The Titanium Vault hosted by RJ Bates III

10 FAQ About Wholesaling Real Estate

• RJ Bates III • Episode 641

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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
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SPEAKER_00:

Our first question is how much earnest money should I deposit when I'm wholesaling real estate? So there are many different answers to this, and there's not a right or a wrong answer. Now, going back to 2021, 2022, one of the big things that kind of came about was, I remember Steve Train was a big proponent of this. He called it the scorch the earth mentality, where he was like, he would come in and he would put$5,000 non-refundable earnest money because he was going out and doing belly-to-belly appointments and seeing the property. And that was his way of securing it. Now, I was never a fan of that. I never felt like that was necessary for a wholesaler. But I also think that we need to differentiate between a wholesaler that's going to see the properties in person to a virtual wholesaler. So, like for us, we're never seeing these properties in person. We're never seeing the properties prior to getting them under contract. So, because of that, I always want to put a very small amount of earnest money down, and that's to protect myself. Because if I were to put, let's say,$5,000 refundable earnest money down, there are many, many title companies and closing attorneys that will require a mutual release of that earnest money deposit, even if you terminate that contract during your inspection period. So I just I've had money tied up for months and months inside of escrow, even though we did everything right contractually. So for me, I don't want to end up in a position where I have earnest money just tied up. So if you're a virtual wholesaler, personally, I believe you should put a small amount now. Now, one of my good friends in the industry, Jerry Norton, he disagrees with this. And this is where this question kind of comes from is what is the right way to handle this and what's the wrong way? I think as a business, you need to make this decision early on and have a set standard of this is how we handle earnest money inside of our business. So for us, what we do is a very small earnest money deposit. And if a seller requires that we increase that, it is not approved until it is brought to myself or Cassie and we approve that increase. Now there needs to be a valid reason behind that. What I will say is it is going to be very difficult for me to agree to go above a thousand dollars earnest money deposit on a property that I have never seen, and I am not going to contract the property. Well, I let me say this again. I'm not going to go see a property until I've contracted it. These are standard operating procedures that we have. We do not go see properties until we have a signed contract. We're not going to put a large earnest money deposit down until we've seen the property. Okay, so this is how we run our business. And so, because of that, we're very rarely ever putting down more than$1,000 earnest money on any property. Now, price point and the type of property does determine this. We're talking about a commercial building or a small multifamily, a larger price point, multi-million dollar property. Of course, we have to increase our earnest money deposit. But if we're talking about a typical$50,000 wholesale property in Birmingham, Alabama, I'm not going to go put$5,000 earnest money down on that. I'm not even going to put$1,000. To me, it is a red flag if the seller is mandating that and wanting you to put down a large earnest money deposit. And that is an objection that you should be able to overcome by simply just stating your process and the way that you do business. Now, one of the things I always point back to is the company that we basically took our strategy from and copied, which is open door. Now, open door is not going to go out and change the way that they do their process just because the seller mandates it, and neither are we. So this is how we do our business. And if the seller doesn't like it, then we're probably not their buyer. That is how we handle earnest money deposits here at Titanium. I think for each and every one of you guys, you should set that standard in place and not waver from it. All right, let's see here. Question number two What did I do with my pen? There it is. Cross off number one. All right, number two is how do you vet in buyers? Okay. So when you're talking, when you're doing dispositions and you come across an in buyer that says, hey, I'm interested in your property. There are several questions that you need to talk to them to make sure one, they are an actual in buyer, they're not a daisy chainer. And two, they can perform. So talk about, hey, what are your intentions with this property? What's your exit strategy that you see on this? Is it to be a flip? Is it to be a rental? How are you going to fund this property? Now, common answers on this will be, oh, it's cash. Okay, so by cash, what do you mean by that? Does that mean you're going to be taking out a hard money loan? Does that mean you're going to be using private money? Does it mean you're actually going to be using your own cash out of your bank account? If so, do you have proof of funds? I need to see where that money is going to actually be coming from. Now, sometimes newer wholesalers are afraid to ask these questions because they're worried that they're going to run off this in buyer and it's going to feel intrusive. However, if you've ever been an in buyer, these are very commonly asked questions by wholesalers, and rightfully so. We are assigning our rights to that contract to this in buyer. So we need to make sure that if we are going to do that, they can perform because otherwise, we're not only screwing ourselves, but we could potentially be screwing the seller over if we're not doing the proper due diligence. So you need to know what is their exit strategy? What do they plan on doing with this? They can't answer that, that's a red flag. That sounds to me like a daisy chainer. If they can't tell you how they're going to fund the deal, that's also a red flag. If the answer is cash, dig deeper. What does that actually mean? And you need to get proof of funds. If you get a proof of funds from a lender, you should absolutely call that lender because there are many lenders out there that will give you a proof of funds by simply entering in the address to the property and saying, Yes, we will fund that deal. However, that doesn't mean they they will fund the deal for the numbers that you are putting down on that property. So it doesn't necessarily mean that that buyer, that borrower, is pre-approved for that loan. Case in point, plan D investments. Okay. This is a website better known as besttransactional funding.com. This is like probably the most famous proof of funds, fake proof of funds, really, website out there where you can go in and you can enter in your entity name and the address, and it will send you a proof of funds. Now, also here locally, we have a hard money lender called Wildcat Lending. You can also request a proof of funds from them and they will give it to you, but it doesn't necessarily mean that that borrower is approved by credit score and the liquid capital that they need to have. And so it's important for you as a wholesaler, if you receive one of these types of proof of funds, to call the lender and verify hey, is titanium investments LLC pre-approved for a loan at 123 Main Street at$100,000? If not, that means this in buyer is willing to lock this property up without being pre-approved and really not knowing how they're going to fund the deal. Now, the other part of this is if the in buyer is using a hard money loan, you need to see what happens if the appraisal comes back at less than what they're anticipating. So majority of hard money loans, what they do is called an after-repair appraisal. So let's say that we're claiming that the after-repair value is$200,000 on a property. The borrower will then go to the hard money lender, order an appraisal, the appraiser will go out, and then we'll do an appraisal based off of what the property would be worth after the repairs are done. Now, say it comes back at$190,000. The loan then is less than what they initially needed. Does that mean the inbuyer would still close, or are they going to want to renegotiate, or are they going to want to terminate because the after-repair value appraisal came back less? This is extremely important to understand because deals can get lost when the in buyer is using a hard money lender. This is very typical of newer flippers. They don't know any better. So it's your job as a wholesaler to really vet them out and make sure they understand the process. Okay, so you're going to be getting a loan from a hard money lender. If their appraisal comes back less, how are you going to react? Are you going to put the additional five to ten thousand dollars down? Or are you going to want to renegotiate based off of that appraisal? Because if so, what you can do is give a contingency that if the appraisal were to come back and they were wanting back out, you could continue marketing that deal to try to find another buyer to back up that initial buyer. Okay. So those are the ways that I want you to vet out buyers. And then also make sure that before you ever send a buyer out, that they understand that this is a wholesale transaction, that you are direct to seller, that you do have the property under contract. By no means are they to speak to the seller or try to renego renegotiate price or talk any numbers to the seller because that is taboo in this industry, but you want to make sure that they don't do that to go around you. All right. Number three, how do you vet out your joint venture partners? Right? So, say you have a property under contract and you want to JV it, or someone has a property under contract and they want you to dispo it and be a JV partner with you. Now, in the scenario of they're bringing you the deal and you are going to dispo the property, which is very common for us, one of the things that I always want to bet out is first, do you have the property under contract? I am not a company and underwriting service. I want to make sure that you have already gotten the property under contract. I am not going to close the deal for you. That's not that's not a joint venture partnership, in my opinion. Okay. So I want to make sure, do you have the property under contract? Two, have you already been marketing this deal and how? Have you already put it on investor lift? Have you already hit up all the buyers on investor base? Have you put it out in a bunch of Facebook groups? And at what price did you do that? Okay, this is important because we don't want to look like a daisy chainer. Okay, there's nothing wrong with doing a joint venture deal. However, I don't want my company to have a bad reputation as a daisy chainer. If I'm going out and I am now broadcasting a deal for$100,000 when you were already marketing the deal at$95,000. That makes me look bad, makes me look like a daisy chainer. So I want to understand do you have it under contract? Have you done marketing? And what were the numbers at? Also, if that JV partner has already done marketing, what was the feedback from buyers? This is extremely important because you've already gotten the pictures, you've already done dispositions marketing. What was the buyer feedback and why hasn't the deal sold? I'm not a I'm not a wizard, okay? I'm not a magician. I can't make in buyers buy deals any more than you can. The deal stands on its own. My job is to turn the lights on and get as many in buy, get the deal in front of as many buyers as possible. So I want to understand what that feedback has been. Now, on the flip side, say I have a property under contract, and now I am wanting someone to dispel that for me. And that's probably the more common occurrence for you guys watching this right now. Make sure that you are giving the JV partner priority here. Get the property under contract, get the pictures, put it all together, and then present it to that JV partner, same way you would an end buyer. I have the property under contract for this much. Here are the pictures, here are the numbers. I feel like the after repair value is this, the amount of repairs is this, and this is what I was wanting to sell for it. And set a reasonable asking price for the end buyer and make sure those numbers make sense. Then give that JV dispo partner enough time to be able to actually perform. So often, what we see is the acquisitions wholesaler who got the property under contract will take two of the three weeks of the contract trying to dispo it themselves, and then they want to come to us in the 11th hour and hope that we can perform a miracle, and that's not fair to us, and because of that, we normally have to turn those deals down. So in the vetting process, it's really not that we're vetting out that JV partner, it's just that we weren't given the opportunity to actually do our job to be able to locate the end buyer, get a walkthrough, make sure the title gets cleared, and get everything scheduled in time, it's just not fair. So if you are going to JV a deal, make that decision early on before you take up all of your time and then ask the JV partner to be a miracle worker. All right. Number four, should wholesalers get their real estate license? Now, this has become a more frequently asked question over the past several months, and rightfully so. There are states that are now coming down with regulations that are directly against you not having your license. Case in point, last Friday I did a video about North Carolina. October 1st, 2025, North Carolina basically put in effect the North Carolina H797 bill, which claims that if you are not a licensed real estate agent, you cannot market a deal without having your license. This is very similar to the state of Nebraska, which is also claimed this, which will also very quickly send you a cease and desist letter if you do not follow this regulation. Now, these locations, if you're local to that, those states and you're wanting to wholesale in those states, then yes, I would recommend you get your real estate license. However, you do need to understand that with that comes responsibility and more work. You are going to have to keep your license up to date with continuing education. There is going to be expenses that come along with it, but it does open up other opportunities. Case in point, what's the most common type of seller that you're going to speak to? The highly motivated seller with the incorrect price. Well, what happens with those? More often than not, they do need to list that property with a real estate agent. So if you are local to a state like North Carolina or Nebraska, where they are trying to mandate that you have your real estate license, you can solve more sellers' problems by saying, What I can do for you is I could just list that property on the MLS for you. That could be an opportunity for you to monetize and make more money. Because one of the things that I've seen in real estate agents is they do lack in their marketing. They're not really hammering the phones, they're not going out and buying PPL like we are. They're not hammering and cold calling as much as we are. How often do we talk to sellers and we hear them say, Oh, I've already talked to 10 other real estate investors? But it's very rare for us to call and say, Oh, I've talked to 10 other real estate agents. That's very rare. So I do think that that's an opportunity for you. So, in the long run, I think having your real estate license could be extremely beneficial for you. That being said, if you're in a state that doesn't necessarily require that yet inside the regulation, I would tread carefully on getting your real estate license. I don't know if it's as beneficial as people make it out to be because of the additional expenses and the continuing education, as well as the disclosures about you being a licensed real estate agent, agent, and the fiduciary duty that you have to that seller. There is always that fear that if you're getting a property too discounted, you do have that fiduciary duty to kind of let them know what their property is worth. So something to keep in mind there overall, I think it depends on your location and what your business looks like moving forward in the future. All right. Now, staying along the lines of questions that have come about because of regulations going on in the wholesaling world. Number five is should I do assignments or double closes? Now, what most people don't want to talk about with double closes is the accounting nightmare that can come about. One of the issues with double closes is that you are going to receive a 1099 from the title company for the full amount in which you receive. So say I go out and I buy the property for$100,000 and then I turn around and sell it for$110,000. I'm going to receive a$1099 for$110,000, and then I have to show that I write off$100,000 for the purchase. Now, this does cause issues, and I have run into issues with the IRS because of this, where I had to prove that I didn't actually receive$110,000 on a double close. Now I haven't heard many people talk about this, and maybe it's just because I'm unlucky and that's just something that came about with some of my early double closes. But what I would say is if you are trying to decide between doing an assignment of contract and a double close, always do an assignment. It's just the easier way to do it. The only time that you should do a double close is when you absolutely have to. Now, what I hear more often than not is I'm doing a double close because of the amount of money that I'm making on the transaction, right? I'm trying to hide my profit. Now, I think that's just fear, right? Fear that your buyer's gonna back out, or fear that your seller's gonna be upset that how much money you're making. But you can always do a blind HUD. And if you're not working with a title company that does a blind HUD, or if you don't know what that means, it essentially doesn't show the seller how much money you're making. You're working with the wrong title company if you're not using a blind HUD. If your buyer has a problem with how much money you're making, then you're working with the wrong buyer. Now, one of the circumstances in which a double close could be mandatory is if your end buyer is using a hard money loan and the hard money lender has a cap on what they will pay on an assignment fee. Now that does happen, and it's not like a massive red flag, it kind of makes sense from a lender's perspective. That is where I would absolutely do a double close, right? I don't want to lower my assignment fee. I will do a double close, and I will I have in all of our transactions, we have only done transactional funding twice. Okay. You can find someone that will do a pass-through double close where they will take the funds from the in-buyer to fund your close with the initial seller. Okay, and you don't have to bring any money to the table, it's not gonna cost you any transactional fees. The only thing that it will cost you is potentially title insurance, okay? You might have to in the closing costs associated with that. That would be the only additional fee that it should cost you. More often than not, you're not gonna have to use transactional funding. Now, some hard money lenders will not allow a pass-through double close either, and that is where you would have to take out the transactional funding. More often than not, you can find that for somewhere in the range of one percent to two percent of the funds being brought to the table. Ultimately, make it as easy as possible on you and do an assignment, all right. Number six, can you wholesale duplexes, triplexes, quadplexes, and small multifamily? Now, I don't know why I keep getting asked this question, but the answer is absolutely why couldn't you? This is a great opportunity in some locations in the United States, it's the best opportunities in those markets. Case in point, Alaska. Anchorage, Alaska has a ton of small multifamily, and in fact, the majority of investors in Anchorage, Alaska are house hacking inside of the small multifamily. What I mean by house hacking is they're living in one of the units, rehabbing the other two and renting it out, and having those two units pay for the unit the entire building. Okay. Other places that this is very common Connecticut, Maryland, uh, Rhode Island, these places are chock full of small multifamily that could be cash cows. Rhode Island, for as small as it is, in certain locations, has neighborhoods full of triplexes, quadplexes, and fivexes. That if you plan on wholesaling there, you absolutely have to do small multifamily. Now, what you need to pay attention to is the average cash flow as well as providing equity to your inbuyers. Where most newer wholesalers run into a problem when they start trying to analyze small multifamily deals, is they only look at the cash flow and they forget about the equity that needs to come along with that. Your in buyers, at least the majority of your in buyers, what they're going to be looking for is the opportunity to be able to pull all of their cash back out and not be stuck with money just sitting in a property, right? In order for it to be a wholesale deal, we have to get it with a discount. Otherwise, it's a retail deal and they could just go get it off the MLS. And so, yes, there are going to be locations in the United States that absolute look like fantastic deals from a cash flow perspective, but from an equity perspective, we're not bringing them value. So remember that when you're analyzing it, look at what the other sold small multifamily deals have gone for, compare the condition, compare the rent rates, and then get it for less. That's your job as a wholesaler, and that's how you do those small multifamily deals. All right. Number seven. Hold on. Before we get to number seven, coffee break. Today's episode is brought to you by Starbucks Cold Brew. Oh man, fantastic. Number seven. When should I build out a team when wholesaling real estate? So the majority of wholesalers, when we get started, it's probably either we're doing it all by ourselves or maybe with a partner. And then it's when should I actually start hiring people and delegating out? And when can I, RJ? You always talk about create your own reality. When can I start doing that and having that life of freedom? Okay. When you are in a position deal flow-wise and cash flow-wise in your business, to where when you hire someone, say they perform at 50, 60, 70 percent of what you can do, your business can sustain that loss and revenue, as well as knowing that when you bring someone on, if you anticipate that it's going to take 60 to 90 days before they start bringing money into the doors. When I hire someone for titanium investments to start doing acquisitions, I cannot anticipate that they're immediately going to sit down and start closing deals. We have to onboard them, introduce them to all of our systems, train them on how to do the job, and then get them started. And let's be honest, as great as the training can be at first, they've got to get the reps in before they actually start producing. And then to get them up to what we anticipate is an acceptable standard of revenue that they can bring in, it's going to take time. They also have to build up their own individual pipeline when it comes to acquisitions, right? We're going to close deals from leads that come in today three, four months down the road, just because of the seller's needs, right? So your business has to be able to sustain that stagnant time when the new person comes on board. Now, let's say we hire someone outside of just acquisitions and dispositions, and it's more of a salary perspective, right? I'm going to hire someone as an executive assistant or a transaction coordinator or something along those lines. Now, this is even more important to be able to look at your business and see cash flow-wise, do I have a consistent amount of money that I'm making every single month? And what does that look like if I bring this person on? Can I sustain their salary? Can I also sustain the time that it's going to take to train that person to do their job? I think this is where most people kind of underestimate like, hey, I'm going to hire an executive assistant. That means they're going to help me be more productive. That's true in the long run, but not at first. At first, that person's actually going to take a lot of your attention away from the revenue generating activities that you're doing inside of your business. So I see people want to build a team a lot quicker than they're actually ready for. So if you're newer and you're ready to get to the point where you want to start hiring, what I would recommend is start slow. Don't try to hire multiple people at once. This is how people want to scale their business. And then you look, and 12 to 18 months later, they're no longer in business. It's because they put themselves out of business. Hire slow, take the time to really train that person up, get used to having that person in that position, and then move on to the next hire. All right. Number eight. Should wholesalers file memorandums of contract? Now, you guys have heard me talk about this before, but I will reiterate it. I think one of the most misuse tools for wholesalers is filing memorandums. In fact, I've talked to many wholesalers that say every single property that I get under contract, I'm filing a memorandum. And I think that's a misuse of the tool. And inevitably, regulations and bills are going to get passed to where that is no longer the case because we have misused it for so long. That being said, there is a time and place where a wholesaler should file a memorandum to protect themselves. It's though it's not fair to us if we go get a property under contract, do our recon, find an end buyer, assign it, and then the seller then tries to go sell the property to somebody else. That's not fair to us. That's why this tool exists to protect us. Not just us. I mean, it's for any buyer out there. That being said, when you file a memorandum, make sure that you are prepared to close not only the property that you have under contract, but every property that you have under contract. This is the part that most people don't understand about filing a memorandum. You can actually get in trouble if you're filing memorandums and you're not prepared to close on that property. This is where I think you really need to second guess and question whether or not you are in a position to file a memorandum. This is important for you to understand because one of the worst things in the world that could happen is that you listen to someone and says, Hey, file memorandums on every property that you get under contract. And when you do that, it actually gets you in trouble because you do it with the wrong seller that comes after you and says, How many properties did you have under contract at that time? Did you have the money? How were you going to fund it? And you actually end up in trouble. The other part of this is because the industry has misused this over the course of time, the memorandum is now going to start losing its strength in a transaction. Case in point, Texas now has it to where sellers can actually just go around the memorandum, and that's because it's been misused by us as an industry. All right. Randy always coming in. First of all, Randy, love the new thumbnail with the titanium hat. RJ needs more likes, double tap the screens, thumbs up if you're on a computer. Thank you, Randy. I appreciate that. All right, let's go. Number nine. This is a personal question that I get asked a lot. Why don't I do more flips and own more rentals? Okay, so you guys hear me talk about the hedgehog concept all the time. Well, the hedgehog concept comes from the book from Jim Collins Good to Great. It's a chapter. I read it in 2021, right when I needed to read it, because I just got done. Well, I was, I guess I was still in the midst of getting rid of quite a few of them, but a ton of flips in multiple different states, owning a portfolio of a couple hundred properties of rentals all over the United States. And it hurt us very, very badly. And what most people don't understand is just because you say you're a real estate investor, what does that mean? Does that mean you're flipping real estate? Does that mean you're a landlord? Does it mean you own multifamily? Are you doing syndications? Are you wholesaling? What are you doing? There's very few people out there that I know that are successful doing all of the above. However, what I do know is I do know a bunch of people that are highly successful as wholesalers, I know people that are highly successful as flippers, I know highly successful landlords, but blending that is multiple different businesses. And so when I read about the hedgehog concept, that's when I made the decision that we were going to solely focus on one strategy that was wholesaling real estate. We were going to do it nationwide and virtually, and because of that, we've now become a much more sustainable and profitable business. It's not because we can't do a flip, it's not because we don't have the money or the knowledge to do it, it's because, as a business, that would not be wise of us to take attention off of what we were doing inside of our wholesale business to go chase the next shiny object exit strategy. One of the questions I used to ask at our two-person, in-person events here at the office was who here wants to flip a house? Almost everybody would raise their hand. Then I would say, Now, why do you actually want to flip a house? And it was very rarely because people wanted to make money, it was because of an ego. They wanted to say that they bought something ugly and made it pretty. But focusing on one thing and becoming great at it, that has become to the point where now financial freedom is a reality. All right. Let's find that's the ninth question. My tenth question, I've got to go back over here to my list. How do I feel about real estate agents in wholesaling? Okay, so this is more of a question in regards to us making on-market offers or direct to agent. What I would say is several years ago, there were some industry leaders that were very big on direct to agent, Jerry Norton, Jamil Damjee, Pace Morby. They were talking about it a lot. They stopped talking about it. We're not seeing as much of that going around in the industry. We're not seeing that as like this is what you need to do. And what I don't see is a ton of wholesalers highly profitable just from working with real estate agents. Is there power with having a network of real estate agents that can bring you deals? Absolutely. However, I do not believe that should be a core focus inside of a wholesaler's business in 2025 and moving into 2026. I believe the opportunity that exists today with the increase in the softwares and the technology, especially with AI going to become a bigger part of lead generation and the softwares that are going to be coming down inside the wholesaling industry. I don't think it's as necessary for us to know real estate agents as much as we had to, especially when we got started. Right? We didn't have comping softwares that could pull comps anywhere in the country. So when we started doing deals in Baltimore, Phoenix, Portland, I had to go develop a relationship with a local real estate agent in each of those markets so then they could pull a CMA on every single property that we wanted to offer on, which then in turn made us compensate those real estate agents. They were working for their money, they were bringing value because it was necessary. Nowadays, I don't see that being the case. We have PropStream, Privy, other comic softwares that eliminated that need. And I don't think it is in the industry anymore because very rare do I hear people talking about hey, I'm getting all these deals from real estate agents. Now, if you're listening to this right now and you're getting a ton of deals from real estate agents, prove me wrong. Let me know how many deals are you closing a month that solely come from your network of real estate agents. I'd love to hear it because I'm not hearing about it in the industry. However, it could be because I'm always that guy. I'm the PPO guy. Maybe that's why people aren't talking about it in my sphere in the industry. All right, guys, that's our 10 frequently asked questions about wholesale and real estate.