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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 Makes NEW MEXICO a HIDDEN GEM for Wholesaling Real Estate?
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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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Welcome back to Wholesaling Around the World the New Mexico edition, the land of enchantment. And let me tell you, new Mexico is one of my favorite locations for wholesaling, which is shocking because New Mexico only has a population of 2.13 million people, ranking it 37th overall in population, and normally when a state has a smaller population it's not as wholesale friendly. Why? Because there's less people, there's less motivation and normally there's less in buyers. However, we have had a great experience wholesaling in New Mexico and I think part of that comes from the fact that we never actually intentionally said, hey, we're going to go wholesale in New Mexico. It was always kind of like this little bonus deal that we would get from doing nationwide lead generation, either through PBL, pbc, cold calling, texting. It was always just kind of this unexpected, like, hey, we've got a really good lead in Albuquerque, new Mexico, or Santa Fe or Roswell or Las Cruces, and then, as we started locking these deals up, we found in buyers and almost every single deal that we've contracted in New Mexico has ended up closing, which for me as a business owner, that makes it one of my favorite locations, because that's what I'm always looking for. Try to minimize the contract, to close ratio Make it. Hey, we want every contract to close. We especially don't want to have to terminate a deal because we couldn't find an end buyer, and so for that reason, new Mexico has been one of my favorite locations. Now, what I will say about New Mexico is that there are very rural parts of New Mexico that can be very time consuming on the dispositions, as well as some locations where end buyers just won't go. Now, if you get too far away from Albuquerque, or if you're too far away from El Paso, where you're on the Texas and New Mexico border, or you get too far away from Santa Fe, then, yeah, you're probably going to struggle. However, you probably shouldn't be buying that lead if you're doing PBL or doing any sort of marketing in those locations, unless that's just a part of your business strategy, which I don't quite understand why it would be so. More often than not, if you're going to be searching for leads on like, say, speedleads Marketplace or something like that, you're going to see those leads come in locations like the Albuquerque's and the Santa Fe's and maybe some of the surrounding cities. Now, I think our highest assignment fee in New Mexico was $40,000, and the lowest that we've made on a deal is like $5,000.
Speaker 1:What I have always said is anything west of Texas, state-wise is normally harder on acquisitions but easier on dispositions. I think New Mexico is probably the outlier on that. I think it actually resembles. If I had to kind of compare it on the acquisitions and dispositions, I would compare it to more of like Iowa, where neither acquisitions or dispositions are really easy or hard. It's just kind of middle of the road, the motivation that exists in New Mexico. It doesn't rival like a St Louis or Jackson Mississippi or Birmingham where it's like, hey, I'm trying to dump this, I'm a tired landlord, or this is a vacant property.
Speaker 1:What you will run into New Mexico sometimes, though, is heavily physically distressed properties. I don't know if that's like a unique thing just for my perspective or if that's really just a New Mexico thing, but we have seen some very heavily distressed properties that the rehab budgets are very significant, and that's where, when we acquire the deal virtually, we have to make a lot of assumptions on the rehab, and then, when we actually get the recon done and we get our pictures back, it ends up being worse condition than what we anticipated. I have seen that be like one of the negatives to New Mexico. Again, I have seen that be like one of the negatives to New Mexico Again, not necessarily a for sure thing of New Mexico, that might just be my own personal perspective.
Speaker 1:In the comping and underwriting I have found New Mexico to be one of the easier states. Now I know people do complain about not being able to see some of the prices because it's a non-disclosure state. However, propstream and Privity are pretty good, if you're in the major metro areas, of giving you comps. So I've never really had that complaint. And when you look at the comping and underwriting there it's not necessarily street by street, you don't have to have a lot of market knowledge. If you just kind of follow our web formula principles, then it's relatively easy to comp and underwrite in New Mexico. And then, moving to the disposition side, if you utilize any of the sources that we do, whether it's InvestorLift, investorbase, dealspeed or just using the gold mining through PropStream and Privy and whatnot, it's pretty easy to locate the buyers there. Now, do they also realize that in certain locations they're few and far between as far as the amount of buyers? Yes, and they will still try to out leverage you on that.
Speaker 1:However, I've always really enjoyed the deals in New Mexico, where the communication wasn't as brutal as like a rural city in Texas or like a Tennessee, which are some of the favorite locations right. I felt like the New Mexico buyers are kind of like hey, I'm really appreciative of the fact that I'm getting brought a deal and I've always been curious about this. I just don't hear about many wholesalers in the state of New Mexico, now again 37th most populated state, so it ranks way down there in regards of just population. But you would still think there would be more wholesalers in Albuquerque and Santa Fe. I just don't know why there hasn't been Even inside of titanium university. We only have one member in the state of New Mexico, which is still shocking to me because my experience there has been so pleasurable. I don't know why more people haven't kind of jumped in.
Speaker 1:And then also with the amount of leads that we've gotten over the past three, four years, I mean, leads are available. There are people that need our help and I'm curious if that's why I actually enjoy New Mexico, because there's just people kind of sleeping on it and it's like, hey, I never really hear about New Mexico, I don't ever see people doing deals in New Mexico and so because of that, you guys stay away. Personally, anytime I see a lead in New Mexico, I have only considered one, because we've done deals, we have known buyers there, we have relationships and I also know that the deals can be moved right. There's certain locations, similar in population, maybe a little bit less, like the Vermont, the New Hampshire, the Montana, the Dakotas, wyoming where it's a lot more difficult to dispo deals than it is in New Mexico. Another benefit to the land of enchantment is there are zero wholesale regulations. It's just the normal things that we have to pay attention to. Right, you can't be brokering real estate, you're not selling a property, you're assigning a contract and all of those types of things, but there's no actual regulations against wholesaling there, which I know a lot of you guys worry about, and so that makes it a great location.
Speaker 1:Now, real quick, here I'm going to look at my map and share some of the locations that we've been able to successfully do deals. Share some of the locations that we've been able to successfully do deals. One, starting off with right when you cross from Texas to New Mexico, is Las Cruces. Las Cruces is where New Mexico State University is. You can definitely get buyers from El Paso to go to Las Cruces. So we've been able to do deals there, albuquerque being the number one city to be able to move deals. Santa Fe, the capital of New Mexico. We have not done as many deals there. Also, I feel like there's a little bit more money in Santa Fe than Albuquerque and maybe because of that, less motivation.
Speaker 1:Some of the more random locations that we've done deals we've done multiple deals in roswell um, including. I locked up a deal in roswell during 2023 50, 50, 50 um. Roswell is also like home of aliens and whatnot. It's like kind of the crazy part of new mexico which is kind of fun. Um, there's a place called. I've never done a deal here, but I've always wanted to. There's a city called Truth or Consequences, new Mexico. I'd love to know the reasoning why it's called that. If someone knows, drop a comment there. Don't just Google it, only tell me if you actually know. Other random locations we've done Clovis Socorro. We've done Alcalde I don't know if I'm saying some of these correct Cubro and Grants, new Mexico, as well as Carlsbad. So kind of right in central New Mexico, from north to south. We haven't done much in the west. We haven't done much in the east, outside of Clovis.
Speaker 1:Like I said, you have to avoid the random rural locations inside of New Mexico. One other like just thought that I have when it comes to New Mexico you can pick up vacant raw land like large tracts of land for really cheap there and you could also normally pick those up on seller finance terms. So if you're like me and you like hoarding away vacant land and you have this big, hairy, audacious goal of owning 1% of the United States, then maybe New Mexico could be one of those locations where you pick up some large tracts of land for cheap. So those are my thoughts about New Mexico. Again, it's one of my favorite random states.
Speaker 1:I wouldn't say let's go build a wholesale operation primarily in New Mexico, but overall I would give it a four stars on acquisitions, four stars on dispo, four stars across the board. Lower volume, but the assignment fee should be pretty good, if not just slightly above average at times. And no regulations Good end buyers, good quality conversations with the sellers, no regulations. It's a great location to do wholesale. I think more people should give New Mexico a shot. Let me know what your thoughts are about the land of enchantment. Have you done a deal there and if so, did you enjoy it? Make sure you give me a like on today's episode and we'll see you guys, tomorrow.