How To Get Started Flipping Luxury Homes | 7-Figure Profit

Welcome G.O.A.T. real estate investor Jerry Norton!
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Jerry Norton, a veteran in the real estate industry and recognized as a GOAT (Greatest of All Time), joins the conversation to share his journey and insights into success, work ethic, and the intricacies of luxury real estate.

Jerry Norton's career spans two decades, starting with wholesaling and later venturing into real estate teaching. Grateful for the impact on numerous lives, Jerry reflects on his early entrepreneurial aspirations and the hustle required to transition from construction to full-time real estate investing.

Both Jerry and Brian discuss the significance of developing a strong work ethic, highlighting the advantage it provides in an industry where many lack commitment to the grind.

Jerry's background includes serving a religious mission in Argentina, providing him with spiritual fortitude and resilience. He emphasizes the importance of doing hard things as a muscle, separating oneself from rejections, and managing fear.

Reflecting on personal growth, Jerry stresses the need to identify limitations and continually strive for improvement. He adopts a white belt mentality, acknowledging there's always more to learn.

The discussion delves into Jerry's evolution in priorities, from focusing on making money in his 20s to prioritizing lifestyle in his 30s. In his 40s, he emphasizes leaving a lasting influence and dispels the notion of sacrificing family time for work.

Jerry primarily engages in wholesaling but finds fulfillment in luxury real estate flips. Doing 3-6 flips annually, each exceeding a million dollars, Jerry emphasizes the importance of enjoying the process rather than fixating solely on goals.

Navigating luxury real estate, Jerry shares insights into the niche, including his preference of a high-margin, low-overhead business model. He details his approach to finding seven-figure flips, emphasizing the importance of understanding the luxury buyer's market.

Jerry's team, comprised of less than 10 people, focuses on systemizing wholesaling while approaching each flip uniquely. He envisions a wholesale operation with a 50% profit margin, aiming for 12-15 flips annually.

While he recognizes the benefits of rentals for tax purposes, Jerry and Brian concur that rental cash flow is always reinvested into the property.