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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
What I Learned From Carlos Martinez | Titanium University
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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
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(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
So there's this guy inside of Titanium University, and you saw him on the thumbnail of this video or in the thumbnail of this podcast that you're listening to. And his name is Carlos Martinez. I love this man, but I love giving him a hard time. Me and him, we laugh and we joke, we give each other a hard time all the time. He started a rumor inside of Titanium University that I'm five foot four. I'm not, I'm I'm six foot. I don't know how this came about, but he started this rumor that was five foot four. And since then, I've been giving him a hard time. In fact, every single implementation call ends with Carlos having his hand raised. And I say, Carlos, I see your hands raised there. And then instantly the Zoom call ends. That's how I end all my implementation calls. But part of being inside of Titanium University is I do one-on-ones with every single member. And they have a calendar link and they can schedule them whenever I'm available. And I just had one with Carlos, and Carlos taught me a valuable lesson that I wanted to share with you guys. And it's twofold. It's one, what he's going through and the adjustment that he's currently making inside of his comping and underwriting. So Carlos came in to Tu, started learning the closure formula, how to comp and underwrite, and he gained pretty significant traction early on. In fact, he started closing deals left and right and started making good money, but he had a full-time job. And he got to a point where he had to make that decision. Do I quit the job or do I keep not creating my own reality? Right? I'm doing deals, but I'm not actually doing what I want because my time is being taken away because of the W-2. And so he quit that job and went full time. But life happened. He had an unexpected occurrence happen in his life that took the majority of the money that he had made off of those deals while he had the W-2. So now he's in this predicament where he just quit his job, he no longer has that income. The money that he had made from wholesaling is now gone. And what happens? He starts feeling that pressure. And he talked about this where it was hard for him to embrace being the buyer during the conversations because of his current financial situation. And rightfully so, right? His back is against the wall, he needs to close a deal. And so what he started doing was manufacturing deals instead of going out and really educating the seller and finding deals, he started kind of manipulating the numbers a little bit and just getting signed contracts. And it was kind of that dopamine hit by saying, Oh, well, look, today was a good day because I got a property under contract. But unfortunately, you fast forward, you take the time to do the recon, you get the pictures, you send it off to whoever's doing dispositions, or even if he was working the dispositions himself, and it ended in a termination or an attempted renegotiation with the seller. And because of that, his financial situation only got worse. And this is what I love about how Carlos decided that he was going to overcome this situation. I always preach about you need to be conservative on the after repair value, aggressive on the rehab numbers, and then put in a significant assignment fee. This is exactly what Carlos did, and he has called it the 10-5-10 rule. So what he is doing is every time he underwrites a deal, whatever he calculates as the after-repair value, he is subtracting$10,000. Whatever he is anticipating, the rehab needed to achieve that after repair value, he's adding$5,000 to it. And then whatever he is putting in as his anticipated assignment fee, he is adding a$10,000 buffer to that. What this is allowing him to do, and now, mind you, this is this can always change due to price points, right? This wouldn't work if we're talking about a$5,000 offer on a property. This is for average price points. Same thing would go if it's a million-dollar property. You would have to be more conservative on your after-repair value, more aggressive on your rehab, and probably make a larger assignment fee. Just average price points,$100,000 to$300,000 houses, somewhere in that range. He's using this 10-5-10 rule. And I love this pivot, this mental move by Carlos to now give himself a better chance at having a higher contract to close ratio. He is in a situation that life came and slapped him in the face, and now he is mentally struggling to overcome this while he's on the phone trying to embrace being the buyer, run the numbers correctly. And I tell everybody this you're going to struggle with comping and underwriting for a very long time, probably forever, because you're buying properties sight unseen. There are so many assumptions that we have to make during this process, like the after repair value, but also the rehab. Like the after-repair value, we know what the facts tell us, but until we really get out and see the property and we actually hear the feedback from the in-buyers, we truly don't know what that after repair value is. Same thing when it comes to the amount of rehab. We're going to ask a bunch of vague questions to the sellers. We're going to understand their perspective, but they're not really looking at it through the lens of an in buyer and someone that would be coming in and actually remodeling this house. And so there are a lot of assumptions there. And because of this pivot that Carlos has made, he's now given himself a$25,000 buffer on each and every one of his deals. This also gives them room to negotiate when he is talking to a motivated seller. So if he's only$10,000 off, he knows he gave himself a$25,000 buffer there. He could probably still get the contract signed and it'd still be a movable deal. So if you're like Carlos and you're in a position right now where things are tough and you're struggling to embrace being the buyer, try out what Carlos is doing with this 10-5-10 rule.$10,000 off to after repair value,$5,000 more on the re-am,$10,000 more in your assignment. And to be clear, the assignment fee that he is putting in is$20,000. So it's not a five, it's not a$7,000 fee. He is now going for a$20,000 assignment fee. Carlos, I love this. You're going to be right back on track where you were when you decided to quit your W 2. Now, for those of you that are listening right now, if you've tried this out inside of your business, let me know in the comments how has it worked out for you? Show Carlos some love. Like today's video. We'll see you guys tomorrow.