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September 12, 2025 14 mins

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Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome back to the King Closer Reacts.
I am the King Closer, rj BatesIII, and this is the series
where I'm going to respond andreact to a bunch of different
YouTube shorts, tiktoks, reels,things like that.
But before we do that, I wantto tell you guys a funny story.
So you guys remember Pardon theDisruption, that podcast that I

(00:27):
used to do with Steve Trang,chris Jefferson and my buddies.
And well, steve decided that usdoing Pardon the Disruption
hurt his algorithm on hisoriginal YouTube channel
Disruptors.
So he created Pardon theDisruption YouTube channel
Disruptors.
So he created Pardon theDisruption YouTube channel.
Well, I gained access to thatchannel and I like to play my

(00:52):
videos on all the differentcomputers in the office because,
you know, got to get the viewsup.
So the other day I had a videothat was playing when we were
watching it from the Pardon theDisruption channel.
Now, what's funny is is I dothis all the time and so there's
the same ads that play over andover and over again.

(01:13):
Right, and you guys probablysee them.
You know every other ad is PaceMorby.
You know sub two.
And then you know there's someother little miscellaneous
wholesale ads, because that'sthe world that I'm in.
Well, funny enough, the otherday, when I was watching Pardon
the Disruption, the ad thatpopped up was for erectile

(01:33):
dysfunction.
I don't know.
Make that out however you want.
Let's get into the first video.

Speaker 2 (01:40):
The biggest deal that I've closed.
I made a quarter milliondollars in a day Wholesaling
real estate.
Right, we had a young lady shewas older than me but we had a
lady.
She was looking to sell fourassets that she had in her
portfolio.
So this is a portfolio deal,right.
Portfolio deal is when someoneowns multiple properties under
their entity or whatever Right,she wanted to sell these four
properties to get into a salonsuite Right.

(02:02):
So she sold those four assets.
Right, we sold them to athird-party company, actually a
hedge fund out of New York.
Right, we sold it to a hedgefund out of New York and we made
a quarter million dollars thatday.
So biggest deal I've done asfar as on the single family side
would be that.

Speaker 1 (02:17):
A quarter million dollars on a little four.
It wasn't like a massiveportfolio, it was just four
properties.
That's a banger of a deal,right there.
What I will say about myexperience over the past decade
of analyzing portfolio deals is,as there's more and more
properties inside the portfolio,it normally becomes more of a

(02:39):
waste of time.
Right, those sellers are goingto be sophisticated, they're
going to be investors themselves.
They know what their propertyis worth and rarely do they have
the motivation to need to sellit for that steep of a discount,
unless there's something likethis, where this seller wanted
to move on to a different careerpath.
Right, she wanted to move on tosalon suites.

(03:01):
I don't really know what thatmeans, but I'm not in that
business.
Be careful, especially whenyou're newer, that every time a
portfolio comes down that youget super excited and you're
thinking it's going to be aquarter million dollar banger of
a deal, because it can also bean extreme waste of time doing
the recon, underwriting it,getting all the comp values,

(03:23):
getting what the condition is ofeach property and a lot of
times, from rent rolls and thefinancial records, it can be a
time suck.
So be careful with thoseportfolio deals.

Speaker 3 (03:32):
We get a lot of pushback from realtors, real
estate agents, real estatebrokers.
It's funny because sometimesthe real estate agents make more
money on a house than thesellers of the house, which is
crazy.
That's insane.
But I would say that ourcompany for sure helps with

(03:54):
nuisances.
Community nuisances are, forexample, a home that visually is
a nuisance, or a home that'slike an audio nuisance.
If they're having a party, youcan call the police.
That's a nuisance violation.
Well, a visual violation is ifthey don't cut the grass, if, et
cetera.
So these homes sometimes getboarded up, et cetera, and our

(04:17):
company and our industrywholesaling real estate actually
benefits the economy.
Wholesaling real estateactually benefits the economy.
No-transcript.

Speaker 1 (04:38):
Now we piece together the person who's going to do it
.
Wholesaler, we're not going togo in, we're not going to
remodel it.
We hope that our end buyers aregoing to.
But I think the key phrase thatshe had there is the impact
that we have on the economy.
It's not only the fact thatwe're bringing properties up to

(04:59):
code and fixing the aestheticsof the property, but it's also
the fact that a lender is gonnabe able to loan their money.
That's how they make theirmoney.
The end buyer, a flipper orlandlord, is gaining an asset.
That's an opportunity for themto make money.
Title company gets atransaction done.
Contractors are gonna get hired.
Maintenance, lawn maintenancecrews are gonna get hired.

(05:20):
The electric bills startedgetting paid are going to get
hired.
Lawn maintenance crews aregoing to get hired.
The electric bills startedgetting paid.
The water bills get paid.
A lot of times these vacantproperties have no utilities on.
So it is really good for theeconomy overall and then as well
, like she said, for theneighborhood.
It can really improve it.
However, what I will say is onTikTok, I have gotten a ton of

(05:45):
pushback from when we talk aboutthis topic, people saying
what's not good for theneighborhood because you're
raising the property values andit makes housing unaffordable.
I feel like that's a littleshort-sighted.
I understand where they'recoming from but at the end of
the day, no one wants a boardedup house or a house getting torn

(06:05):
down.
In certain areas like Detroit,kansas City, jackson Mississippi
, you're seeing houses.
Actually they're forced to betorn down because the property
values have dipped so low thatno one was willing to come in
and buy those properties.
So in a lot of the areas in theUnited States we are helping
cities avoid that catastrophe.

Speaker 5 (06:27):
That's why I like wholesaling remotely.
It's peaceful, it's quiet.
Makes me want to spit someknowledge.
Give you some knowledge.
Okay, check this out.
Whenever you are out and yousee a for rent sign, it's a
landlord.
If that landlord also lives outof state, then you have the

(06:50):
perfect candidate for an ownerfinancing contract, because
having property out of state canbe hell.
When things break down, youhave to pay someone to fix it.

Speaker 1 (07:14):
When you need to grass cut, someone else cuts it.
Insurancy of gutter get.
What am I looking at?
Ai gone wrong.
Hold on.

Speaker 5 (07:29):
Let's finish spitting , or you give your money to a
property manager.
This fucking butt.
To a property manager and thenthey pay that, but you give them
15% of your money Anyway.
So right now that person paysfor insurance, taxes and
maintenance, so I don't know howmuch of the rent they actually

(07:50):
keep.
Okay, but they are settled inaccepting payments every month.
You need so Bro, bro andaccepting payments every month
you need.

Speaker 1 (08:04):
This has to be one of the worst reels ever created.
I'm not bashing on a guy, Idon't know him, but, Jesus
Christ, if I ever post somethinglike this, y'all please roast
the absolute fuck out of me.
Okay, Like one.
What's happening with thatbutton?
Why are you even trying to doit?
No one does the top button bro,no one Second.

(08:28):
You gotta spit some knowledgebecause wholesaling is peaceful.
And then he starts talkingabout seller finance.
And then we're talking about ifyou see a for rent sign and the
seller is out of state, that'sa perfect seller finance.
Why, why, why, how does thismake a seller finance deal?

(08:50):
I'm waiting to get spat on.
When is the knowledge coming?
Let's just assume that today Idecide to go on the MLS and pay
full market value for a propertywith a loan.
I'm going to use Jeremy Demers,a lender that I use, good buddy
of mine, and I'm going to gopay full market value to buy a

(09:12):
property because I want a taxwrite-off in Birmingham, Alabama
and I put a for rent sign.
And now you, because you havebeen spat on with knowledge from
this reel, call me and say Iwould like for you to sell our
finances?
No one, I can't.
I have an underlying mortgage.
My lender won't allow a wrap.

(09:33):
We're just, that's just.
We're not going to talk aboutthat.
That's not a thing.
We're not going to talk aboutthe underlying mortgage.
Two, I bought the property so Icould rent it out.
I already underwrote it withknowing I have a property
manager.
I know when shit goes wrong.

(09:54):
I got to hire someone.
Brother, if I own the houseright there, 10 feet away, and
something goes wrong, I'm stillhiring a dude to fix it.
You think I'm going to go fixit?
Shit, I'd make it worse.
What are we talking about?
I was not spat on withknowledge, okay.
I was just disturbed byeverything that was said during

(10:15):
this video.
Again, less regulations onwholesaling, more on cameras and
microphones than just randompeople.

Speaker 4 (10:22):
There's a million different ways that you could
actually start wholesaling withno money, but the truth is most
of them sound good on YouTube,but don't get beginners actually
far.
So let me break down the twomethods that I know for a fact
will get you a deal, as long asyou are consistent with them.
Number one is old rentallistings.
These are going to be tiredlandlords who cannot get a
property rented, every singleday that that property sits
vacant.
It is costing them money andyou don't need a paid tool for

(10:42):
this.
You can literally head on overto Zillow, set it to for rent
and set the actual filtration onthe dates to 36 months plus and
, as you can see, you'll startto see listings that were 145
days plus.
There are plenty of options andthe longer it's been sitting,
the more likely they are toselling at an actual discount.
I've literally had landlords inthe past pick up and tell me
that they were happy that Iactually offered this to them
because they were just entirelydone with the property.

(11:04):
And if you guys want highervolume, the second option is
going to be a bit more of agrind and it's simply cold
calling lists yourself.
It's the highest volume freemethod if you're calling county
data, but it requires many hours.
The catch here is reallystamina, but if you're brand new
, these two give you the mostrealistic shot at actually
landing your first deal Allright.

Speaker 1 (11:21):
So I love the first option there going on Zillow,
finding those four rentproperties that have been out
there forever.
But, unlike the last video, wedon't call them and say, hey,
will you sell our finance?
We just say you want to sell it.
Say, hey, will you sell ourfinance?
We just say you want to sell it, how much you want for it?
Make that cash offer.
We don't have to just jump intocreative finance because it's

(11:42):
sexy nowadays.
Cash offer is still the sexybeast out there.
It's where all the deals getdone.
This guy knew what he wastalking about.
I do enjoy the tips that hegave there.
The second one where he wastalking about pulling the list,
cold call and whatnot.
He is right, it takes stamina.
A lot of people say that you gotto do that to really earn your,

(12:05):
get your reps in and build upthe skillset.
I don't necessarily think it'sthe case.
I don't think you have to goout there and get those reps in.
But if you don't have any money, I don't think you have to go
out there and get those reps in.
But if you don't have any money, that's absolutely a great way
to go get deals.
I like the first one a lotbetter than the second one.
I think it's going to lead youto getting that deal faster than
the second one.

(12:25):
The only other feedback that Igive this kid is is less words.
There was one part.
Man, you talk so fast.
I was trying to read whatyou're saying and listen.
I I get it.
You want me to watch it overand over and over again, but
there was just too many wordsoutside of that good knowledge.

Speaker 6 (12:41):
Um, I did learn a thing about ohio.
I think I shared that with youalready.
Jasper, a wholesaler from ohio,was saying that it's it really
hasn't changed much them passingthat law that you just have to
do.
You just have to market it asan assignment.
So I was on a resimply trainingand the guy who's doing the
training is a wholesaler in Ohioand so I dropped in the chat
how do you get around the lawyou know against wholesalers?

(13:02):
And he was like oh, it's notreally an issue, we just have to
market it and say it's anassignment.
So you say for assignment whenyou're marketing your deal.
And he said he's not having anyproblem.

Speaker 1 (13:22):
It's business as usual.
So that was interesting becausewe got scared when we really
heard about the law.
So this is pretty much the casewith almost every regulation
out there.
It's more about disclosure andtransparency.
That's what they want from usbecause of really us being
morons for the past 10 years Atleast, that's how long I've been
here, so I'm sure we weremorons before I got here, but in

(13:43):
the past 10 years there's beena lot of lying and manipulating.
And they're saying, hey, we'vegot to remove the predatory acts
that wholesalers have beentaking, so just disclose what
your true intentions are.
Tell everybody, just likerealtors show up on retail
listings and tell people I'mgoing to list your house and I'm
going to get paid a commission,it's no different.

(14:03):
We're basically going and we'resaying, hey, we want to
wholesale your house, we aregoing to assign our equitable
interest to an end buyer and aslong as we do that in most
states equitable interest to anend buyer and as long as we do
that in most states we'recompletely okay, despite it
having regulations.
All right, guys, that's ourepisode of the King Closer

(14:24):
Reacts.
Hope you enjoyed it.
Everyone say a prayer for SteveTrang and his wife.
Hope everything works out there.
Let me know what you thoughtabout today's episode in the
comments.
Show me some love, like today'svideo, and we'll see you guys
tomorrow.
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