What's Your Take On Wholesaling? | King Closer Reacts

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Episode Transcript

SPEAKER_03 (00:05):
What's going on, everybody?
Welcome back to the King CloserX.
I am the King Closer, RJ BatesIII, and this is the series
where I'm going to watch someYouTube videos and see if I
agree or disagree.
Let's get into the first one.

SPEAKER_05 (00:17):
The biggest lesson from this deal is that you
shouldn't automatically throwaway an opportunity just because
the property is outside yournormal market.
You may need to get creative.
You may need to work with anagent.
You may need to partner up withanother wholesaler, and you may
need to call local landlordproperty managers, builders, or
investors.
So that being said, the solutionactually may be different than

(00:40):
what you normally do, but thatdoes not mean the deal is
impossible.
You also need a real follow-upsystem.
Your CRM should not be just aplace where leads go to die.
It should actively help you stayin front of sellers until they
are ready to make a decision.
Because sometimes that lead thatmay look difficult,
inconvenient, or completelyoutside your market can actually

(01:01):
become a$20,000 deal.

SPEAKER_03 (01:04):
Oh, it's good to see my boy Steven Morales back on
YouTube.
Listen, I I agree with thelocation.
Uh that the aspect of, hey, justbecause this is in some of a
rural market, um we don't wantto pass on it.
And he's right.
There's times where youabsolutely need to reach out to
the local real estate agents ormaybe even JV.

(01:28):
That's one of the things that wepride ourselves inside of
titanium university.
Shout out to the titanium dispohouses.
If you want to work with them,go to titaniumdispo.com.
That's the first time I thinkI've dropped that on YouTube.
So a little shout out there onKing Closure House,
titaniumdispo.com.
But uh the the part there aboutthe CRM, uh, listen, I I this

(01:50):
the drip sequences are importantinside of CRMs.
Just don't find yourself relyingon technology and the CRM to
resurrect those older, slowerconverting leads.
It still falls on the shouldersof the acquisitions rep.

SPEAKER_00 (02:07):
What is wholesale real estate?
You find a house, you offer theowner a certain price point way
lower than what it's worth, youfind an investor, you sell it to
the investor, and you get themiddle part of the investment.
Example, you find a house for100K under contract, you put it
under contract, you find aninvestor that'll buy it for
110k, guess who keeps it 10k.
So easy, right?

SPEAKER_03 (02:29):
So, yeah, I mean, we've we've seen these videos
come across on King Closer Rackstime and time again.
And I just don't like thenarrative of, yeah, you're
getting a property for way lessthan what it's worth.
And that's not necessarily thecase because in his scenario,
the end buyer is willing to pay$110,000.

(02:51):
And that's what makes that dealprofitable for the end buyer
because he's gonna come in, he'sgonna rehab the property,
increase the property value, andthen he needs to make profit for
doing that.
That's just the cost of runninga business, right?
They have to be profitable.
We don't sit there and say, as arealtor, hey, what you're going

(03:12):
to do is you're gonna list aproperty and you're going to end
up taking part of what thehomeowner's equity is.
So you're gonna list a propertyfor$100,000 and then you're
going to walk away with your$5,000,$6,000 in commission and
you're stealing that from ahomeowner.
That just feels a little biticky in the fact that in the

(03:35):
wholesaling side of things,that's how we say it.
But you don't have to.
We're we're coming in, we'reproviding a service for the
homeowner.
We're providing a service tothat end buyer who needs to
purchase it at that property orat that value because that's
what they needed at in order forthem to be able to rehab the
property and then sell it for aprofit.
So just kind of change thenarrative there a little bit.

SPEAKER_01 (03:58):
Notice you said when you got started, there was some
rumors going around saying youif you want to be an investor,
you shouldn't be licensed.
I keep hearing it too.
Uh as I said, I don't know who'swho's starting that, but uh,
we're in a world of changingregulations.
If you are uh a wholesaler andyou're doing off-market deals,
you're going to have to belicensed in the future.
That's my belief.

(04:19):
Every every day we're sorry,every week I'm seeing new uh
regulations coming out, stateafter state after state.
The big wholesaling companieslike here in Houston, if you
want to work for them, theyrequire you to be licensed.
The state doesn't require you tobe licensed.
There's no regulation right nowin Texas that says you have to
be licensed to wholesale.
But guess what?
It's best practice, all theirguys are licensed.

SPEAKER_03 (04:40):
So it is kind of I I hear what he's saying, but as
new regulations come out, it'sactually moving away from the
license requirement, and it'smore moving towards the
disclosing that you're awholesaler requirement, which
actually falls into our laps oftransparency, authenticity, and

(05:01):
not really needing to belicensed.
Now, when he's talking aboutthese big box wholesalers like
New Western Acquisitions,Networth Realty, they have
always required their reps to belicensed.
This is not new, this is notbecause of the regulations.
This has been the way that wayfor over a decade.

(05:22):
So nothing has changed therebecause of the regulations.
Are there states out there whereyou being licensed do benefit
you?
For example, Nebraska.
Yes, but that is very few statesout there so far in regards to
regulations.

SPEAKER_02 (05:36):
I never make an offer without running the
numbers first, the cap rate, theNOI, and the projected
assignment fee.
I just sent my first offerwithout even knowing what cap
rates are.
I only call motivated sellerswith vacancies, code violations,
or properties that have beensitting on the market for too
long.
I've been calling randomproperty owners off Zillow
hoping someone wants to sell.
I have a contract template readyto go before I even get a seller
on the phone.

(05:56):
I got a seller interested, but Ihave no idea what to put in the
contract.
I built my buyer's list before Istarted looking for deals, so
when I find one, it's gone in 48hours.
I finally found a deal, but Idon't have a single buyer to
send it to.
I closed my first deal in 60days because I focused on one
step at a time and didn't quitwhen it got hard.
I've been at this for threemonths and I still haven't
closed anything.

SPEAKER_03 (06:19):
Wow, that was a cute little video there.
Um there's some things I I agreewith that there was a lot of
takes there, and some things I'mI'm adamantly going to disagree
with.
Um the running uh needing tounderstand the cap rate and the
NOI and all that, that'sspecifically for rental

(06:41):
properties.
And I actually think that themajority of times we should be
running our numbers based off offlip numbers.
That's where you can buy thedeepest, it's where you can buy
the best deals for you as awholesaler and for your in
buyers being the flippers,because you can also assign
deals that are run under flipsto landlords.

(07:03):
Then the the aspect of uh whatwas the other one that he said?
He he needs to have buyersbefore getting a property under
contract.
Again, kind of old schoolthought process there.
You know, when we look at thetechnology that exists today
with investor base, investorlift, and deal uh deal speed,
speed deletes, uh disposoftware, these these softwares

(07:27):
give us the information for thebuyer.
So we don't have to build thebuyer's list, the buyer's lists
are already built out there forus.
We just literally have to swipeour card and have access to it.
So there were some things that II don't necessarily agree with.
Now, having a contract templateand all of that, that makes
sense.
But then there at the end, hesays, you know, I focused on one

(07:48):
step at a time.

And then I got a question (07:49):
how did you focus on one step at a
time?
If we're talking about, hey, I'mgonna go out and I'm gonna focus
on building a buyer's listbefore I even get a deal.
Is that really focusing one stepat a time?
Because shouldn't it be, hey,let's focus on learning lead
generation, let's focus onacquisitions, comping and
underwriting.
Then when we get that undercontract, now we can focus on

(08:11):
dispositions, maybe even notfocus on dispositions, partner
up with somebody that is greatat dispositions, and I just
continue to focus on myacquisitions and my pipeline.
I just, it's a broken train ofthought, in my opinion.
And I've seen this time and timeagain with people that come in,
they they get lost on, hey, Ineed to go talk to all these

(08:32):
buyers and ask them what theirbuy box is.
But when you really talk to endbuyers, you find out that that's
really one of the most annoyingthings that they get.
So you don't have a deal, youjust want to know what I would
buy.
I call me when you have a deal.
I want to analyze the deal andwe can talk about that.
So just kind of old school bots.

SPEAKER_06 (08:52):
So the price to get this for is probably gonna be
ARV times 0.7, subtract your125, puts you at 144.
They're asking 174.
Anything below that becomes myprofit.

SPEAKER_04 (09:03):
Hello, guys, Nubian.

SPEAKER_06 (09:04):
Hey there, Nubian.
My name is Richard.
I was calling you about theLeisure Woods property.
I'm wanting to do a littleflipping.
Is this thing still available?

SPEAKER_04 (09:10):
Oh, yes, it's still available.
We have received uh a fewoffers, it has to be a total
remodeler from top to bottom.

SPEAKER_06 (09:17):
I figured.
I was estimating about 125.
I wanted to give you guys averbal offer and then also see
if I could get my contractor inthere just so I can remove my
inspection period and submitearn it.
Oh, that would be great.
Because I don't honestly, Idon't need I I know it's all
destroyed, so I don't reallyneed to inspect.
I'm I just need to get mycontractor in there for a loose
a loose rehab estimate here.
I probably wanted to come inaround 140,000, um, which is not

(09:40):
too far off of list price.
I can also cover closing costs.
And um, yeah, I don't reallyneed to inspect after I get my
contractor in there.
Do you think that offer iscompetitive?

SPEAKER_04 (09:48):
It is competitive, uh being very, very honest with
you.
We have one at 155, but uh giventhe fact that you don't you
won't have the any inspectionfee, then my my client might be
interested about that as well.
Okay, yeah.
Um but I'm going to send you thelog box and then you will keep
me posted if you're stillinterested after seeing the
project.

SPEAKER_06 (10:08):
Absolutely.
I I've got 27 other projectsright now, so I think we've got
excellent.
I think it's right up my alley.
I'm not too concerned about thismassive rehab.

SPEAKER_04 (10:16):
Excellent.
Thank you so much.
I really appreciate it.

SPEAKER_03 (10:18):
I I like how Richard navigates his conversations with
on-market deals and realtors.
This is like one of a handful ofcalls that I've seen of his, and
he's really got that naileddown.
Um, I like how he comes in, he'she's prepared, he's got his
little narrative there.
How I'm gonna get my contractorin, we're gonna get that rehab
estimate, and then I'll go hardwith earnest money that's

(10:41):
extremely competitive with MLSdeals.
Now, I don't do MLS dealsanymore.
We only do direct to sell oroff-market, but this is a very
uh competitive strategy forsomebody when they're getting
started.
I I think it does struggle withkind of scaling um without a lot
of technology and a lot ofoffers that don't go necessarily

(11:04):
that way.
I do also like the fact that hepicks the phone up and calls the
agents and really kind ofnegotiates and gets that verbal
confirmation from the agentitself.
So I'm I'm kind of a fan ofRichard and how he navigates
that strategy.
All right, guys, that's ourepisode of The King Closer
Reacts.
Let me know, did you agree ordid you disagree with my takes

(11:25):
in the comments?
Regardless, show me some love,like today's video, and we'll
see you guys tomorrow.