RJ Bates III Reveals His BEST Florida Wholesaling Strategies

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Episode Transcript

Speaker 1 (00:05):
Welcome to Wholesaling Around the World
with RJ Bates III the Floridaedition.
Now we're going to kick thisseries off with Florida, because
it is one of my most favoritestates to wholesale in.
It's also been one of thehighest volume states here for
titanium investments.
We've done deals all the waydown in the Keys up to

(00:26):
Jacksonville, all the way overto Pensacola and everywhere in
between.
But there are some things thatyou need to know about
wholesaling in Florida and we'regoing to cover that today as
well as giving you guys someresources if you plan on
wholesaling in the state ofFlorida.
Now we'll start with.
Why would Florida be such agreat state to wholesale in?

(00:48):
Well, it ranks third inpopulation in the United States,
with just north of 23 millionpeople in the state.
So just based off of that alone, you have plenty of opportunity
in the state of Florida.
Now there are many differenttypes of markets in the state of

(01:08):
Florida.
I mentioned a couple of themPensacola, jacksonville,
tallahassee.
Now, the price points here inthese markets are not super high
and, honestly, in a place likeJacksonville, where we've done a
significant amount of volume,it's relatively low and it's one

(01:29):
of those markets where you haveto be very careful with your
underwriting.
You want to make sure that ifyou're underwriting it for a
rental property, you're stillable to give yourself equity for
the end buyer, but also lookingat the as-is comps.
I would compare Jacksonville toa market like a Kansas City or
St Louis, or even like anIndianapolis, indiana, where

(01:52):
it's very important that notonly are you getting yourself a
good deal from the after repairvalue, but looking at those
listed as-is comps.
Now you also have markets likeMiami, tampa, orlando, where
price points can be higher.
In some of the locations thereyou also have lower price points

(02:13):
properties in those cities aswell.
It's very similar to like aDallas, texas or Houston, texas.
Now, there's a lot to learn inthese different cities, but
overall, florida is a greatplace for you to do marketing in
the entire state because thereare tons of end buyers.

(02:33):
This is what makes Floridagreat to wholesale in.
If you do get a good deal onyour hands, more often than not
you're going to be able to findan end buyer even in the rural
locations throughout the state.
Now, I mentioned the biggercities because, well, you guys
are going to know those places,but we've done tons of deals

(02:57):
that honestly, when the leadscame in.
Up until that point, I hadnever heard of those cities.
Up until that point, I hadnever heard of those cities.
One of the things that's goingto happen inside of Florida,
unlike the majority of states,is that you're going to have
different property types.
One of the things that we'vedone very successfully here is

(03:18):
wholesale manufactured homes onown land.
In the state of Florida it'svery common for that.
Now here's what you need tofocus on when you get those
types of leads.
One, make sure that the land isowned and it's not on rented
land.
It's on rented land, unless youhave a buyer that's looking to
pick up manufactured homes ormobile homes and move it to

(03:41):
their own land.
It's more often than not, adead deal, so make sure that
they own the land.
Second, when you're comping,make sure that you're comping
that to an actual manufacturedhome and pay attention to the
year built.
This is very important.
The other thing is make sureyou're paying attention to the

(04:03):
lot size.
A lot of times in Floridayou'll have a manufactured home
that's on an acre, maybe twoacres, five acres.
It's very important that you'regiving the correct amount of
value to the land that comesalong with that manufactured
home.
Now, another type of propertytype that's very common in the
state of Florida is condominiums.

(04:24):
Property type that's verycommon in the state of Florida
is condominiums.
Now the issue with condominiumsis the HOA fees that come
associated with it.
A lot of times when you'relooking at a condominium you
might think it could make for arental, but HOA fee could kill
that cash flow when you'recomping and underwriting.
What I like to do when I'mcomping and underwriting

(04:44):
condominiums is narrow down mydistance as low as possible.
A lot of times when I'm compingI'll start with a quarter mile
radius, but if I have acondominium I'm actually going
to narrow it down to 0.1 and tryto only comp with the
condominiums in the exact samebuilding or facilities as our

(05:07):
subject property.
This is very important becauseyou want to make sure that you
have a full grasp of what theexact same condominiums are
selling for.
Now we have had successfulclosings on condominiums and
we've actually had some brutallosses on wholesaling
condominiums.
I recommend that if you're newand you're actually getting to

(05:30):
pick your leads like you wouldoff of a place like Speed to
Lead and you would know theproperty type before purchasing
the lead avoid condominiums.
There's just subtle littlenuances that come along with
wholesaling them.
There's just subtle littlenuances that come along with
wholesaling them, like, forexample, we have an episode on
oh, that's effing adorable wherewe lost the deal because in the

(05:51):
HOA bylaws all of the ownersinside of that complex had first
right of refusal on any offerthat was accepted on any units.
And so the day before closinganother owner came in and said
I'll match their offer and solda deal from us and we lost our

(06:13):
assignment fee.
Now that doesn't happen all thetime and it was rare for us.
That was gonna be a great dealat Daytona Beach and we missed
out on it.
So, like I said, with the HOAfees and just subtle little
nuances that come along with it,you can avoid condominiums,
especially when you're newer.
Just do that.

(06:34):
Now, getting back to some of theresources that I want to
provide you for the state ofFlorida.
First thing is, as a wholesaler, there's going to be times
where you talk to your endbuyers and they're going to say,
hey, I'd take this deal down alittle scrape, but I need a
lender.
Let's say, if you need a hardmoney lender in the state of
Florida, we recommend WildcatLending.

(06:55):
Why do I recommend WildcatLending?
We have been working withWildcat Lending for literally
the past decade, lending forliterally the past decade.
Some of our first everwholesale transactions in the
state of Texas our enviractually use Wildcat lending.
Now they're based out of Texas,but they have expanded to
multiple different states,including Florida.

(07:17):
I personally have used them onmultiple deals.
They've always been really easyto work with and a very smooth
transaction, very transparentabout what the borrower needs to
provide to close the deal.
So if your end buyer needs ahard money lender, reach out to
Wildcat Lending.
I don't get paid for this.

(07:37):
Wildcat Lending doesn't evenknow that I'm doing this.
I'm simply just a customersaying, hey, I've used them and
it was very successful.
Now, if you need a title company, now there's multiple title
companies that we have workedwith, but I recommend Easy Title
and Escrow.
The reason why I recommend themis because not only is Easy

(08:00):
Title and Escrow a title companyin the state of Florida, but
they can also be yourtransaction coordinator.
Now the reason why you need atransaction coordinator is
because a lot of times, thetitle company doesn't care about
your transaction as much as youdo and things can get dropped
and then time kills all dealsWith Easy Title and Escrow.

(08:22):
Not only are they your titlecompany, but they can also be
your transaction coordinator.
Make sure that nothing fallsthrough the cracks and when you
have those difficult titleissues, they know how to solve
them.
This is David Olds company.
Reach out to them at Easy Titleand Escrow.
Now, going back to Florida andjust my overall feeling about

(08:43):
the state, there are a couple ofconcerns right now.
Last year they got hammered bythe hurricanes and it caused a
significant amount of damage.
That being said, there arequite a few homeowners that have
physically distressedproperties, whether they filed

(09:03):
an insurance claim or maybe theydidn't have the right type of
insurance.
This is causing issues.
There are flood damageproperties, there's hurricane
damage properties and what'shappening now is that there are
concerns coming into this year'shurricane season and the market
has kind of softened a littlebit.

(09:25):
I wouldn't say Florida is asaggressively, or I guess the
buyers aren't as aggressive asthey used to be because of what
happened in the past severalmonths in the state of Florida,
of what happened in the pastseveral months in the state of
Florida.
So, moving into this year,there are concerns there with

(09:49):
what's going to happen with some, especially some of the higher
end properties and some of thelocations that were most
directly impacted by thehurricanes, tampa being one of
those.
Further south from Tampa,looking at the St Petersburg,
sarasota, fort Myers, cape Coral, these places have been
hammered over the past coupleyears with storm damage and we

(10:09):
are seeing some signs ofsoftening of the market and then
just also people wanting tomove out of Florida because
they're kind of tired of dealingwith the hurricane seasons.
I even have a video where Italked to a motivated seller
live and I didn't know it wasgoing to be as an emotional of a

(10:31):
conversation as it was, but hewas very emotionally distressed
and that's one of many examplesthat we have from kind of the
sellers' feelings in, say,florida, which one we do want
motivated sellers, but that'sjust kind of a consensus there.
So as good of a state asFlorida is, I don't think it's

(10:52):
as great of a spot as it was acouple of years ago.
I would say right now Floridastill ranks in my top 10, but
maybe not my top five.
Just due to some of thelocations that we've done deals
like the Tampa area, tampa hasbeen a really good market, just
the surrounding areas of Tampa.
I don't feel the same as I dida year or two ago about the

(11:17):
Tampa area.
That being said, places likeJacksonville I don't really
think are as impacted by thehurricanes as Tampa.
Places like the Pensacola,tallahassee, panama City, lower
end markets, especially for thestate of Florida, doing really
just fine.
I know Tallahassee was impactedby the hurricanes but because
of the price point I don't thinkit's as impacted by the

(11:38):
hurricanes.
But because of the price pointI don't think it's as serious of
an impact because we still havethe cash flow possibilities in
those markets.
So some of this is just mypersonal feelings and also just
our experience with talking tosellers and buyers in these
locations.
That's what you guys are herefor.
So, like I said, florida stillranks in the top 10 for

(12:00):
wholesaling.
For me Overall, I would neverpass on a lead in Florida,
whereas other states which we'llget to in this series I would
absolutely pass on.
I'm not going to feel as goodabout a California or a Utah or
a Washington State as I would aFlorida elite.

(12:22):
So for me it's always going tobe one of my favorite markets,
unless something drasticallychanges.
Pay attention to the mobilehomes there.
Don't sleep on those.
There's money to be made withthose Condominiums.
Be careful, tread with caution.
You need a hard money lender,reach out to Wildcat Lending.

(12:48):
If you need a title company,easy Title and Escrow can
absolutely use them.
All right, guys, that's ourepisode.
Let me know what are yourthoughts about Florida.
What's your experience withwholesaling in Florida?
Listen, we're a community here.
I don't know all the answers,so let me know.
Drop a comment.
What are your thoughts aboutwholesaling in Florida?
Make sure you give us a like onthis video.
We'll see you, guys, tomorrow.