Missouri Wholesaling Secrets You Need to Know!

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Episode Transcript

Speaker 1 (00:08):
Welcome back to Wholesaling Around the World the
Missouri edition.
This is the series where Ibreak down each and every state
and give my perspective on how Ithink it ranks in regards to
wholesaling real estate.
Like today we're going to betalking about the show me state,
missouri is, in regards totitanium investments volume, the

(00:32):
second highest volume state,right below Texas, which is our
home state and where we startedour wholesaling journey.
So, honestly, missouri is ourhighest volume virtual state in
the entire United States ofAmerica.
Now.

(00:52):
It has a population of 6.245million people, ranking it 19th
in the most populated states,which is funny because a lot of
our other highly ranked statesare also highly populated.
However, this is in the area ofthe United States that I tell

(01:17):
each and every person when theyask me RJ, what market should I
wholesale in?
Let's say, if you need volume,go to the Midwest.
It is the wholesaling holyground right Missouri, ohio,
indiana, illinois, michigan andback in the day before some of

(01:37):
the regulations, I even threw inIowa in there.
I've always enjoyed Missouri,but Missouri does bring some
very unique traits to it.
It's a larger state, I mean incomparison to some of the
smaller northeast states andplaces like last week's episode,
hawaii and the fact in landmass it ranks 21st in all the

(01:59):
states.
So it's not a tiny state, right, but in regards to its two
largest cities, kansas City andSt Louis, it's very unique
because they're both on thestate border, st Louis being on
the east side, right there onthe border of Missouri and
Illinois, and then Kansas Cityactually being one of the most

(02:22):
unique larger metro areas whereit's actually just split down
the middle and half of KansasCity is in Missouri and half of
Kansas City is in Kansas.
Very, very unique because whatends up happening with all of
that land mass is that themajority of the state is
actually pretty rural and a lotof our volume has come from

(02:44):
those two large cities, kansasCity and St Louis.
Now we've done deals inJefferson City, st Joseph,
springfield, joplin, missouriand some other locations
throughout, and there's deals tobe had there and there are
buyers.
But if you're going to try todo volume in the state of
Missouri, it's going to probablycome in Kansas City and St

(03:08):
Louis and, honestly, if I had tobreak it down, I personally
enjoy St Louis more than KansasCity.
The thing that's crazy aboutMissouri being our second
highest volume state is that StLouis is one of my favorite
virtual markets and Kansas Cityeven though we have done
significant volume there is oneof my least favorite cities and

(03:32):
it really comes down to thebuyers.
It has nothing else to do withthe sellers or the market itself
.
I just really like the buyersbetter in St Louis.
I feel like they're alwaystrying to build that, establish
that relationship.
They're looking for more volume.
And Kansas City I just havealways felt like they're a
little cold and it got to beatyou up on the price point and, I

(03:57):
will be honest, I had a badexperience back in 2020 with
some comping and underwriting inKansas City.
So I'll take a little bit ofthat extreme ownership as to why
I feel the way that I feel.
Now let's talk about St Louisin particular and then we'll
move on to the other areas.
In regards to wholesaling insideof St Louis, it's very
important that you pay attentionto the comps and you narrow

(04:21):
down your distance from thesubject property as tight as
possible.
In most areas in St Louis, youare going to have a plethora of
comps, right?
There's no shortage of that.
You should be able tounderstand the values that are
surrounding that property.
Just like I said when I didMichigan, you have to pay

(04:47):
attention to the as-is comps aswell as what is currently listed
and active on the MLS.
That is your competition.
In St Louis.
The majority of the city isprobably going to be that lower
price point and it's going to beknown as, like your buyer pool
is going to be both flipper andthe landlord.
You want to make sure that youare paying attention to those

(05:11):
lower price properties that arebeing sold, as is.
The other thing about St Louisis you can get into where what
seems to be a really good price.
Maybe a seller says where whatseems to be a really good price.
Maybe a seller says, hey, I'llsell you the property for
$15,000, $20,000, $25,000.
You really need to ask about thecondition, because my personal

(05:32):
experience, some of those greatprice properties in St Louis
almost become unachievable todispo because of how poor the
condition is.
There are really bad propertiesand you can see this like if
you were to do a FISBO strategyforesaw by owner, say, you don't
have a budget or anything likethat.

(05:52):
One of the first cities that Iwould tell you to go to is St
Louis.
You're going to be able to findproperties where maybe it has
an after repair value of$100,000, $125,000.
That is currently being soldfor sale by owner for $5,000,
$10,000, $15,000, but it's goingto be in really bad condition.

(06:13):
That is available to you Now.
The other side of St Louis isthat you will have really solid
flips where it can achieve that$200,000, $300,000, $400,000
after repair value and it'sgoing to be in that more
mid-range price point probablywhere you're offering the seller

(06:33):
somewhere between $75,000 to$150,000.
Those are like bread and butterwholesale deals because there's
almost always a buyer lookingfor those and it also stands
like price point wise gives youenough to make a significant
assignment fee, at least theaverage of $15,000.

(06:54):
The last thing that I'll sayabout St Louis is that it also
has quite a bit of duplex,triplex and quadplex small
multifamily.
Pay attention to when you go tocomp those that you don't get
lost into comping it againstother single-family homes.
Really tighten in yourunderwriting and your comping on

(07:16):
these to make sure that you'refinding comparables of the exact
same property.
Pay attention to the year builtand really stick to your
fundamentals when it comes tocomping and underwriting inside
of the city of St Louis.
Now, moving to the west side ofthe show me state, let's talk
about Kansas City, or at leasthalf of Kansas City, the

(07:37):
Missouri side of it, verysimilar to St Louis, I will say
the buyers normally want morecash flow.
That's my perspective.
Again, some of you might lookat this and say, no, rj, that's
not the case.
I just personally have feltlike that.
Normally they want like a 2.5%to 3% rentals in certain parts

(08:01):
of the Missouri side of Kansasor Kansas City, and we've just
gotten beat up on those.
And so the same principles asfar as comping and underwriting
transition over to Kansas City.
Just make sure that you'retruly paying attention to where
the end buyers are buying andyou're not trying to use one of

(08:23):
those maximum allowable offerformulas, because that's where
you're probably going to getbeat up a lot.
Now, talking about the rest ofthe state, which, if you go on
to any of the PPL marketplaces,there are going to be quite a
few leads available in some ofthe more rural locations.
What I would say is remember,trust your principles on this

(08:47):
2,000 buyers minimum inside ofthe county and then when you go
to dispo this deal, you aregoing to have to work it, even
in some of the higher populationin the more rural locations.
So, like St Joseph orSpringfield or Joplin Branson

(09:09):
some of these areas where we'vebeen able to dispo deals, it
takes time.
If you don't have volume goingthrough and you haven't already
built that relationship with theend buyers, then it is going to
take time.
They are going to want toprobably have that walkthrough.
This isn't going to be areaswhere you have a bidding war or

(09:29):
multiple offers and the buyersdo know that They'll beat you up
a little bit, but that's okay.
Once you establish thatrelationship with them, you can
go back to them over and overand over again with deals and
really understand theirunderwriting process and how
they're coming up with theiroffers.
Now, another one of the benefitsof wholesaling in the state of

(09:52):
Missouri is there are nowholesaling regulations.
So as long as you're notbrokering real estate or
breaking any of the other lawsthat are already established
against wholesaling, you'reabsolutely fine.
Just go do your thing, betransparent about what you're
doing, disclose when you need to, assignments, double, close.
Whatever you want to do.

(10:12):
It's all legal and allowed asfar as June of 2025 for
wholesale and real estate inMissouri.
Like I said at the beginning.
Of all the states out there,missouri ranks second in volume
for us.
Now, a lot of that comes fromour early days of virtual
wholesaling and in the city ofSt Louis, like I said, I came

(10:35):
very fond of the zip code 63136and 63137.
We did a lot of deals rightthere.
It is what it is.
I love the Show Me State.
I think we'll always be doing asignificant amount of deals
there, year in, year out.
Sellers are motivated, buyersare motivated, and that's what
we need as wholesalers.

(10:56):
So for those of you that aredoing deals in the Show Me State
, let me know in the commentshow did I do breaking down the
state of Missouri for wholesaleand real estate?
Show me some love, like thevideo.
We'll see you guys on the nextone.