The King Closer Reacts to Crazy Reels

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Episode Transcript

SPEAKER_04 (00:05):
Welcome back to the King Closer Reacts.
I am the King Closer, RJ Batesthe Third, the series where I
watch all these wholesalinggurus and YouTube influencers to
see if they know what the hellthey're talking about.
Let's get into the first video.

SPEAKER_05 (00:21):
We started going to the virtual space and they're
like, oh, I can do this fromanywhere, which you can't, but
you gotta have daily check-ins,maybe multiple times a day with
different departments.
You have to create the a culturethrough a camera, which is
really hard.
Whereas if you're in an office,you can meet somebody's kids,
their family, there, ask themhow their day is going.
Like, you know, so I've seenpeople migrating back into the
office space, at least to builda true real estate business

(00:43):
again.

SPEAKER_06 (00:44):
Yeah, you lose that connection to someone.
You know, every day I get to goin, I bullshit with my guys a
little bit, do push-ups all day.
Like it's fun, it's a deepersense of connection when you
guys are not just talking likethrough a camera.
For sure.

SPEAKER_04 (00:58):
So I couldn't agree more with this take.
I we did the whole virtual thingfor years, and I think there was
always some sort of resentmentbetween owners and employees.
It's like if we weren't gettingresults, it was really hard to
understand.

(01:18):
Like, was it because we weren'tgetting results because of a
lead problem, a process, asystem issue, or is it because
you weren't doing work?
And when you're virtual, italways kind of turned into were
you doing the reps?
Were you truly paying attention?
Are you just trying to get apaycheck?
Um, here in the office, again,building that culture.
He talks about just bullshittingwith the guys.

(01:40):
I mean, we have so much funhere.
Just the other day, we werestanding out on the back balcony
right here, looking at the lake,and we saw these two geese just
walking in the parking lot.
And I made a bet with Justin,like, just I bet for$10 you
can't go down there and youcan't touch one of those geese.

(02:01):
And it was hilarious.
Like, he he ran down there, he'srunning around the parking lot,
he dives after one, he does afront roll.
Actually, you know what?
Jordan, put it in there.
Show everybody Justin's magicalslow motion.
Where are we?
Where we got it?
One of these sides.
Here's Justin.
Slow rolling, he's all tore up.

(02:23):
So we're gonna go golfing latertoday, and I'm gonna beat him
because his hand's all tore up,but it's just having fun.
And I think work should be fun.
It shouldn't be one of thosethings.
Like, one of the benefits ofbeing an entrepreneur is that
you create your own company.
It's not just about money, it'snot just about uh this legacy

(02:44):
that you want to leave, it'salso about uh creating a reality
of the culture that yourbusiness has and having fun.
And yeah, the freedom and themoney and all that is nice and
it's important, but it's alsojust about enjoying who you work
with on a daily basis.

SPEAKER_03 (03:00):
Here's the problem with wholesaling as a business
model for an acquisitionsperson.
We have literally zero risk.
Why is that a problem?

Let me ask you this (03:12):
if you had to choose between the following
two options, what would youchoose?
Wishing you got a deal undercontract or wishing you never
got a deal under contract andcan get out of a deal.
It is way worse to have that baddeal and wish you could get out
of that deal than it is to belike, I wish I locked up a

(03:35):
contract, I wish I got a deal.
Yeah, and wholesalers don't havethat problem that like forces
you to be good at your numbers.

SPEAKER_05 (03:43):
100%.

SPEAKER_04 (03:50):
I this is my issue.
Every single time we have one ofthese hot takes on like the
problem with the wholesalingmodel, uh, I just I don't
understand what these people aretalking about.
Um so you're telling me that ifI go get a property under

(04:14):
contract, I have no risk, yet Ispent marketing dollars on
generating that lead.
I'm gonna have all my systemsand all my overhead.
I'm gonna spend money to getpictures taken, do recon on the
property, and then I'm gonnaspend time trying to dispo the
deal.
I have no risk.
What are you talking about?

(04:34):
We have risk associated.
We also, by the way, we make nomoney if we get a deal under
contract for too high and wedon't know how to run numbers.
Like we have to make money.
So, how is that the problem withthe wholesale and business
model?
Because you're pointing at itand saying we don't lose
anything like a flipper or alandlord would?

(04:56):
Well, of course not.
We also don't have the upsidethat a flipper or landlord has.
That's why our averageassignment fee across the entire
nation ranges around$15,000 perdeal.
How many house flippers areflipping houses for$15,000?
Nobody.
So, yes, there's a give and taketo the business model, but there

(05:19):
are people out there that arespending six, seven, eight
thousand dollars and some insome markets even more in just
marketing costs to get aproperty under contract.
So you're saying, oh, we havenothing to risk.
You terminate a deal that costsyou six thousand dollars to get,
yeah, you have something atrisk.

(05:39):
I disagree with this.

SPEAKER_02 (05:41):
These are the properties that I will not
wholesale fire damageproperties, danger zone
properties.
These are properties that are inreally bad neighborhoods.
Should I explain more?
Major foundation issues.
I don't wholesale houses inflood plains.
Flood zones, okay, but a floodplain, no.
You can't mess with floodplains, you can't get them
insured.

(06:01):
Houses that are old, if they'reunder 1950, and also houses that
are too expensive.
Those million-dollar houses justsit on the market, sometimes for
years.
They're a terrible investment.

SPEAKER_04 (06:14):
These are the properties that I do just named
like every house out there.
Like, what do you want?
2012 built that's uh$300,000.
I mean, yeah, we all want those,but listen, in some market, I
don't know what market he's in,but clearly not a virtual
wholesaler, because there aresome states where every house is

(06:35):
older than 1950.
Like up in the Northeast, whatare you talking about?
I mean, you're gonna have towholesale houses that are older
than 1950.
And then if you're doingwholesaling in a place like
Houston, Texas, uh, you're gonnahave to deal with floodplains.
Um, fire damaged homes.
I mean, so what are we supposedto do?
Just look at homeowners and say,oh, your house burned out and

(06:57):
you need to sell that asset fora discount and you're highly
motivated.
I'm sorry, I'm not going to helpyou out.
Come on.
There's a there's a buyer foreach one of these problems here.
So I don't agree with justlooking and making this really
tight buy box.
Uh, it sounds to me like maybethis gentleman right here is

(07:19):
used to wholesaling the hedgefunds, and that's why he's kind
of created this buy box.
But when you become a virtualwholesaler and you start doing
deals in multiple locations, yourealize that there's many
different types of buyers, andyou have to kind of get used to
the underwriting process for allof the different needs out

(07:40):
there.
So I don't know, that just feelslike that's too tight of a buy
box for me.

SPEAKER_00 (07:45):
You think you have a lead quality problem, but you
probably don't.
Here's why.
I've analyzed thousands of realestate campaigns, and I see most
real estate investors say I havea lead quality problem.
But that really isn't thefreaking case.
So stop whining about your leadquality and actually listen up.
Most people have a problemaccustomed, not problem aware.
So I talked to a lot of peoplethat go to the highest intent,
let's say Google campaigns, andthey can't actually get leads to

(08:06):
convert.
Then they jump from marketingagency to marketing agency and
they jump from cold call intoSMS.
They just jumping around andsay, hey, it's a lead quality
problem.
But then I go and listen totheir calls and I come to figure
out that it's actually a salesproblem.
Because most of these guys thinkthey're really good at sales,
but you listen to their callsand you see that, dude, you're
just terrible at sales.
You just think you're good.
And so stop being a whiny littlebitch, if you ask me, and

(08:28):
actually go and start learningsales.
Because you got guys that areliterally doing SMS, doing more
deals than you, you doing GooglePPC.
How can these guys go and dosome outbound marketing, get
better results than you doinginbound marketing just because,
and then you complain about theinbound quality?
No, it's you do not have yoursales process dialed in.

SPEAKER_04 (08:48):
Courtney Scott, bringing the fire right there.
I agree.
I I could not agree more.
I so many people will tell me,like, man, the leads from speed
of lead, property leads, leadsall over, they suck.
And I'm like, but they suck, andthen how come every time I get a
random batch, I get a propertyunder contract?

(09:09):
How come people inside of TU areclosing deals every single day?
We literally had I had a TUmember text me last night.
He said, RJ, I am analyzing 20plus deals a day that other TU
members have under contract thatare trying to wholesale to me.

(09:31):
20 plus.
Now, mind you, TitaniumUniversity, we've only been in
existence for a little bit overa year.
We only have 550 members.
He's getting 20 deals a day thatare under contract.
Yeah.
You want to learn how toactually close leads?
Go to kingclosersformula.com.

SPEAKER_01 (09:53):
What I find is a lot of wholesalers will just do it
anyway, right?
They'll lock it up and they'llget people in tough situations.
And the thing is, not allsellers tell you their timeline,
right?
Some of them will just believethat you're going to buy their
house because you said theywould.
And then people cancel becausethey're just trying to get the
contract.
So this is a big problem withtraditional wholesaling because

(10:15):
most of these wholesalers thatgo out there do not have buyers
until they blast out the list ofthousands of people.
And then they get feedback, andthen they're like, okay, this
can, you know, this can work.
And I think that's whywholesaling's under attack
because the traditional way ofwholesaling is stupid.
It sucks.

SPEAKER_04 (10:32):
I don't know.
What is that?
Nathan.
I like Nathan.
Nathan's a good guy.
I don't know what he's talkingabout the traditional way of
wholesaling.
I thought he was a wholesaler,so maybe he's got some new fancy
term.
The painless flipping way.
I don't know.
But also, all right, man, whyare you so out of breath?

(10:54):
Looks like you're slowlywalking.
Like, man.
Come on now.
But listen, I what are wetalking about here?
This this is like, is that thereason why wholesaling is under
attack?
I I think there's a lot ofdifferent reasons why
wholesaling is under attack, butthis right here, this is like
assuming that every wholesalerout there just has the intention

(11:18):
of locking up every single deal,blasting it out and hoping that
it sells.
I think that happens a littlebit.
There's a small percentage, butthe majority of people realize
very quickly after theyterminate one, two deals, where
it's like, hey, that took a lotof my time.
Because one of the worst thingsthat we want to do is terminate.

(11:39):
We continue to work and work andwork.
And so it's like, if I justgotten this at a better price or
a better location, then I wouldhave already made money.
And so we start tweaking ourskill sets.
So I don't know what his new wayof wholesaling is, but at the
end of the day, uh company andunderwriting is the most

(12:00):
important skill set out there.
And that's why some of us haveregularly been teaching like
this is what you guys need to befocused on how to talk to
sellers, how to identify theirmotivation, how to identify
their timeline, which he sayssome sellers won't tell you
that.
That's weird.
And then also understandingwhere your end buyers buy.

(12:20):
All right, guys, that's ourepisode of the King Closer
Reacts.
Hope you enjoyed it.
Let me know in the comments ifyou did.
Give me a like.
We'll see you guys tomorrow.