Dumb? move - Jerry Norton's 10K Club

Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes

5y

If you are looking for something in your area, call all the bandit signs you see that say "we buy houses".

Investor · Richmond, VA · Member since 2020 · 108 posts · 135 votes

5y

@Mary El no judgement at all but I am curious; you said you weren’t looking to get into wholesaling. What are you trying to do? Additionally, what market are you looking for deals in NC?

2 Reply

George W.

Investor · NJ · Member since 2018 · 869 posts · 921 votes

5y

No judgment, but you're paying a guy 1k to do all of his wholesale leg work? He can knit pick the deals he wants and decides if he'll pay you 10k? All the while youre stuck with a contract.

I'm not a wholesaler, but that sounds kinda like the guys getting over on you. You could probably make more than 9k on a really good wholesale deal with the right buyers

9 Reply

Mary El

OP

Investor · NC · Member since 2020 · 41 posts · 22 votes

5y

@Maurice Smith Hey man, judge away! LOL

To answer the easier question first, I'm already investing in NC (Wake and Durham counties) and have a great network for my BRRRR strategy. In June I'll be looking to diversify my portfolio - add multi-family, maybe commercial, invest outside of NC.

The answer to the more complicated question is that I was hoping to try a finder fee system. I was totally willing to pay for software but the system is advertised as "Hey, I have a guaranteed system for paying you a $10K finders fee." I totally expected to have to work for the fee. What I didn't expect was that I was going to be required to sign contracts (with due diligence paid out of my own pocket) before I can even submit the property to Deal Genie. Moreover, even if I enter all the "right" data into the system, he can still back out.

The 90-Day Profit Guarantee says: "Use the 10K Club (TM) system and you'll have made $10,000 or more within the next 90 days. All you need to do is submit at least one deal per month into the Deal Genie within the first 90 days and you'll make money guaranteed. If not, we'll give you a prompt, courteous, refund of your entire investment. [Plus more verbiage about supporting you for the next 12 months]"

Submission is actually only the first step of a multi-step review process. You have to pass an internal preliminary review AND a final review:
"FINAL REVIEW - Once your deal passes the Preliminary Review, we will be setting up a webinar with you and your realtor to thoroughly examine and go through all the information you submitted. Your realtor will be required to get on MLS during webinar as we watch this on screen. IF YOUR DEAL DOES NOT PASS FINAL REVIEW then we'll let you know why along with steps you can take either on this deal or a future deal to in order to get approval.
APPROVAL: All information for FINAL REVIEW is submitted to Jerry or their staff to provide a final approval. Once you get this we will be providing you written documentation outlining next steps and confirmation of our plans to move forward in closing on this deal so that you can get paid!"

So I'm hedging my bets and seeing who else might want to buy my first (and likely only) wholesale contract :D I only want my $1,000 back. If you make a boatload of money, you're welcome "D

1 Reply

Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

5y

Originally posted by @Mary El:

@Maurice Smith Hey man, judge away! LOL

To answer the easier question first, I'm already investing in NC (Wake and Durham counties) and have a great network for my BRRRR strategy. In June I'll be looking to diversify my portfolio - add multi-family, maybe commercial, invest outside of NC.

The answer to the more complicated question is that I was hoping to try a finder fee system. I was totally willing to pay for software but the system is advertised as "Hey, I have a guaranteed system for paying you a $10K finders fee." I totally expected to have to work for the fee. What I didn't expect was that I was going to be required to sign contracts (with due diligence paid out of my own pocket) before I can even submit the property to Deal Genie. Moreover, even if I enter all the "right" data into the system, he can still back out.

The 90-Day Profit Guarantee says: "Use the 10K Club (TM) system and you'll have made $10,000 or more within the next 90 days. All you need to do is submit at least one deal per month into the Deal Genie within the first 90 days and you'll make money guaranteed. If not, we'll give you a prompt, courteous, refund of your entire investment. [Plus more verbiage about supporting you for the next 12 months]"

Submission is actually only the first step of a multi-step review process. You have to pass an internal preliminary review AND a final review:
"FINAL REVIEW - Once your deal passes the Preliminary Review, we will be setting up a webinar with you and your realtor to thoroughly examine and go through all the information you submitted. Your realtor will be required to get on MLS during webinar as we watch this on screen. IF YOUR DEAL DOES NOT PASS FINAL REVIEW then we'll let you know why along with steps you can take either on this deal or a future deal to in order to get approval.
APPROVAL: All information for FINAL REVIEW is submitted to Jerry or their staff to provide a final approval. Once you get this we will be providing you written documentation outlining next steps and confirmation of our plans to move forward in closing on this deal so that you can get paid!"

So I'm hedging my bets and seeing who else might want to buy my first (and likely only) wholesale contract :D I only want my $1,000 back. If you make a boatload of money, you're welcome "D

YUP sell the sizzle.. can you imagine the amount of folks that sign up for the 1k and can in no way pull this off.. I suspect its the vast majority.. there simply are not enough great deals out there to create a legion of deal finders.. I suspect that anyone who has 1k and can sign is accepted into the program..

In my mind this is just cost of your real estate business just write it off and move on..

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4 Reply

Mary El

OP

Investor · NC · Member since 2020 · 41 posts · 22 votes

5y

@George W. I know, right?!

Look I understand that people are putting their own money out there based (in part) on my efforts. And, sure, be picky. Be downright tyrannical about your requirements. But, damn, tell me UP FRONT and be fully transparent about my upfront and at risk out-of-pocket cost.

I was willing to spend $1000 to play on his playground. But I thought I had a legitimate shot at getting a finder's fee for that $1,000 by submitting 1 deal a month into Deal Genie.

So, fingers crossed that the BP community finds my deals good enough to recoup my $1,000. And, who knows, maybe I'll try wholesaling (in the future)?

2 Reply

Steve Vaughan

Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes

5y

Originally posted by @Mary El:

Hey BP community, I need your help. I signed up for (yup I paid $1,000) for Jerry Norton's 10K Club. I won't go into all the details here about why I think it was a mistake after spending 5 hours with the system but I'm hoping to Try8ng salvage this dumb? decision

I say "dumb?" because maybe with your help we both can actually make some money. This is a shot in the dark but an undisclosed requirement* of the system** is that I get the property under contract before it can be submitted via his Deal Genie software.

*Undisclosed during the pitch

**There are more than a dozen requirements in order to even submit a deal.

IF I manage to get a contract AND meet all the software requirements to submit a deal, then (in theory but no actual guarantee based on disclaimers) Jerry and company will pay me $10,000. That is a HUGE if.

So, I'm wondering if the BP wholesalers can help. If I get an assignable contract would you be interested in working with me to wholesale it? I wasn't really looking to get into wholesaling so if I can make my $1,000 back I'm happy 😁

Thanks in advance!

Trying to recoup $1k has forced you to put yourself out there and network.

In a few years the grand won't matter, but the connections you make and actions you take may.

Things happen for us, not to us. -Scott McGillivray

7 Reply

Maurice Smith

Investor · Richmond, VA · Member since 2020 · 108 posts · 135 votes

5y

@Mary El Ok understood. Well whenever you get a contract; if you decide to go that route, feel free to message me. Depending on where it is I know some people you can shop it to. They may buy it. Everyone is looking for inventory right now, so you can likely get your 1K back plus some.

I have watched Jerry too, but for any of these gurus that ask for money or pitch services, I chew whatever meat there is and spit the bones out (e.g., anything that costs money). I’m not against investing in my business, but I am super careful about where is spend it.

Regarding, bringing in some extra revenue for finding deals, you could bird-dog for a fee, or as you are going about your search for properties you want to hold, you could pass along the ones that you don’t want, that may be a good flip for a referral fee. If you have the time, of course.

5 Reply

Mary El

OP

Investor · NC · Member since 2020 · 41 posts · 22 votes

5y

@Jay Hinrichs Write off as a cost of doing business is a great point. OK, I'm still cheesed but a little less so. I will say I'm learning a ton, so there's that.

0 Reply

Karl Schmidt

Investor · UT · Member since 2020 · 35 posts · 16 votes

5y

Step 1 - Ask yourself: "Why do I want Jerry to be rich". stop helping him make the money. The problem with people is they want a small piece of the pie and dont have the appitite to go after the whole pie. Why is he only giving you $1000 and not a full commission? Why are you not finding homes for your self and keeping them for the retirement payday.

Not trying to harp, but really. Focus on your own payday.

3 Reply

Dana S.

Spring, TX · Member since 2016 · 1 post · 3 votes

4y

@Mary El I realize this is an old thread, but I just watched his pitch and was considering signing up. That's when I decided to check the threads here first. I agree with you that it undisclosed in his pitch but in addition it was clearly stated (I have a screen snip) that it was NOT WHOLESALING. I hope you did recoup your money and/or were able to write it off. Any update on the program or if his trademarked software tools were helpful?

3 Reply

Dustin P.

Realtor · Tempe, AZ · Member since 2017 · 541 posts · 442 votes

4y

I think one thing to realize with all these wholesaler gurus / mentors is that their goal is not to create a bunch of effective wholesalers. Why would they want to create more competition for themselves? These guys make a lot more from selling these programs / trainings than they do from actually wholesaling

Do with that what you want but personally I wouldn't pay for any of this stuff

3 Reply

Eliott Elias

Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes

4y

Just curious, what are the requirements?

1 Reply

Juanetta Gore

Member since 2022 · 1 post · 0 votes

4y

Quote from @Maurice Smith:

@Mary El no judgement at all but I am curious; you said you weren’t looking to get into wholesaling. What are you trying to do? Additionally, what market are you looking for deals in NC?

I was on the brink of signing up for Jerry’s program because I have been interested in wholesaling for the last few months. I’ve done some research on it. I think I will bypass Jerry and get my own thing going. Especially after hearing about the undisclosed fees and rederick that goes with their approval process. I need to network and find investors here in St. Louis,MO. I’m interested in the documentation that is required to do a deal between the seller and the investor. Can anyone chime in on that? I already have a couple of properties in mind for wholesaling.

juanetta
St. Louis, MO

0 Reply

Nick C.

Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes

4y

So you pay $1000 to submit a deal to a buyer who may or may not buy it? You could do this for free. And potentially make more than $10k.

4 Reply

Lydia R.

Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes

4y

@Juanetta Gore You just saved yourself a whole lot of time and money. I know a LOT of people who have signed up for his program and regretted it immediately. I am not a fan of his AT ALL! There are so many free and low cost resources out there to help you find deals. His program is genius on his part, he has a huge following and if he can get just a fraction of them to pay him $1000 he is making millions (every 1,000 people that sign up equal 1 million dollars in his pocket) but for the people who pay the money it really sucks. You do all the work, take on all the marketing expense and then put a property under contract with only one potential buyer who may or may not buy it? You are getting the shortest end of the stick. Glad you decided to go another direction!

7 Reply

Jonathan GreeneBusiness Member

Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes

4y

Everyone who spends money on stuff like this is looking for a quicker fix so even when the program is not what you thought (most are not even close), it's on you. You likely wanted a jump start and wanted to buy someone's system to greatness which is not possible. You have to learn from people who give away their information for free and build relationships in your area to see how to do things in your market. It's not hard to create a click funnel these days for novice real estate investors because there are SO many people willing to pay to try to jump the line. You can't jump the line. Learn from those who have done it and don't ask you to pay them to teach them. It's all over YouTube in local meetups on local Zooms and in these forums for free.

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3 Reply

Antonio Kinard

Member since 2022 · 2 posts · 3 votes

4y

I don’t care what anyone say, I’m going to invest into Jerry Nortons 10k club. I don’t see any of you trying to help someone complete there first deal being an Realtor Investor? If you were as successful as Jerry ask yourself, why am I not in position to help someone else be successful? Clearly the guy has made a ton of money to help someone that’s trying to help themselves. Good luck to all of you and your future endeavors.

3 Reply

Abraham Alvarez

Member since 2020 · 1 post · 0 votes

4y

Quote from @Nick C.:

So you pay $1000 to submit a deal to a buyer who may or may not buy it? You could do this for free. And potentially make more than $10k.

I would love to learn how to do this, any recommendations on where to start ? i do not have absolutely anyone around me to guide me and almost spent 1000 dollars on the program.

0 Reply

Helena Jackson

Specialist · Orlando, FL · Member since 2013 · 4 posts · 6 votes

4y

I just purchased the Lot Flipper course and after all the work I put in to find <1 acre lots in high dollar areas, his max buy inside of Deal Genie is $13,705. Maybe this can work if the owner is basically giving it away, but he wants properties from the MLS and I'm not sure how many agents would be willing to make an offer of $13,705 max for a parcel in an area where houses are selling for $500k +. I know this is for lots, but I'm sure his wholesaling Deal Genie is not much different. I wish I saw this before I purchased the program, but if it helps others who are on the fence, then my job is done and I'll chalk it up to a $1k seminar! Best of luck to you guys.

3 Reply

Nick C.

Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes

4y

Quote from @Abraham Alvarez:

Quote from @Nick C.:

So you pay $1000 to submit a deal to a buyer who may or may not buy it? You could do this for free. And potentially make more than $10k.

I would love to learn how to do this, any recommendations on where to start ? i do not have absolutely anyone around me to guide me and almost spent 1000 dollars on the program.

If you're serious about getting into RE, get a job in RE. Learn everything you can, then go off on your own when you're ready.

2 Reply

Reginald Smith Jr.

Florence SC · Member since 2021 · 5 posts · 3 votes

4y

Quote from @Antonio Kinard:

I don’t care what anyone say, I’m going to invest into Jerry Nortons 10k club. I don’t see any of you trying to help someone complete there first deal being an Realtor Investor? If you were as successful as Jerry ask yourself, why am I not in position to help someone else be successful? Clearly the guy has made a ton of money to help someone that’s trying to help themselves. Good luck to all of you and your future endeavors.

Ditto Antonio! My sentiments exactly!

1 Reply

Helena Jackson

Specialist · Orlando, FL · Member since 2013 · 4 posts · 6 votes

4y

Quote from @Abraham Alvarez:

Quote from @Nick C.:

So you pay $1000 to submit a deal to a buyer who may or may not buy it? You could do this for free. And potentially make more than $10k.

I would love to learn how to do this, any recommendations on where to start ? i do not have absolutely anyone around me to guide me and almost spent 1000 dollars on the program.

I would suggest looking into Jack Bosch's program. It's more than the $1000 you're looking to invest, but they do offer financing and they have great resources and people who can help. Wishing you the best Abraham!

2 Reply

Mark Gabryel

Flipper/Rehabber · Tulsa, OK · Member since 2019 · 13 posts · 30 votes

4y

Just to be clear with everyone, I know Jerry Norton personally and he is an ethical business person. Just because you think there are better ways for someone to start than to join one of his things is not necessarily relevant. There’s been a big culture change in the entrepreneurial community in which we as a group think people making decisions to join something that we think isn’t the smartest way to start their business means they must be a victim of a predatory practice.

Let’s look at it with a different perspective:

If someone is getting started and does not understand that his program has a CRITERIA for properties, would it be any better sending them out on their own without knowing a criteria and having them take contracts with no clue on what a good deal is? We obviously hope people can progress past things like the 10k club, but perhaps it’s not so bad that they have a place to start that makes sure they’re learning to not lock up properties with too high of a price that they will never be able to close on.

3 Reply

Jerome Marquez

Member since 2022 · 1 post · 2 votes

4y

Quote from @Mary El:

@George W. I know, right?!

Look I understand that people are putting their own money out there based (in part) on my efforts. And, sure, be picky. Be downright tyrannical about your requirements. But, damn, tell me UP FRONT and be fully transparent about my upfront and at risk out-of-pocket cost.

I was willing to spend $1000 to play on his playground. But I thought I had a legitimate shot at getting a finder's fee for that $1,000 by submitting 1 deal a month into Deal Genie.

So, fingers crossed that the BP community finds my deals good enough to recoup my $1,000. And, who knows, maybe I'll try wholesaling (in the future)?

I do not know Jerry Norton personally but have looked at his vids on YT. He seems genuine. That being said, in the 'webinar' presentation for the 10K Club, he does state that the $1K is refundable when you get your first deal. The first payment would be the $10K assignment fee plus the refund of the $1K. At least that is my understanding. But I am happy to learn of his criteria. This was missing in the 'webinar' presentation. Thanks for the detail Mary.

2 Reply

Dumb? move - Jerry Norton's 10K Club

Dumb? move - Jerry Norton's 10K Club

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