Dumb? move - Jerry Norton's 10K Club
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 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!
I’d be willing to pay someone the same fee for a deal so good that the stars almost had to line up. For that matter I might would be generous and let someone pay me only $500 for me to agree to think about thinking about analyzing and maybe thinking about doing the deal. In all reality if there’s a deal that Jerry would give a 10k finders fee for bring it over to papa Joe instead.
^^^Those two virtual assistant/bots working for Jerry are pretty obvious to spot.
Hi, all!
Just an FYI that I just sent this page to Norton's customer service asking if these things were true and received this response.
I could have sworn that the video ad specifically said this was not wholesaling :( !
Don't most investor have a criteria? His criteria might be high but it is his money that would be invested. I would be more upset if I didn't know what he wanted and wasted my time sending offers that were never going to be approved. Wasting time on both ends. I thought you would get a lot of no's before you got a yes. We need to not give up so easy if things just don't go 100 and fall in our lap.
I’m very interested in this program as well as it’s a nice relief to have that cash buyer already lined up. The anxiety starts when you get the deal for most people because you don’t know if you can actually close it or you’ll find someone to buy it. How embarrassing is it to have to cancel lol That’s what seems to be so appealing about his program, butttttt I do understand where the OP is coming from. The fact that you can only get jerry’s advice about the deal AFTER you have the contract is what is concerning because if he wants the price lower, it’s too late. Now you’re stuck with a deal probably no one wants. It would be a whole lot better if you could actually talk to Jerry and see what he would pay for the deal you find before locking down the contract, that would make a lot more sense….
Quote from @Maurice Smith:I’m going to buy into the 10k program not just for the possibility of getting paid the 10k by him but for the lifetime access to his tools. He charges $97mo for flipster and other tools included in the program lifetime access. I plan to use those tools to find my own deals and wholesale them for higher profits. That is the value I see in the 10k Club.
@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.
I didn’t know you get a lifetime access to his tools as well, that’s actually really great…I do love his tools, a lot of what he has in flipster you can actually get for free like the datacruncher and deal analyzer. That’s actually very legit and saves a ton of time. I wander if the people in his challenge are such beginners that they don’t know how to calculate arv correctly??? Does Jerry tell you exactly how to calculate arv and EXACTLY what he is looking for?
Quote from @Jay Hinrichs:
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 $1,000 back. If you make a boatload of money, you're welcome "D
YUP sell the sizzle.. can you imagine the amount of folks that sign up for the 1k and can in no way pull this off.. I suspect its the vast majority.. there simply are not enough great deals out there to create a legion of deal finders.. I suspect that anyone who has 1k and can sign is accepted into the program..
In my mind this is just cost of your real estate business just write it off and move on..
The problem with Jerry Norton is if you don't do everything exactly as he thinks then he will deny the deal! They always find a problem with the deal you submit usually it's on the comps they will say you missed this house that was closer to the property that you submit.
Hi I know this is an old thread but doesn't he provide a proof of finances with the deal so its easier to get houses under contract? I understood it as 1000 fee to basically "use his financial backing" to get houses under contract easily. Even if he doesn't buy them can't we wholesale them to someone else for more if we want?
The problem with his course is that he makes the qualifications so that he wiggles his way out of the deal. Unless he has changed which I doubt he has. If you can find another investor who is willing to take the deal and they can make money you are probably better off to deal with them instead.
Honestly That's the plan, do I need his proof of financing to put in an offer or can I just di it without it?
If you get an investor and you flip it to them then you don't need financing or proof of funds.
Jerry Norton is still SCAMING people with this system. He strategically HIDES INFO from you such as "must have a SIGNED CONTRACT & other crazy criteria including the FINAL REVIEW." He advertises this 10K club differently than what it really is & SCAMS PEOPLE OUT OF A LOT OF 1000$ !!!
Thank you soo much Mary for posting about your experience & what this 10K club is really all about, as I almost bought this FALSELY ADVERTISED SCAM DEAL! I hope you keep this post up to prevent others from purchasing the 10K club without knowing what they are getting into, & hope that you have got your 1K$ back!! I'm so grateful to you, you have no idea!!!
I've scheduled a zoom meeting with you at 10:00 a.m. but I did not find it in my email and I don't know what the subject line is if you don't mind please send me a link to the zoom meeting.
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)?
its a win win for jerry. you're putting the information about the property on his platform, which he clams they don't have access to only the student. I have a friend who also joined his 10k program and notice that a day or 2 after posting the info ,the properties would have a contract on them. They were located in different states.
One of your best options is to secure the deal.
Then you can call any numbers on bandit signs in your local market. Also, go to your next local REIA meeting and let the investors know you have a deal. Someone may be able to take it off your hands after that.