From Useless A.I. To Saving A Deal | The King Closer Reacts - The Titanium Vault hosted by RJ Bates III

Episode Transcript
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SPEAKER_03 (00:05):
What's up, everybody?
Welcome back to the King CloserReacts.
I am the King Closer RJ BaseIII.
This is the series where I watchother people's videos so you
guys don't have to.
Let's get into the first video.

SPEAKER_04 (00:18):
One of the most creative deals that I've done
was actually a student rentalproperty, and I don't do a lot
of student rental properties,but this was something that a
wholesaler was selling.
So I bought this property off ofa wholesaler and I ended up
wholetailing it myself.
Wholtailing is when youessentially close on a property
and then sell it immediately formore than you just paid for it.
And that was what I did withthis building.
I bought it off the wholesalerand I essentially sent a cleaner

(00:40):
through, cleaned it up, tooksome professional photos, got
rid of the furniture, and thenimmediately relisted that
building.
And when I did relist it, onceit hit the MLS, I actually ended
up knowing the buyer who wascoming across the deal, and we
structured it creatively on thesale as well.
And we did he did it with 5%down and we did cash back on
closing.
So 5% down, he was able to sayhe's gonna be moving into the

(01:00):
building.
So very low down payment, and wedid cash back on closing, which
allowed him to be in for zerodollars out of pocket on that
deal.

SPEAKER_03 (01:10):
So what I will say is wholetailing, I feel like has
kind of resurrected itself overthe past several months and
become more common on our inbuyers than even flips and
rentals.
Um, which this was happening alot back in 2021, right?
Almost everybody was feelinglike wholetailing was the way to

(01:33):
go because the market was so hotthat you didn't really have to
rehab houses and you could stillget uh pretty close to the after
repair value.
Now, I feel like the reason whywholetaling has come in is
because the market isn't hot, ithas actually slowed down, and
investors are actually wantingto sell the property at a lower

(01:55):
price point to make it moreattractive to the properties
that are fixed up and areselling at a higher price.
Now, what does that mean for usas wholesalers?
That means we need to be buyingdeeper than ever because if your
in buyers are going to want towholetail the property, we have
to account for that.
So, case in point, in thisscenario right here, I don't

(02:18):
know the exact numbers, butmajority of in buyers are
saying, like, hey, I'll buy at70% of what the property could
sell for today, with very littleor if any work at all done on
the property.
That's a very common occurrence.
So, for the wholesalers, payattention to those in buyers.
They could probably be some ofyour highest volume in buyers.

SPEAKER_02 (02:40):
Look, if you're new to wholesaling, your explanation
of wholesaling is typicallyreally bad.
Let me give you a pro tip here.
Stop saying assigning contracts,transaction coordinating, or
double closes.
It just kind of sounds like arobot is talking.
And with most sellers, it doesnot compute.
So here's what you should besaying.
Hey, I'm a real estate investor.
I find sellers who need a quicksale but lack the time and
resources to find a suitablebuyer.

(03:01):
I either pick up the dealsmyself or I connect them with an
investor in my network who wantsto get the deal themselves.
I get a quick finder's fee,everyone wins, easy.
Now, sometimes a seller mightsay, Hey, is this a scam?
Just respond, no, it's just aquick cash sale, no fancy
repairs, and no waiting monthson end for bank approvals.
And bonus tip if they're stillconfused, you're likely talking
too much and you're overwhelmingthem.
Talk less, keep it simple, closemore.

(03:23):
That's how it's done.

SPEAKER_03 (03:25):
Okay.
So he does have some goodpoints, but I'm gonna disagree
with the whole response to isthis a scam?
One of the easiest ways to getacross is this a scam is by
using the actual term that theseller then can go look up and
see that it's not a scam.
So if you say, hey, this is justa quick, easy cash sale, that is

(03:48):
true to a certain degree.
But if you were to explain whatwholesaling is and then use the
definition that he gave, right?
I'm gonna come in, I'm gonnafind that in buyer, I'm gonna
get my finder's fee or anassignment fee, is what it can
you can look that up.
You will find that that willallow you to build credibility

(04:08):
with the seller because thenthey can go Google that.
They can actually look up andsee what is it that I'm
partaking in.
It's the same reason why Ibelieve if you're going to do
solid financing, sub two,novation, you should actually
use the term.
It's not about being a robot oroverwhelming them, it's about
building credibility withtransparency so they can

(04:29):
actually see what you'reoffering is a real legitimate
strategy.

SPEAKER_05 (04:33):
This is how much I made last year wholesaling real
estate.
Month number one, I spent$32,100and closed nine deals for a
total profit of$200,581.
Month number two, I closed fivedeals for a total profit of
$117,736.
Month number three, I closed sixdeals for a total profit of
$199,436.

(04:55):
Month number four, I closed atotal of seven deals for
$319,432.
Month number five was afantastic month, total profit of
$332,191.
Six closed nine deals for atotal profit of$253,445.
Month number seven,unfortunately, we had a bunch of
deals pushed to the next month.

(05:16):
So we only closed seven dealsfor a total profit of$183,565.
Month eight, we closed ninedeals for a total profit of
$284,079.
Month nine, we had the secondmost amount of deals closed in a
month for a total profit of$267,100.
Month 10, we only closed fourdeals for a total profit of

(05:37):
$106,000.
Month 11, getting into theholiday season, we closed 11
deals for a total profit of$202,780.
Month 12, we got some Christmasdeals going.
We closed eight deals for atotal profit of$171,818.
That's a total of$2,638,252 inassignment fees, wholesale in

(05:59):
real estate last year.
Give your boy a follow if youwant to see exactly how to
wholesale real estate.

SPEAKER_03 (06:04):
That was one of the more interesting reels I've ever
seen.
Uh, literally just math.
Like we're just gonna break itdown month by month.
It was a good insight into whatwas going on in his business.
I loved at the beginning how hewas showing how much he spent on
marketing and what thattranslated to in assignment
fees.

(06:24):
He kind of got away from it insome of the months.
He had no marketing in some ofthe months.
I don't know if it's justbecause of records, he didn't
want to do the time to look itup, whatever it was.
But I will say what you didnotice was is some months, you
know, he spent less onmarketing, assignment fees went
up.
Some months he spent more, andthen assignment fees went down.

(06:48):
And this is what I want everyoneto understand is that whatever
you spend on marketing, itdoesn't necessarily correlate to
that's what you are going tomake that month.
Okay.
So if you're gonna go out andyou're gonna spend$20,000 this
month, really what you need topay attention to is what you're
gonna make over the next threemonths on that marketing return.

(07:12):
Okay.
And then that should carry overfor the rest of the year.
And that's why I would haveloved to have seen some
consistency there with themarketing budget.
I was seeing months where it waslike 30,000, 40,000, 20,000, and
it was kind of all over theplace.
I don't feel like budgets arenecessarily uh mandatory inside

(07:37):
of a wholesaling business.
I uh my personal opinion is youshould always be pushing the
envelope just to see what youracquisitions team can handle,
especially if you're performinglike this guy is, right?
$2.6 million in assignment fees,like they were they were moving,
they were hustling throughoutthe year.
Um, and I'm wondering if on someof those months where he didn't

(07:57):
share, if he kind of throttleddown on the marketing sum.
And that's why he didn't sharethat.
But uh overall, wholesalers, payattention to that.
Whenever you spend your money,pay attention to what you
receive over the long haul onthose marketing terms, not just
necessarily that specific month.

SPEAKER_01 (08:15):
Yesterday, ChatGPT dropped something crazy.
They have this new appintegration, but what we're
gonna talk about is using theZillow app within ChatGPT.
So this is absolutely a gamechanger, and I'm gonna show you
how it works.
Once you manually add the Zillowapp to ChatGPT, which if you
don't know how to do it asChatGPT, I'm using the voice

(08:36):
function features here to say,using the Zillow app, I want you
to find me homes in PortWashington or Manhasset, New
York for under$1.6 million.
I want three to four bedrooms,at least one and a half
bathroom, and I want them to beon the market for at least 30
days.
The reason I said at least 30days is because it's a seller's
market here and something that'sbeen on the market for over 30

(08:57):
days, there may be someopportunity to find a deal.
But you could put in any type ofsearch result that you're
looking for instead of having tohave to go onto Zillow and type
in all of the filters and addall of that stuff in.
But look how quickly it'sfinding these results.
I mean, you could even think,you know, I want these
parameters, but also zoned forthis elementary school.

(09:17):
So you can just kind of go inhere and then click around, see
the properties, request thetour.
Uh, I mean, this is really nuts.
And for real estate agents, Imean, think about how much
easier this could make certainthings for you and think about
looking up comps.
So I want you to comment whatyou would use this for.

SPEAKER_03 (09:46):
Oh my god.
Oh man, that's called a filter.
It actually just already existedfor many, many, many, many,
many, many years on Zillow.
You you actually don't have togo to ChatGPT and wait on it to
search and search and search.
You can actually just go on toZillow, click the filter button,

(10:07):
enter all of that, and it'llshow you the exact same thing.
This isn't like a new thing thatChat GPT brought to the table
here.
Oh man, people are obsessed withwhat AI is uh going to be able
to do for us in the future.
Yeah, it does some things for usnow.
Um, like for example, thismorning I listened to this cover

(10:29):
of Khorne's Freak on a leash,but like the soul version, like
that was filthy, right?
Like that's something that AIdid that's like, hey, you
couldn't do this in the past.
This right here, this all hasalways existed.
We've always been able to gointo Zillow and just add
filters.
Um that was cute.

SPEAKER_00 (10:50):
So, what are you saying when the seller said I
need to think about it?
This is when most wholesaledeals fall apart.
But if you follow this lineright here, you can save your
deal.
You need to let the seller knowyou definitely understand the
situation and that selling thisproperty is a big decision for
them.
So let me be helpful.
What exactly do you need tothink over?

(11:11):
Is it the price or is it thetimeline?
Or is it working with me?
This allows them to open upabout what they're really
thinking about, and then you canhandle those specific
objections.
And that's how deals get saved.

unknown (11:25):
What do you say?

SPEAKER_03 (11:27):
Why did he end up always in a different part of
the football field?
Why didn't he just keep walking?
I don't understand.
Uh, getting back to theobjection, the only thing I
would say is he's right.
You should ask the seller whatdo you need to think about?
Think about how I just saidthat.
What do you need to think about?
It could be many differentthings.

(11:49):
But when you say, What do youneed to think about?
Hold on, shut up.
Let me give you some options.
It's now a multiple choicequestion.
Is it price?
Is it timeline?
Is it me?
Let me add a fourth option.
Is it your poor ass questions?
Right?
See, it's got to be open-ended.

(12:10):
This is the difference betweenan average closer and a really
skilled closer.
See, if you go in and you say,what is it that you need to
think about?
Now you've given them the optionto choose.
Because if you only give themthose three options, if it's not
one of those, you're never gonnaget the answer.
You're leading them, you'resteering them in a direction,

(12:32):
and you never want to do that asa closer.
Remember, it's not about you,it's about them.
And so we need to hear what theactual true reason is they don't
want to make that decisiontoday.
And what I will also say is ifyou are getting that objection,
more often than not, it'sbecause you didn't do something
right in the previous, I don'tknow, 10-15 minutes before you

(12:55):
got to that point.
So think about that.
If you get that objection a lot,it's because you're not doing
something right.
All right, guys, that's ourepisode of the King Closer
Reacts.
And like I said, this series isall about me watching these
dumbass videos so you guys don'thave to.
I can tell you exactly what todo and not to do.
Let me know if you enjoyedtoday's episode.

(13:16):
Show me some love, like today'svideo.
We'll see you guys tomorrow.

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