What REALLY Goes on in Wholesaling According to The King Closer

Episode Transcript
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Speaker 1 (00:05):
Welcome back to the King Closer Reacts.
I am the King Closer, rj BatesIII.
This is a series where Irespond to all of those crazy
YouTube shorts, tiktoks andInstagram reels to see if I
agree or disagree with the take.
Let's get into the first video.

Speaker 2 (00:21):
This is an industry full of people who do it
part-time for the most part anddon't take it serious, and it's
usually people that come from ajob making minimal amount of
money and then all of a suddenthey start wholesaling, even if
it's two, three, four hours aday at the most.
For most of the industrythey're making two, three
hundred grand a year.

Speaker 3 (00:42):
I was listening to my own calls back, which not a lot
of people do, so I was doing myown call reviews Printed out.
I made myself like a littlebullet point check sheet right
when I'm like, hey, did I hitthis?
Did I hit this?
I'm like have something like,oh, what am I missing every call
Because if you're not goingback and doing that, you have no
clue.
Was this a good call, shittycall?

Speaker 2 (01:00):
you don't really know yeah, you don't see the holes
in the call where you could havedone better.
No, and like I'm fortunateenough to have so many
recordings of me on calls likethat get posted on social media,
where when I listen to a callof mine, that gets posted on my
instagram or youtube orsomething, I'm always picking it
apart, like god, I could havedone so much better.
Like somebody's gonna call meout on that, you know, but it's

(01:23):
forever.
You're gonna be learning.
But if if you're not pullingrecordings of yourself, like we
do it for the team, it's likeyou, you gotta do that, even if
you're solo, because you know,once you're out of that
conversation and you don't haveto think super fast, like once
you dissect it, you're gonna,you know, remember what you
should have said, what you couldhave said.

(01:43):
It's you could have said it'ssuch good training, isn't it?

Speaker 1 (01:47):
So I do like what they're talking about there,
where you do need to listen toyourself, dissect the calls,
have those review sessions.
However, I want to take alittle bit of a different take
on.
It's not so much about what yousay, it's about what did this
seller say.
And then how did we respond?
Really understanding, becausethere's times where it's like,

(02:10):
hey, we feel like in a script,we should ask this question or,
you know, did I reallyunderstand?
Like the, the motivation or thetimeline?
How do we do that?
It's through our listening, andso when we do our seller call
reviews inside of titaniumuniversity, it's all about

(02:30):
listening to what the sellersays and then pausing and say,
okay, if we could redo thismoment right now, what questions
should we ask at this point?
What did the seller truly justtell us?
And now point what did theseller truly just tell us?
And now, what is theappropriate way to steer that
conversation from this point on?
So I think seller call reviewsare vitally important to success

(02:53):
and if you are not doing it,start doing it today.

Speaker 4 (02:56):
What's the evolution of what's happened to me in the
world of wholesale?
And one of the things I'd liketo say is that you know I've
done over 7,000 wholesale dealsand when you look at the impact
of what wholesaling does to realestate, it's undeniable that it
makes real estate moreexpensive.
We're adding value and raisingthe price.
It's a natural by-product ofthe business model.

Speaker 3 (03:17):
It's what it is, but there's always going to be
people who are in pain and kindof destroying these houses as
well.

Speaker 4 (03:22):
Sure, there's an endless supply of life to give
us what the fuel we need to keepthe business going.
On the other side of that,though, I was communicating with
a family that I come intocontact with that were living in
their car around the cornerfrom my home.
They couldn't afford a newplace, and so I asked them what
the address was of the housethat they lived in, and we were
the wholesaler, and so it wasfull circle, right on my

(03:44):
doorstep, the impact of what I'mdoing, and you know, it's one
of those divine moments again,right when I'm faced with
another opportunity but anotherproblem.

Speaker 1 (03:55):
I've known Jamil for a long time and he's one of the
top wholesalers ever.
Right, he's on the MountRushmore over there.
7,000 transactions is extremelyimpressive and I think what
he's kind of dealing with issomething that we all deal with
to a certain degree asentrepreneurs, because we begin

(04:16):
our journey where we want tocreate this freedom for
ourselves and then we do starttelling ourselves the stories
about how many people we help.
One of the things I would talkto Jamil about is, yeah, there
are times where we areincreasing the price of real
estate to a certain degree.
It was going to happenregardless, right?
Whether or not a realtor goesout and lists that property,

(04:38):
whether or not an investor comesin, there's always going to be
people that are going to come inand remodel the house, rehab it
, increase the value of theproperty.
But 7,000 transactions that's7,000 transactions that have
gone through title companies,transaction coordinators that is
7,000 homeowners that did getpaid out on their real estate

(04:59):
that was distressed one way oranother.
There's been so many lives thatJameil's company has helped and
supported their livelihood.
So there's a lot of differentways that you can look at that.
Yeah, we do increase the priceof real estate, but we also do
put a lot of food on otherpeople's tables from the

(05:21):
transactions that we do.
So, Jamil, I love you, brother.
I love the deep introspectionlook there.
But overall, man, you've helpeda lot more people than you've
heard.

Speaker 6 (05:32):
How long does it take from when you really understand
the business model behind doinga wholesale deal to the day
where you close that firstwholesale deal?
What did that time frame looklike?

Speaker 7 (05:41):
It took me 11 months and 104 appointments, and this
is not a half-ass effort.
This was like me giving iteverything I got.
I didn't have solid mentorship,couldn't comp a property
properly, didn't have a scriptto follow.
I was handwriting yellowletters on my kitchen counter
until two o'clock in the morning, stuffing envelopes, putting up
bandit signs, and I would getcalls.
I would run out to the houses,I would f.

Speaker 1 (06:11):
Now listen, if you've ever watched Nick Perry in the
2021 Closers Olympics, youabsolutely understand why he
took him 104 appointments toclose his first deal.
No, I'm just kidding with you,man, I love you.
I think the thing that youshould take away there from Nick
is that, listen, he is anabsolute killer.

(06:31):
Wholesaler now right, anabsolute killer.
Wholesaler now right.
Guy's lived, you know, a lifethat most people could only
dream of moving out of thecountry, living in Cancun,
panama.
You know penthouse suites, youknow and I think now he's in
Phoenix you know he's goteverything that he could ever
want from a financial aspect.
So he was able to create hisown reality, even though it took

(06:56):
him 11 months and that 104appointments.
But how could you fast forwardedthat process?
Well, what he said?
I didn't have a mentor.
I didn't know what I was doing.
I didn't know how to talk tothe seller.
I didn't know how to comp anunderwriter property.
This is why it's important togo out and see like, who do I
resonate with?
Who is out there leading a lifethat I would want to replicate,

(07:16):
and then hire them to fastforward your progress so you
don't have to do what Nick didhis first 11 months.

Speaker 8 (07:23):
Biggest thing I learned from hiring so many
people from a wholesaleoperation was that you have to
be extremely selective.
I used to hire multiple at atime and say, oh, I know one or
two of these people may work out, but usually none of them
worked out.
And the reason was because if Iwas just picking somebody cause
I needed them, instead ofbuilding an actual a player team
so I want scale to 20 employeesI was like, yeah, I got 20
employees, but it was onlyimpressive to the people who
weren't doing business, becauseyou're way more profitable If

(07:45):
you can do the same amount ofrevenue from those the five best
employees, because the other 15probably aren't doing that much
work.
So realize that when you'rehiring people for your operation
, for your wholesale company,that you need to be selective in
who you're picking.
Pick only people who youbelieve are truly going to work
out for the next 10 years andtruly believe that they're a
player, somebody who's going tocome, contribute to the team and
be independent and actuallypush revenue and push growth,

(08:06):
not you just telling them whatto do and taking over the busy
work for you.

Speaker 1 (08:12):
That guy, my rival rival, my friend, who's the
fastest talking wholesaler rightthere.
Is that natural or was thatsped up?
If that's natural, I want tohear him on a live seller call.
I agree, you have to hire Aplayers and I also felt victim
to the just put an ass in theseat.
In fact, at one point in timewe used to say that, listen,

(08:35):
we've got a seat available,we've got a computer and a setup
, we've got the leads.
Just put an ass in the seat andinevitably it'll lead to
revenue.
Well, yes, but it was also.
What about the opportunitycosts?
What about the amount of leadsthat weren't closed because we
put a C player in there, whenthat exact same lead could have
gone to one of the A players?

(08:55):
That's what we learned over thecourse of time.
So, yes, recruiting is alwaysneeding to happen inside of your
business, but making sure thatyou hire and retain that A plus
talent is what reallydifferentiates a successful
business to a mediocre business.

Speaker 6 (09:13):
I was definitely having a tough time because for
almost my whole life I was usedto working W-2 and getting my
paycheck not putting in the worknow to get paid later.
So I was definitely reallystressed out during my first
couple of years because it waslike this is all new to me.
So once again I was not makingtoo much money, spending more
money and kind of seeing thatsavings account drop and dwindle

(09:34):
.
But yeah, I was able to getgood experience.
I cold called for six to 10hours a day, almost every day,
and yeah, I was able to do acouple of deals and then, you
know, eventually broke off fromthere and started doing my own
thing.
I was definitely having a toughtime because for almost my
whole life I was used to workingW-2 and getting my paycheck not
putting in.

Speaker 1 (09:54):
So I think there's a lot of new wholesalers that fall
into this category right here.
I'm used to working at W2.
I saved up money and I'm goingto get my reps in.
I'm going to get thatexperience through cold calling.
This is why I tell people stopthe madness.
But listen, that's my brother,steve Trang, right there, and

(10:16):
you guys know I give him a hardtime.
Trang Dynasty, trang Lang.
But he truly believes somethingthat I disagree with.
He thinks that you should getyour reps in through cold
calling because it's experienceand cold calling is cheaper.
However, this guy right here Idon't know who that was, that he
was his guest on the podcast iskind of telling a story of yeah

(10:38):
, you know, it was hard early onfor years and it gets you to
the point where the morale willdrop, to the point where people
will actually quit.
They'll give up on that dreamand just say I'm just not cut
out for a wholesale.
This isn't something I'm goingto do.
I'm just going to stick to myW-2.
This is why I believe, hey, ifyou have money saved up, instead

(11:00):
of investing it into coldcalling so you can get that
experience, let's invest it intotalking to people that have
already raised their hand andsaid I have a house I want to
sell.
You can mess that up and it'sgoing to cost you money, but
it's going to cost you so muchmore time and probably the exact
same amount of money.
It's just a slower bleed.

(11:22):
It's a slower death.
On cold calling, let's go aheadand get you on the phone with
someone that says they want tosell a house and get that
experience.
Get those reps Instead of justgetting your teeth kicked in
with people saying how'd you getmy information?
Why would you think I need tosell my house?
That doesn't really help you inthe long run.

Speaker 5 (11:42):
What does it take to buy a house in Japan as a
foreigner?
Contrary to what many peoplethink, you can buy real estate
in Japan as a non-resident ornon-Japanese.
Here are the exact steps youneed to take.
Step one you need to know whatkind of house you want and why.
Do you want a distressed,abandoned house like this one,
or do you want to buy somethingnewer so you don't have to worry
about the renovation, or do youwant to buy land and build a

(12:05):
new house?
This option I don't recommend,since it's just too much work,
especially if you don't livehere.
Step two reach out to an agentand set up a walkthrough of a
house that you're interested in.
Step three make an offer.
You fill out a kaitsukemoshikomisho and send an offer
to the agent you're working with.
Step four contract day Afteryour offer is accepted, it's
time to sign the documents andpay the earnest money.

(12:26):
Step five closing.
Once all the documents havebeen submitted and you make the
hold on.

Speaker 1 (12:41):
This guy just broke it down.
It's the exact same.
So what this guy just told meis I can start wholesaling in
Japan.
I gotta figure out what he saidthere there was at some point
in time.
He said you gotta sign like aKisho Kroncho or something.
I, whatever, we'll figure thatout and I'll figure out how to
talk Japanese and it's going tobe a hell of a lot better than

(13:03):
what I just attempted.
But 51 deals in 51 days in 50states and one other country,
japan, baby, that's it.
Maybe we'll add Canada in thereor we'll just wait until they
make it the 51st state.
What do you guys think?

Speaker 9 (13:20):
You're going to keep a beard, the rules are that you
want to line it up daily.
If you shave, do you not shavedaily?
Well, you don't shave.
I said if you shave, you're notsupposed to answer that
question.
If you shave, aren't yousupposed to shave daily?
If you keep a beard, keep itlined up daily.
The thing that I see with guyswith beards is they tend to get

(13:41):
lazy.
The way you do one thing is theway you do everything in your
life and it says something aboutyou, the way that you groom
yourself.
So if you want to keep a beard,by all means keep a beard, just
understand it's going to costyou.

Speaker 1 (13:55):
Who is this guy?
Listen me, having a beard hasnothing to do with whether or
not I close a deal or not.
Okay, I've closed more dealsthan so many people in this

(14:16):
industry and guess what?
Not one seller knows whether ornot I have a beard or not,
because I'm closing deals overthe phone.
All right.
How I do one deals over thephone All right.
How I do one thing is how I doall things.
Listen, bro, you're a walkingcliche.
All right, my beard isirrelevant.
Let me explain something to you.
My beard has a personal meaningto me and maybe one point in

(14:37):
time I will share it.
But it has to do with loss andit's a remembrance for me, for
someone that I lost in my life,and it's my way of remembering
that person.
It doesn't matter, no one careswhen I call a seller.
All they want to know is can Isolve their problem?

(14:58):
They don't want to know if Ishaved that morning.
They don't want to know if Ilined up my beard.
They want to know am I going togive them money for their shit
box, which I do?
So let me ask you guys, what doy'all think, after all of the
live videos where I've closeddeals, doing deals in all 50

(15:19):
states.
Do you think that maybe I wouldmake more money if I just
shaved the beard off?
Actually, don't answer, becauseI don't give a shit.
I'm keeping the beard.
That's our episode of the KingCloser Reacts.
And I am the King Closer with abig ass, gnarly fucking beard.
That's our episode.

(15:40):
Make sure you like it.

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