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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
What Successful Wholesalers Do When Deals Fall Through!
Want to work directly with me to close more deals? Go Here: https://www.titaniumu.com
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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.
Who is Titanium Investments and What Have We Accomplished?
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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With over 2,000 Videos, this is the #1 channel on YouTube for all things Virtual Wholesaling. SUBSCRIBE NOW! https://www.youtube.com/@RJBatesIII
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RESOURCES FOR YOU:
If you want my team and I to walk you through how to build or scale your virtual wholesaling business from A to Z, click here to learn more about Titanium University: https://www.titaniumu.com
(FREE) If you want to learn how to close deals just like me, The King Closer, then download the free King Closer Formula PDF: https://www.kingclosersformula.com/close
(FREE) Join our exclusive FB group community for real estate investors and wholesalers: https://www.facebook.com/groups/titaniumvault/
(FREE) Click here to grab our Titanium fleet free PDF & training: Our battle tested strategies and tools that we actually use… and are proven to work: https://www.kingclosersformula.com/fleet
Grab the King Closer Blueprint: My Step by Step Sales Process for closing over 2,000 deals (Only $37): https://www.kingclosersformula.com/kcblueprint
Grab Titanium Profits: Our exact system we use to comp and underwrite deals in only 4 minutes. (Only $99) https://www.kingclosersformula.com/titaniumprofits
Want to know what the best markets to wholesale in are? Grab my breakdown of all 50 states here: https://www.titaniumu.com/markets
Are you this wholesaler? Got property under contract, got super excited, property got terminated for whatever reason and then you just stopped. Analysis, paralysis, what did I do wrong? Maybe this isn't meant for me. Am I wasting money on leads time? Are you that wholesaler?
Speaker 1:Today we're going to talk about how do you manage your emotions when a deal falls apart? Because it's going to happen, guys, and in fact you should be anticipating that somewhere in the range of 30 to 35% of your deals, if you're a really good wholesaler, are going to end in a termination, especially if you're virtually wholesaling, making offers sight unseen without truly knowing the condition of the property. You're going to have terminations. It's okay, it's part of the business. So the first thing I want you to realize is what you're really upset about. You're not actually upset that the property ended in a termination. You're probably just upset about the lack of result, that result that you needed. More often than not, it's you wanted and needed the money from it. So how do you fix that inside of your business? For one? A business should not ever be relying on one individual single transaction. And I get it. You might be brand new. This might even be your first deal. This is why I tell people all the time if you're new to wholesaling and you get your first property under contract, you should probably joint venture with someone else to do dispositions and transaction coordination so you can keep calling leads and doing acquisitions, so you can get more properties under contract and not stop yourself Because, let's be honest, you don't have the skill set and the bandwidth yet to do acquisitions, follow up dispositions, follow up on dispositions and even understand how to do transaction coordination. There's a lot of moving pieces to being a wholesaler, so don't kill yourself trying to get that first deal all done by yourself. It's unnecessary. Utilize someone in the space that's a seasoned veteran. You might even learn a thing or two. It can help you develop those skill sets that you're lacking right now.
Speaker 1:So, going back to the emotion, what I feel is you're actually just upset that you didn't get the result that you needed when, quite frankly, it could have been the result that was always going to happen with that deal, regardless of who you were or the skill sets that you have. If a seller tells you that the property is in good condition and you anticipate, based off of the square footage, that it needs $30,000 in rehab and you go out there to find out that it needs $50,000 in rehab and they won't renegotiate the price and it ends in a termination a very common occurrence in wholesaling. It wasn't really a skill set issue, it was just the seller lied to you, the numbers didn't work out. It's okay, guys. That's why we have our inspection periods and we move on to the next deal. That's the issue. You're not moving on to the next deal.
Speaker 1:You have to have deals lined up. You need to have new leads. You have to have the leads that have never answered you. You have to have the leads that you're following up with. You need to have properties under contract that you're doing recon, getting pictures and access and all that. You need to have properties that are currently in the disposition status, where you have pictures and you're actually communicating with buyers and setting up showings and getting offers and all that. And then you need to have properties that are assigned, waiting on closing, as well as you need to have deals closing.
Speaker 1:This is what our business looks like at all times. It's like a manufacturing belt. There's properties in all the different statuses. You need to get to the point to where you have that constantly moving inside of your business. So when this one deal inevitably falls apart, it doesn't crush your emotions. Now let's talk about how do you actually handle those emotions when it does happen, and not get mentally or emotionally crippled by the fact that you didn't get that result For one when this happens.
Speaker 1:This is where, as cheesetastic as it is, you have to look at what am I trying to do? Right, I'm trying to create a business for freedom, for time, freedom for the legacy, to support my family. All these whys that we have to do this. If I were to look at you and to say, when you're making that decision to become the entrepreneur, the wholesaler, and I were to say, rj, if a deal falls apart at the closing table, are you going to give up? Would you say oh yeah, I mean, dude, if I get a property under contract and I have to terminate it, I mean I've shut the whole thing down. I'm definitely not gonna show up. I'm gonna look at my kids and just be like it's all over. I gave up on the dream. Daddy's gonna work w2 forever. You'll never, never see me. No legacy, no financial freedom. No, you wouldn't actually say that, but you'll do it. Why? This is the whole reason why you have a purpose behind wanting to be an entrepreneur and a wholesaler.
Speaker 1:You have to look at that and say, man, this is somewhat childish that I would allow my emotions to hold me back from the whole purpose of what I was doing this, for You're brand new at something, even if you're not brand new and you're a seasoned veteran. If a deal were to fall apart, you should be calloused to that by now and it should be really next to nothing. My emotional reaction now to when a deal falls apart is that sucks and then move on. You have to. It's our obligation. I cannot imagine allowing a deal to cripple us unless we absolutely needed that result. So if we need that result, let's rewind and look at the actual problem in our business. Where was the actual hiccup? It's because we don't have enough deal flow? Is that because we're not doing well on our follow-ups? We're not closing correctly, we're not dispoing? That's where we actually need to focus our attention to not get lost in our emotions.
Speaker 1:Now I understand that this happens, but I'll use a couple of analogies. Houston just lost the national championship in NCAA basketball to Florida. Now, florida was a great team. Houston was a great team. It wasn't shocking that Florida won the national championship. Houston should be very proud of themselves for making it all the way to the national championship. However, florida only led that game for 64 total seconds and what was shocking about it was Florida took the lead so late in the game and then Houston didn't even get a shot off when they had the ball in their hands. In the final 20 seconds they turned the ball over floor and grabbed it, laid it on the ground and celebrated the national championship. And I know a lot of people look at that moment and they say how could Houston not even get a shot off? Man, that's got to be crippling. But quite frankly, I bet you, if you were to go talk to the head coach of Houston, kelvin Sampson, would not say that the game was lost in those final 20 seconds.
Speaker 1:Of course they had an opportunity and they could have done things better, but there's so many things that they could have done a minute prior, two minutes prior, three minutes prior, they had a double-digit lead at one point in time. There's so many different little nuances during the game that could have changed the outcome. It's the same thing in these wholesale transactions where we want to cripple ourselves emotionally because of the lack of a result, or it hinders our confidence and we feel like we're not good enough to do this, or maybe we need to fix something. Well, there's so many different nuances that could have actually caused that termination. Now, using one more sports analogy and going to my favorite sports team right now, the Dallas Stars. Dallas Stars are competing to be the number one seed in the Western Conference. It's very important because if they're not the number one seed in the Western Conference, it's very important because if they're not the number one seed, they're going to have to play a really good team, the Colorado Avalanche, in the first round of the playoffs. And they don't want to play the Colorado Avalanche because they're probably the two best teams in the entire NHL. So they're trying to avoid playing Colorado, and in order to do that, they have to catch the Winnipeg Jets in standings.
Speaker 1:Now, going into last night's game, a game that rightfully they should have won. It was a home game against a struggling team that's right on the bubble making the playoffs or missing the playoffs probably going to miss the Vancouver Canucks. And it was at home. And then they've got another game on Thursday against the Winnipeg Jets, the team they're chasing. This is their opportunity to catch up and pass the Winnipeg Jets in the standings, so they need to win.
Speaker 1:They had a three-goal lead going into the third period. They gave up two goals very quickly in the third period and in the final minutes. Great effort, great skill. They scored to go up two goals very quickly in the third period and in the final minutes great effort, great skill. They scored to go up two. Vancouver pulled their goalie. They scored an empty net goal. They go up five to two. With one minute to go in the game and breaking a National Hockey League record, vancouver Canucks scored three goals in the final minute to tie it and then won in overtime, Pretty much crushing the Dallas Stars' hopes of passing the Winnipeg Jets. Now here's the thing If you look at it, you go, wow, dallas can't catch Winnipeg and now they're going to have to face the Colorado Avalanche in the first round of the playoffs. That's probably going to be what happens. But that game didn't mean any more than the game that they lost back in November or a game they lost in December that keeps them out of the playoffs.
Speaker 1:This is the same thing that we do as entrepreneurs we sit there and we will hone in on one individual moment or one individual deal and we'll feel like it's this monumental moment Emotionally. As a business owner and as an entrepreneur, you have to find a way to say that one deal does not define my career, that one little termination is irrelevant to keeping me away from my purpose and drive as a human being, as a business owner, as a dad, as a husband, as a spouse, a wife, whatever it is. As a dad, as a husband, as a spouse, a wife, whatever it is, you need to look at that situation, wipe it off and move on to the next transaction. The best medicine for getting over a termination is picking the phone up and calling another seller. That's it. Sitting there watching this YouTube video, watching YouTube Shorts and Instagrams and TikToks and all that. Yeah, maybe it'll help you a little bit, maybe it'll give you a skill set, maybe it'll give you an edge, but, quite frankly, getting in those reps and talking to more motivated sellers, making more offers, getting more properties under contract, is going to teach you so much more than I ever can Sitting here being a talking head and telling you how to manage your emotions in a business where you should anticipate that there is going to be a high percentage of failure.
Speaker 1:I am telling you, 30% of your deals should probably end in quote unquote failure. That's just a fact. So how do you manage those emotions? Move on to the next transaction. Have more than that one transaction going on. Do not rely on one individual result, because if you are relying on that one result, there's going to come a time where it's going to cripple you and your business. Let me know if I missed something in the comments. So show me some love. Give me a like on the video. See you guys tomorrow.