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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. He has won back to back Closers Olympics earning him the reputation as the King Closer! Finally, RJ and Cassi DeHaas, his partner, have started their education platform called Titanium University.
The Titanium Vault hosted by RJ Bates III
Why Would A Seller Accept A Lower Offer? | Wholesaling Quickies
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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:
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Welcome back to Wholesale and Quickies, the series where I try to get my idea out before your short attention span disappears. Today we're going to be talking about why would a seller accept an offer for lower? Now, see, this happens all the time, but newer wholesalers they come to me and they go, I don't understand, RJ. If another person's offering$70,000, why would the seller accept my offer of$60,000? Now I have repeatedly explained the two most important things for you as the wholesaler to determine during a seller call is price and motivation. Unfortunately, because I say that, majority of you get stuck on price. But the most, the single most important thing for you to determine during the conversation is the seller's motivation to sell their property for a discount. See, as wholesalers, we look at it and we think in terms of money, right? This is why majority of seller calls are not good because we ask the seller how much do you want for the property? They say 70,000. And then we get lost in the weeds and seeing if 70,000 could work. But if you get lost in the seller's motivation with open-ended questions, truly asking them, well, tell me a little bit about what you got going on, hearing what they have going on, and then asking follow-up questions on that same topic to really uncover the layers of the seller's motivation. What you will see is that the majority of the time, the seller's main motivation is not financially based. It's about getting out of some sort of situation. Maybe it's because they inherited the property and it's a burden on them and they don't want to take care of it anymore. Maybe it's a timing mechanism, right? The timeline is the most important thing. So I'm going to use an example of a seller that I posted the close where she accepted my offer, which was lower than the competition. See, the reason why she was willing to do this is because of her motivation. Now, the only reason why I was able to determine that was my ability to listen to what she was telling. And she flat out said, the reason why I'm accepting your offer is not because of money, it's because you heard me. You heard what I said and what I needed, which was more time. See, she was doing what was called a Swedish death cleaning, meaning that she was getting rid of all of her belongings inside of her property. So her children, when she passed away, inherited the property or inherited all of her belongings, did not have to deal with that. It was a smooth, easy transition for them, and she didn't want to be a burden to her children. But she had lived in this property for decades. So she needed more time to prepare for the Swedish death cleaning. So then she could move on and live out the rest of her life without the stress of what she would be leaving her children upon her death. The competition, what they offered was more money, but they wanted to close quickly, going to that go-to wholesaler line, which is I can close quick and fast and for cash. But that's not what she needed. The motivation was I need 90 to 120 days, maybe even 180 days. So I said, if you can do my price, I'll close on your timeline, which is whenever you need. You just let me know two weeks in advance. Hey, RJ, I'm ready to close, and we'll be able to do that. And so, because of that, we were able to get the deal for a lower price than our competition. This always happens. Listen to the seller's motivation, and you will truly be able to determine all of the problems that we're solving by buying the real estate. Don't believe that it's always about money and them getting the most amount of money out of the property. Now, go back to the metrics of wholesaling, though. There are sellers that are financially based motivation, and that is the most important thing to them. However, you will be an all-time great Hall of Fame wholesaler if you could close 10% of your leads. So keep that in mind. 90% of them, you shouldn't be the solution, and you'll want to be one of the greats. So that's one of the many reasons why a seller would be willing to accept your lower offer. Now, what I want to hear from you guys in the comments is some of the stories as to why a seller accepted your lower offer than the competition. Show me some love, like today's video, and we'll see you guys tomorrow on another wholesale in Quickies.