How To Get Into Real Estate Flipping

How To Get Into Real Estate Flipping
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    Friends, flipping has made me a lot of money but it pales in comparison to what
    it has done for my good friend, Jerry Norton. So, I've got him as a guest today.
    We're talking about how you enter the market and get into real estate flipping.
    So today, we're going to cover real estate flipping 101.
    -Alright. Welcome guys and I'm here with Kris. And we're going to talk about real
    estate flipping 101 - How to get started in real estate flipping? If you're
    excited about learning how to make money like right now, not a long term strategy
    but a short term strategy, then that's we're going to be talking about today. -And
    real quick pros and cons. I mean obviously, the pro is if I can flip a
    deal, I can make a pile of money. And frankly, a lot of people get driven into
    the game or real estate for the money. And there's can be a con to that. And the
    con is is that, sometimes the people that are looking for the quick buck are not
    always as thorough as they need to be to actually make sure they're doing the
    deal the right way. -Yeah. -Gerry how many deals do you think you've done in your
    lifetime? -Hundreds and probably thousands. I've been doing this full-time for 15
    years, all across the US. So you know, a lot of deals. And you know what you make
    a really good point? This strategy is about making short-term money right now.
    But every time you do a deal, if you want to make more money, you got to do another
    deal. It's exciting to kind of pad the bank account. But you can then also do
    some long-term strategies or reinvest that capital into long term strategies.
    -You know there's a lot of people that are here, they're like, "Hey, I need quick
    cash. I'm going to do a flip. And then a lot of people come up with a like, "Well, every
    X number of deals I do, I'm going to park my money into a hold." You know, for me, I'm
    buying a couple hundred homes every single year that "Hey, I don't need the
    money today. I don't need the money tomorrow. But in five years, I'm expecting
    millions and millions and millions of dollars to come back to me." So, that's my
    patience strategy. So, if you can combine to make money now and to make money
    tomorrow together, this can definitely give you the tools that you need for
    having a very successful strategy. And entryway into the game of real estate.
    And today, I couldn't think of anyone better than my good friend Jerry to
    really cover flipping 101 and the 3 things that you need to actually
    get in the game. -Yeah, so let's keep it simple, right? We got 3 steps here. The
    very first step is what we call finding or you know, deals. It's getting that deal.
    And we often call that finding. And so, what that means is it means I got to go
    out in my market or wherever I'm looking for deals. And I got to find that good
    deal. Now, that's step number 1. -Now, by the
    way on that first step, real quick, just give us a quick tip. What could someone
    do to actually find a good deal? Well, in your market and wherever you live, whatever
    market you're doing, there are people right now that are looking to sell their
    property at a discount. So, it's got money in it, margin in it to make money and
    they just want to get rid of that property because they have something
    going on in their lives that's stressing them out financially, the property is
    distressed. And they are very motivated to sell that property at a discount to
    you. -And Jerry and I have shot some other videos. And what I want to do right here
    is just quickly synthesize some of the best strategies that I've
    been learning from Jerry and that we've both been engaging in. The first one I
    want to bring up real quick. The double-dip. -That's a cool one. -That one is
    basically where are going out to Realtors that represent these good deals and say, "Hey,
    you can also represent me and get the full 6% commission." And now, all of the
    sudden, you become their favorite client. And they're all
    the sudden, boom! They're bringing deals to you.
    What's another strategy that, Jerry someone could use for also finding some
    good deals? -Well, you can build a referral network. We call those finders or bird
    dogs. It's people that can go out in your market and when they identify, you know, a
    vacant property or a neglected property or maybe a seller that's in financial
    distress, they can bring that to you and say, "Hey, here's this motivated
    seller I found. And you can pay them for that great deal." -Yeah and that's actually
    one of my favorite strategies. Just get the word out there just say, "Hey, I
    got money,V I'm looking for a deal and I'll pay you to find it for me because I
    value what that is." -Yeah. So, there's a couple of strategies that you have. And
    then probably a third and very typical one is just, listen. Just go find real
    estate agents that specialize in finding good deals and say, "Hey, go to town and find
    me a great deal." So, there's a number of ways to find a good deal. Real quick
    though on flipping though. If you find a good deal, that doesn't mean it's the
    deal you're going to do, right? -That's right. I mean, how often do you find something
    that looks good on the outside and then you find out it's not? -Yeah, I could have
    all kinds of things going on with that deal. -And so, that brings us to the
    second step which is, what we call analyze. -That's right. So, what we have to
    do once we found that good deal is more than likely there's been some neglect
    going on. Sometimes not much, sometimes it just needs cleaned up. Maybe carpet and
    paint. Sometimes needs everything. Needs new kitchens, new baths, new flooring, new
    paint, new roofs. All you know, like it couldn't eat a lot of things. And
    anywhere in between. So, what we need to do is we need to look at that deal and say,
    you know, "If I were to get that deal and then I were to turn around and fix it up
    at some extent. And then put it back on the market and look for a retail buyer
    or a homeowner, what do all those numbers need to look like? Like where... How
    do i factor everything in so that I actually make a profit?" -Yeah. And one of
    our other videos that's connected to this, you'll be able to actually see
    Jerry outlining his simple formula that he uses to determine if there's a good
    deal what it's worth what he'll need to offer. Because you need to get it a
    certain price that then factors in the repairs. -Yeah. -Factors in the carrying
    costs of the money, the closing costs and your profit. And that will help you
    figure out what does the sales price need to be. Is that realistic? what can i
    buy it for? Can I get it? -Yeah. -I mean,
    the real question is... It's not, "Is it a good deal?" The answer is yes if
    you get it at the right price. -Right. So, what is that right price? Because
    anything is a good deal if you get it at the right price. -If you can't get it in
    that price, you just got a walk. -That's right. -That I'm going to tell you the deal
    of the decade is coming along every single day. If you're looking in the
    market, you've got a great team finding. And if you know how to analyze. And at
    the end of the video, we are going to share with you a quick little hack that will
    actually show you how to wrap this whole system into something far simpler.
    Actually, find the deals for you, hand them off to other people. Get paid
    up to $10,000. -You know, that's a great point. A lot of people say,
    "There are no deals." What are you talking about? Yes there are. That's a
    scarcity mindset. -Well, in the link in the description below,
    Jerry's actually... He's got a little bit of a training that he does online for
    you and then he gives you full access to actually his free property finder. And
    what it'll do is it'll actually find the properties for you. So, that there's no
    excuses. As long as he live in the United States, his system works inside of
    America and every zip code. And will basically find all the under market
    value properties that you can analyze. And that brings us to the third step
    which is? -Funding. -This is kind of the fun one. Because this is when you get paid.
    -That's right. So, once we've got that deal, we've analyzed it, we're going to assume
    that we've now made an offer. You know, we got that deal, we got a contract under
    that price. Well, if you're going to do a fix and flip, your next biggest obstacle is
    funding. Somehow, there's you got to be able to pay for that property, to buy it
    and fix it up. -You got to get some money. -Yeah. Bottom
    line. -And there's a number of ways that you can do that. And then there's
    actually like a really cool shortcut so you can avoid it. But I mean the big one
    is, obviously there's you can find people out there that have the money that can
    take it down cash. In one of our other videos, we actually talk about how you
    find cash buyers. And it's actually kind of... Let's just give them a little
    taste of it. It's a really cool ninja strategy. Where the MLS houses, all the
    past deals and you can sort through and find the ones that have actually bought
    cash in your area. And you could track down all of those buyers and say, "Hey, I
    got another deal. -Yeah. That's right. -So, that's one way of getting an all-cash
    buyer. But you've got to be able to line up the money if you're going to do the
    whole flip. There is an alternative though where you can skip, you know... Think
    about it this way. If you've trapped $50,000 of profit, how
    would you like to walk away from 100% of the rest of the work?
    But maybe get paid a quick 10 grand. What's that called? -We call that
    wholesaling. And that's exactly it. You don't actually bring the money in to buy
    the deal, you don't manage it, do the rehab, find a buyer, none of those steps.
    You get to skip all of that, take a little bit of a profit. Leave enough meat
    on the bone for the next guy. Let them do all the work. And then you walk away, you
    take that little bit of money and what's cool is since it didn't take you any
    time tied up in that deal, turn run go do another one.
    -Yeah. So, there are literally some people out there that are in the flipping game
    and they're managing all of the rehab, all of the work, everything. And then
    we've got other people that say, "I always skip that part. I take the safest portion
    of the profits. And I'm out of the deal." So, whether the numbers were
    miscalculated or maybe the market takes a downturn or maybe it became more
    expensive, you know, listen... I don't get the upside, I don't get the downside
    because I took my money. And some people will literally specialize in wholesaling
    and some people say, "No, no. I've gotten good enough at the flipping game that I
    actually know my numbers and I'm good at it and I know how to win in it."
    So, you got 2 options. -You know what's so cool though about that wholesaling
    strategy is when that closing takes place, you get paid right up front. It
    doesn't matter what that property does, doesn't matter what that investor ends
    up doing with it. You don't even care if they rent it, flip it, you don't care
    you're out. You make that chunk of money and you'd have to deal with any of that
    hassle. That's a really exciting thing to do.
    Friends, what we're really talking about today,
    you know, when I look at how I retired at 26. And now, I'm back in the game doing
    more real estate than ever before. Last year's my most profitable year in real
    estate I've ever had in my life. When I look at what this is afforded me, because
    in my life, it's it's allowed me to travel around the world, that's allowed
    me to live in beautiful homes and drive nice cars and put my kids in whatever
    schooling that I want and customized their education, you know, I mean some of
    life's most precious memories for me come from the fact that there's always
    been an abundance of money. And that's because I got in the game of real estate.
    And that's really what we're talking about today. It is a game, it does have
    rules. And you need to learn those rules. And if it for you, the game is, "Kris, I
    want to get into the game of flipping." Then you need a mentor. You need someone
    that can take you by the hand, show you the ropes, show you what a good deal is
    what a bad deal is, help you find them. And I'm suggesting today that,
    that mentor for you is Mr. Jerry Norton. The reason why is because this is his 15
    year game. My 15 year game is holding homes over the long haul. And I'm
    patient. For those of you that are like, "I need to make money now." -ATD? -Yeah, maybe.
    But it's... -All though you have ATD's, so... -I can't tell if it's sometimes ATD and sometimes
    it's like compulsive disorder. The reason why I'm suggesting Jerry is because he's designed a
    software that will actually help you find the very best deals, his training
    will teach you how to analyze and make sure it's got the proper numbers on it.
    And he'll even pay you $10,000 when you did the work to find
    the deal to actually not flip it. But if you want to flip it, there's additional
    training and resources that will make sure that you do that the right way. He
    really is the master of this niche. And if you want to learn more about what
    that looks like, click the link in the description below.
    Sign up for his free training online. Go through and have him share with you. And
    then give them... Right there he's going to give you access. Here's the way... He's not going to
    charge you for that. He will give you the access. Right now you're getting 1,500 to
    2,000 people every week that are actually downloading your software for
    free. They're doing deals. You never hear from some of them ever again. But they're
    making money. Guys, Jerry's creating some real crazy awesome value in the world.
    I recommend him as a mentor in your team. -And you know what Kris? You know you
    might be thinking, "Well, why would you give me that for free?" Here's why. I'm
    hoping that you'll go find deals and you'll bring them to me. I'll pay you $10,000.
    But I'm hoping you'll use that software to bring me deals. I'll
    pay you for them. So, I've got a real, you know, personal motivation for doing this.
    -Well, and you know, it's kind of cool. Well, I like aligning with Jerry because on
    the one hand, sometimes he's just helping people and they're growing. And he'll
    never get anything out of it. And then there are other people where he might
    make 50,000 on the flip after giving them 10,000. That's a huge financial win
    to you. And that's also a financial win to some of it as a beginner or an expert
    just preferring that particular strategy. So... That's what I love about real estate
    is that not... It's not always a win-win situation. But there's always room for
    one. And what you've created is a win-win. And when you can create a win for the
    investor and for the mentor and for everybody, dude, that's a win-win-win all
    way around. So... Friends, thank you so much for watching this video. If you are new
    to the game of real estate and you're not a subscriber, correct that right now. Click
    the link, make sure that you subscribe. And if you want to see more videos with
    Jerry teaching other aspects of flipping, we want you to comment on that below.
    Otherwise, your next step is to click the link in the description, get access to
    that number-crunching tool. Start accessing the best deals, take your next
    step towards making your first $10,000 in real
    estate.
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