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How to Make a Million Dollars
a Year Flipping Houses
by
Jerry Norton
Copyright 2014 Jerry Norton,
All rights reserved.
Published in eBook format by eBookIt.com
ISBN-13: 978-1-4566-2347-0
No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems, without permission in writing from the author. The only exception is by a reviewer, who may quote short excerpts in a review.
Disclaimer
This disclaimer governs the use of this eBook. By using this eBook, you accept this disclaimer in full. This disclaimer was created using an SEQ Legal template.
No advice: The eBook contains information about real estate. The information is not advice, and should not be treated as such. You must not rely on the information in the eBook as an alternative to legal or financial advice from an appropriately qualified professional. If you have any specific questions about any legal, financial or any other matter you should consult an appropriately qualified professional. You should never delay seeking legal advice, disregard legal advice, or commence or discontinue any legal action because of information in the eBook.
No representations or warranties: To the maximum extent permitted by applicable law and subject to section 6 below, we exclude all representations, warranties, undertakings and guarantees relating to the eBook. Without prejudice to the generality of the foregoing paragraph, we do not represent, warrant, undertake or guarantee:
•That the information in the eBook is correct, accurate, complete or non-misleading;
•That the use of the guidance in the eBook will lead to any particular outcome or result; or
•In particular, that by using the guidance in the eBook you will make money.
Limitations and exclusions of liability: The limitations and exclusions of liability set out in this section and elsewhere in this disclaimer: are subject to section 6 below; and govern all liabilities arising under the disclaimer or in relation to the eBook, including liabilities arising in contract, in tort (including negligence) and for breach of statutory duty. We will not be liable to you in respect of any losses arising out of any event or events beyond our reasonable control. We will not be liable to you in respect of any business losses, including without limitation loss of or damage to profits, income, revenue, use, production, anticipated savings, business, contracts, commercial opportunities or goodwill. We will not be liable to you in respect of any loss or corruption of any data, database or software. We will not be liable to you in respect of any special, indirect or consequential loss or damage.
Exceptions: Nothing in this disclaimer shall: limit or exclude our liability for death or personal injury resulting from negligence; limit or exclude our liability for fraud or fraudulent misrepresentation; limit any of our liabilities in any way that is not permitted under applicable law; or exclude any of our liabilities that may not be excluded under applicable law.
Severability: If a section of this disclaimer is determined by any court or other competent authority to be unlawful and/or unenforceable, the other sections of this disclaimer continue in effect. If any unlawful and/or unenforceable section would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the section will continue in effect.
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Our details: In this disclaimer, "we" means (and "us" and "our" refer to) Jerry Norton trading as Mentor Group, LLC, which has its principal place of business at 5406 W 11000 N, Suite 444, Highland UT 84003.
Chapter 1:
Introduction to Fix and Flip
Introduction: Hello, this is Jerry Norton, real estate expert, fix and flip guru, mentor and coach. In this book I’m going to explain my entire Fix and Flip system. It is the exact model I use and my students follow to achieve very high success and very high profits flipping houses. I want to commend you for taking action and reading this book. Before getting started, if you are an audio learner like me, then go here to get this entire book in audio format for FREE.
Let me tell about myself. I’ve been a full-time real estate investor since 2004. I currently live in Alpine, Utah, with my wife and six kids. I’ve completed hundreds of fix and flip transactions just in the past few years alone. I have a bachelor's degree in business and I am a licensed real estate broker. I sometimes have 10-15 deals going on at a time. My average net profit per deal is $25,000 to $50,000 and I’ve taught thousands of investors from all over the country my proven systems for flipping houses.
My Story: I started out working in a family business that specialized in utility contracting. I started at the very bottom as a laborer. My job was to dig holes. Those were long and grueling days. I remember coming home from work so dirty and muddy that I had to take my clothes off outside before coming in the house (imagine what the neighbors thought). After years of hard work, I finally took over the family business with a brother. However, I soon found out that I went from working at a job to even worse, owning a job. I was working harder and longer than ever before and it just wasn’t providing the lifestyle (or money) I wanted.
Then I had one of those pivotal moments in life. I read an article that said, “No other industry has created more millionaires then real estate has.” And I thought to myself, “Why not me too?” So I began investing in real estate part-time while still working 50 hours per week in the family business. At the time, I thought I wanted to own rental properties. I happened to know a real estate wholesaler and over the course of one year I acquired 8-9 rental properties from this wholesaler. At the end of that year I took a look at what I had done and I thought to myself, “I’m getting some cash flow and this is great, but where is the money? Where is the real money?” I had a small family and bills to pay and needed money now not someday in the future. I took a look at this wholesaler who had flipped me these deals. On average, he had profited $8,000 per deal that he flipped to me and realized that he made some good money over the past year and that was just with the deals that he did with me.
Then I did something that if you do too, will separate you from the masses. I TOOK ACTION! I attended a wholesaling seminar and upon returning home, in my first month as a wholesaler, I wholesaled 6 deals and made $52,000! I was sold on wholesaling. In 2005 I became a full-time wholesaler and continued wholesaling several houses each and every month.
In 2006 the real estate market nationally started to decline. In the market where I was living at the time in Michigan, it really dropped. In fact, values declined so much so that Michigan started attracting out-of-state (and even foreign) buy-and-hold investors. As a wholesaler I saw this as a great opportunity and soon started wholesaling to these out-of-state investors. Before long, I ran into an obstacle. These non-local investors would buy a distressed property from me at a
