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The Titanium Vault hosted by RJ Bates III
RJ Bates III, affectionately referred to as the Viking Wizard by his students, started his real estate investing career in 2014 after attending a real estate education program that put him $65,000 in debt. RJ contracted his first deal he found on the MLS and wholesaled it for a $7,500 assignment fee. That was the end of his former life and the beginning of his venture into becoming a real estate investor. Since that moment, RJ has become an influential figurehead in the real estate investing industry. He has successfully purchased and sold over 2,000 properties all across the USA including wholesale deals, rehabs, rentals, owner finances and short term rentals. One of his passions is being the host of The Titanium Vault Podcast where he interviews the top real estate investors and finally, RJ has won back to back Closers Olympics earning him the reputation as the King Closer!
The Titanium Vault hosted by RJ Bates III
How To Solve Problems Faster
How do you solve problems as an entrepreneur???
Many times, this is the downfall of a small business operation...
Not knowing how or what problems to solve...
In this video, I give a quick and easy way to solve problems faster.
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as an entrepreneur, one of the things that you have to get good at actually, you have to get great at is solving problems. One of the reasons why you have to get great at solving problems is because we are naturally chaos creators. We go out and we got to push ourselves into creating problems for ourselves, and then, from that point, it's our responsibility to solve those problems. So one of the things I want to define before we move on is what is a problem? A problem? My definition of a problem is a constraint stopping us from achieving an outcome. Okay, now, there's many different types of problems inside of a business. As a business owner, you are going to have to decipher what is a problem that I need to focus on and what's something that can be resolved residually through solving larger, more overarching factors of my business. Okay, so, for example, to determine the level of the problem, it all starts with mentally being strong enough and understanding what you are trying to accomplish in your business. So, for example, one of the biggest problems that I see new wholesalers create for themselves is I'm not ready yet, or I don't have everything set up, instead of going out and taking action and creating revenue for themselves. Good example of this is you watch my videos, you watch my new YouTube channel, just like you're watching right now, and you hear me say lead generation in 2024 is super easy. You just go out and you swipe your card for a PPL provider and you have leads. Okay, so now you have lead generation. We've provided you all the tools and resources to know how to talk to those sellers, how to comp and underwrite basically everything that you need to acquire a deal. All right, self-inflicted problem, but I don't have a CRM. So, instead of swiping your card and getting a lead and following the King Closers formula and using the web formula to comp and underwrite and to close a deal, you decide you have to go figure out which CRM you're going to get and then you're going to take time, effort, energy and your resources to set up the automations inside of that CRM when you haven't even closed a deal yet. This is a self-inflicted problem where really, you not having a CRM was not a problem. You not having revenue generating activities inside of your business that was the true problem inside of your business and you kick that can down the road to create a little miniature problem that you thought you had. So one of the things that you need to get great at is deciphering what is a problem that I need to focus on and what's something that I can figure out later on.
Speaker 1:Many of the seven and eight figure entrepreneurs inside of the wholesaling industry that I've interviewed on the Titanium Vault podcast have said when I got started, I didn't have a CRM for eight months, nine months, 12 months. I didn't set up an LLC. For the first six to nine months or in Nick Perry's case, I believe it was like 60 deals he didn't have a LLC or a CRM. He was focused on revenue generating activities and he ignored the small problems and said I'm going to focus on the big one, which is I don't have any money coming in. So one of the things I want you to focus on is making sure that you are correcting and fixing the correct problems. All right. The next thing is is, when you have identified a problem, making sure that when you say, hey, this is the problem, when you go to solve it, you're solving it correctly.
Speaker 1:Ok, so, for example, say you or an entrepreneur for a couple of years and you're struggling to build a team, you're kind of stuck in that I'm a one or two or three man show and you can't scale the business up and you can't get to the level where you're really kind of delegating things out. You're still stuck in a seat of action. Okay, now I'm not saying you have to scale up to a large organization, but if you're still just stuck in like an acquisition seat or disposition seat or something like that, you're struggling to build that team. One of those things is identify what in order to build a team. If I were to walk into someone else's business and kind of want to mirror exactly what they're doing, what would you expect to see when you talk to them about how have you built this team? What would you expect to see when you talk to them about how have you built this team? You're probably going to expect to see a recruiting process, a hiring process, an onboarding process and a training process. Those are just some examples that you're probably going to see. And you would kind of inversely say if I were to have the ideal scenario, that's what I would have.
Speaker 1:What we do a lot of times as entrepreneurs is is I'm struggling to build my team, so we go out and we say I'm going to hire a third party recruiter to then recruit and hire for me and then I won't struggle building a team anymore. Yet you still lack the onboarding and training process. You're still gonna struggle. The problem is still going to exist because you haven't really thought out fully what all needs to be in place for me to solve this problem. So one of the things I like to do anytime I see a problem is is not act rapidly and quickly. I like to slow down, kind of pump the brakes, and say rapidly and quickly. I like to slow down, kind of pump the brakes and say what do we really need to do here to solve this problem? If we are struggling to build a team, then I'm going to look at it and I'm going to say these are all the things that we need in place to really solve the overarching problem that exists in our business. So I talked about kind of inversely thinking about that. Anytime that you have a massive problem in your business, I then want you to think about it that way where you said what would my business look like if this problem didn't exist? How would it not exist? Okay, case in point you would have those four different processes recruiting, hiring, onboarding, training then go out and solve those problems. That's how you get rid of the ultimate problem overall. Okay Now, another thing that I want you to think about when you think of the word problem as an entrepreneur, a lot of times we think of that as a negative thing. I want you to change your mindset here. I've said this repeatedly over the past couple of months because I really want it to resonate with everybody.
Speaker 1:We get paid directly proportionate to the size and the amount of problems that we solve and the amount of people's problems that we solve. By nature, we are chaos creators and we do create problems for ourselves, but also, inside of creating that chaos, we are also problem solvers for other people, specifically wholesalers. Right, what are we doing? We're calling motivated sellers and we're finding out what problems exist and how we can solve that problem by buying their real estate. A good example. Well, the ultimate example of this is Jeff Bezos at Amazon. He went out and he identified a problem that everyone has and impacted literally every single person, and said how can I make this better for everyone? Literally every single person and said how can I make this better for everyone? We're at the point now where, literally the other day, I ordered something from Amazon at 3 pm and it was delivered to my house by 6.30 pm. That, literally, is better for me than if I just went to the store, because it saved me so much time. That's why he's a gazillionaire at this point, because he solved such a damn near impossible task and he saved so much time, effort and resources and he solved so many problems for other people.
Speaker 1:As we move along in our entrepreneur journey, when you become better at solving problems for other people, it becomes easier for you to then kind of relax when it comes to solving your problems. I got asked the other day inside of one of our implementation calls like RJ, why do you always seem like you're not stressed? Because I know with the level of deals that you guys are doing and the kind of volume that you're doing, there has to be a stress factor. And it was funny because my response was I'm very rarely stressed because we have gotten to the place. Now, when we go to solve a problem, it's not panic. We have decided to relax, slow down, really look at the problem and say all right, what is the overarching problem here? What all do we need to put in place? We inversely think about it and from there it allows us to solve the problem correctly. And because we're solving the problem correctly, we get to do it faster and more efficient. So, to kind of reiterate this all right, what is the definition of a problem, a constraint stopping us from achieving an outcome?
Speaker 1:All right, when you have a problem inside your business, sit down and think about it. What level of problem exists? Is it really something that needs to take your attention away from revenue generating activities to creating systems and processes inside of your business? Or is it more of an emotional thing, a desirable thing, like, hey, I wish I had a CRM today, I wish I had a third party recruiter or a hiring process? Or is it really a true problem like, hey, I can't scale my business, I can't build a team. Hey, I can't acquire properties because of this. From that point now you've identified there's a true problem that's truly keeping you from success.
Speaker 1:Now, inversely, think about the problem. Say what all would I expect if I walked into someone else's office that was succeeding in this industry? What all would they have in place? Write that down, think about it. It's not really that hard. A lot of times we do that with trying to find it on a YouTube video like this or a Google search. You kind of already know what solutions you want to place. Now solve those individually, and when you do that, you're going to solve your problems faster, and then you're going to be able to move on to solving other people's problems. You're going to become really good at solving other people's problems and then because of that, you're going to get paid. All right, guys, I appreciate you. Hope this video helps you out. Let me know if it did in the comments. We'll see you tomorrow.