The Titanium Vault hosted by RJ Bates III

Why Most People FAIL When Asking For Business Advice?

• RJ Bates III • Episode 484

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If you’re new to my channel my name is RJ Bates III. Myself and my partner Cassi DeHaas are the founders of Titanium Investments.

We are nationwide virtual wholesalers and on this channel we share EVERYTHING that we do inside our business. So if you’re looking to close more deals - at higher assignments - anywhere in the country… You’re in the right place.

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Over 10 years in the real estate investing business
Closed deals in all 50 states
​Owned rentals in 12 states
​Flipped houses in 11 states
​Closed on over 2,000 properties
​125 contracts in 50 days (all live on YouTube)
​Back to back Closers Olympics Champion
Trained thousands of wholesalers to close more deals

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Speaker 1:

The more content that I create, the more questions you guys ask me about decisions you need to make in either your life, your career, your business, just maybe overall wholesaling advice, and I appreciate that. But here's a perspective I want you to have about the questions that you ask me. I regularly teach how to get great at closing deals, how to talk to sellers, and I always talk about you need to get really good at asking questions, and then you turn around and you ask me questions so I can kind of see inside of your thought process on how you come up with the questions that you're going to ask sellers. Because, let's be frank, whatever questions you're going to ask me about important decisions in your life and in your business and your career, that's far more important than the one or two questions that you're going to ask a seller about an individual deal. So your ability to come up with solid questions and providing context to that question is vitally important. Context to that question is vitally important. So today we're going to look at well, the answer is it depends. It depends on that context that you provide. It depends almost all the time on the context, and I'm going to give some examples of questions that you guys regularly ask me. Now some of you might be looking to say I don't ask those questions. Well, stay tuned, let's see if maybe you have asked me these questions. The number one most frequently asked question when it comes to me and Cassie always have to say well, it depends is $50,000 in rehab and there's $50,000 in profit on the profit calculator. Is that a good deal? Should my rehab and profit be a one-to-one ratio? You guys want a simple, cut-and-drop, cookie-cutter answer to how to analyze and underwrite deals and I know it's so frustrating when we come to you and we always say it depends.

Speaker 1:

Let's talk about the deal itself. Let's talk about the exit strategy. Let's understand the acquisition strategy. A good example of this After repair value, $250,000, $50,000 in rehab, $50,000 in profit. That's a banger of a deal Most buyers are going to take that. After repair value is $1.2 million, rehab is $50,000, profit cannot be $50,000. Everybody's going to walk away from that. The risk is not worth the reward. The juice is not worth the reward. The juice is not worth the squeeze. This is why we have the titanium profits training to show you guys.

Speaker 1:

You have to put yourself in the position of the buyer to actually understand. Would I be willing to invest a million dollars? Do $50,000 worth of work to only make $50,000 in profit? Probably not. A slight shift in the market, a slight shift in the interest rates and that $50,000 profit is going to evaporate and you're staring at a loss. But the price point of $250,000, it's a lot less likely that $50,000 is going to evaporate due to a shift in the market. Also, those rehabs are a lot easier to get done. Quicker Days on market is a lot less. There's a lot less risk. You could also convert a $250,000 property in most markets to a buy and hold a rental property and keep it long term. See, this is why it depends. Another example of this this is probably whether it's in YouTube comments, facebook, instagram, just DMs.

Speaker 1:

What leads should I buy? Should I do speed to lead or lead solo? Should I do coupon club? Should I do fixed price mode RJ? What should I do? This is the ultimate scenario of it depends.

Speaker 1:

Let's talk about what is your budget. Let's talk about what is your hedgehog concept. Let's talk about what is your budget. Let's talk about what is your hedgehog concept. Let's talk about what is your experience with closing. Do you have the experience to go buy 10 county-specific, exclusive leads for property leads which are going to be expensive because they're county-specific, they're exclusive. Do you have the ability, the skill set and the experience and the budget to be able to close one out of ten of those? If you do, then maybe that is what you're supposed to do. Also, is your hedgehog concept that you are a wholesaler in that county only See? All of these things matter. This is the context that you have to provide, and it's the same thing when you're talking to a seller and you're asking questions. You need to dig deeper to truly understand the context behind their motivation. This is how you can truly solve their problems. But let's talk about solving your problems. The reason why you guys come and ask these questions is because it's a problem. You don't know the right answer, so you want a solution and you want me to provide that solution. So what you have to do is provide that necessary context so I can actually give you the answer.

Speaker 1:

Let's give another example when should I quit my job? Everybody's bandwidth risk tolerance is completely different when it comes to this topic. Being an entrepreneur is difficult. I was talking to J to JW Epstein this morning and we were talking about the fact that there's a significant amount of people in the wholesaling industry that believe they are business owners or entrepreneurs, but they aren't yet. They truly haven't taken that step to where they're running a business. They're not consistently generating leads, they're not consistently closing deals and they're not consistently cashing checks, and so you don't really have a business yet. You could be well on your way to establishing that.

Speaker 1:

When should you quit your job? Now let's talk about that topic for a second. I did a video on that several months ago, and when I look at this scenario, I have to individually look at that person and say what is the reason why you are asking should you quit your job? Is it because you're absolutely miserable in your existence? Is it because you're not making enough money in the job to begin with? Is it because you're at the point to where you feel like your job is holding you back from succeeding inside of your own business, your wholesaling business? And then let's talk about how much money do you have saved up? What are your skill sets looking like? What is the track record? Money do you have saved up? What are your skill sets looking like? What is the track record when we decided to quit our jobs.

Speaker 1:

When we decided to shut down other businesses that we had created, I was completely okay with failing. My risk tolerance for failure is extremely high. Now I try to avoid failure, but I also accept that it's part of being an entrepreneur. Some of you watching this you might not have that exact same mindset. You might not be prepared to fail inside of your entrepreneur journey, but I have to give a shout out to Justin Lockie, who joined Titanium University about a month and a half two months ago, and he reached out to me and he said should I quit my job? But it wasn't that simple. When he asked that, there was a significant amount of context that he provided His financial position, the reason why he wanted to quit his job, his family situation, the lack of time that he had to spend with his family. And when I got on the phone with Justin and we had the conversation about whether or not he should quit his job, the amount of context that he gave me allowed me to spend 30, 45 minutes on the phone individually answering those questions about whether or not I felt he should truly quit his job.

Speaker 1:

Now some of you might have asked me previously hey, rj, how do I underwrite this deal. If it's 50,000 rehab, 50,000 profit, is it a good deal? And you didn't like the fact that my response was it depends. What lead should I buy? And no context. I don't understand what you do for your business, what your budget is and what your skill set look like, so I give you a very vague answer, probably included it depends.

Speaker 1:

Some of you might have even asked me, rj, should I quit my job? And I gave you a three-second response. And that upsets you, because now you know I spent 30, 45 minutes with Justin Lockheed, giving him the answer about what he should do with his life, his career, quitting that job. And I told him you should absolutely quit your job because of the context provided. And he did. And now he's on his entrepreneur journey. Will Justin succeed, will he fail? We don't know, that's to be determined. But I told him he's in a beautiful situation right now to give himself the opportunity to succeed and if he fails, at least he knows he gave himself that opportunity. But if he stays in that job, he'll always regret not knowing what would have happened if he gave himself that opportunity. So this is his first week out there on that journey, calling sellers, locking up deals, dispoing a deal. He got a deal in Chattanooga, tennessee. He's looking to dispo that. If you're a buyer in Chattanooga, drop a comment. Maybe you can buy Justin's deal At the end of the day.

Speaker 1:

Guys, when you want a solution for your life and you're looking for someone else to give you an answer like myself or Cassie or whoever it is Make sure you provide enough context so they don't look at you and have to ask you six, seven, eight different questions, because at times we don't have the time to do that. That moment of truth that you had with my attention was that initial question. That moment of truth that you had with my attention was that initial question For me to come back and then answer or ask all of the questions that I need to ask to be able to give you the true answer. That was the moment. However many words you write are, however many I'm going to read, however you phrase that question, that's the quality of response that you're going to get.

Speaker 1:

Now, transitioning this back to your wholesaling business, this is the exact same thing when you're talking to sellers. Really, dig deep and think about the quality of questions that you're asking and is it providing you enough context to give a true response, a true offer. So you understand. So you don't sit there and go. Well, it depends. It's on you to ask the right questions on both sides of the scenarios, when you want help and when you want to be the solution. So the answer is it depends. Hopefully this enlightens you enough to where, in the future, if you ask me a question, I don't have to say it depends. Let me know what you guys think in the comments. Appreciate all the support. See you guys tomorrow.