Do you want to learn how to manage wholesale deals?
Watch this short video now and hear Jay Conner & Jerry Green talk about doing wholesale deals and stepping it up virtually.
Jerry Green is a native of Ohio and currently lives in Germantown Ohio, with his wife of 17 years and their 4 children.
He started in the REI Business in 1994 after going through bankruptcy in Springfield Ohio. He began by wholesaling properties and then merged into Fix and Flips.
Since that time he has been involved with doing over 1,500 deals including fix and flips of single and multifamily rentals, and commercial properties.
He soon realized there was a big difference between just being in REI and actually running a real business. So after multiple failures, millions of dollars in mistakes, and through personal tragedy, he was able to build a true, scalable, REI Business.
Now he works as the CEO of his REI Business but is operationally removed from the business as a whole. He does a high volume of wholesale deals, which are all done Virtually.
Jerry now spends his time helping others learn the REI Business. He teaches them how to build and scale their businesses and show them how to master their Acquisition.
Click on this link to watch the complete episode: https://youtu.be/Kg7PfFcm_aQ – “ Virtual Wholesaling in Real Estate with Jay Conner & Jerry Green”
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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
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Jay Conner:
Let’s go ahead and start taking a dive into virtual wholesaling just to make sure everybody understands what we’re talking about because some people have different definitions of wholesaling. What is your definition of a wholesale deal? And what’s it look like?
Jerry Green:
A wholesale deal to me is really just looking at acquiring the deal. Now, a couple of different things in this Jay. One, I can turn around and actually just control the deal with a contractor purchase or option to purchase. And then I can assign my rights in that agreement to another party. So if somebody just steps into my shoes and takes over that and all they do is pay me basically what we call an assignment fee for putting that deal together. Now, another way that we can wholesale too, is we can actually do what we call like a double close.
We can go in, we can find a buyer, we actually take title to that and then we immediately sell it to another party. It could be it typically it’s done a lot of times at the same closing table, or it might be within an hour or two, maybe a day afterwards. So that’s typical wholesale, I’m buying and selling low, but I’m creating that. I’m kind of that middle person marketed up a little bit more. And then sewing LA still allowing enough meat on the bone for the rehabber or the individual’s going to buy it, to rent it out, to acquire the property. And then that allows them to make money as well.
Jay Conner:
So your buyers of your wholesale deals are other real estate investors. That may be a landlord. It may be a rehabber. And as you said, you’re gonna leave enough meat on the bone. And the words are enough profit for the other real estate investor that you’re either assigning to or selling to, for them to do what we call taking the deal down and seeing it right on through to the end is that right?
Jerry Green:
A hundred percent. And you know, what’s funny too, Jay though, is in today’s market. We’re finding a lot of our buyers to our owner occupants.
Because you know, everybody thinks, well, the owner occupant doesn’t have that cash. You got to throw that out of your head. There’s a lot of them walking around with a lot of cash and I love them even better than the investors because they’ll pay more money.
Jay Conner:
You know, the area that you’re investing in is when you’re doing the virtual wholesaling, so what, how many different markets are you in?
Jerry Green:
So we’re we’re in Ohio. We’re in Kentucky. We’re also doing some deals in New Mexico and in some in Indiana as well. Now we’re getting ready to actually, we’re going to our path this year. Our goal is to add two markets per quarter.
Jay Conner:
So you’re really going to be scaling this business.
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