April 25, 2025 • 26 mins
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
All right, guys.
In today's episode of the KingCloser Reacts, we're going to
find out if Jamel Gibbs is acloser.
Now here's the thing.
I don't know Jamel.
I see that he has a ton ofsubscribers on YouTube.
He's put out over 600 videos onhis YouTube channel, but I saw
this one as searching liveseller calls wholesale, and I
(00:22):
saw that this is a newer one.
Watch the short intro.
So basically, here's the story.
He has a student that coldcalled the list, generated this
lead, and then he is going tocall the seller and negotiate
the deal and then it says he gota $35,000 assignment fee.
So I'm assuming he closes thedeal on this call.
Outside of that, I don't knowanything else.
(00:44):
I watched the first two minutesuntil the phone starts ringing.
I don't know the end result.
I don't know anything else.
We're about to find out ifJamel is a closer.
Let's do this.
Speaker 2 (01:01):
That's another hour.
Speaker 3 (01:02):
Hey, hey, it's Jamel, how you doing.
Speaker 2 (01:04):
You're welcome, yes, hello, hey.
Hey, it's Jamel, how you doing.
You're welcome, yes, hello.
Speaker 3 (01:06):
Hey, hey, what's going on?
Nothing much Good, good.
So I had a chance to run thecomps and I also spoke to an
investor friend of mine inHouston and basically he said
that house can go at a wholesaleprice.
(01:27):
If we were to wholesale it it'sgoing to go for about $40,000
to $45,000.
So if we could get it in the$15,000 to $20,000 range then we
can make.
He actually has a buyer at$45,000 today if we can go ahead
and lock it up at 15 to 20.
Speaker 1 (01:49):
So he's on the phone with his student at this point
and basically what he's done, hereached out to his network and
is reverse wholesaling thisright.
Talked to him, said hey, wherewould your buyer be 45,000?
I'm assuming they haven'tactually shown them the property
or anything like that, butfairly confident that they could
get this move at $45,000.
Speaker 3 (02:11):
Obviously, we'll split our portion of the profits
with him in order to make surethat he makes some money on a
deal as well.
So if we, let's say, theaverage profit is going to be 25
to 30,000 bucks, you know we'lleach make $10,000 a piece, you
know.
(02:31):
So we'll split it three ways,basically, all right.
So what I'd like to do is haveyou call the seller up.
I want to ask him a fewquestions and then, you know, I
want to get an idea and thenI'll go ahead and make him an
offer, and I just want you tolisten to how I position the
offer in order for us to be ableto get the deal.
(02:52):
So if you could call him up onthree-way, that'll be great.
Okay, do you need to call meback in order to call him?
Speaker 2 (03:00):
No, I don't need to.
No, I don't need to May one.
Second Okay, sounds good, Idon't need to.
No, I don't need to.
I may One second Hold on.
Speaker 3 (03:05):
Okay, sounds good.
Speaker 1 (03:05):
Okay.
So I love the action takinghere, right, right out of the
gates.
He's like hey, student, here'swhat's going on.
You brought me this lead.
I've got a potential buyer at$45,000.
We're going to do a three-wayJV split on this, which I think
is fair.
Let we're going to do athree-way JV split on this,
(03:26):
which I think is fair.
Let's get the seller on thephone.
Let's make our offer.
Speaker 2 (03:28):
I'm just trying to go somewhere quiet.
I work in the airport for anairline so it's really loud.
I was just trying to gosomewhere real quiet.
Speaker 3 (03:35):
Got it.
Which airport do you work at?
Speaker 2 (03:38):
Yeah, JFK.
Speaker 3 (03:38):
JFK.
Okay, so you get the good dealson the flights.
Speaker 2 (03:44):
Yeah, something like that, so you get the good deals
on the flights.
Yeah, yeah.
Speaker 3 (03:59):
Hello Hi.
Speaker 2 (04:01):
Yes, sir.
Speaker 3 (04:03):
Hi, this is Jamel Gibbs.
I'm on a line with and we'reactually business partners and I
wanted to give you a call aboutthe house in Houston.
Speaker 2 (04:15):
Yeah, yeah, yeah.
Speaker 3 (04:17):
So I was doing some research on a property and I
just wanted to see if you couldtell me a little bit about it,
just so I can get an idea ofwhere you are with the property
at the moment.
Speaker 2 (04:30):
I'm trying to get rid of it.
Speaker 3 (04:33):
Hey, that's fair enough.
I appreciate that.
Speaker 1 (04:37):
So right out of the gates.
Interesting.
I liked it.
It was a little bit open-endedbut it was more steered towards
tell me about the property andthis is the funny thing about
those open-ended questions Tellme where you are with that.
That's kind of how Jamel kindof said it.
And then you hear the sellerlike I didn't want to get rid of
(05:01):
it.
My pain, my motivation.
This is why I love asking thatopen-ended question.
Tell me a little bit about whatyou got going on.
I think if maybe we had askedit a little bit more open
instead of it felt like Jamelwanted to know more about the
property itself we probablycould have gotten a lot of
(05:22):
information right out of thegates for the seller.
Maybe you already had that,because this is a previous cold
call lead.
Speaker 3 (05:27):
So what are we dealing with?
Is it a three bedroom, a twobedroom property?
Speaker 2 (05:32):
It's two bedroom.
Speaker 3 (05:33):
Two bedroom, one bath , I'm assuming.
Speaker 2 (05:37):
Yeah, yeah, yeah.
Speaker 3 (05:38):
Okay, perfect.
Speaker 2 (05:39):
It's a frame, old frame brother.
Speaker 3 (05:40):
Perfect.
Speaker 1 (05:42):
So, again, when you're asking questions, I
always want to understand whatis the purpose behind the
question.
So right now, maybe these arequestions that the the dispo
partner had for Jamel to getfrom the seller, but maybe not.
(06:02):
And then my question to Jamelwould be well, why do you even
care if it's two bed, one bath,a three bed, two bath, unless
your JV partner said hey, I needto know this, because if it's a
three bed, two bath, then it'llgo for 45.
If it's a two bed, one bath, wecan only get 35.
Then that would make sense whyhe's asking it.
Otherwise he already knows hecan dispo it for 45.
(06:23):
So why are we asking thesequestions?
Let's ask him the questionsthat are important, right about
the pain, the motivation, reallyhammering it home so we can get
it at the number that we needto get it at.
Speaker 3 (06:35):
Perfect, and you know , just judging by, I'm actually
pulling up some pictures rightnow.
It seems as if you you own itfor a little while.
Huh.
Speaker 2 (06:46):
It needs some work.
It needs some work.
Speaker 3 (06:49):
Okay, that's what we specialize in in properties that
need work.
So I wanted to ask you, youknow, did you have an asking
price in mind for thisparticular property?
Speaker 1 (07:03):
for this particular property.
Love how he went right thereAgain, pretty close to the
closer's formula.
Right, if we had said tell me alittle bit about what you got
going on and then asked askingprice, I would have liked that
better than to ask that randomquestion about the bed and bath
count.
But I like the fact that we'repretty early on in the
(07:25):
conversation and he's getting anumber out of the seller.
Let's see if he asked earlyenough, because there's a chance
that he allowed that seller toget comfortable where the seller
is going to come back and saywhat's your offer?
Make me an offer, I'mnegotiable.
I want to hear what you wouldbe willing to pay something
(07:47):
along those lines.
Speaker 2 (07:53):
Yes or no Okay.
Speaker 3 (07:58):
Well, could you throw me in a ballpark?
What did you mean by yes and no?
Speaker 2 (08:04):
Well, I know it's not worth the whole lot, but I'm
trying to get what I care forunderstood.
I can't give it away, but willyou?
I tell you what?
Quote me a figure and let'stalk about it.
Well, you know what Call me andfigure this out.
Speaker 1 (08:28):
See, when he said, do you have an asking price?
And the laughter there.
That to me signifies that theseller was comfortable right
Thinking of it and said hey,this is Jamil Gibbs and I'm
calling about a property.
Property you talked to mycolleague the other day.
(08:48):
How much were you looking toget for that property?
With that strong posture earlyon, the seller might have just
said if I could get 10, or justthrowing out a number, because
right now we're playing thisback and forth game on trying to
get the number out right.
Who owns the anchor?
That's what we're playing, thisback and forth game on trying
to get the number out right.
Who owns the anchor?
That's what we're trying todetermine right here.
(09:09):
The anchor is the first personthat throws the number out there
.
That's the starting point ofwhere the negotiations go right.
It's human nature that if theseller says I'll sell for 15, we
think we can get it for 10.
If Jamel throws out his numberand he says I can offer you 10,
the seller says I'll sell for 15, we think we can get it for 10.
If Jamel throws out his numberand he says I can offer you 10,
the seller believes that Jamelwould pay for 15.
(09:32):
So this is why it's soimportant to get that number out
early.
It's not that we're startingthe negotiations that early.
It's the fact that we want toown the anchor.
Speaker 3 (09:44):
Okay.
Well, let me ask you this let'stalk about the property, then
let's talk about it a little bitmore.
So I'm looking at it.
Judging by the pictures, itdoes need some work.
If you had to throw me in aballpark as to how much work it
would need, let's just say werated it from a one to a five,
(10:05):
one being the worst, five beingthe best.
Okay.
So again, one means it needs anextreme amount of work.
Five means it's in relativelygood shape.
It may need some light work.
Speaker 2 (10:18):
I say between two and a half and three.
Speaker 3 (10:21):
Two and a half and three.
Okay, it needs to work.
Two and a half and three.
Speaker 2 (10:22):
Okay, it needs to work.
Speaker 3 (10:25):
Okay, so, based off of that, typically what I do is
I'll base it off of the squarefootage of the property.
It seems like this one is justshy of a thousand square feet.
Is that about right?
Speaker 2 (10:40):
Yeah, close to it.
Speaker 1 (10:41):
Okay, so at 1,000 square feet and basing it off of
that 2.5, let's just say so1,000 square feet and the seller
says a 2.5 to a 3, I'm going toassume we're going to say it
needs a minimum $35,000 to$45,000 in work.
(11:04):
That's where I would throw myrehab assessment out there,
based off of what the sellertold me.
I haven't seen the pictures andI don't know if it needs any
significant systems repairs toit.
That's where I'm going to say$35,000 to $40,000.
Speaker 3 (11:23):
I'm going to assume this property needs about
$25,000 to $30,000 in work.
Does that sound about right?
Speaker 2 (11:32):
It's going to be quite a deal.
Speaker 3 (11:34):
Okay.
Speaker 1 (11:34):
Okay.
So he said $25,000 to $30,000and the seller basically just
responded by saying it needsmore than that.
That's a little light.
You like it when the selleradmits that maybe you're the one
being conservative, so that's agood response from the seller.
Speaker 3 (11:54):
So, looking at the comparable sales that I'm
looking at online here, if thishouse was in tip-top shape we
could probably, if we were tokeep it, this is more of a
rental type of property for us.
If we were to keep it, we couldrefinance it out at about
$45,000 if it was in tip-topshape.
(12:17):
Okay.
Speaker 1 (12:18):
Okay.
So I like how he's reverseengineering that what he's doing
right now is he's educating theseller on where he's going to
come up with his number.
Now, anytime that I'm in ascenario where I've placed the
seller in the price is not right, but they're highly motivated
bucket in.
The scenario here is we don'tknow what the price is because
(12:41):
we didn't get it out of theseller.
So he's about to make an offer,which we try to avoid at any
opportunity.
Right, we want to get a numberout of the seller and then say
yes or no.
If we're saying no, then we gointo the education part.
So I like that he's educatingthe seller here.
I would have preferred that hehad thrown out the number,
(13:03):
waited for the response from theseller and, if the seller's
reaction was negative, theneducated on how he got there.
Because there's a chance.
I mean, if you're just going toend up making the offer, you
might as well just make theoffer because they might just
accept it at that point.
(13:23):
The offer, because they mightjust accept it at that point.
Speaker 2 (13:27):
So this, this step right here what he's doing is
good, but could have beenavoided had he just made the
offer.
Speaker 3 (13:35):
Yeah, yeah yeah, yeah , yeah.
Based off of those numbersthere and I'm just going to pull
up a calculator online realfast Based off of those numbers
and based off of what you toldme it needs and repairs, I can
offer you somewhere in theneighborhood of one second.
Speaker 1 (14:00):
Hey.
So I like that where he'ssaying, hey, I would have edited
out.
I'm pulling up a calculator onthe internet.
I would have just said, hey,I'm running my numbers real
quick.
And then I like the pause.
I like making the seller likeanxiously await hearing your
number.
Also, it's kind of showing thatthis is an important decision
(14:22):
on your part, right?
You're not just looselythrowing out an offer, right,
You're kind of reallycalculating where you can be.
Speaker 2 (14:32):
Just give me a ballpark.
Speaker 3 (14:34):
Just give you a ballpark.
I'm ready to send you thepaperwork today, if you're ready
.
Speaker 1 (14:38):
I'd like that.
Speaker 3 (14:39):
I know you want to get rid of it.
Based off of that, would you bewilling to take somewhere
around $10,000 for it?
Speaker 1 (14:54):
I love the fact that he hit her with the number.
Would you be willing to take$10,000 and then set in silence
and really let that resonate?
We'll see what the sellerresponds with 12 12.
Okay.
So here's the thing had he hither with the 12?
(15:15):
I think it's a her, I can'treally tell.
He said him earlier, but itsounds like a her but had he hit
the seller with the 12 or withthe 10?
And she said can I do the 12now?
He could have educated her onwhy he was going to be at the 10
.
So now, essentially, he'srepeating what he's going to
(15:36):
need to repeat what he just didabout the.
You know, hey, I can refi at 45and all that.
The education that he did wasreally good.
This is why I flop the order inwhich he spoke to her in maybe
(15:56):
a little tight.
Speaker 3 (15:57):
I mean, if you can do 11, I can make it happen for
you and we can send you thepaperwork today.
Speaker 2 (16:04):
I'll tell you what here's.
Here's the situation okay okay,that house belongs to my
brother.
His wife died about three yearsago.
I had to put him in nursinghome so I'm his power of
attorney, okay.
So right now I'm liquidatingthis stuff he got.
He got another house down there.
I'm going to shut it too lateron, but I got to clean it up a
(16:28):
little bit.
Speaker 3 (16:29):
Well, I'll tell you what If you're willing to sell
us both houses at the same time,I can make you an offer.
Speaker 2 (16:38):
I'm not ready to sell the other one yet because I got
a lot.
I'm still getting furniture outof it.
Speaker 3 (16:45):
I got to clean it up some, maybe in about two months,
but not right now okay, well,let's work on this one first,
and then you know you have abuyer for the other one.
Is that all right?
Speaker 2 (16:54):
yeah, yeah.
Speaker 3 (16:56):
I'll tell you what what we'll do is.
We'll get the paperwork startedfor you and once we get the
paperwork started, we'll send itover to you via DocuSign.
That way you can take a look atit, we can go over it together
and then, once we go over it, wecan solidify the deal on that.
Speaker 2 (17:11):
phone call Is that okay, okay, okay, call me back
in one hour.
Speaker 3 (17:16):
I'll call you back in one hour and call me back and
we'll try to work something out.
That sounds good and I'mlooking forward to making this
happen.
You know we could close on itas quickly as possible.
I just want to make sure thatyou're serious in regards to
selling and if you are, thenwe'll be able to close it out
relatively quickly.
The only other thing I needfrom you is access to the
(17:37):
property.
So if it's all right, I'll puta lockbox on that property, or
you can and send me somepictures of the property as well
, because I'm not in Houston atthe moment.
So I'd love to see somepictures of the property.
But we're going to solidify thedeal at $11,000 today when I
call you back in one hour.
Is that fair?
Speaker 2 (17:58):
Okay, all right.
Okay, I appreciate it.
Speaker 3 (18:00):
Yep Likewise.
Speaker 1 (18:04):
Okay.
So we're about to hear what thestudent called back immediately
after call and hear what thatconversation is about there at
the end, when he said the 10 andthen the seller said 12 and
they settled on the 11.
Some interesting thingshappened there.
The phrase of we can close assoon as possible.
(18:31):
I don't like that, because thatis the closer making the
assumption that time isimportant to them.
I like to ask when would youlike to close?
Hear them say a time and thenwe either edit it.
(18:51):
So, for example, if she were tosay I'd like to close next week
, okay, well, that's not goingto happen, let's put on, or
before 30 days.
Does that work for you?
And we'll try to get it done asquickly as possible.
Because then he goes into thenext part of the recon phase
where it's hey, I'm going toneed a lot box, I'm going to
need pictures.
I thought that there wasalready pictures, because he was
(19:13):
talking about hey, I'm lookingat the pictures.
Maybe he was just looking atGoogle Street View or old
pictures on Zillow, somethinglike that.
So he says, hey, I needpictures.
And then access.
So those two things impact ourability to close on us as soon
(19:36):
as possible timeline right.
So the small little details,when I'm nitpicking these types
of calls and reacting to them,they're important right,
especially here at the end.
This is a a moment that hey, we, we know we've got one on the
hook, we know that we've got adeal right, we're about to get a
signed contract for $11,000, sowe're excited about that.
But we need to be careful thatwe don't say something the wrong
(19:56):
way that a seller could clingon to later on.
So let's see what the studenthad to say here.
Speaker 3 (20:13):
Hey, this is Jamel Hi .
Hey, so you can see I actuallylowered the price from where we
initially started.
I wanted it at $15,000 to$20,000, but I decided to
lowball him based off of what hewas telling me the house needed
.
He kept saying the house needsa lot of work, the house needs a
lot of work.
So all I did so it is he.
Speaker 1 (20:33):
I apologize, mr seller, um, for saying that you
were female multiple times inthis video.
I apologize about that.
Um, I don't like the phrase lowball.
I don't really like to say that, um, just it's it's language
that we shouldn't use.
I don't think that's um.
We, we didn't get a number outof the seller, so we made an
(20:55):
offer.
It was the offer that we made,um.
Low balling is that's also theterm anchor pricing, like hey, I
anchored them at 10 and I waswilling to go to 15.
I just I don't like those.
That's where it's like we'replaying a game and I don't ever
want us to feel like we'replaying games.
Speaker 3 (21:14):
I wanted to offer him seven grand, but I didn't want
to go too low and then put a badtaste in his mouth.
So what I ended up doing wasjust going to 10, and you can
see he came back at $12,000.
And I made it seem as if$12,000, even though we wanted
to pay $15,000, I made it seemas if $12,000 was a lot for it.
(21:34):
So then I offered him $11,000.
And, as you can see, he wantsus to call him back to solidify
the deal.
So we're going to put all thepaperwork together right now.
We're going to get this contractsigned today and then, once we
get the agreement solidified,I'm going to go ahead and send
it over to the other wholesaler,who's in Houston, so that he
(21:56):
could get the thing sold,because now we just created a
potential thirty five thousanddollars in profits.
So that's a pretty good dealright there.
All right, so let me get thispaperwork together and let's
talk again in one hour.
So the wholesaler in Houstonwill go there or no?
Yeah, he's going to take careof the entire sales process for
(22:18):
us.
That's how you do virtualwholesaling, okay, you partner
with other people.
So what we're going to do- it'show you JV deals.
Speaker 1 (22:27):
It's not.
Obviously we don't JV everydeal that we do in virtual
markets.
There's many different ways.
So I wouldn't say this is howyou virtual wholesale, this is
how you joint venture, a virtualwholesale deal.
Speaker 3 (22:42):
Is we're going to.
We're going to go ahead andcall him back in one hour and
once we call him back, we'll geteverything solidified and I'll
send it out to the virtual host.
And why did you find a buyer?
You already have someone thatyou're working with.
Well, I have another studentthat's in Houston who does a lot
of deals, so all I did wascontact him and make it happen.
(23:07):
He was the one who told me, ifI get it, he could sell it for
about $40,000 to $45,000.
So we're going to work on thatwithin the next hour.
Then, once we do that, I'll getit sold for us.
Speaker 1 (23:24):
All right, so that's the end of that.
So listen, cold call lead comesin from the student navigated
the conversation fairly well.
I would reorder some thingspretty decent on the phone.
You know, smooth made theseller feel relaxed.
(23:46):
Now this was a highly motivatedseller.
I mean we found out thatthere's obviously a lot of
motivation.
Power of attorney over thebrother needs to liquidate it,
to kind of take care of some ofthe expenses.
So highly motivated.
I don't like the fact that wedidn't get a number right,
because the two most importantthings when we're closing is
(24:06):
price and motivation.
We found out the motivation.
We didn't get a number right,because the two most important
things when we're closing isprice and motivation.
We found out the motivation.
We didn't get a number out ofthem, but he did make an offer
of 10,000.
Eventually he got it closed at$11,000.
We don't have the actualclosing, we just have this call
here.
I'm assuming the base off of himposting it that the deal would
get closed.
The seller sounded like was hegoing of him posting it that the
(24:33):
deal would get closed.
The seller sounded like hewasn't going to sign the
contract.
I don't have any reason tobelieve that the contract wasn't
signed and I don't have anyreason to believe that there's
not an actual JV partner that'sgoing to go sell it for $45,000.
So if that's the case, this isa $34,000 assignment fee.
That's a really good deal.
That's a really low price pointfor Houston Texas as well.
I've done quite a few deals inHouston Texas.
I don't think I've ever doneone at that point at that price
point.
(24:53):
So that's a really good dealfor Houston Texas.
Overall, my assessment of Jamelreally good.
Closer I would change somethings.
Wish I could kind of work withhim just a little bit and say
man it, just a few tweaks hereor there would probably
exponentially change the resultson some of his calls and also
(25:17):
make it easier for him.
Right, there was points oftimes in this call where he
actually kind of made it harderand made it made himself less
efficient in the call, like, forexample, the education, then
making the offer and then havingto go back and kind of
reeducate.
Would have preferred to haveseen the offer made.
(25:39):
He could have probably said,hey, 10,000.
Then the seller say, what about12 educated?
And probably still stood strongat 10.
Not that that's a hugedifference because of the price
point right, but if we'redealing with, this is a $300,000
house, instead of that being a$1,000 difference, that could be
a $10,000 difference, it couldbe a $20,000 difference.
(25:59):
So it's the small little, tinydetails when we're talking about
these types of calls, andfocusing your habits on how you
do things and becoming a machinewhere you do things the same
way every single time can make ahuge difference in your profit
right and what goes in yourpocket.
This is a great payday for thisprice point.
(26:19):
So and obviously he closed thedeal, so his
All right, guys.
In today's episode of the KingCloser Reacts, we're going to
find out if Jamel Gibbs is acloser.
Now here's the thing.
I don't know Jamel.
I see that he has a ton ofsubscribers on YouTube.
He's put out over 600 videos onhis YouTube channel, but I saw
this one as searching liveseller calls wholesale, and I
(00:22):
saw that this is a newer one.
Watch the short intro.
So basically, here's the story.
He has a student that coldcalled the list, generated this
lead, and then he is going tocall the seller and negotiate
the deal and then it says he gota $35,000 assignment fee.
So I'm assuming he closes thedeal on this call.
Outside of that, I don't knowanything else.
(00:44):
I watched the first two minutesuntil the phone starts ringing.
I don't know the end result.
I don't know anything else.
We're about to find out ifJamel is a closer.
Let's do this.
Speaker 2 (01:01):
That's another hour.
Speaker 3 (01:02):
Hey, hey, it's Jamel, how you doing.
Speaker 2 (01:04):
You're welcome, yes, hello, hey.
Hey, it's Jamel, how you doing.
You're welcome, yes, hello.
Speaker 3 (01:06):
Hey, hey, what's going on?
Nothing much Good, good.
So I had a chance to run thecomps and I also spoke to an
investor friend of mine inHouston and basically he said
that house can go at a wholesaleprice.
(01:27):
If we were to wholesale it it'sgoing to go for about $40,000
to $45,000.
So if we could get it in the$15,000 to $20,000 range then we
can make.
He actually has a buyer at$45,000 today if we can go ahead
and lock it up at 15 to 20.
Speaker 1 (01:49):
So he's on the phone with his student at this point
and basically what he's done, hereached out to his network and
is reverse wholesaling thisright.
Talked to him, said hey, wherewould your buyer be 45,000?
I'm assuming they haven'tactually shown them the property
or anything like that, butfairly confident that they could
get this move at $45,000.
Speaker 3 (02:11):
Obviously, we'll split our portion of the profits
with him in order to make surethat he makes some money on a
deal as well.
So if we, let's say, theaverage profit is going to be 25
to 30,000 bucks, you know we'lleach make $10,000 a piece, you
know.
(02:31):
So we'll split it three ways,basically, all right.
So what I'd like to do is haveyou call the seller up.
I want to ask him a fewquestions and then, you know, I
want to get an idea and thenI'll go ahead and make him an
offer, and I just want you tolisten to how I position the
offer in order for us to be ableto get the deal.
(02:52):
So if you could call him up onthree-way, that'll be great.
Okay, do you need to call meback in order to call him?
Speaker 2 (03:00):
No, I don't need to.
No, I don't need to May one.
Second Okay, sounds good, Idon't need to.
No, I don't need to.
I may One second Hold on.
Speaker 3 (03:05):
Okay, sounds good.
Speaker 1 (03:05):
Okay.
So I love the action takinghere, right, right out of the
gates.
He's like hey, student, here'swhat's going on.
You brought me this lead.
I've got a potential buyer at$45,000.
We're going to do a three-wayJV split on this, which I think
is fair.
Let we're going to do athree-way JV split on this,
(03:26):
which I think is fair.
Let's get the seller on thephone.
Let's make our offer.
Speaker 2 (03:28):
I'm just trying to go somewhere quiet.
I work in the airport for anairline so it's really loud.
I was just trying to gosomewhere real quiet.
Speaker 3 (03:35):
Got it.
Which airport do you work at?
Speaker 2 (03:38):
Yeah, JFK.
Speaker 3 (03:38):
JFK.
Okay, so you get the good dealson the flights.
Speaker 2 (03:44):
Yeah, something like that, so you get the good deals
on the flights.
Yeah, yeah.
Speaker 3 (03:59):
Hello Hi.
Speaker 2 (04:01):
Yes, sir.
Speaker 3 (04:03):
Hi, this is Jamel Gibbs.
I'm on a line with and we'reactually business partners and I
wanted to give you a call aboutthe house in Houston.
Speaker 2 (04:15):
Yeah, yeah, yeah.
Speaker 3 (04:17):
So I was doing some research on a property and I
just wanted to see if you couldtell me a little bit about it,
just so I can get an idea ofwhere you are with the property
at the moment.
Speaker 2 (04:30):
I'm trying to get rid of it.
Speaker 3 (04:33):
Hey, that's fair enough.
I appreciate that.
Speaker 1 (04:37):
So right out of the gates.
Interesting.
I liked it.
It was a little bit open-endedbut it was more steered towards
tell me about the property andthis is the funny thing about
those open-ended questions Tellme where you are with that.
That's kind of how Jamel kindof said it.
And then you hear the sellerlike I didn't want to get rid of
(05:01):
it.
My pain, my motivation.
This is why I love asking thatopen-ended question.
Tell me a little bit about whatyou got going on.
I think if maybe we had askedit a little bit more open
instead of it felt like Jamelwanted to know more about the
property itself we probablycould have gotten a lot of
(05:22):
information right out of thegates for the seller.
Maybe you already had that,because this is a previous cold
call lead.
Speaker 3 (05:27):
So what are we dealing with?
Is it a three bedroom, a twobedroom property?
Speaker 2 (05:32):
It's two bedroom.
Speaker 3 (05:33):
Two bedroom, one bath , I'm assuming.
Speaker 2 (05:37):
Yeah, yeah, yeah.
Speaker 3 (05:38):
Okay, perfect.
Speaker 2 (05:39):
It's a frame, old frame brother.
Speaker 3 (05:40):
Perfect.
Speaker 1 (05:42):
So, again, when you're asking questions, I
always want to understand whatis the purpose behind the
question.
So right now, maybe these arequestions that the the dispo
partner had for Jamel to getfrom the seller, but maybe not.
(06:02):
And then my question to Jamelwould be well, why do you even
care if it's two bed, one bath,a three bed, two bath, unless
your JV partner said hey, I needto know this, because if it's a
three bed, two bath, then it'llgo for 45.
If it's a two bed, one bath, wecan only get 35.
Then that would make sense whyhe's asking it.
Otherwise he already knows hecan dispo it for 45.
(06:23):
So why are we asking thesequestions?
Let's ask him the questionsthat are important, right about
the pain, the motivation, reallyhammering it home so we can get
it at the number that we needto get it at.
Speaker 3 (06:35):
Perfect, and you know , just judging by, I'm actually
pulling up some pictures rightnow.
It seems as if you you own itfor a little while.
Huh.
Speaker 2 (06:46):
It needs some work.
It needs some work.
Speaker 3 (06:49):
Okay, that's what we specialize in in properties that
need work.
So I wanted to ask you, youknow, did you have an asking
price in mind for thisparticular property?
Speaker 1 (07:03):
for this particular property.
Love how he went right thereAgain, pretty close to the
closer's formula.
Right, if we had said tell me alittle bit about what you got
going on and then asked askingprice, I would have liked that
better than to ask that randomquestion about the bed and bath
count.
But I like the fact that we'repretty early on in the
(07:25):
conversation and he's getting anumber out of the seller.
Let's see if he asked earlyenough, because there's a chance
that he allowed that seller toget comfortable where the seller
is going to come back and saywhat's your offer?
Make me an offer, I'mnegotiable.
I want to hear what you wouldbe willing to pay something
(07:47):
along those lines.
Speaker 2 (07:53):
Yes or no Okay.
Speaker 3 (07:58):
Well, could you throw me in a ballpark?
What did you mean by yes and no?
Speaker 2 (08:04):
Well, I know it's not worth the whole lot, but I'm
trying to get what I care forunderstood.
I can't give it away, but willyou?
I tell you what?
Quote me a figure and let'stalk about it.
Well, you know what Call me andfigure this out.
Speaker 1 (08:28):
See, when he said, do you have an asking price?
And the laughter there.
That to me signifies that theseller was comfortable right
Thinking of it and said hey,this is Jamil Gibbs and I'm
calling about a property.
Property you talked to mycolleague the other day.
(08:48):
How much were you looking toget for that property?
With that strong posture earlyon, the seller might have just
said if I could get 10, or justthrowing out a number, because
right now we're playing thisback and forth game on trying to
get the number out right.
Who owns the anchor?
That's what we're playing, thisback and forth game on trying
to get the number out right.
Who owns the anchor?
That's what we're trying todetermine right here.
(09:09):
The anchor is the first personthat throws the number out there
.
That's the starting point ofwhere the negotiations go right.
It's human nature that if theseller says I'll sell for 15, we
think we can get it for 10.
If Jamel throws out his numberand he says I can offer you 10,
the seller says I'll sell for 15, we think we can get it for 10.
If Jamel throws out his numberand he says I can offer you 10,
the seller believes that Jamelwould pay for 15.
(09:32):
So this is why it's soimportant to get that number out
early.
It's not that we're startingthe negotiations that early.
It's the fact that we want toown the anchor.
Speaker 3 (09:44):
Okay.
Well, let me ask you this let'stalk about the property, then
let's talk about it a little bitmore.
So I'm looking at it.
Judging by the pictures, itdoes need some work.
If you had to throw me in aballpark as to how much work it
would need, let's just say werated it from a one to a five,
(10:05):
one being the worst, five beingthe best.
Okay.
So again, one means it needs anextreme amount of work.
Five means it's in relativelygood shape.
It may need some light work.
Speaker 2 (10:18):
I say between two and a half and three.
Speaker 3 (10:21):
Two and a half and three.
Okay, it needs to work.
Two and a half and three.
Speaker 2 (10:22):
Okay, it needs to work.
Speaker 3 (10:25):
Okay, so, based off of that, typically what I do is
I'll base it off of the squarefootage of the property.
It seems like this one is justshy of a thousand square feet.
Is that about right?
Speaker 2 (10:40):
Yeah, close to it.
Speaker 1 (10:41):
Okay, so at 1,000 square feet and basing it off of
that 2.5, let's just say so1,000 square feet and the seller
says a 2.5 to a 3, I'm going toassume we're going to say it
needs a minimum $35,000 to$45,000 in work.
(11:04):
That's where I would throw myrehab assessment out there,
based off of what the sellertold me.
I haven't seen the pictures andI don't know if it needs any
significant systems repairs toit.
That's where I'm going to say$35,000 to $40,000.
Speaker 3 (11:23):
I'm going to assume this property needs about
$25,000 to $30,000 in work.
Does that sound about right?
Speaker 2 (11:32):
It's going to be quite a deal.
Speaker 3 (11:34):
Okay.
Speaker 1 (11:34):
Okay.
So he said $25,000 to $30,000and the seller basically just
responded by saying it needsmore than that.
That's a little light.
You like it when the selleradmits that maybe you're the one
being conservative, so that's agood response from the seller.
Speaker 3 (11:54):
So, looking at the comparable sales that I'm
looking at online here, if thishouse was in tip-top shape we
could probably, if we were tokeep it, this is more of a
rental type of property for us.
If we were to keep it, we couldrefinance it out at about
$45,000 if it was in tip-topshape.
(12:17):
Okay.
Speaker 1 (12:18):
Okay.
So I like how he's reverseengineering that what he's doing
right now is he's educating theseller on where he's going to
come up with his number.
Now, anytime that I'm in ascenario where I've placed the
seller in the price is not right, but they're highly motivated
bucket in.
The scenario here is we don'tknow what the price is because
(12:41):
we didn't get it out of theseller.
So he's about to make an offer,which we try to avoid at any
opportunity.
Right, we want to get a numberout of the seller and then say
yes or no.
If we're saying no, then we gointo the education part.
So I like that he's educatingthe seller here.
I would have preferred that hehad thrown out the number,
(13:03):
waited for the response from theseller and, if the seller's
reaction was negative, theneducated on how he got there.
Because there's a chance.
I mean, if you're just going toend up making the offer, you
might as well just make theoffer because they might just
accept it at that point.
(13:23):
The offer, because they mightjust accept it at that point.
Speaker 2 (13:27):
So this, this step right here what he's doing is
good, but could have beenavoided had he just made the
offer.
Speaker 3 (13:35):
Yeah, yeah yeah, yeah , yeah.
Based off of those numbersthere and I'm just going to pull
up a calculator online realfast Based off of those numbers
and based off of what you toldme it needs and repairs, I can
offer you somewhere in theneighborhood of one second.
Speaker 1 (14:00):
Hey.
So I like that where he'ssaying, hey, I would have edited
out.
I'm pulling up a calculator onthe internet.
I would have just said, hey,I'm running my numbers real
quick.
And then I like the pause.
I like making the seller likeanxiously await hearing your
number.
Also, it's kind of showing thatthis is an important decision
(14:22):
on your part, right?
You're not just looselythrowing out an offer, right,
You're kind of reallycalculating where you can be.
Speaker 2 (14:32):
Just give me a ballpark.
Speaker 3 (14:34):
Just give you a ballpark.
I'm ready to send you thepaperwork today, if you're ready
.
Speaker 1 (14:38):
I'd like that.
Speaker 3 (14:39):
I know you want to get rid of it.
Based off of that, would you bewilling to take somewhere
around $10,000 for it?
Speaker 1 (14:54):
I love the fact that he hit her with the number.
Would you be willing to take$10,000 and then set in silence
and really let that resonate?
We'll see what the sellerresponds with 12 12.
Okay.
So here's the thing had he hither with the 12?
(15:15):
I think it's a her, I can'treally tell.
He said him earlier, but itsounds like a her but had he hit
the seller with the 12 or withthe 10?
And she said can I do the 12now?
He could have educated her onwhy he was going to be at the 10
.
So now, essentially, he'srepeating what he's going to
(15:36):
need to repeat what he just didabout the.
You know, hey, I can refi at 45and all that.
The education that he did wasreally good.
This is why I flop the order inwhich he spoke to her in maybe
(15:56):
a little tight.
Speaker 3 (15:57):
I mean, if you can do 11, I can make it happen for
you and we can send you thepaperwork today.
Speaker 2 (16:04):
I'll tell you what here's.
Here's the situation okay okay,that house belongs to my
brother.
His wife died about three yearsago.
I had to put him in nursinghome so I'm his power of
attorney, okay.
So right now I'm liquidatingthis stuff he got.
He got another house down there.
I'm going to shut it too lateron, but I got to clean it up a
(16:28):
little bit.
Speaker 3 (16:29):
Well, I'll tell you what If you're willing to sell
us both houses at the same time,I can make you an offer.
Speaker 2 (16:38):
I'm not ready to sell the other one yet because I got
a lot.
I'm still getting furniture outof it.
Speaker 3 (16:45):
I got to clean it up some, maybe in about two months,
but not right now okay, well,let's work on this one first,
and then you know you have abuyer for the other one.
Is that all right?
Speaker 2 (16:54):
yeah, yeah.
Speaker 3 (16:56):
I'll tell you what what we'll do is.
We'll get the paperwork startedfor you and once we get the
paperwork started, we'll send itover to you via DocuSign.
That way you can take a look atit, we can go over it together
and then, once we go over it, wecan solidify the deal on that.
Speaker 2 (17:11):
phone call Is that okay, okay, okay, call me back
in one hour.
Speaker 3 (17:16):
I'll call you back in one hour and call me back and
we'll try to work something out.
That sounds good and I'mlooking forward to making this
happen.
You know we could close on itas quickly as possible.
I just want to make sure thatyou're serious in regards to
selling and if you are, thenwe'll be able to close it out
relatively quickly.
The only other thing I needfrom you is access to the
(17:37):
property.
So if it's all right, I'll puta lockbox on that property, or
you can and send me somepictures of the property as well
, because I'm not in Houston atthe moment.
So I'd love to see somepictures of the property.
But we're going to solidify thedeal at $11,000 today when I
call you back in one hour.
Is that fair?
Speaker 2 (17:58):
Okay, all right.
Okay, I appreciate it.
Speaker 3 (18:00):
Yep Likewise.
Speaker 1 (18:04):
Okay.
So we're about to hear what thestudent called back immediately
after call and hear what thatconversation is about there at
the end, when he said the 10 andthen the seller said 12 and
they settled on the 11.
Some interesting thingshappened there.
The phrase of we can close assoon as possible.
(18:31):
I don't like that, because thatis the closer making the
assumption that time isimportant to them.
I like to ask when would youlike to close?
Hear them say a time and thenwe either edit it.
(18:51):
So, for example, if she were tosay I'd like to close next week
, okay, well, that's not goingto happen, let's put on, or
before 30 days.
Does that work for you?
And we'll try to get it done asquickly as possible.
Because then he goes into thenext part of the recon phase
where it's hey, I'm going toneed a lot box, I'm going to
need pictures.
I thought that there wasalready pictures, because he was
(19:13):
talking about hey, I'm lookingat the pictures.
Maybe he was just looking atGoogle Street View or old
pictures on Zillow, somethinglike that.
So he says, hey, I needpictures.
And then access.
So those two things impact ourability to close on us as soon
(19:36):
as possible timeline right.
So the small little details,when I'm nitpicking these types
of calls and reacting to them,they're important right,
especially here at the end.
This is a a moment that hey, we, we know we've got one on the
hook, we know that we've got adeal right, we're about to get a
signed contract for $11,000, sowe're excited about that.
But we need to be careful thatwe don't say something the wrong
(19:56):
way that a seller could clingon to later on.
So let's see what the studenthad to say here.
Speaker 3 (20:13):
Hey, this is Jamel Hi .
Hey, so you can see I actuallylowered the price from where we
initially started.
I wanted it at $15,000 to$20,000, but I decided to
lowball him based off of what hewas telling me the house needed
.
He kept saying the house needsa lot of work, the house needs a
lot of work.
So all I did so it is he.
Speaker 1 (20:33):
I apologize, mr seller, um, for saying that you
were female multiple times inthis video.
I apologize about that.
Um, I don't like the phrase lowball.
I don't really like to say that, um, just it's it's language
that we shouldn't use.
I don't think that's um.
We, we didn't get a number outof the seller, so we made an
(20:55):
offer.
It was the offer that we made,um.
Low balling is that's also theterm anchor pricing, like hey, I
anchored them at 10 and I waswilling to go to 15.
I just I don't like those.
That's where it's like we'replaying a game and I don't ever
want us to feel like we'replaying games.
Speaker 3 (21:14):
I wanted to offer him seven grand, but I didn't want
to go too low and then put a badtaste in his mouth.
So what I ended up doing wasjust going to 10, and you can
see he came back at $12,000.
And I made it seem as if$12,000, even though we wanted
to pay $15,000, I made it seemas if $12,000 was a lot for it.
(21:34):
So then I offered him $11,000.
And, as you can see, he wantsus to call him back to solidify
the deal.
So we're going to put all thepaperwork together right now.
We're going to get this contractsigned today and then, once we
get the agreement solidified,I'm going to go ahead and send
it over to the other wholesaler,who's in Houston, so that he
(21:56):
could get the thing sold,because now we just created a
potential thirty five thousanddollars in profits.
So that's a pretty good dealright there.
All right, so let me get thispaperwork together and let's
talk again in one hour.
So the wholesaler in Houstonwill go there or no?
Yeah, he's going to take careof the entire sales process for
(22:18):
us.
That's how you do virtualwholesaling, okay, you partner
with other people.
So what we're going to do- it'show you JV deals.
Speaker 1 (22:27):
It's not.
Obviously we don't JV everydeal that we do in virtual
markets.
There's many different ways.
So I wouldn't say this is howyou virtual wholesale, this is
how you joint venture, a virtualwholesale deal.
Speaker 3 (22:42):
Is we're going to.
We're going to go ahead andcall him back in one hour and
once we call him back, we'll geteverything solidified and I'll
send it out to the virtual host.
And why did you find a buyer?
You already have someone thatyou're working with.
Well, I have another studentthat's in Houston who does a lot
of deals, so all I did wascontact him and make it happen.
(23:07):
He was the one who told me, ifI get it, he could sell it for
about $40,000 to $45,000.
So we're going to work on thatwithin the next hour.
Then, once we do that, I'll getit sold for us.
Speaker 1 (23:24):
All right, so that's the end of that.
So listen, cold call lead comesin from the student navigated
the conversation fairly well.
I would reorder some thingspretty decent on the phone.
You know, smooth made theseller feel relaxed.
(23:46):
Now this was a highly motivatedseller.
I mean we found out thatthere's obviously a lot of
motivation.
Power of attorney over thebrother needs to liquidate it,
to kind of take care of some ofthe expenses.
So highly motivated.
I don't like the fact that wedidn't get a number right,
because the two most importantthings when we're closing is
(24:06):
price and motivation.
We found out the motivation.
We didn't get a number right,because the two most important
things when we're closing isprice and motivation.
We found out the motivation.
We didn't get a number out ofthem, but he did make an offer
of 10,000.
Eventually he got it closed at$11,000.
We don't have the actualclosing, we just have this call
here.
I'm assuming the base off of himposting it that the deal would
get closed.
The seller sounded like was hegoing of him posting it that the
(24:33):
deal would get closed.
The seller sounded like hewasn't going to sign the
contract.
I don't have any reason tobelieve that the contract wasn't
signed and I don't have anyreason to believe that there's
not an actual JV partner that'sgoing to go sell it for $45,000.
So if that's the case, this isa $34,000 assignment fee.
That's a really good deal.
That's a really low price pointfor Houston Texas as well.
I've done quite a few deals inHouston Texas.
I don't think I've ever doneone at that point at that price
point.
(24:53):
So that's a really good dealfor Houston Texas.
Overall, my assessment of Jamelreally good.
Closer I would change somethings.
Wish I could kind of work withhim just a little bit and say
man it, just a few tweaks hereor there would probably
exponentially change the resultson some of his calls and also
(25:17):
make it easier for him.
Right, there was points oftimes in this call where he
actually kind of made it harderand made it made himself less
efficient in the call, like, forexample, the education, then
making the offer and then havingto go back and kind of
reeducate.
Would have preferred to haveseen the offer made.
(25:39):
He could have probably said,hey, 10,000.
Then the seller say, what about12 educated?
And probably still stood strongat 10.
Not that that's a hugedifference because of the price
point right, but if we'redealing with, this is a $300,000
house, instead of that being a$1,000 difference, that could be
a $10,000 difference, it couldbe a $20,000 difference.
(25:59):
So it's the small little, tinydetails when we're talking about
these types of calls, andfocusing your habits on how you
do things and becoming a machinewhere you do things the same
way every single time can make ahuge difference in your profit
right and what goes in yourpocket.
This is a great payday for thisprice point.
(26:19):
So and obviously he closed thedeal, so his
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Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.