Tennessee Wholesaling SECRETS Revealed

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Episode Transcript

Speaker 1 (00:08):
Welcome back to Wholesaling Around the World the
Tennessee edition, theVolunteer State, one of my
favorite locations to virtuallywholesale in, and the reason why
is because Tennessee offers usa little bit of everything.
With its unique shape, it alsogives us unique markets.

(00:29):
It has three major metro citiesMemphis, nashville, knoxville.
They all offer us a little bitsomething different.
Now, I've always said whenpeople ask me, rj, what states
should I virtually wholesale in?
Now, I've been getting askedthat question since 2020.
And so, over the course of time, I've tried to develop the best

(00:51):
way to try to explain myexperience of doing deals in all
50 states and how.
I've always said that is isanything west of Texas is going
to be harder on acquisitions buteasier on dispositions and
normally has a higher assignmentfee.
Anything east of Texas is goingto be a little bit easier on

(01:13):
acquisitions, maybe slightlymore difficult on dispositions
and, on average, a lowerassignment fee.
Now, that's not the case acrossthe board.
It's just kind of a rough ruleof thumb.
Now, tennessee offers us avariety of the three different
types of markets that I see.
You have the low price point.

(01:35):
A lot of the as-is comps arevery important.
They can be rental propertieswhere the majority of your dispo
in buyers are going to belandlords.
That's what you get inside ofMemphis Memphis being the first
major metro that we're going totalk about inside of Tennessee
is that it's a great market towholesale in.

(01:58):
But you have to be very awareof your competition that exists
on the retail market right.
Why would an end buyer buy yourdeal for $25,000 or $30,000
when they can go pick up asimilar type property off the
MLS for $10,000 or $15,000?
That's something you have to beaware of, just like you have to

(02:18):
be aware of the same thing inthe Kansas cities, the Detroits,
the Birmingham's, the Jackson,the cities, the Detroits, the
Birminghams, the Jackson,mississippis, the St Louis this
is very common.
That is the nature of whatMemphis gives you.
Cash flow is going to be veryimportant.
You have to pay attention that,depending upon the type of
neighborhood you're in, moreoften than not you're going to
need a minimum of a 2% rentaland in some locations, a 3%

(02:42):
rental.
Now, another thing thatTennessee offers us is the
largest city and the capital,nashville.
Nashville is one of thosemarkets that is highly
competitive.
Some people would consider itsomewhat saturated.
I don't believe in that.
Okay.
I believe with solid processes,good lead generation and a

(03:07):
solid closing process and agreat company and underwriting
process, you can absolutely dodeals in Nashville just like we
have.
However, nashville is going tobe comparable to a location like
a Denver, colorado, or maybe aDallas Fort Worth, texas, maybe
even a Phoenix, arizona.
It's competitive.
You're always going to bedealing with some sort of

(03:30):
competitor out there, but if youcan't acquire a deal in
Nashville, dispositions is goingto be very easy for you and can
be extremely profitable.
So I believe, out of all of thecities in Tennessee, the city
that you can probably make themost money in is Nashville.
Now moving to my favorite cityto do deals in in Tennessee on

(03:55):
the far east side of the stateis Knoxville, tennessee, home of
the University of Tennessee,the volunteers.
I love Knoxville.
I also have spent more time inKnoxville than I have anywhere
else inside of Tennessee, but itdoesn't really matter when it
comes to virtual wholesaling.
The reason why I like Knoxvilleis because it's the most

(04:17):
average city in between thethree major metros right,
nashville being the higher pricepoint, more competition,
memphis going to be the lowerprice point, a lot of the as-is
type properties, lowerassignment fees.
Knoxville is kind of the cookiecutter mid-price points.

(04:39):
This position is not as easy asNashville but it's not as hard
as kind of the lower pricepoints in Memphis that you can
get into, and acquisitions iseasier in my opinion than
Nashville but a little bitharder than Memphis.
And so I've always loved thosetypes of cities.
I've loved the ones where it'slike, hey, it's not like hey, if

(05:03):
I go get a distressed propertyin Memphis, I know I can lock
that up, but then it's going tobe a struggle.
On dispo In Knoxville it's likehey, we've got to work a little
bit on acquisitions, we've gotto work a little bit on
dispositions, but overall weknow we can move deals.
Now shout out to Chattanooga,just south of Knoxville.
I wouldn't consider Chattanoogaa major metro in comparison to

(05:28):
Knoxville and Memphis andNashville, but it's also a great
place to do deals.
It's also home of our friendover at Easy REI Closings, david
Olds.
I know he does a ton of dealsout there and Chattanooga has
done a ton of deals out there.
Chattanooga a lower volume cityfor us in Tennessee.
But the other thing thatTennessee offers outside of the

(05:51):
three major metros is that thereare plenty of rural locations
that you can still do deals in.
Now, the majority of peoplethat teach virtual wholesale and
say, hey, you need to stay awayfrom trying to do rural deals.
I disagree with that.
I think there is low hangingfruit in the rural markets and

(06:12):
the reason why is because it'snot about the location
necessarily, it's about thebuyer activity.
So if you can go to a placelike Murfreesboro, which is home
of Middle Tennessee StateUniversity, there is buyer
activity there.
But some people would say, dueto the smaller population and
the lack of deals that go onthere, that you should stay away

(06:36):
and you should just focus onMemphis, nashville and Knoxville
.
I disagree.
We have done deals all acrossthe state.
Knoxville I disagree we havedone deals all across the state
and some of the best deals thatwe've done in Tennessee have
been considered quote unquoterural.
So when you are going to buyleads in Tennessee, one of the

(06:56):
things that I want you to payattention to is the amount of
buyers that you have there, andthen you can also pay attention
to their activity.
So when you're comping a deal,you can look and see
specifically on like Privy youcould go and see hey, do I see
comps that were purchased at50,000 and then six months later

(07:16):
sold at 150,000.
You can also use any of thedisposition softwares like
InvestorBase, investorlift orDealSpeed to see the amount of
buyers that are in the city orthe county.
Again, my rule of thumb withthat is I want a minimum of
2,000 active cash buyers insideof the county.

(07:37):
I hope to get that inside thecity, but if I don't, I'll still
do the deal.
If you can have that manybuyers, more often than not
you're going to be able to movethe deal.
Now Tennessee has a populationof 7.228 million people, making
it ranked the 15th mostpopulated state in the United

(07:58):
States.
I bring that up becausevolume-wise, for us here at
Titanium that's about whereTennessee ranks.
So it's never going to be likea top five market for us and
maybe some of that is due to thenature of what we do with
marketing in all 50 states.

(08:20):
I believe that it's just due tosheer volume of the leads that
are coming in and we're alsocompeting against the other
wholesalers that are in themajor metro areas like Nashville
, memphis and Knoxville that areexclusively buying all those
leads.
However, where we get majorityof our deals are in those

(08:40):
tertiary markets right aroundthe Nashville's of our deals are
in those tertiary markets rightaround the Nashville's, memphis
and Knoxville's, where that'swhere we crush.
Specifically for us, themajority of our volume has been
on the east side by Knoxvillebut right outside of Knoxville.
That is where we have had themost success.
Now, that's not saying that youcan't have the similar type of

(09:02):
success inside of Nashville orMemphis.
It's just specifically for usthat's what we've seen.
Why?
Because that's the best buyerrelationships that we have
inside the state of Tennessee.
So this is specific for us.
But that's what this series isfor to give you guys the
feedback of what I'veexperienced inside of each one

(09:22):
of these states.
So, with Tennessee being the15th most populated state with a
population of just north of 7million people, that's about
where we rank.
But feeling wise conversation,the attitude that I receive from
sellers, I love when I see aTennessee lead come across

(09:43):
because I know that if we canget a deal under contract and we
do the appropriate copying andunderwriting, we are going to be
able to monet also how themajor metro areas kind of cross

(10:07):
all the way across the state,memphis being the far west, like
if you've ever driven toMemphis from the west.
You literally go across thestate line of Arkansas to
Tennessee and right across theriver you're in Memphis, you're
in one of the major metro areas.
A couple hours later you're inNashville.

(10:27):
A couple of hours later you'rein Knoxville.
So the major highway that runsfrom west to east across
Tennessee is basically goingthrough the major metro areas,
going through the major metroareas and because of that kind
of unique geographical layout, Ibelieve that's why we have been

(10:51):
able to be successful, despitewherever the lead is located, to
be able to move that deal inTennessee.
So, volunteer State, I love you.
I give you great rankingsacross the board acquisitions,
dispositions and, like I said,anytime we can get a lead inside
of Tennessee, I'm excitedbecause I believe we can make
money with it.
So that's my take onwholesaling inside of the state
of Tennessee.
For those of you that have donedeals inside of Tennessee, let

(11:13):
me know what your thoughts are.
I love to hear your take andyour stories and I appreciate
each and every one of thecomments that ever comes across
this channel.
Show me some love on this.