The Titanium Vault hosted by RJ Bates III

Is Jamel Gibbs a Closer? | The King Closer Reacts

• RJ Bates III and Jamel Gibbs • Episode 498

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Speaker 1:

All right, guys. In today's episode of the King Closer Reacts, we're going to find out if Jamel Gibbs is a closer. Now here's the thing. I don't know Jamel. I see that he has a ton of subscribers on YouTube. He's put out over 600 videos on his YouTube channel, but I saw this one as searching live seller calls wholesale, and I saw that this is a newer one. Watch the short intro. So basically, here's the story. He has a student that cold called the list, generated this lead, and then he is going to call the seller and negotiate the deal and then it says he got a $35,000 assignment fee. So I'm assuming he closes the deal on this call. Outside of that, I don't know anything else. I watched the first two minutes until the phone starts ringing. I don't know the end result. I don't know anything else. We're about to find out if Jamel is a closer. Let's do this.

Speaker 2:

That's another hour.

Speaker 3:

Hey, hey, it's Jamel, how you doing.

Speaker 2:

You're welcome, yes, hello, hey. Hey, it's Jamel, how you doing. You're welcome, yes, hello.

Speaker 3:

Hey, hey, what's going on? Nothing much Good, good. So I had a chance to run the comps and I also spoke to an investor friend of mine in Houston and basically he said that house can go at a wholesale price. If we were to wholesale it it's going to go for about $40,000 to $45,000. So if we could get it in the $15,000 to $20,000 range then we can make. He actually has a buyer at $45,000 today if we can go ahead and lock it up at 15 to 20.

Speaker 1:

So he's on the phone with his student at this point and basically what he's done, he reached out to his network and is reverse wholesaling this right. Talked to him, said hey, where would your buyer be 45,000? I'm assuming they haven't actually shown them the property or anything like that, but fairly confident that they could get this move at $45,000.

Speaker 3:

Obviously, we'll split our portion of the profits with him in order to make sure that he makes some money on a deal as well. So if we, let's say, the average profit is going to be 25 to 30,000 bucks, you know we'll each make $10,000 a piece, you know. So we'll split it three ways, basically, all right. So what I'd like to do is have you call the seller up. I want to ask him a few questions and then, you know, I want to get an idea and then I'll go ahead and make him an offer, and I just want you to listen to how I position the offer in order for us to be able to get the deal. So if you could call him up on three-way, that'll be great. Okay, do you need to call me back in order to call him?

Speaker 2:

No, I don't need to. No, I don't need to May one. Second Okay, sounds good, I don't need to. No, I don't need to. I may One second Hold on.

Speaker 3:

Okay, sounds good.

Speaker 1:

Okay. So I love the action taking here, right, right out of the gates. He's like hey, student, here's what's going on. You brought me this lead. I've got a potential buyer at $45,000. We're going to do a three-way JV split on this, which I think is fair. Let we're going to do a three-way JV split on this, which I think is fair. Let's get the seller on the phone. Let's make our offer.

Speaker 2:

I'm just trying to go somewhere quiet. I work in the airport for an airline so it's really loud. I was just trying to go somewhere real quiet.

Speaker 3:

Got it. Which airport do you work at?

Speaker 2:

Yeah, JFK.

Speaker 3:

JFK. Okay, so you get the good deals on the flights.

Speaker 2:

Yeah, something like that, so you get the good deals on the flights. Yeah, yeah.

Speaker 3:

Hello Hi.

Speaker 2:

Yes, sir.

Speaker 3:

Hi, this is Jamel Gibbs. I'm on a line with and we're actually business partners and I wanted to give you a call about the house in Houston.

Speaker 2:

Yeah, yeah, yeah.

Speaker 3:

So I was doing some research on a property and I just wanted to see if you could tell me a little bit about it, just so I can get an idea of where you are with the property at the moment.

Speaker 2:

I'm trying to get rid of it.

Speaker 3:

Hey, that's fair enough. I appreciate that.

Speaker 1:

So right out of the gates. Interesting. I liked it. It was a little bit open-ended but it was more steered towards tell me about the property and this is the funny thing about those open-ended questions Tell me where you are with that. That's kind of how Jamel kind of said it. And then you hear the seller like I didn't want to get rid of it. My pain, my motivation. This is why I love asking that open-ended question. Tell me a little bit about what you got going on. I think if maybe we had asked it a little bit more open instead of it felt like Jamel wanted to know more about the property itself we probably could have gotten a lot of information right out of the gates for the seller. Maybe you already had that, because this is a previous cold call lead.

Speaker 3:

So what are we dealing with? Is it a three bedroom, a two bedroom property?

Speaker 2:

It's two bedroom.

Speaker 3:

Two bedroom, one bath, I'm assuming.

Speaker 2:

Yeah, yeah, yeah.

Speaker 3:

Okay, perfect.

Speaker 2:

It's a frame, old frame brother.

Speaker 3:

Perfect.

Speaker 1:

So, again, when you're asking questions, I always want to understand what is the purpose behind the question. So right now, maybe these are questions that the the dispo partner had for Jamel to get from the seller, but maybe not. And then my question to Jamel would be well, why do you even care if it's two bed, one bath, a three bed, two bath, unless your JV partner said hey, I need to know this, because if it's a three bed, two bath, then it'll go for 45. If it's a two bed, one bath, we can only get 35. Then that would make sense why he's asking it. Otherwise he already knows he can dispo it for 45. So why are we asking these questions? Let's ask him the questions that are important, right about the pain, the motivation, really hammering it home so we can get it at the number that we need to get it at.

Speaker 3:

Perfect, and you know, just judging by, I'm actually pulling up some pictures right now. It seems as if you you own it for a little while. Huh.

Speaker 2:

It needs some work. It needs some work.

Speaker 3:

Okay, that's what we specialize in in properties that need work. So I wanted to ask you, you know, did you have an asking price in mind for this particular property?

Speaker 1:

for this particular property. Love how he went right there Again, pretty close to the closer's formula. Right, if we had said tell me a little bit about what you got going on and then asked asking price, I would have liked that better than to ask that random question about the bed and bath count. But I like the fact that we're pretty early on in the conversation and he's getting a number out of the seller. Let's see if he asked early enough, because there's a chance that he allowed that seller to get comfortable where the seller is going to come back and say what's your offer? Make me an offer, I'm negotiable. I want to hear what you would be willing to pay something along those lines.

Speaker 2:

Yes or no Okay.

Speaker 3:

Well, could you throw me in a ballpark? What did you mean by yes and no?

Speaker 2:

Well, I know it's not worth the whole lot, but I'm trying to get what I care for understood. I can't give it away, but will you? I tell you what? Quote me a figure and let's talk about it. Well, you know what Call me and figure this out.

Speaker 1:

See, when he said, do you have an asking price? And the laughter there. That to me signifies that the seller was comfortable right Thinking of it and said hey, this is Jamil Gibbs and I'm calling about a property. Property you talked to my colleague the other day. How much were you looking to get for that property?

Speaker 1:

With that strong posture early on, the seller might have just said if I could get 10, or just throwing out a number, because right now we're playing this back and forth game on trying to get the number out right. Who owns the anchor? That's what we're playing, this back and forth game on trying to get the number out right. Who owns the anchor? That's what we're trying to determine right here. The anchor is the first person that throws the number out there. That's the starting point of where the negotiations go right.

Speaker 1:

It's human nature that if the seller says I'll sell for 15, we think we can get it for 10. If Jamel throws out his number and he says I can offer you 10, the seller says I'll sell for 15, we think we can get it for 10. If Jamel throws out his number and he says I can offer you 10, the seller believes that Jamel would pay for 15. So this is why it's so important to get that number out early. It's not that we're starting the negotiations that early. It's the fact that we want to own the anchor.

Speaker 3:

Okay. Well, let me ask you this let's talk about the property, then let's talk about it a little bit more. So I'm looking at it. Judging by the pictures, it does need some work. If you had to throw me in a ballpark as to how much work it would need, let's just say we rated it from a one to a five, one being the worst, five being the best. Okay. So again, one means it needs an extreme amount of work. Five means it's in relatively good shape. It may need some light work.

Speaker 2:

I say between two and a half and three.

Speaker 3:

Two and a half and three. Okay, it needs to work. Two and a half and three.

Speaker 2:

Okay, it needs to work.

Speaker 3:

Okay, so, based off of that, typically what I do is I'll base it off of the square footage of the property. It seems like this one is just shy of a thousand square feet. Is that about right?

Speaker 2:

Yeah, close to it.

Speaker 1:

Okay, so at 1,000 square feet and basing it off of that 2.5, let's just say so 1,000 square feet and the seller says a 2.5 to a 3, I'm going to assume we're going to say it needs a minimum $35,000 to $45,000 in work. That's where I would throw my rehab assessment out there, based off of what the seller told me. I haven't seen the pictures and I don't know if it needs any significant systems repairs to it. That's where I'm going to say $35,000 to $40,000.

Speaker 3:

I'm going to assume this property needs about $25,000 to $30,000 in work. Does that sound about right?

Speaker 2:

It's going to be quite a deal.

Speaker 3:

Okay.

Speaker 1:

Okay. So he said $25,000 to $30,000 and the seller basically just responded by saying it needs more than that. That's a little light. You like it when the seller admits that maybe you're the one being conservative, so that's a good response from the seller.

Speaker 3:

So, looking at the comparable sales that I'm looking at online here, if this house was in tip-top shape we could probably, if we were to keep it, this is more of a rental type of property for us. If we were to keep it, we could refinance it out at about $45,000 if it was in tip-top shape. Okay.

Speaker 1:

Okay. So I like how he's reverse engineering that what he's doing right now is he's educating the seller on where he's going to come up with his number. Now, anytime that I'm in a scenario where I've placed the seller in the price is not right, but they're highly motivated bucket in. The scenario here is we don't know what the price is because we didn't get it out of the seller. So he's about to make an offer, which we try to avoid at any opportunity. Right, we want to get a number out of the seller and then say yes or no. If we're saying no, then we go into the education part. So I like that he's educating the seller here.

Speaker 1:

I would have preferred that he had thrown out the number, waited for the response from the seller and, if the seller's reaction was negative, then educated on how he got there. Because there's a chance. I mean, if you're just going to end up making the offer, you might as well just make the offer because they might just accept it at that point. The offer, because they might just accept it at that point.

Speaker 2:

So this, this step right here what he's doing is good, but could have been avoided had he just made the offer.

Speaker 3:

Yeah, yeah yeah, yeah, yeah. Based off of those numbers there and I'm just going to pull up a calculator online real fast Based off of those numbers and based off of what you told me it needs and repairs, I can offer you somewhere in the neighborhood of one second.

Speaker 1:

Hey. So I like that where he's saying, hey, I would have edited out. I'm pulling up a calculator on the internet. I would have just said, hey, I'm running my numbers real quick. And then I like the pause. I like making the seller like anxiously await hearing your number. Also, it's kind of showing that this is an important decision on your part, right? You're not just loosely throwing out an offer, right, You're kind of really calculating where you can be.

Speaker 2:

Just give me a ballpark.

Speaker 3:

Just give you a ballpark. I'm ready to send you the paperwork today, if you're ready.

Speaker 1:

I'd like that.

Speaker 3:

I know you want to get rid of it. Based off of that, would you be willing to take somewhere around $10,000 for it?

Speaker 1:

I love the fact that he hit her with the number. Would you be willing to take $10,000 and then set in silence and really let that resonate? We'll see what the seller responds with 12 12.

Speaker 1:

Okay. So here's the thing had he hit her with the 12? I think it's a her, I can't really tell. He said him earlier, but it sounds like a her but had he hit the seller with the 12 or with the 10? And she said can I do the 12 now? He could have educated her on why he was going to be at the 10. So now, essentially, he's repeating what he's going to need to repeat what he just did about the. You know, hey, I can refi at 45 and all that. The education that he did was really good. This is why I flop the order in which he spoke to her in maybe a little tight.

Speaker 3:

I mean, if you can do 11, I can make it happen for you and we can send you the paperwork today.

Speaker 2:

I'll tell you what here's. Here's the situation okay okay, that house belongs to my brother. His wife died about three years ago. I had to put him in nursing home so I'm his power of attorney, okay. So right now I'm liquidating this stuff he got. He got another house down there. I'm going to shut it too later on, but I got to clean it up a little bit.

Speaker 3:

Well, I'll tell you what If you're willing to sell us both houses at the same time, I can make you an offer.

Speaker 2:

I'm not ready to sell the other one yet because I got a lot. I'm still getting furniture out of it.

Speaker 3:

I got to clean it up some, maybe in about two months, but not right now okay, well, let's work on this one first, and then you know you have a buyer for the other one. Is that all right?

Speaker 2:

yeah, yeah.

Speaker 3:

I'll tell you what what we'll do is. We'll get the paperwork started for you and once we get the paperwork started, we'll send it over to you via DocuSign. That way you can take a look at it, we can go over it together and then, once we go over it, we can solidify the deal on that.

Speaker 2:

phone call Is that okay, okay, okay, call me back in one hour.

Speaker 3:

I'll call you back in one hour and call me back and we'll try to work something out. That sounds good and I'm looking forward to making this happen. You know we could close on it as quickly as possible. I just want to make sure that you're serious in regards to selling and if you are, then we'll be able to close it out relatively quickly. The only other thing I need from you is access to the property. So if it's all right, I'll put a lockbox on that property, or you can and send me some pictures of the property as well, because I'm not in Houston at the moment. So I'd love to see some pictures of the property. But we're going to solidify the deal at $11,000 today when I call you back in one hour. Is that fair?

Speaker 2:

Okay, all right. Okay, I appreciate it.

Speaker 3:

Yep Likewise.

Speaker 1:

Okay. So we're about to hear what the student called back immediately after call and hear what that conversation is about there at the end, when he said the 10 and then the seller said 12 and they settled on the 11. Some interesting things happened there. The phrase of we can close as soon as possible. I don't like that, because that is the closer making the assumption that time is important to them. I like to ask when would you like to close? Hear them say a time and then we either edit it. So, for example, if she were to say I'd like to close next week, okay, well, that's not going to happen, let's put on, or before 30 days. Does that work for you? And we'll try to get it done as quickly as possible.

Speaker 1:

Because then he goes into the next part of the recon phase where it's hey, I'm going to need a lot box, I'm going to need pictures. I thought that there was already pictures, because he was talking about hey, I'm looking at the pictures. Maybe he was just looking at Google Street View or old pictures on Zillow, something like that. So he says, hey, I need pictures. And then access. So those two things impact our ability to close on us as soon as possible timeline right. So the small little details, when I'm nitpicking these types of calls and reacting to them, they're important right, especially here at the end. This is a a moment that hey, we, we know we've got one on the hook, we know that we've got a deal right, we're about to get a signed contract for $11,000, so we're excited about that. But we need to be careful that we don't say something the wrong way that a seller could cling on to later on. So let's see what the student had to say here.

Speaker 3:

Hey, this is Jamel Hi. Hey, so you can see I actually lowered the price from where we initially started. I wanted it at $15,000 to $20,000, but I decided to lowball him based off of what he was telling me the house needed. He kept saying the house needs a lot of work, the house needs a lot of work. So all I did so it is he.

Speaker 1:

I apologize, mr seller, um, for saying that you were female multiple times in this video. I apologize about that. Um, I don't like the phrase low ball. I don't really like to say that, um, just it's it's language that we shouldn't use. I don't think that's um. We, we didn't get a number out of the seller, so we made an offer. It was the offer that we made, um. Low balling is that's also the term anchor pricing, like hey, I anchored them at 10 and I was willing to go to 15. I just I don't like those. That's where it's like we're playing a game and I don't ever want us to feel like we're playing games.

Speaker 3:

I wanted to offer him seven grand, but I didn't want to go too low and then put a bad taste in his mouth. So what I ended up doing was just going to 10, and you can see he came back at $12,000. And I made it seem as if $12,000, even though we wanted to pay $15,000, I made it seem as if $12,000 was a lot for it. So then I offered him $11,000. And, as you can see, he wants us to call him back to solidify the deal. So we're going to put all the paperwork together right now.

Speaker 3:

We're going to get this contract signed today and then, once we get the agreement solidified, I'm going to go ahead and send it over to the other wholesaler, who's in Houston, so that he could get the thing sold, because now we just created a potential thirty five thousand dollars in profits. So that's a pretty good deal right there. All right, so let me get this paperwork together and let's talk again in one hour. So the wholesaler in Houston will go there or no? Yeah, he's going to take care of the entire sales process for us. That's how you do virtual wholesaling, okay, you partner with other people. So what we're going to do- it's how you JV deals.

Speaker 1:

It's not. Obviously we don't JV every deal that we do in virtual markets. There's many different ways. So I wouldn't say this is how you virtual wholesale, this is how you joint venture, a virtual wholesale deal.

Speaker 3:

Is we're going to. We're going to go ahead and call him back in one hour and once we call him back, we'll get everything solidified and I'll send it out to the virtual host. And why did you find a buyer? You already have someone that you're working with. Well, I have another student that's in Houston who does a lot of deals, so all I did was contact him and make it happen. He was the one who told me, if I get it, he could sell it for about $40,000 to $45,000. So we're going to work on that within the next hour. Then, once we do that, I'll get it sold for us.

Speaker 1:

All right, so that's the end of that. So listen, cold call lead comes in from the student navigated the conversation fairly well. I would reorder some things pretty decent on the phone. You know, smooth made the seller feel relaxed. Now this was a highly motivated seller. I mean we found out that there's obviously a lot of motivation. Power of attorney over the brother needs to liquidate it, to kind of take care of some of the expenses. So highly motivated.

Speaker 1:

I don't like the fact that we didn't get a number right, because the two most important things when we're closing is price and motivation. We found out the motivation. We didn't get a number right, because the two most important things when we're closing is price and motivation. We found out the motivation. We didn't get a number out of them, but he did make an offer of 10,000. Eventually he got it closed at $11,000. We don't have the actual closing, we just have this call here.

Speaker 1:

I'm assuming the base off of him posting it that the deal would get closed. The seller sounded like was he going of him posting it that the deal would get closed. The seller sounded like he wasn't going to sign the contract. I don't have any reason to believe that the contract wasn't signed and I don't have any reason to believe that there's not an actual JV partner that's going to go sell it for $45,000. So if that's the case, this is a $34,000 assignment fee. That's a really good deal. That's a really low price point for Houston Texas as well. I've done quite a few deals in Houston Texas. I don't think I've ever done one at that point at that price point. So that's a really good deal for Houston Texas. Overall, my assessment of Jamel really good.

Speaker 1:

Closer I would change some things. Wish I could kind of work with him just a little bit and say man it, just a few tweaks here or there would probably exponentially change the results on some of his calls and also make it easier for him. Right, there was points of times in this call where he actually kind of made it harder and made it made himself less efficient in the call, like, for example, the education, then making the offer and then having to go back and kind of reeducate. Would have preferred to have seen the offer made. He could have probably said, hey, 10,000. Then the seller say, what about 12 educated? And probably still stood strong at 10.

Speaker 1:

Not that that's a huge difference because of the price point right, but if we're dealing with, this is a $300,000 house, instead of that being a $1,000 difference, that could be a $10,000 difference, it could be a $20,000 difference. So it's the small little, tiny details when we're talking about these types of calls, and focusing your habits on how you do things and becoming a machine where you do things the same way every single time can make a huge difference in your profit right and what goes in your pocket. This is a great payday for this price point. So and obviously he closed the deal, so his