Lecture on Wholesale Real Estate

Introduction

• Speaker: Jerry Norton
• Topic: Wholesale Real Estate
• Objective: How to wholesale your first house in as little as 21 days using a 10-step process.

Overview of Wholesaling

• Real estate wholesalers find and negotiate deals on distressed properties.
• They enter contracts with sellers and then assign contracts to investors (cash buyers) for a fee.
• Profit: Difference between what the cash buyer pays and the wholesaler's contract price.
• Wholesalers add value by sourcing good deals for cash buyers.

Personal Background

• Jerry Norton transitioned from construction to real estate wholesaling.
• Within three years became a millionaire through wholesaling.

10 Steps to Wholesaling Your First House

Step 1: Set Up Your Business

• Establish an entity for liability protection and tax advantages.
• Register with the state, obtain a tax ID, and open a business bank account.

Step 2: Choose and Learn Your Market

• Select a geographical area with ample opportunities.
• Consider virtual wholesaling in a market with at least a 500,000 population.

Step 3: Generate Leads

• Identify distressed properties and motivated sellers.
• Utilize software like PropWire for free lead generation.
• Contact real estate agents for listings on distressed properties.

Step 4: Calculate Offer Price

• Determine maximum allowable offer (MAO) to ensure profitability.
• Use Jerry’s offer calculator to simplify the process.

Step 5: Present Your Offer

• Emphasize the importance of making many offers to secure deals.
• Goal: Make 100 offers to secure one deal.

Step 6: Execute a Contract

• Secure a legally binding contract to move forward.
• Use digital contracts for efficiency and convenience.

Step 7: Open Escrow with a Title Company

• Title company will handle title search and facilitate the closing.
• Ensure they are familiar with wholesaling and assignment of contracts.

Step 8: Find a Cash Buyer

• Build a list of cash buyers over time.
• Use methods like neighborhood flipper, Facebook groups, and PropWire.

Step 9: Execute an Assignment Contract

• Assign the contract to a cash buyer for a fee.
• Secure a non-refundable deposit from the buyer.

Step 10: Close and Get Paid

• Title company finalizes the transaction and sends your wholesale fee.

Additional Resources and Support

• Offers mentorship and a partner program "Fast Track with Jerry".
• Provides free resources like scripts, calculators, and training videos.

Conclusion

• Encourages consistent deal-making for sustained success.
• Offers additional training for those looking to scale wholesaling business.