So, you actually like do an illegal deal?
Alright gang, welcome back. Kris Krohn here and I am joined by Jerry Norton. My
good friend. And he is the King of flipping nationwide. He's one of the most
sought-after. Last 15 years, he's created an incredible
name for himself. And today, we get this question. "Is wholesaling legal?" And
wholesaling is a part of the flipping game. Instead of flipping a home, we're
talking about flipping a contract. Because you can make a lot of money
flipping a home. Where you can make some money actually flipping a contract. And
one is a heck of a lot easier than the other. But there's absolutely an illegal
way of doing that. And Jerry, you know that kind of firsthand, right? -Yeah. It
actually happened to me. And i had to pay a fine. So, you actually... Like, do an
illegal deal? I didn't actually do the deal. But the state of Idaho, basically in
their legalese, it said, "If your intent is to pay in uncommissioned sales
(Which we'll talk about) then that's bad enough." Where i had to pay a
$2,500. -So, you didn't even actually consummate the deal. But you still had to
pay a $2,500 fee? -Yeah. So, you want to make sure you're doing this right? -Okay,
awesome. So, let's learn from your mistakes. That's
why you're so good at what you do. Break it down for us. -Okay. So, first thing
you need to understand is why would anybody care if you're doing a wholesale
deal and you're getting paid, right? Why does they may care? Real estate is
governed state by state. That means each state governs how real estate happens in
their state. Now, they're all pretty similar and their biggest concern is
protecting the consumer. -Okay. -So, what that means is is it means if
you go out and the market and you assist in any way in the buying and selling of
real estate, somebody else. If I helped Kris buy and sell real estate and he
pays me for it, the state says, "Well, we want you to be licensed, we want you to
follow the rules, we want to make sure that you're being... You're not doing
anything that would hurt a consumer." So, that's where this all comes from. -So, I
just got to ask. "Does that mean that someone if you want to do wholesaling or
get into real estate, you need to become a realtor an agent?" -Well, that's what a
lot of people think. That you need to be licensed. And you don't need to be
because licensed. -Because I ain't and I'm never going to be licensed. I'm just saying, no.
-Yeah. You don't have to be licensed to do real estate. But you do
have to structure your deals the right way
so that the state or anybody doesn't accuse you of assisting in a transaction.
They call it actually a non-commissioned sales. Meaning, you got paid money and it
wasn't a proper commission through a real estate license. -Okay. So, we know
there's a wrong way to do this. The state is protecting the consumer and they
don't want... Basically, if you're a real estate investor, there's a right way and
a wrong way to get paid. The wrong way is to be acting like a realtor. Which are
not licensed to be acting in some official capacity. And then you're
actually getting compensated for it. And they're basically saying, "That is illegal."
And now, you almost got caught in a situation like that. You didn't even
finish the deal but you even got fine just for almost doing one. What is the
right way of doing this for the states. Like, "Dude, we're glad you got paid. That's
awesome, that's good normal business." -Well, first of all, let's be clear here about
what the real issue is. Real estate people, real estate license people. They
don't like wholesalers because they feel like there's these transactions going on
and they're not part of it. So, it's cutting into kind of their business. So,
they're the whistleblowers. It's real estate agents. So, if they see a
wholesaler and investor out there doing these deals, they're the ones that
typically will call the state and say, "Hey, I think this guy's doing these
transactions and he's not doing it properly." And so, now the state comes in
and wants to look at what you're doing. Okay? So, let's say that Kris says, "Jerry, I
want to buy a deal." And I say, "You know what? I know about this great deal. It's
down the street. You'll love it, Kris. Now, I'll tell you about it if you just pay
me a fee." And Kris is like, "I'll pay a fee, great!" Kris pays me a fee and then
he buys that property. That would be any illegal transaction. That would be a
non-commissioned sale that I received. That if the state found out about it,
they would not be happy and find me. -Okay, got it. Now, with that in mind, think about
now, there's a right way to do it. And the right way to do it is, I would have to go
get the contract as the buyer. Once, I have a contract as a buyer, that document
is now a tangible asset. -Okay. -And I own it. Because I'm the buyer on the
contract. I take my contract and I if I do this properly, I can say to
Kris now, "Kris, I have a contract. It's an asset. I will actually give you the
rights of this asset for a fee." And that now is no longer a non-commissioned sale.
I am selling my asset to you. -Yeah, it sounds like the difference
between being a marketer like, "I want to get paid for telling you about stuff
versus I actually have skin in the game. I actually have a position on the
property, I have something to gain in the property."
And the state's basically saying, "As long as you are in the deal, you're okay."
Because now you're getting paid as an investor not as a licensed realtor or
anything else. -I'm not getting paid a fee from you to assist in
a transaction. I'm selling you my contract. -Yeah. It's a transaction where
I'm selling my contract. -So, let's just summarize all this. So, we're talking
about is it illegal to whole sale? The answer is it depends. You can do it a
wrong way, you could do the right way. If you're using an assignment contract and
you actually negotiated for yourself to buy the property and then using that
contract to pass it off to somebody else and then get paid for doing that, That is
the right way to do that. That actually 100% works. Dude, Jerry, thank you so much
for sharing this today, man. I really appreciate it. -Awesome. Listen you guys, if
you want to actually get in the game and say, "Alright, I actually... Jerry can you
actually show me how to find these deals anywhere in the country of America in my
zip code where I live?" And then even go so far as to not just
help me find the deal. But show me how to run the numbers and then even
potentially pay me $10,000 for hooking you up with a good deal. Guys, Jerry will
actually do that for you. This is real he's been doing this for 15 years. And I
got to tell you, his system is... It's amazing. I think it's incredible what
he's created. What I've created in the buy-and-hold game, ten years become a
multi-millionaire and I compare that to what Jerry said in the wholesale arena,
we're playing in two very different real estate realms. Both very very profitably.
And if you're watching my stuff and like, "Dude, Kris, I love all this long-term
wealth building strategy and I want to be a landlord and I want to buy real
estate." But dude, what if I got a pocket some quick cash? Dude, you you're going to
want to check the link in the description and then have Jerry. He's got
a little web training online. And he and his team will actually show you exactly
how he can pay you $10,000 for doing nothing other than using his
free software to freaking find a deal. Like I don't think it gets more
amazing than that. Just final question, Jerry. Why would you
actually do that? Like, why would you give someone a free software and then even
pay them $10,000 for finding a deal? -Great question. Well I
built my entire business around a referral network. So, my goal is to
create finders out there in all markets. Doesn't matter anywhere in the US. As
long as the deal meets my criteria, I want to buy it. I've got the funding, I've
got the systems in place to go in and fix these things up. Biggest thing I need
is deals. So, if you can go out, use my training and software and the things
I'll show you right on this web training, get the deal bring it to me, I'll gladly
pay you $10,000 for that deal. -Guys, make sure that you subscribe and check out
more of the videos with me and Jerry, if you really want to learn about this
flipping game the wholesaling game and learn the best most ninja tactics on how
to do that. Jerry's breaking it all down. So,
hopefully you enjoyed the video. Subscribe and we'll see on the next one.
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