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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
Is Biz Matthew A Closer? | The King Closer Reacts
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All right guys, welcome back to the King Closer Reacts. Today we're going to be finding out if Biz Matthew is a closer. Now, I'm not familiar with Biz. He's got a pretty strong following on YouTube, like 27,000, 28,000 subscribers. This call was brought to me by my team. They said, hey, it was a cold call, it was pretty decent. They think we should do a closer reaction to it. So let's get into it. Let's find out if we think Biz Matthew is a closer or not.
Speaker 2:Hello, Hello Hubert.
Speaker 3:Yes, I'm.
Speaker 2:Mr Connell yeah, this is Matthew. I know this is completely random, but I invest around the Cleveland Tennessee area. This is completely random, but I invest around the Cleveland Tennessee area and I'm just reaching out to see if you ever consider selling your property.
Speaker 3:I've always considered everything.
Speaker 1:Okay, that's pretty much one of the best responses you can get when you're straight cold calling, so I like the intro. Hey, I know this is kind of random, just curious of your interest if you've ever considered selling, but that's a great response to get when you're cold calling right there, so I like the start.
Speaker 2:Got you, and so you thought about selling that one.
Speaker 3:Well, that's the only one that I'm willing to let go of now.
Speaker 2:Oh, right now, Okay, okay, no problem at all. Well, usually I work on properties I can either flip or hold as a rental with some other investors. I mean, is there any repairs or updates needed on that one?
Speaker 3:Well, the exterior is good. I haven't been in the inside of that one in three or four years. It's been rented. They have not given me any trouble. After the first year I quit doing random inspections.
Speaker 2:Okay, and.
Speaker 3:I haven't been in that house in four years maybe, oh.
Speaker 1:So I really like how he framed that. You know, hey, I'm looking for something that I can flip or rent, present to other investors, and then he dove right into condition. So normally I kind of beat closers up when they just dive right into condition, but this, being a straight cold call, I actually like it because he's trying to see like, hey, is this physically distressed and could that be the motivating factor? It's clear that he's talking to some sort of landlord, investor of some sort, because he said this is the only one. I's talking to some sort of landlord investor of some sort because he said this is the only one I'm looking to get rid of right now. So he owns multiple properties. So I do like the fact that he jumped straight into condition due to the fact that it was a cold call. He knew that he was talking to a landlord or an investor and he's trying to see hey, is this the motivating factor? So it all still stems from getting to the motivation as to why this guy would want to sell. So I do like that.
Speaker 3:Okay, I couldn't tell you, but the outside should be all good. I had it all brought up to date a few years back. Okay, okay, so the inside I can't tell you about, but it's been rented and those people they hunt me to pay my rent. So hey, you think I bother those folks.
Speaker 2:No, exactly Okay. I mean that's always good to find good tenants, okay.
Speaker 3:And that mobile home there they don't. You know I don't charge much rent, but I don't have no trouble out of it either.
Speaker 2:Okay, so there's a mobile home by the house.
Speaker 3:Yes. Okay, it's an acre and three-quarter lot, but I've already got it staked to be divided. The only thing I didn't do is build a second driveway into it. Oh okay, but I was going to. That's when the economy got a little funky into it. Oh okay, it's a 50-pact, but I was going to, I was going, you know, that's when the economy got a little funky Back, you know, back when I bought it, I was going to sell it, paying the. You know, the economy that bought it just dropped out of the housing.
Speaker 2:Okay.
Speaker 3:So that became a rental house.
Speaker 1:Oh, okay, okay, gotcha, I guess validating that he's hearing what the seller is saying and also really not letting whatever script or questions that he has in mind getting in the way of letting the seller just open up and disclose all of this information. This is beautiful information that the seller is providing him right now. So really like the direction this conversation is headed right now.
Speaker 2:Speaker 1. Speaker 2. Speaker 1 Speaker 3. Speaker 4. All right, and so you used to live there.
Speaker 3:Speaker 5 no Speaker 1 Okay. Speaker 5. I didn't know that. Speaker 1.
Speaker 2:Okay, you never used to Speaker 5.
Speaker 3:It was an investment to start with. Speaker 1.
Speaker 2:Okay, okay, got you All right. And then, how much are they paying for rent per month? They're paying $900 a month $900 a month.
Speaker 1:Okay, so I get asked the other question for the rent. I would have preferred to stayed on the path of the condition there a little bit, and maybe what does it look like now that tenants have moved out? What does it look like now that the tenants have moved out? Something along those lines of sticking with an open-ended question based off of what he was talking about, because that seems like that's his pain point right now. Or if we were going to transition the conversation and maybe Matthew didn't catch this, but it sounded to me like the gentleman bought this to be a quick flip and he ended up keeping it because the economy fell out. So he could have transitioned the conversation right then and talking about money and specifically well, how much would you need to get rid of it? You know, how much were you wanting to get back then, something along those lines, to get a number out of them right there.
Speaker 1:I don't know if that was the appropriate time to ask about the rent amount, because, okay, now we have $900. What does that do for us? As far as Now, he has to come up with a follow-up question. This is why I don't like closing the questions, because here we are. You got your bullet answer. Now you got to come up with another question to ask.
Speaker 3:That's not a ridiculous amount, but it's a good amount, since I don't have to go chase them down.
Speaker 2:Right Makes sense, All right. And then the mobile home. What's it being used as right now?
Speaker 3:It's just a rental. I leave it for $100 a week, okay, and I pay the water bill.
Speaker 2:Okay, okay, so you get that for $400. So $400, $900. So from that lot you're getting around $1,300 a month.
Speaker 3:Yes, Okay. And the good thing about it is I haven't had no issues with my renters Now in the beginning. I did mean what you probably don't care about the beginning. I struggled in the beginning keeping good renters but now that I've got good renters they're always constantly wanting to buy it. But you know how they want. They want to buy it. Uh, you know right rent to own right I'm not into that right now, okay, gotcha, gotcha.
Speaker 2:So what do you think made you? Did you just screen your tenants better to get better renters, you know, over the years? I mean, how were you able to?
Speaker 3:get I, just got damn lucky it's all about luck, it's about the blessings I tried that screening stuff, but I just always and maybe praying a little bit helps.
Speaker 2:Got you, okay, all right.
Speaker 3:And then? So why is it only this one you might be interested in selling, not your other ones, because it's all where I live is connected to everything else I've got. Okay, I've got one, two, three, four, five, six. I've got seven lots connected on my other table.
Speaker 2:Okay, so you say you have seven lots near where you live.
Speaker 3:Yes.
Speaker 2:Okay, got you.
Speaker 1:He does a lot of repeating what the seller just said to him, validating that he heard correctly. I will say that has caused at least one awkward moment where he didn't quite understand what the seller was trying to tell him. So it's a good tactic. I do like it, making sure that you understood correctly. But right now I feel like we kind of hit a lull, not quite sure where we're going with the order in which the questions are being asked.
Speaker 1:A lot of just gathering information right now and kind of all over the place, right, condition, rent rate, what about the mobile home? What's got you looking to sell this one and not the other ones? Again, we didn't really find out why he wanted to sell this one. We just know that he doesn't want to sell the other ones because those lots are connected to where he lives. So we really would like to see now the buckle down with needle moving questions, right, something that's really gonna find out about the motivation or the price or or something that they kind of moves us closer to understanding if this is a deal that we should pursue or not.
Speaker 2:So with this property, you know, let's say we're able to, you know, make an agreement. Is there a price that you have in mind for a cash offer, as is I?
Speaker 3:do not, haven't even considered it.
Speaker 2:Haven't even considered it.
Speaker 3:I always consider any offer.
Speaker 2:Okay, yeah, I'm just trying to see where you would be, where you can actually consider a cash offer, you know.
Speaker 1:So that's why I would have liked to ask him well, when you plan on getting rid of it early on, how much were you going to be selling it for when the economy fell out? Right, we could have transitioned the conversation back then. It's a little bit harder now because it seems like that moment has passed. Right, we went and we asked about rent rate, the mobile home, and why this one and not the others, and all of this other stuff. It didn't, to me, really help us a lot. Maybe we can leverage it in the future, but now he's in that limbo land where we're trying to get a number out of the seller. He's going to have to really work to get one.
Speaker 3:I haven't thought that is enough to even consider. I don't even know what, what the taxes on it are really, but you've been paying it every year, yeah my wife pays my taxes okay, we got we got fun. I've got fun set up everything I own. It's got, it's got account for that, that particular piece uh-huh, that's the only thing for that particular piece, that's the only thing I'm interested in, is how much is in it?
Speaker 2:Okay, okay, got you and I guess the other lots you're living by, are they just lots like lots of land?
Speaker 3:or do you have actual properties that you're renting it out?
Speaker 2:I've got three houses between those lots Okay.
Speaker 3:And you're renting those out. Yes, I'm not renting one of them. I live in one of them.
Speaker 2:Right, right, makes sense Okay.
Speaker 3:My oldest son sits in the middle and they're another one, okay, awesome, alright.
Speaker 2:And then so with this one on Buchanan Road, you know, knowing that, you know there may be some updating needed on the property.
Speaker 3:I'm sure there is on the inside.
Speaker 2:Right for sure. So that's something we would have to consider, but when was the last time you replaced the roof?
Speaker 3:The roof was replaced new about, I'm going to say 10 years ago with a new metal roof.
Speaker 1:So now what that felt like to me was is he hasn't gotten the information that he really wants and so he's just kind of defaulting to some sort of close-ended question. To buy some time to really hope and pray that the seller opens up and gives them some more information, because, as important as us understanding when the last time the roof was replaced, it's not, it's not an overwhelming thing. It's like, oh, 10 years ago. Now, okay, he told you 10 years. So now what Is that? Too old, not enough? Do we need to replace it, do we not? I don't know.
Speaker 1:Some roofs that are 10 years old are perfectly fine. Some that have been on for 10 years desperately need to be replaced. So I don't know if these like now, I feel like we're going to get into that, that part of closers where they they, they don't know what to ask, so they start defaulting the condition questions right, when was the last time you replaced the roof? What about the hvac? What about kitchens? What about about bathrooms? I hate it when we end up here unless we already know that it's a deal where the numbers could work and we're just trying to figure out if the rehab is going to be bigger than what we're anticipating, but we don't even have a number. So, again, not to just keep going back to it, but I feel like we missed an opportunity early on in the conversation okay, okay, okay and then the property has central air and heat HVAC.
Speaker 2:The property has central air and heat. Yes, okay, okay, understood, and then alright. So you're getting around $1,300 a month and need probably some updating inside. And then the mobile home itself. Have you gotten a chance to look inside of that one also? I?
Speaker 3:haven't. I remodeled it. I'm thinking about three years completely on the inside, but that don't mean nothing. To me. You know rental property, you know in three months they can totally wipe a place out.
Speaker 2:Right, exactly.
Speaker 3:If you're in the rental business, you already know that.
Speaker 2:Right, exactly, and especially with a mobile home where it doesn't appreciate in value, home where it doesn't appreciate in value.
Speaker 3:Well, the mobile home. My intentions for it was when it gets empty, if it's going to look like it's in very bad shape, I can buy one and put one there cheaper and I can remodel it again.
Speaker 2:Oh okay, Buy one, put one there. That was my thought.
Speaker 3:You can buy used mobile homes. People buy and build houses and then sell them. You can buy used mobile homes. You know, people buy and build houses and then sell them. You can buy used mobile homes reasonable, right Okay.
Speaker 1:My question is right now while he was talking about mobile home and buying another one and cheaper than remodeling, was he thinking about his next question? Is he prepared right now that's what I want to know. That to me is like a true closer right here would have the next question lined up. That's going to move us in a direction of understanding, where we need to be. I don't think we're ever going to get a number out of this seller, so now he's going to have to do some sort of offer or a range, something along those lines. I don't really see him actively comping or anything like that. So he must already know his numbers or he's going to have to get off the phone and call back. Hopefully that's not the case, um, but this moment right here is really gonna impact, like you know what I feel about biz matthew, like are we ready with the next question? Because you need to be ready right here, because you can see he's, he's, he's not gonna awkwardly sit in silence.
Speaker 2:He's about to ask something, so let's see what it is yeah, I know that strategy to some investors that do that they just buy, use one and fix it up and then just cash flow it, you know. Okay, so around 1300 updates needed. Um, so you, I, is there an ideal ballpark price range that you would accept a cash offer on?
Speaker 3:Well, no, I would like you to make me one.
Speaker 2:Right, okay, got you.
Speaker 3:Okay, I'll tell you the way I think of it. Okay, the house paid for itself in like six or seven years. You know the money I put into it, mm-hmm, so you know. But what I look at is 10 years rent.
Speaker 2:You know that's the value of a house in my thought, Hmm 10 years of rent is the value of the house.
Speaker 1:So he's getting $900 a month. So he wants somewhere north of $100,000.
Speaker 2:Somewhere between $105,000 to $110,000. Okay, yeah, I would say, yeah, it's probably the value, but I think that's with the property all fixed up.
Speaker 3:That's what I would think If I was buying one. You know, that's how I would think. I think differently than some folks do.
Speaker 2:Right right.
Speaker 3:But if you want to make me an offer, you can.
Speaker 2:Okay, no, yeah, it's fine. Are the renters on a lease a year lease or are they on month to month? No, they, it's fine. Are the renters on a year lease or are they on?
Speaker 3:No, they've done past that. Every year they want to buy. And they want, you know.
Speaker 1:But who's going to want to buy it too?
Speaker 3:Offer them a price on, you know pay, you know say $5,000 or $6,000 down and then go from there. That way, when they move out or whatever, I can repair the damages.
Speaker 2:Right, okay, so you say you're not open to them like renting to own it.
Speaker 3:No.
Speaker 2:Okay.
Speaker 3:That is, I'm getting older and I'm considering all kinds of things.
Speaker 2:Got you.
Speaker 3:When you get old, you start thinking about lots of different things. I won't be alive to enjoy it.
Speaker 2:Yeah, I mean, I was just putting some quick numbers together. It's just a rough estimate, just throwing a number out there. You know, if you're getting 1300, I mean 900 really, and then 400 for that, um, you know, all fixed up, like you were saying, um, I, I see the value of the property honestly around, uh, between you know, 120, 130 see, I, I wouldn't even included the 400 for the mobile home.
Speaker 1:It's like he said, the mobile home, uh, you know he fixed it up three years ago but that didn't mean anything. So I'm putting next to zero value on that. Uh, I would be strictly going off the house. So he must be thinking that the house arv is 125 to 130 here. Uh, which the based off of what he's telling me or what I'm hearing the seller say, we need to be coming in somewhere in the 65 70 range, probably, uh, probably even cheaper than that. Uh, I'm not, I'm not sure if this uh seller is going to be willing to go that low, if that's truly the after repair value.
Speaker 2:But there are updates needed on the property, absolutely no doubt about it. And so, yeah, we like to put money into our property, flip them or just hold them as a rental, and so with that, I mean, would you consider an offer around $80,000?
Speaker 3:I would entertain that highly. I would.
Speaker 2:You say you would.
Speaker 3:Yes, sir, I would consider that highly. I would have to talk to my wife, but I would consider that, and that way I could walk away from that piece and move forward with my life. Forget about that one and move on.
Speaker 1:Okay, okay so the price seems a little high to me. If that's the true after repair value, which we don't know, if that's the true after repair value, and I will say he wasn't caught I didn't see him actively comping during the call, so he knew that $80,000 was a number coming into this that he wanted to get it for. I do like the fact that he made the offer and then he paused and waited on the reaction. I really like that part of it.
Speaker 3:I'm getting old, I'm 66. I'm thinking about retiring and moving this, that you understand where I'm coming from Right right Okay. I try to be fair. Look here, I have a lot. Even in business, I try to be 100% honest. I have one. Even in business, I try to be 100 honest and 100 fair.
Speaker 2:Like like you, I will have nothing right and I, in the long run I've come out much better because I, you know, five years from now I might say the other rest everything I've got true, true, you don't ever know, okay, okay, yeah, and you know, of course we try to offer a fair price, like the as is value of the property with the repairs needed. So, um, and of course you know we would have to, like you know, look at the property, make sure you know it's updates and you know no major foundation issues, no sinking into flooring or anything like that I haven't been in that I don't think through it.
Speaker 1:Okay, I like that he was setting the expectation. You know we're going to have to come through, we're going to have to verify that there's not any big major repairs that we're unaware of. I do like how he's setting the expectations. These last few minutes here are going to be vitally important. How does this conversation end? Because the seller did say he has to talk to his wife about it. So it's going to be vitally important to how this conversation ends in my eyes, on how Biz Matthew ends it. Right. What does that look like? Is he actually sending a contract or is he just going to set up an appointment for them to talk? How does he leave this conversation?
Speaker 3:okay, the only thing I could imagine that it all work is in the bathrooms. Okay, I think we go back first time right and I always after I've had somebody for five years of bathroom okay, I was just about to assure you my experience with rental places. You have have to do the bashing.
Speaker 2:Right.
Speaker 3:And of course I've got carpet and the biggest part of it, but you don't want to put carpet down because I can jerk it out and change it in no time.
Speaker 2:Right, exactly Okay.
Speaker 3:And I get the lecture that, if there's any, water leaks to report immediately, or I will have to hide. And they haven't reported it, so I'm assuming there hasn't been. That's what gets you forward. Okay, and they haven't reported it, so I'm assuming there hasn't been.
Speaker 2:That's what gets you forward, okay, okay, makes sense.
Speaker 3:You can take your look and say if you still are unhappy, if you are, call me and let me know.
Speaker 2:Okay, is there a date that I could possibly go inside and look at the property? You let your renters know, hey, we're going to have inspection or something.
Speaker 3:I can do that. I can. I'll give them a heads up because I don't think they're really clean people. Okay, they panic every time I try to lock that door in. Okay, so how long are you talking about before you want to look in?
Speaker 2:I can see it, you know, as soon as you know, sometime this week I mean week, I mean if tomorrow how?
Speaker 3:about a weekend? How about a weekend?
Speaker 2:This weekend.
Speaker 3:I don't want to crowd them. I want to give them a time to clean up.
Speaker 2:Okay, yeah, can we do Sunday. I can do Sundays.
Speaker 3:Saturday or Sunday, I'll get my heads up and you can call me and we'll do something with that, okay.
Speaker 2:Okay, okay, makes sense. Alright, sounds good. All right, talk to you later.
Speaker 3:This is your number. You just call me when you know something. If I get something, I'll call you.
Speaker 2:All right, sounds good. I appreciate it. Hebrew All right. What is your name? Matthew, matthew?
Speaker 3:Yes, sir, let me write it down, but, if my right, that way I don't have to guess it meant me, that's all good, it's all good.
Speaker 1:All right. So that's the end of that conversation. So here's my feedback that's a damn good cold call, okay, but at the end we didn't close, like there were things that needed to take place there that didn't take place. He didn't control the narrative, the seller controlled the narrative. So what I would have done there in that scenario if well, first of all, I wouldn't have ended up in a situation where I had to throw out an offer of 80,000, because I would have seen opportunities to try to get a number out of them before then. But if we come to an agreement of 80,000, which he said, I would heavily consider that. He sounded dead serious on that. He said I'm going to talk to my wife about it. What I would have then said is let me show you how serious I am. I want to write up a contract for the $80,000. I want to send it over so you and your wife have something in your hands that you can look and you can see that I'm offering you $80,000 cash.
Speaker 1:I then would have asked him when are you going to be able to talk to your wife, to come to an agreement on if you're willing to accept this or not? Because right now assuming this call happened earlier in the week, based off of kind of the ending there. What happened is he said well, when can I go see it? So now he's got to go see it before he gets it under contract, which I don't like. A lot of things can change right. Someone like me can come along and get that thing under contract before you even have an opportunity to go on Sunday. Okay, he said I can go on Sunday. The seller then said okay, saturday or Sunday. Again, he said I can go on Sunday. The seller then said okay, saturday or Sunday. Again. Seller is controlling the narrative here and he said I'll call you back or you can call me. It's just so loosey-goosey there at the end. I just don't have a lot of confidence in calls like that that end like that, especially in volume. If calls like that happen in volume, volume, there's going to be so many where you never hear from that seller again. You never get to go see the house on sunday.
Speaker 1:And maybe he did on this one and maybe he closed it. That's great, but I don't know that the necessary steps were taken there at the end and and because of that it's like man, you did so many things right in the call, specifically because it was a cold call, right. I mean, those are really difficult to generate and get that far in the conversation. So much work has to take place, so many non-answers, so many voicemails, so many people not not interested, so many people just not even wanting to really sell off of it for a discount, right. So you do all that work to get to this point, to kind of loosey-goosey, hand it off and say, okay, well, you call me or I'll call you. We're not sending a contract, we're gonna go see it on the weekend maybe.
Speaker 1:I don't like that. I don't like that specifically because the seller himself doesn't know the interior condition. So what we could have done there at the end is say, hey, I think, based off of everything that you've told me, I'm good at the 80 000, we go out, we do our inspection and then, if it's exactly what I think it is, we'll be good to proceed. If not, me and you can talk about it and we can renegotiate the price. At that point I think he sounds like a very reasonable seller and and I think that would have worked- out so overall this Matthew, great cold call.
Speaker 1:not sure that it was a great close. Okay, I didn't see a lot of closing happening there. I saw a lot of just kind of allowing the seller to navigate the conversation. Really good job of validating him throughout and listening, but not interrupting, which is a skill set in and of itself. A little bit more focus on the questions, not changing the topic all the time and maybe getting a little bit deeper, and some of those would have helped you. And then there at the end, when you came to an agreement on the price, really would have preferred to have seen a close happen. I didn't feel any close happen. So I can't say that you're a closer Biz, matthew, because I didn't see any closing happen. But overall, great cold call. Let me know what you think in the comments. Guys, make sure you like this video and stay tuned for next week's the King Closer Reacts. We'll see you guys then.