not close in "x" number of days, or no shows" and EMD is refundable to buyer with no contingency.? Can I amend my contract to reflect these 2 things?
Thank you Jerry for this valuable information. I lost a deal even with a $2K EMD. All my contracts do state that the EMD is Non-refundable. Cash Buyer still cut me off of the deal and then went on putting a lien on the property stating that I did not want to give him his EMD. According, to Florida Real Estate laws the Wholesalers contracts don’t mean anything unless is a contract under the Real Estate regulations. Title companies here in Florida will not let you Assign a new contract with a new Cash Buyer unless their is a Release and Cancellation Contract signed by the Wholesaler and the previous Cash Buyer. So, I was forced to give him his EMD and let go of the deal. Which by the way the Cash Buyer got an attorney involved so that I had to give him his EMD back. Any advice on how I should’ve handled this?
Tamara Terron Im in Florida as well. This is an interesting scenario. Didn’t know the cash buyer could sue for his EMD. Couldn’t you sue him for backing out and loss of the deal in general if there was a non-refundable clause in the buyers contract? I’m wondering if this is what Jerry calls the affidavit of memorandum that we have to get recorded with the title company
Grace Jadore Hi Grace, yes I believe this is the affidavit/memorandum that Jerry talks about. My main issue in this situation was that most attorneys I called told me the same thing. My contracts aren’t a legal binding and that Title Companies aren’t going to do a closing without the Release and Cancellation Contract signed because they need to protect themselves.
Grace Jadore My original Cash Buyer backed out. Then this Cash Buyer reaches out and we sign a new contract. So the day of closing he calls stating that he needs more time to get a loan approved which by the way my contracts say “There is no financing contingency. This is for “Cash” Buyers only.” He asked me to speak to the Sellers and ask them to wait another 2-3 weeks for the lender to approve the loan. I called the Sellers explain the situation and they did not want to wait. I told the Buyer that Sellers don’t want to wait that I have a new Buyer that is interested. He refused to take “NO” for an answer and that’s when he went behind my back spoke to the Sellers offered them more money and forcing me out of the deal. Everything just got all screwed. It was just a mess.
Hi, Tamara Jadore what you should have told the seller he/she is that any decision with the cash buyer must be in writing within the inspection period, this a binding contract they just can't say "NO, I CANT WAIT". What you should do also is wait until the inspection period ran out with your first buyer before you find the second contract cash buyer#2. This comes back to at you now because this seller did not respond in writing to your first Cash buyer and you did wait for the inspection period to expired. This is just saying you are selling the same property to different people within the same time period.
If y'all haven't seen a documentary called... It's worse then you think... By revelations of Jesus Christ ministry... I suggest you do... All praise and glory to the most high Jesus Christ
![6 Challenges to Overcome Wholesaling On-Market Properties [LIVE]](http://i.ytimg.com/vi/8apKWY0Douw/mqdefault.jpg)
You continue to give free knowledge. You are greatly appreciated Mr. Norton. May the creator of all things continue to bless you sir.
Jerry, you are an excellent teacher 👏 Through your techniques and other flipping mastery videos, I am learning how to excute deals and scale on a level that I started years ago when my wife and I were fix n flipping houses but unfortunately stopped because I didn't have this knowledge to wholesale as well!
You are God sent 🙏 brother...thank you for sharing .
Blessings to you and your family!
Have you made a deal yet?
You are truly a blessing!!! Your channel has helped me in so many ways. I appreciate you 💙
My min non-refundable EMD is $2500+. Great info Jerry, thx. Always CYA cause nobody else will do it for you.
That non refundable deposit works for everything. Love it. I use that for rentals... if a tenant wants the unit I take a big deposit... no flakers since 😁
Hey Jerry this is a real Gem 💎 of knowledge.. I am starting at $2500 min
Wow … I’ve been doing wholesaling on and off since 2003 …about 20 years and I’ve never gotten a non-refundable deposit from my end buyer … well …I’m going to start doing that from now on … 🙏🏽thank you Jerry… Great stuff and… You are a flipping genius! 😉
TandRHomebuyers
JERRY DON'T WORRY YOU'RE STILL A FLIPPIN GENIUS
Jerry you are a flipping genius!! thank you for all of these valuable videos, you've turned my life around!
Thank you for everything! I'm working on getting a cash buyer for my very first deal! THANKS TO YOU.
awesome! tell me how it goes!
Hey do you mentor or support beginner wholesalers I'm just getting started or trying to prep myself to.find my.first deal
Let me know. I'm little nervous in.case I get in a rut
This was a dope video good looking out
yes is amazing how you help everybody and everything am learning with you and i hope be able to close one deal soon
Thank you very much Jerry
Hey Jerry congrats. I see your channel blowing up fast! Thanks for being a positive example and selflessly giving information on every video.
Absolutely doing it!
Thanks Jerry!
Love your content Jerry. My EMD is 2k minimum
Ugh thank you.
Your a Flipping Genius🔥💯 🇵🇷 🇺🇸
Thanks
I’m working on my first deal and have a question. When the cash buyer is ready to pay how do you receive the money from them? Do they just take out a cashiers check and how do you go about this if you are working remote?
Title holds deposit until closing
@@FlippingMastery Thank you for your response 🙏🏽 I appreciate it. That would be the earnest money deposit and with he title do i have to send that anywhere?
Where does the E.M.D go after everything is done?
JN You talking dollars this MAKES $EN$E!!!
@8:57 Title Company records Affidavit and Memorandums?
Yes
So would you be able to still go through with the deal if both parties knew you were the middle man ???
PURE GENIUS!..i would definitely have them put down @ least $3,000 emd
Hi Jerry, excellent video/material as usual. Thanks! I'm just getting started at wholesaling and plan to use a $5k EMD with my cash buyers.
On a somewhat related topic, how do you handle showing the property to potential cash buyers, assuming the seller lives in the prop? Do you have multiple showings for each buyer, thereby inconveniencing the seller, or...what I'm thinking of doing....is once I get a group of interested cash buyers, schedule one showing with a 2 hour window, thereby allowing all buyers and their GCs to preview the prop. I would then inform them that first one to sign a contract/provide the EMD gets the prop. Thoughts on this approach? Thx
I explain in detail here: ua-cam.com/video/Njm5Olk4CFw/v-deo.html
@@FlippingMastery Thank you. I appreciate your time and value added!
@@FlippingMastery Thx....just reviewed that video....it did not address one showing vs. multiple showings....maybe that info is in a different one of your videos? Thx.
Like your video great valuable info thanks!!!!
Jerry I've heard a lot of states require EMD to be held at the title or escrow company. Is it still acceptable to request the buyer to have the EMD check made out to you at the time they sign the contract?
Hey Jerry. Let’s say I have an EMD of only $100 with the seller. So your EMD with your buyer doesn’t have to match what you have with the seller and can be whatever you want, correct?
Correct
Hey Jerry, could you make a video on very popular markets and the adjustments that might need to be made to your deals to make sellers more likely to accept your offer in a market that is saturated with investors? For example in NJ where I'm from lots of distressed properties are on market and are selling for market price based on comps.
The 70% rule isnt giving me a high enough offer number to be a serious competitor, keep buyers interested and collect a decent paycheck while wholesaling. Also any adjustments to your rehab cost based on sq ft and rehab severity, what degree would you adjust to in an area where contractor costs are high because of demand?
Love the intro music
Natalie D I prefer the old music, but either one gets me fired up because I know I’m about to learn something.
Thank you, JERRY for the much-valued tips you are giving to us. Can I get a discount on your Flipster?
If they do shows up for the closing and everything goes well where does that EMD money go to?
If you have heard of folks doing this... is there a certain piece of paperwork given to the folks coming to the walk through?
What happens to the EDM if everything goes as planned and the deal is good?
It gets applied towards the purchase. When wholesaling it gets reimbursed at closing.
Jerry, thanks heaps for all the super solid free content. Hey, besides EMD and the Memo I'm hearing that some folks are requiring EMD for all those who appear for a showing to negate any temptation to snake a deal and get "chatty" with the owner... the buyer who is highest and best has his EMD stay with title till the deal closes while the folks who chose not to buy have their money refunded right after the walk through/when the "one" has chosen to buy... is this something you are seeing become common place in the industry? If not, is this a good or bad idea in your opinion. Thanks again!
@jerrynorton is a flipping genius :)
I have a question about the Not Ref.EMD ?
I got clear it's not refundable but it's a hold we as a wholesalers are holding for the assignment fee we are getting paid for that transaction?
As a beginner what home price should i focus on?
$300k ARV. Less competition
Is earnest money and escrow the same?
At what percentage should the earnest deposit be compared the value of the invested amount
If im using flipster would i still be able to go through these problem? meaning non motivated seller and buyers.
Do you show cash buyer the original contract?
How do I collect the Non - Refundable EMD from cash buyers ? Do they send it to the Title company?
Correct
Flipping Mastery TV Thanks Jerry ! You have been my mentor for a while now 😁
When Seller asks for EMD, Wholeseller has his own Escrow Company hold the EMD. When Wholeseller asks Buyer for EMD, who's Escrow Company holds it? Wholeseller's or Buyer's?
Depends of if there is only one title company or two involved. On typical double closing there is only one title company.
Jerry I think I have a potential lead on a property that has a potential ARV of 600-700k based on Location. I saw on Zillow that it's pre-foreclosure. But the auction was last scheduled for last year. Something tells me it's still in the hands of the last owner though. I know exactly how to locate that last owner to possibly make an offer if they still have it. You said you may be interested in working something out with someone that can bring you a lead you may be able to close on. Or maybe you want to invest in it if I can get it under assignable contract. It's in NYC. LMK bro!
I’m always looking for good deals to flip. However, you need to be a member of my finder program in order to submit deals to me. Go here to learn more: My10kcheck.com
Jerry here in the Houston market the title company requires the buyer to sign a release of emd to actually get the emd if they flake, even though it’s clearly stated in the assignment that it’s non refundable. Any way around this?
It’s more about the message you’re sending to the cash buyer. - “don’t mess around and commit to the deal.”
Who holds the EMD?
Title holds emd
When wholesaling a deal and your wholesale fee is $10k, would you recommend having the cash buyer put earnest money be half of your wholesale fee?
definitely! min $2500 non refundable
Do you have a video for wholesaling out of state?
Here’s the playlist
ua-cam.com/play/PLNDQ7qfA7mTgdfMfaS_QoUbLtcV_icwvI.html
@@FlippingMastery Thanks!
Parabéns pelo vídeo muito bom vou deixar link e um grande abraço
What do you do when you have everything as you say and then closing day the seller doesn’t have a marketable title
Jerry, should we be telling the seller we are wholesaling the property so they are not confused when signing the contract?
no
Why not just get the assignment fee upfront instead of doing a non refundable deposit? Why wait until after the closing to get paid?
I explain here ua-cam.com/video/HRb0DbjTEK0/v-deo.html
I have a lead for a luxury property; great deal across from billionaire island. I have question for you.
hi jerry,
in the offer letter do we need to mention that the EMD is non-refundable .
or do we take it seperately instead of written in the offer .
thank you for the information jerry.
YOU ARE A JENIUS !!!
depends on your inspection. EMD is not hard until after inspection contingency ends
@@FlippingMastery thank you jerry for this valuable information.
I have a problem with proof of funds my sellers agent asked for it where can I get it even thought I don't have money.
Thank you jerry for the support !!
You are a flipping genius !
@@ThanuriMendis 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
@@FlippingMastery hi jerry,
is that flipster proof of funds letters working in Canada ?
so does that earnest money go into paying for your assignment fee you have set up?
Hey Jerry, we are in Houston & have a deal where we will make $80k assignment fee. It’s such a great deal we are worried our buyer will try to go around us. We put a $5k earnest deposit in contract. Any other way we can make sure they don’t mess up our deal? Also, they wanted the purchase agreement between us and seller is that normal?
Do u mentor for beginner wholesalers?
get affidavit memorandum or raise EMD requirement
Does the EMD go towards the purchase price?
Is their a deal price to emd ratio?
No but generally the higher the price the bigger the EMD
Who pays closing costs if it's NOT a double closing ? Will the seller pay?
typically its split
Would I be cutting out my buyer's agent when assigning the contract?
Zebadiah Franklin agents are not impacted whatsoever by you assigning a contract. However, rather than use a buyers agent try going directly to the listing agent and ask them if they’d represent you as the buyers agent as well, which is called dual agency.
Great answer!
Question Jerry, can my contract with the seller state something like ,"the buyer can cancel the contract as needed, if partner investor/ assignee/ buyer does not close in "x" number of days, or no shows" and EMD is refundable to buyer with no contingency.?
Can I amend my contract to reflect these 2 things?
No...what seller would agree to that?
Is it possible to wholesale a deal virtually? Is it possible to wholesale a deal out of state?
Yes! Go here to learn how: flippingmastery.com/vwgyt/
So, what is a "good deal?"
Is the first month of flipster free? Or less with coupon code? :)
What details/information do you send to cash buyers once you have a contract and they are interested?
ua-cam.com/video/FQK0qB0uQOI/v-deo.html
Thank you Jerry for this valuable information. I lost a deal even with a $2K EMD. All my contracts do state that the EMD is Non-refundable. Cash Buyer still cut me off of the deal and then went on putting a lien on the property stating that I did not want to give him his EMD. According, to Florida Real Estate laws the Wholesalers contracts don’t mean anything unless is a contract under the Real Estate regulations. Title companies here in Florida will not let you Assign a new contract with a new Cash Buyer unless their is a Release and Cancellation Contract signed by the Wholesaler and the previous Cash Buyer. So, I was forced to give him his EMD and let go of the deal. Which by the way the Cash Buyer got an attorney involved so that I had to give him his EMD back. Any advice on how I should’ve handled this?
Tamara Terron Im in Florida as well. This is an interesting scenario. Didn’t know the cash buyer could sue for his EMD. Couldn’t you sue him for backing out and loss of the deal in general if there was a non-refundable clause in the buyers contract? I’m wondering if this is what Jerry calls the affidavit of memorandum that we have to get recorded with the title company
Grace Jadore Hi Grace, yes I believe this is the affidavit/memorandum that Jerry talks about. My main issue in this situation was that most attorneys I called told me the same thing. My contracts aren’t a legal binding and that Title Companies aren’t going to do a closing without the Release and Cancellation Contract signed because they need to protect themselves.
Tamara Terron Good morning! 😃 I’m a little confused. Was there a previous cash buyer? Was this a daisy chain type of deal?
Grace Jadore My original Cash Buyer backed out. Then this Cash Buyer reaches out and we sign a new contract. So the day of closing he calls stating that he needs more time to get a loan approved which by the way my contracts say “There is no financing contingency. This is for “Cash” Buyers only.” He asked me to speak to the Sellers and ask them to wait another 2-3 weeks for the lender to approve the loan. I called the Sellers explain the situation and they did not want to wait. I told the Buyer that Sellers don’t want to wait that I have a new Buyer that is interested. He refused to take “NO” for an answer and that’s when he went behind my back spoke to the Sellers offered them more money and forcing me out of the deal. Everything just got all screwed. It was just a mess.
Hi, Tamara Jadore what you should have told the seller he/she is that any decision with the cash buyer must be in writing within the inspection period, this a binding contract they just can't say "NO, I CANT WAIT". What you should do also is wait until the inspection period ran out with your first buyer before you find the second contract cash buyer#2. This comes back to at you now because this seller did not respond in writing to your first Cash buyer and you did wait for the inspection period to expired. This is just saying you are selling the same property to different people within the same time period.
💲
If jerry put down a 100k emd then i wonder how much the wholesaler was gonna make on his fee ??🤔🤔🤔
Watch this and find out
ua-cam.com/video/aKfm4-PBzpA/v-deo.html
If y'all haven't seen a documentary called... It's worse then you think... By revelations of Jesus Christ ministry... I suggest you do... All praise and glory to the most high Jesus Christ