What Happens When You Wholesale in the POOREST State in America?

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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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​Closed on over 2,000 properties
​125 contracts in 50 days (all live on YouTube)
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Trained thousands of wholesalers to close more deals

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Chapters

• 0:00 Framing Mississippi’s Opportunity
• 0:52 Why Poverty Creates Motivated Sellers
• 2:01 Target Markets: Jackson And The Sunbelt
• 3:16 Exit Strategies And Buyer Pools
• 4:36 Handling Rural Leads With Transparency
• 6:05 Gulf Coast Honey Holes
• 6:44 Dispositions, Deeds, And Title Pitfalls
• 8:38 Best Cities, No Regs, Final Playbook

Transcript

SPEAKER_00: 0:07

Welcome back to Wholesale Around the World, the Mississippi edition. Now, Mississippi comes in ranking as the poorest state in the United States, 50th overall. Actually, it's 51st per capita. So I guess it's also behind uh Puerto Rico, which is insane. It is the 35th most populated state. And like I normally do, hey, population matters because that's our opportunity for motivated sellers. It's also going to be the opportunity for the end buyers when it comes to virtually wholesaling. But I will have to say, I don't rank Mississippi all the way down in the 30s or 40s or even remotely close to 50th. I think it's going to rank somewhere in the mid-20s. And the reason why is because it is the poorest state. So that you are going to find motivated sellers inside of the state of Mississippi. The thing that you have to be cognizant of is making sure that you're buying it deep enough to where in buyers are actually going to be interested in purchasing the property. I believe virtually wholesaling in Mississippi is a viable option. Now I always tell people when they're looking to expand to go nationwide, everybody always wants to know hey, where should I go get leads? Okay. That's like the most common question. And I always say the Midwest, talking about Ohio, Michigan, Indiana, Illinois, Wisconsin, those states are fantastic. And I also talk about the Sunbelt going down to Mississippi, Alabama, Georgia, and Florida. Mississippi being included in that, and the reason why is because one, Jackson, Mississippi is not a terrible location to wholesale in. You are going to be able to get deals there. Now, there are certain locations that are really bad, and you almost have to get the properties for free. But there are locations inside of Jackson, Mississippi where it's going to be a normal neighborhood, normal price points, somewhere in the low$100,000, maybe in the$200,000,$300,000 price point. There's going to be in buyers that are both flippers and landlords. That's one of the things that I'm always looking for as a virtual wholesaler is do I have multiple different types of exit strategies for my in buyers? And we definitely have that inside of Jackson, Mississippi. Now, outside of Jackson, the rest of the state is pretty rural and it's going to be a little bit more difficult to find in buyers. However, as you move northern in the state and you get close to that northwest corner near Memphis, Tennessee, there are in buyers from Memphis, Tennessee that will come down in the Mississippi. That could definitely help you out. One of the things that you're going to notice is that there are going to be quite a few leads available on the PPL marketplaces inside the state of Mississippi. Pay attention to the in-buyer count inside of those counties. Remember, the rule of thumb is that we always want a minimum of 2,000 buyers in the county. And because of that, there's going to be many locations that you should probably pass on the leads. However, that being said, if you're getting leads sent to you like nationwide from property leads, you're going to end up with some rural Mississippi leads. So how do you handle those? Well, one, I don't necessarily believe that you should just pass on those types of leads. It's more of leverage the fact that they're in a difficult location to one, buy deeper and two, give you more time for dispositions. This also gives you an opportunity to be completely transparent and work on that, especially if this is a new concept for you when talking to sellers. It's easy when you're talking to a lead in a rural location like Holly Springs, Mississippi. Now I have a live seller call of me closing this deal where it was just complete transparency. Hey, this is not a good fit for me, but what I can do is I could wholesale this deal. What that means is we come to an agreement on price today, and then I will market the contract for assignment, my equitable interest, and I will find an in buyer that's willing to come in and pay me a spread. Does that sound like that would be a good fit for you? Now, because you are in Holly Springs, Mississippi, I'm going to need more time. Normally, what I would be able to do is give you 30 days, but I need a minimum of 60 or 90 days. Does that work for you? Now, this is all contingent upon what the seller's needs are. Obviously, you don't want to do this on a pre-foreclosure lead or anything like that. But in her circumstance, she was just overwhelmed with the maintenance of the property. And so, because of that, we were able to acquire the property. And it did take us about 45 days to dispo that deal, but we were able to move it, get a great deal to a Memphis buyer that came down to Holly Springs. He flipped it, and it was a win-win situation for both the seller, the buyer, and us as the wholesaler. And so, because of these rural leads that you're going to get inside the state of Mississippi, you do have to work on that transparency and just asking for something that normally you probably wouldn't do in a more competitive market like a Dallas, Texas, or Tampa, Florida, or in Atlanta, Georgia, right? That's not something that you're normally going to ask for. It's almost kind of like when you pitch an ovation. That's basically what you're doing when you're acquiring a deal in rural Mississippi. Now, further down south, near the Gulf, you've got Gulfport and Biloxi. This can also be a honey hole for virtual wholesaling. We've done quite a few deals down there. There's plenty of in buyers. The price points are pretty decent. It's not really cheap. There's actually money down in that part of the state. There's plenty of in buyers. So don't sleep on some of these cities that maybe you've never heard of or never visited because it's, I mean, honestly, Biloxi is kind of like a little bit of a destination. It's got down by the coast, it's got casinos down there. My sister used to live there. So I spent some time down in that part of Mississippi. So that's kind of why I know so much about it. But because of that, we've actually been able to be successful in wholesaling down in that part of the state. The most difficult part about whole virtually wholesaling in Mississippi is absolutely dispositions. And so if you can actually find the in buyers and their locations, acquisitions is so easy in Mississippi. I have to say, Mississippi is probably the easiest state to acquire deals. It's very similar to West Virginia in that regard. Well, partially because it is so poor of a state. You are going to come across financially incentivized sellers, and then their properties are probably going to be very physically distressed just due to the lack of funds that they have available to them in comparison to the majority of states. And then you are going to have in buyers that are capitalizing on those situations inside of these local markets. So for me, the best locations inside the state of Mississippi are always going to be Jackson, Mississippi. Obviously, it's the most populated city in the state. Biloxi and Gulfport. And then up in the northwest side, just south of Memphis, that's where it's going to be considered rural. It's going to be slept on by a lot of virtual wholesalers. There's not going to be the competition. People aren't running PPC campaigns out there. Not going to be running across many competitors that are doing belly-to-belly appointments. So it is an opportunity for you. Now, in regards to regulations, great thing about Mississippi is there are no regulations yet inside of the state. It's pretty free and clear. It's easy. The only thing that you really need to pay attention to is because of the lower price points. It's going to be very similar to Michigan, Ohio, parts of Kansas and Missouri and Alabama. You are going to have deals that are done on quick claim deeds that could cause title issues when you go to close the deal. So pay attention to that. If you're using PropStream, it's very easy to go see the transaction history and see if it was always done on a special warranty deed or if it was done on a quick claim deed. That could cause you issues. This is why you should always be working with a good title company. I suggest using Samantha Gibson at Abstract Closing inside of Jackson, Mississippi. And then always having a great transaction coordinator like David Olds at Easy REI closings. So overall, Mississippi, not great, but not terrible. Acquisitions are going to be extremely easy. Dispo gonna be a little bit harder. Comping and underwriting, make sure you're always paying attention to the as-is comps, paying attention to where the as-is properties are currently listed on the market. That's gonna be your competition when you go to do dispo overall, get you some deals inside of Mississippi. It's one of the easiest places. It can be a momentum builder. You're not gonna have huge assignment fees, but you can get those deals across the finish line. So for those of you that are currently wholesaling inside the state of Mississippi, do you agree or you disagree? Regardless, show me some love. Like today's video, and we'll see you guys tomorrow.