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Episode Transcript
Welcome back to wholesaling around the world,
the California edition.
And listen, California is one ofthe strangest states for
virtually wholesaling.
Because if you've been followingthis series for a while, you
know there's a directcorrelation to the size of the
population to where I rank itfor virtually wholesaling.
(00:30):
And of course, California is themost populated state in the
United States with a populationof over 39 million people.
There are so many people thatlive in California that its
population actually outranksnumber two and number three,
Texas and Florida population ifyou combine them.
So by all definitions, when itcomes to population, California
(00:54):
should be the best state forvirtually wholesaling.
However, I don't feel that way.
I don't feel that way forvarious different reasons.
That being said, there areplaces where I feel like there
are opportunities to virtuallywholesale in California.
I don't believe it's one ofthose states that you should
ignore, but I just think thatthere is high price points.
(01:19):
There are locations that arereally difficult to get solid
lead flow from no matter what,cold calling, list pulling,
texting, PPL, PPC.
It's just one of those oddballlocations throughout the United
States.
(01:40):
And so for me, I actually rankCalifornia like way down near
the bottom just because of thelow volume that we've had inside
the state.
Now that being said, I've alwayssaid anything west of Texas is
going to be a great place.
If you do get something undercontract, it's going to have a
(02:01):
pretty juicy assignment fee.
I do feel that way aboutCalifornia.
I mean, it in majority of thelocations, if you do get a
property there, you're going tomake a pretty penny on it.
Now, let me break down theindividual because California is
so large, it's not like we couldjust point to a couple couple
different locations.
(02:22):
There's quite a bit that youhave to kind of unpack in
regards to the state when itcomes to virtually wholesaling.
Starting off with the greaterLos Angeles metro area, right?
And we're including, I'mthrowing in there Bakersfield,
I'm going Long Beach, PalmSprings, Santa Barbara,
everywhere around there.
(02:42):
We're just going to say that'sthe greater Los Angeles area.
And I know for the people thatlive in California, y'all
probably don't include that.
But that's how I kind of look atit when we get leads, because
buyers from the LA area will gothere.
Now, we get a ton of titaniumuniversity members inside of Los
Angeles, which makes sense justdue to the population.
(03:04):
But when it comes to virtuallywholesaling, almost all of the
leads that I've ever gottenthere, they just don't really
ever work out.
The motivation is kind of theresometimes, but to sell it for an
extreme enough discount, I thinkthere's so many local buyers and
(03:26):
other wholesalers to competewith that it's one of the areas
that it is so saturated thatyou're just always going to have
competition.
So from the virtual aspect,you're always going to be
competing against other offers.
And by nature, virtualwholesalers, at least the ones
(03:47):
that are successful, arenormally more conservative on
their numbers than the peoplethat can go to belly-to-belly
appointments actually want theproperties.
And so, because of that, despitethe opportunities that do exist
there, uh, we we have a very lowamount of volume deals around
the Los Angeles area.
(04:08):
Also, it is a very awkwardlocation to comp and underwrite
just because the price pointsare so high for properties that
just quite frankly don't feellike they should be worth what
they actually are.
Right?
If you compare it against therest of the United States, if
you take those houses in LosAngeles and you put them
(04:28):
somewhere else, they might evenbe like 10% of what they're
worth inside of LA.
And so it just looks very odd.
And it just doesn't really evercheck the boxes for us as a
virtual wholesaler.
I don't ever go into Speed theLeads marketplace and choose to
(04:51):
pick a lead in Los Angeles.
Now, there's times where themotivation stands out, the
property is physicallydistressed, and I see it's near
Los Angeles or maybe in LosAngeles and we'll choose it, but
it always comes with kind ofthat here's another LA lead that
(05:12):
we're supposed to buy, but itdoesn't work out for whatever
reason.
If you go further south down toSan Diego, I know quite a few
people that have done reallywell for themselves in San
Diego.
Again, for me, San Diego is justnot a market that I ever
anticipate getting deals in, butwhat a fantastic place.
(05:32):
If you do get a deal, you canmake quite a bit of money there.
The average assignment fee isgoing to be much higher than the
rest of the United States if youbuy correctly.
At least it should be.
Um, so there is opportunitythere, but again, very, very low
volume for us.
And then going up north to theBay Area, San Francisco, San
(05:54):
Jose.
Um, we'll just go ahead andthrow Sacramento in there as
well.
Uh I feel like this is thelocation in California where you
could probably make the mostamount of money.
Uh, again, gonna be a verydifficult location for you to
close the deal just based off ofthe competition that's going to
(06:15):
exist inside the Bay Area.
It's gonna be very unique attimes, comping and underwriting,
right?
You're gonna have to deal withsome of the row houses, similar
to what happens in Philadelphiaand Baltimore.
But the opportunity just basedoff the price points is
extremely strong in that area.
Sacramento, not quite as much asSan Francisco, probably a little
(06:39):
bit lower price point, a littlebit more common to the rest of
the United States, uh, but gotto be very competitive there.
But probably more of anopportunity for a virtual
wholesaler to get a deal inSacramento than San Francisco.
Then I want to talk about theCentral Valley area where Fresno
is, um, Tulary.
(07:01):
That is an opportunity for youto get deals much lower price
points than the rest of thestate of California, and an
opportunity for you to even findrental properties, whereas Los
Angeles, San Francisco, right?
The cash flow kind of justdoesn't really work out.
Fresno kind of gives you alittle bit of an opportunity to
(07:21):
underwrite your deals a littlebit differently.
Now, I said at the beginning, Iwanted to talk about some of the
places that I feel like there'sopportunity for virtual
wholesalers.
And for me, I feel like it's thenorthern part of the state.
Um, Reading, uh, Chico,Stockton, some of these areas
(07:42):
up, I guess Stockton is actuallysouth of Sacramento, but that
northern part of the state,right below Oregon, is where we
have actually done the majorityof our volume.
And part of the reason why isbecause I think by nature,
that's lower population, there'sless competition.
So when those leads exist,there's not as many people
(08:04):
buying it, there's not aspeople, many people going out
and doing belly-to-bellyappointments with these sellers.
And so, because of that, we as avirtual wholesaler have been
able to contract more dealsthere.
And just due to the fact that itis inside of California, it's
almost always possible for us tofind an in-buyer for each and
(08:25):
every deal that we contract.
So, from a virtual wholesalingstandpoint, I actually feel like
the best place for you to getleads is in that northern part
of the state on the acquisitionside.
It might take you a little bitlonger on the dispo side, but
there are buyers that are buyingall up in that area.
And so personally, if I'm goingto seek out buying a deal in
(08:49):
California, a lead inCalifornia, or if I were put
into a competition and said youhave to close a deal in
California, I'm gonna say, giveme those leads in the northern
part of the states.
Yes, it's gonna take a littlebit longer in dispo, maybe a
little bit less of an assignmentfee, but I'm gonna have more of
an opportunity to close it incomparison to LA, Sacramento,
(09:12):
and San Diego.
Now, one of the things that Iactually kind of find odd is
that California does not haveregulations against wholesaling
yet.
Now, based off of my research,what we are seeing is there is
possible possibilities ofregulations coming down in 2026.
Kind of the early rumors arethey're gonna take the route of
(09:35):
you have to be a licensedrealtor of some sort to
wholesale.
But as of right now, it's justthe typical hey, camp broker
without real estate license.
You're signing the contract,you're not selling the property,
and disclose, be transparent,nothing out of the norm.
So from a regulation standpoint,California, shocking as it is,
(09:58):
as liberal as a state as it is,that there are no regulations
yet.
But I do foresee that comingdown in the future down the
pipeline.
Regardless, from a virtualwholesaler standpoint across the
entire United States, even ifCalifornia were to come with the
worst regulations and kind ofeliminate our opportunities,
(10:18):
similar to like in Oregon or inNebraska or South Carolina, that
are really difficult towholesale in nowadays, it really
wouldn't make that big of adifference because we do such a
low volume in the state.
Now, I know I'm talking to thestate that has the largest
population out there, and I'msure there's a ton of
(10:38):
wholesalers that are like, RJ'sjust dead wrong.
I completely disagree, andthat's fine.
I am speaking from a virtualwholesaling standpoint, someone
that is in an office in FortWorth, Texas, and getting leads
in all 50 states.
And so, from that perspective,if you were to ask me, do I want
a lead in Ohio or Michigan orCalifornia, I'm always going to
(11:03):
take those Ohio and Michiganleads over the California.
That's my perspective because ofwhere I'm coming from.
However, if you are in the stateof California and you want to be
a local wholesaler, I thinkthere is a great opportunity for
you to do that, to own thatmarket share and probably go in
(11:23):
and do more belly-to-bellyappointments, build that rapport
with the seller and get thoselarger assignment fees.
But what I feel, and just bytalking to you guys that have
come to us from California,you're also frustrated.
It's tough in these markets, andthat's why you're seeking to go
to easier places to acquiredeals and then make your money.
(11:47):
So let me know in the commentsdo you agree or do you disagree
on my standpoint on virtuallywholesaling in California?
I love to see the debate.
Regardless, show me some love,like today's video, and we'll
see you guys tomorrow.
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