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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
Live Seller Call Review with Jerry Norton!
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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.
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Oh, baby, I am so fired up, man. I just got off of one of the greatest coaching calls I've ever had. And here's what I want to ask you guys: how much would you pay to be able to pick the phone up, look at your CRM, call any lead that you choose, and get on the phone with a seller live with myself and Jerry Norton in your back pocket, sitting there listening to both you and the seller, and have us coach you on what to do with that seller call in the chat. And then after the call, have us coach you on your process and what you did well and what you need to improve on. How much would that be worth to you? Now the question is, how much would that be worth to you if it was one of the small, little, tiny things that you were getting in a much larger program where you could get those kind of coaching calls every single day? That's what Titanium University is. Now, what I'm going to show you here is the first live seller call review that Jerry and I did together inside of Titanium University's implementation call. So this was one of four calls that we were reviewed in a two and a half hour coaching call. And these implementation calls go on every single day, Monday through Friday. They're run by either myself, Cassie, Nick, Jerry. It doesn't matter. We're coming in and we're constantly coaching and providing you on how you can implement immediately inside of your wholesaling business so you can start making money and improve your skill set. Now, I wanted to share this, guys, with you guys so you could see how this process actually went down. Now, what we did was we asked who wanted to volunteer to call sellers live. And a bunch of people raised their hand. I picked the first three. I said, All right, boys, start voice of dials. KP was the first person that got a seller to answer the phone. And at that point in time, we allowed KP to go in, have his live seller call. Jerry Norton and I were in the chat coaching him up, comping the deal ourselves, telling him where the numbers need to be, kind of helping him through the process, navigate it. Now, KP's newer in this, right? This is he's been with us a couple of months, but this is like his first opportunity to really showcase what he's learned. And he has myself and Jerry Norton in his back corner helping him along the way, and then afterwards giving him the feedback that you guys are going to see. So I wanted to show this to you so you could see the level of coaching that you've received inside of Titanium University. So my question to you now, as you watch this, think to yourself, how much would this be worth for you to have in your corner at all times? If you're interested in joining titanium university, there's a link right down below. Click that, book a call with our team, and get your ass inside of TU. What are you doing?
SPEAKER_00:Yeah.
SPEAKER_02:Hey Lois, my name is uh KP.
SPEAKER_04:I'm actually KP, you're muted.
SPEAKER_02:Are you still looking to sell that property?
SPEAKER_00:Yes, but we're trying to finish that other side uh before I sell it. But yes, I am looking to sell it.
SPEAKER_02:Okay, you are looking to sell it. And when you say the other side, uh, do you mean the other side of the house or is it a duplex?
SPEAKER_00:It's a duplex. It's a duplex.
SPEAKER_02:Okay.
SPEAKER_00:1844 grease fire back in March.
SPEAKER_02:Okay. And then uh what is the asking price that you're looking for on the duplex?
SPEAKER_00:283.
SPEAKER_02:283 for it. Okay. And then to go back to the grease fire, um, did you guys fix it up or is it still in that same condition?
SPEAKER_00:No, it's being fixed up through the insurance, it's being fixed up. We we finished everything and they just put the light meter back on last week. So we're waiting for our electrician to come and look up something that has to be done since the uh Georgia Powell brought the meter back.
SPEAKER_02:Okay, you know, and then are are you guys living on one side of the duplex?
SPEAKER_00:One side, yeah. If it's facing the duplex, the 8342 is occupied. Now it does need some work, it's gonna need some work on that side, and it's two bedrooms, one and a half baths.
SPEAKER_02:Okay, and then how how much is the tenant paying per month?
SPEAKER_00:Well, she's all nothing month, and I told her once we get that other side, you know, she'll be paying twelve hundred.
SPEAKER_02:Twelve hundred. Okay, okay. And then um, I'm just kind of curious why you guys are even thinking about selling the duplex right now. Is it due to the grease fire? So I was just curious why you guys are considering selling the duplex because I have several properties. Okay, and you have several properties in the area?
SPEAKER_00:It's just that when I originally bought it, I bought the duplex for my grandchildren, and that's why the ripples are so cheap, but they're not living up to their standards and and doing what they need to do as far as paying the rent, keeping my property up and all of that, and it's causing me more to you know, than it's worth.
SPEAKER_02:Right. No, that that sounds like a lot right now. I said it sounds like a lot of work that you have to deal with the duplex and all, you know, the tenant side of it right now, your two grandchildren, and then you know, having to put them out and this and that.
SPEAKER_00:So I think the best way is to go on and liquidate it.
SPEAKER_02:Okay, no, that totally makes sense. Right. Um, so could you tell me a little bit about the condition of one of the sides, the fire side?
SPEAKER_00:Excuse me. Okay, so ceilings and uh dining area, kitchen area, uh new paint throughout, new flooring throughout. Uh the only thing that's not going to be brand new is the uh the bathtub. They're going to refurbish the bathtub, but it will have new toilets, new vanity, and everything in the bathroom.
SPEAKER_02:Okay, great, great. And then on the other side with the tenant, I know Yeah, everything has been done.
SPEAKER_00:They just left it uh, put the new cabinets in. The new cabinets have to go in and uh the countertop. And but it has to be painted and all of that, and they starts the flooring. So it's just gonna be the new countertop that has to go in, and uh I think that's it.
SPEAKER_02:Okay, and how's the HVAC look on that side?
SPEAKER_00:That's the side of HVAC was replaced. I have to talk to the uh the young man that did it and to find out if he put a new part on it or if he had replaced it. I can't remember. But it was, it was like over a year or two ago. Okay, it's best to stop that. Okay, but the uh both sides now have been rewired, but the uh the 8342, the one with the one and a half bath, that was rewired two years ago, right? Um and the flooring was done about three years ago, but you know, um that tenant had a dog, right? Okay, so like I said, it'll need some painting. It needs basically just cosmetics over there, painting, new flooring, um the bathroom plug, everything, and all of that was new put in uh in 2000 about four years ago. I own the property over five, and I put it in a year after.
SPEAKER_03:Okay, okay.
SPEAKER_00:No, no, no, no. So that's been five years. It was put in maybe like a month. He he wasn't in there for maybe over a month, and he put the new new uh prostate painted flooring, everything went in because there was another tenant living there when I bought it from the other people.
SPEAKER_02:Okay. So I mean, obviously, it seems that you definitely need to sell this property. Is there a certain timeline that you want to achieve this by?
SPEAKER_00:No, I don't have a certain time limit limit, you know, whenever.
SPEAKER_02:Okay, okay. Uh well, I'm definitely interested in the property, and that's let me ask you, how long is the tenant stayed there? I know you said it's month to month.
SPEAKER_00:They've been there uh five years.
SPEAKER_02:Five years? Oh wow, okay.
SPEAKER_00:He's living with our aunt. That was my granddaughter. He's living with our auntie. But she was there when we bought the property. We bought, like I said, a hard four day.
SPEAKER_03:Mm-hmm. Okay.
SPEAKER_00:You know, I would not have to worry about it. And that day all they need to do is pay their rent.
SPEAKER_02:Okay, no, that makes sense. I mean, that's very nice of you.
SPEAKER_00:Yeah. They started off well, we do it, and then they just, you know, fizzled throughout the years.
SPEAKER_02:Okay. And then uh, I'm just curious, like, why are you looking for a cash offer from an investor? Um, have you considered going on the market, or is it time is the essence right now?
SPEAKER_00:No, no, I'm gonna put it on the money because I am a realtor, so I don't have a problem to put it on the market.
SPEAKER_02:Okay, okay. Well, I'm I'm also a real estate agent as well. Go ahead.
SPEAKER_00:Yeah. I guess you all be looking up properties or calling back and forth and asking if you're interested in selling your property, and I've been saying yes or whatever like that.
SPEAKER_02:Right.
SPEAKER_00:But no, I've been soliciting investors.
SPEAKER_02:Right. Well, I mean, as a realtor, you kind of know with the market where it is right now, it's gonna take a few months and to even get that top dollar. Right. And so, I mean, I'm trying to solve this problem for you, right? I'm an investor, I have cash, um, I'm interested in a property, and I'm just trying to see the 283 price. How'd you come up with that with all the damage that uh we have on one of the sides?
SPEAKER_00:I had my brother to assist me in there, and um he said that's what they're going for a little more than that over there.
SPEAKER_03:Okay.
SPEAKER_00:What I was asking was not unreasonable. Okay, okay, just make sure I was, you know to the price of whatever, you know. There is a little negotiating, but I'm not gonna be uh lowballed because I don't have to sell it. I can still put them out and rent it myself.
SPEAKER_02:Right, right.
SPEAKER_00:And rent it out, you know.
SPEAKER_02:Yeah, so I'm obviously from my shoes, right? I'm an investor. I'm just trying to see where it would work for me, right? So you have$1,200 on one side. Are you confident that I can get$1,200 on the other side?
SPEAKER_00:Yeah.
unknown:Okay.
SPEAKER_00:You're an investor, and all we know. I just talked to my broker and asking whether two bedrooms, one bath going for, but I know they're going over$1,100 a month. Two bedrooms at$8344, the burnt side, has two bedrooms and one bath. The one that the people are living in is two bedrooms, one and a half baths.
SPEAKER_02:Okay, okay. What's the square footage on each side?
SPEAKER_00:It's easy for you to convert that one and a half and a half bath we thought about it. We just didn't do it at the time. We thought about it, and if we keep it, we all gonna turn it into two bedrooms and two baths because there's a closet that's in the living room, and that closet backs up to the bathroom where you can all you gotta do is look up the plumbing. It backs up to that full bath. And you just look up the plumbing and open the door on the other side, you know, and make it like a shower. It can be a shower and it still will be a full bath. Right.
SPEAKER_02:Okay, okay. Well, that's gonna add more to my rehab budget, right? If I do all that. So let me see here.
SPEAKER_00:You know.
SPEAKER_03:Right.
SPEAKER_00:Well, then we'll get more than than twelve hundred for two weeks on two full baths.
SPEAKER_02:Okay.
SPEAKER_00:Yeah.
SPEAKER_02:Give me a second, let me run some numbers. I mean, I'll be honest, I I just think that 283 price is too high with all the rehab I'm gonna have to do to make it like market ready to get the market rent. Yeah. So there's like no way any uh there's no way I can pay anywhere near that price. I mean, I can buy it as is, handle the tenant, close on your timeline, but I'm gonna need a discount.
SPEAKER_00:What are you talking about?
SPEAKER_02:Alright, so let me let me run some numbers here. Give me one second. Um let me actually give me one second. Okay. I hear I hear you on that. Give me one second to just run some numbers.
SPEAKER_00:That's fine.
SPEAKER_02:I'll be honest, guys. I'm really lost right now.
SPEAKER_01:Okay, real quick, you're doing great. All right, you're not gonna close this. This is a rent. All right, this is way far off on price. But what you need to leverage this call for is not you making an offer. Okay, you need to leverage this call on getting her to tell you what you should pay as an investor. She is a professional investor, she is a realtor, she knows where this needs to be, right? So what is the what could this property be worth when it's fixed up? Probably the low 300s. She's telling you it needs a minimum of 75 to 100,000 of work, and then you want to make profit, right? So have her tell you what those numbers are. You don't tell her.
SPEAKER_02:Okay. Thanks. Okay, so this is what I'm looking at. Um I think we can both agree when everything is fixed up, both sides, that this property is worth in the low 300s. Is that accurate? Okay. And then for the repairs, I'm looking at around 75,000. Does that sound accurate?
SPEAKER_00:No, because we're when you're gonna be repairing for 75,000.
SPEAKER_02:Well, I'm gonna be doing first of all, you asked me. We we talked about converting one of the bathrooms, right? That's a cost. I have to fix up the cosmetics on one of the sides, and then I still have to deal with the fire side. The fireside's moving ready. Okay, okay. Cool. Okay. So what are you seeing as on so zero dollars on one side of the duplex?
SPEAKER_00:We've uh he finished that story.
SPEAKER_03:Okay.
SPEAKER_00:Then I would go put it on the market and and let um investors or buyers come and look at it.
SPEAKER_02:Okay, so what do you think is the rehab budget?
SPEAKER_00:You know, because you're just gonna be going in with flooring, you're gonna be going in doing flooring. Like I said, and painting, Penny, uh, I've already got a new refrigerator, you'll need a brand new stove, but I just bought the new refrigerator two months ago.
SPEAKER_02:Right. I mean, I'm not worried about the appliances. Um just a rehab.
SPEAKER_00:Right. Well, never replace the cabinets, we we uh gave the cabinet a face here. So you might want to put new cabinets in that side, you know, new cabinets, change the flooring, even though it had new flooring, the flooring, you know, change the flooring, paint. And get rid of the carpet because it was new carpet in there. So DS gone. So, you know, that's I was gonna say carpet in your flooring. It was carpet in the bedroom, it was flooring in the hallway, it was uh it's a random floor towel in the bathroom, and that's in good condition, just probably need cleaning. And the bathroom had a new sink, new toilet, new top. Everything was new in that bathroom, and the sink is still in good condition.
unknown:Okay.
SPEAKER_00:But uh, the sink is fine, and the countertops.
SPEAKER_02:Okay. So let's say, let's say it is 20k and rehab, right? All right, and we're in the low 300s for the ARV. Um, I have holding costs, I have closing costs. Like 283 just won't work. I mean, I'm not gonna make anything, I'm actually gonna lose tens of thousands of dollars.
SPEAKER_00:Oh, yeah.
SPEAKER_02:No, no. Okay. Right.
SPEAKER_00:So if you're still interested, we'll call, you know, call me, I'll call you, give me your number, and then you come over and get yeah.
SPEAKER_02:So let me let me tell you where I am. So dang, she hung up on me like that.
SPEAKER_04:Okay, she hung up, yeah. You did great, Jerry. Yeah, yeah, great. So a couple things that stick out to me right away, uh, KP is a little robotic. Okay, you're you're pretty monotone. Um, you know, it's easy to get that way when you're on the phone all day long, you're just sort of like right to business, but um, you don't want to sound robotic, you wanna you you need to warm up to her a bit. I think you need to do some fluctuations. You know, when you watch RJ and I, we're always trying to find some humor there or some, you know, feel some. I I heard you say one thing, oh, that must be frustrating. You know, really to get motivation to come out and for people to feel like they can trust you, they need to feel like you're empathizing with their situation. Like, man, that must be tough. Oh man, having a fire happen, that's gotta be frustrating. Or, you know, what's it like with that tenant? Is that I I just find some way to connect with her on some pain or some humor or something along those lines. And then one thing that I like to do right out of the gate is if they when they give that number, very quickly you can look at the Zillow and know if they're retail. And in and immediately if I don't address it immediately, now I'm playing catch up on trying to get them to rethink the price they're asking. Because now what you're doing is you're leading them along that maybe 283 is a good number. So when you say, Okay, no problem, tell me about the condition, blah, blah, blah. You're sort of giving her hope that her number is realistic or may maybe will happen. And I like to immediately be like, 283, wow, where are you getting that number? Um, you know, and it's sort of like instantly putting doubt in her head that we're not you're not even playing this game. Like, we're not even if we're gonna keep talking here, we need to get real without without being rude, or you know, you want to find a way to be like, wow, 283. I'm looking at a comp right here on one two three main that sold for 309, and this thing looks fixed up. I'm sure you're needing some work. Like, do you know why we're talking right now? Do you understand? I mean, you're an investor, I'm an investor, you know. So I where where I don't want to go is I don't want to deep dive condition because condition, unless I'm trying to buy time, but usually condition is giving false hope, it's irrelevant, it's not really helping you get to where you want to be. It's sort of like what we do when we don't know what else to do. I I see a lot of people use condition as just a stall tactic, like, uh crap, what do I do now? Tell me a little bit about the furnace. You know, how old is the roof? And and then what's happening is we're we're sort of moving away from where we really want to be, which is like, look, I'm here to I'm here to help you, but we need to be real about what we're talking about here.
SPEAKER_02:Right. Yeah, I think um just to add to that, I think that is what I was doing. I was stalling asking about HVAC.
SPEAKER_04:Yeah, I get it. I do it too, where you're like, oh crap, now what do I do? Uh tell me about the because you know, and sometimes it's good if you're if you're if you're a little stuck or you're like, man, I don't know if this is some, I don't know if this is a deal. Where do I go from here? Then fine, do it. Use it as a stall tactic. But when I hear 283 and the Zillow's 250, I'm I'm in without even doing any comping on value on ARVs or anything, I'm instantly like, okay, we need to have a real heart to heart now about what's going on here. Um, and that's where you, I mean, sometimes you'll even say 283. Wow, I'm looking at the Zillow, the Zillow's 250, and you're asking 283. I'm an investor. Why aren't why aren't why don't you just list it with a real estate agent if you're trying to get 283? Now I'm like right away hammering, like, wait a minute, we're not even on the same page here. Why are we talking?
SPEAKER_01:Right. Yeah, and going back to what Jerry was talking about there with the condition. Uh for everyone that's been here for any period of time, I absolutely despise when we start talking. I call it the machine gun method, where it's like and the age of the roof and the H bag and the boiler, and talk to me about windows, and it's like, brother, we just make assumptions.
SPEAKER_04:Like Tuman needs a bunch of work.
SPEAKER_01:2,000 square feet, 75k. You both me and Jerry said it, 75k. Run the numbers based off of that. If we get anywhere close to that being an offer that you would accept, then we're we're playing ball, right? Yeah, we're we're out.
SPEAKER_04:Because it could, it could be, it could be 100, it could be 125, it could be 50, but 75, no matter what she tells us, it ain't gonna be 20, it's gonna be 75. Both those units are gonna need carpet and paint, a bunch of stuff fixed, blah, blah, blah. The outside of the building looks a little beat up, you know. Like if if you're like RJ said, if 75 is a reasonable number, and then you run your formula and you're still$150,000 off, who cares if your condition is$25,500. Like it doesn't matter anymore because you're so far off anyway. Right.
SPEAKER_01:We're we're not even in the same ballpark. So this is what's important, KP, right? When we ask our first three questions, do you want to sell? Yes. What's the price? 280. I thought she said 280, but you said 283. So 283. Okay, we got the price. Is that the right price or the wrong price? Right? We we refer to it as the quick comp, right? You know, right out of the gates, incorrect price. All right, so that's important. Two, what's the motivation? This is where you made a mistake. You didn't get enough on the motivation, right?
unknown:Right.
SPEAKER_01:We actually never really knew how deep the motivation was. And there was a couple of things that happened when you were trying to find out the motivation. So I really want you to work on this. One, during your questions, you were leading. You would ask the question and then try to give her the answer after the question. You were like, So why are you looking to sell? Is it because of the grease fire? You gave her an answer. You gave her an easy L, which was like, Yeah, it's because of the Grease fire. What if it wasn't?
SPEAKER_04:Right? So don't leave. RJ Steven said, Well, I have several properties to sell, and then you were like, Okay, and moved on, rather than like, wait a minute, I I don't really know yet why. That's the the next point I had.
SPEAKER_01:Assuming with your responses, this is a big one, KP, and this is something when someone answers a question, do not do not give them the free out by saying, I understand what that means. When you she said, I have several properties, you said, okay. My response would have been what does that mean? You have several properties. I I have several properties. I'm not wanting to fire sell one over here. Why does it why that's not a motivation? What does that mean? She didn't want to tell you something. What I could have meant was, and again, now we have to make this assumption because we don't know the answer. What if the answer was, I have several properties? And then she stopped herself and you said, What does that mean? She says, Well, there's one over here that needs work, so I need to sell one so I can have cash so I can fix that one up. How much cash do you need? I need 40k. How much do you owe on this one? I owe 150. So, really, you need 190 from this to fix your problem. Now, that's just making a lot of assumptions, right? But that happens over and over and over again when you ask the right questions.
SPEAKER_04:And don't forget, uh, KP, always circle back when someone says I have several properties, always circle back to that because well, you could be you could be saying to her, Look, are you looking to sell any of these other properties you have? Would love to take a look at anything else you got. Yeah. And sometimes you can, sometimes they're like, okay, well, actually, I've got this other one over here that I would let go for nothing. You know, you don't know. So you always want to make sure you circle back when someone says they have several properties.
SPEAKER_01:I'm selling the duplex because I already fixed this one side up so I could get full retail because this one over here needs a ton of work and I need cash for it. Well, I'm an investor. I don't want to buy the one you already fixed up. Can I buy the dump over there?
SPEAKER_03:Right.
SPEAKER_01:And that could have changed it. So there was just little moments like that. But I'm going back to this, the key focuses are don't leave with your questions. Don't assume you know what they're saying when they respond, dive deeper. She gave you free questions. I have several properties. What does that mean? Okay. Everyone wants to know how to ask open-ended questions. That's how you ask them. Don't assume you understood what she just said. Keep asking. And then I really want you to focus on what seller bucket and what seller avatar. The seller bucket on this one was uh incorrect price, possibly motivated. Okay. I I we didn't dive deep enough, but I felt like she was motivated. And then the seller avatar on this one was she was a professional investor, which, in my opinion, is the easiest seller to come down on price when you're dealing with. Because you could just hammer them with the numbers. What is this going to be worth? You know what it's going to be worth. How much work's going to be put into it? And when you asked her that and you said, I'm assuming 70, see, you could have done it through questions and you did it with statements, but we were too far in. You should have asked her, what is this going to be worth? How much work do I have to put in? Assume their math is correct. Don't argue. You never want to argue. Okay. So she says 350. All right, 350. How much work? 20 grand. Okay. So if I do 350 and 20 grand and I pay you 280, I'm negative 25 grand the moment I buy this. So why would I do 280? You just told me there's no way in the world. And that's assuming your math is correct. So now let's talk about what I would actually need to pay if I were an investor. And then that's when you get them to realize for an investor to buy this, no matter what method she does, this way, listing it on MOS, anyway, she's gonna have to come down on price. So those are a couple of things that you could have done. I agree with Jerry's feedback. The a little bit more energy, but bro, this is hey, kudos to you, man. Yeah, it's uh I would add, I would add RJ.
SPEAKER_04:Um, when I get a tired landlord or what RJ called a professional investor, um, I tend to change my tune entirely because they should know better. And you can have a heart to heart and you can challenge a little bit. Now do it in a good way, like don't don't be combative, but like question, be don't be afraid to question their numbers and and because they're investors too. They she should know she should know better, right? And so you can be a little bit more um aggressive, I think is the right word. I I'm I'm really that's why tired landlords are my favorite type of seller, motivated seller, because you can be a little aggressive. You can say things like comps or value, or you know, look, you understand how holding costs work, don't you? You know, like because they know those things, so you can be a little Bit more aggressive.
SPEAKER_01:Greatest question you can ever ask the professional investor Would you buy this? Would you buy this at 280? And why? How would you make your money? Yeah. Because make them educate you. This goes back to Trisha the other day when I said, Trisha, sometimes you need to educate the seller, sometimes they need to educate you. Let them educate you first on the numbers. They know more about this than we do. And then you make your moves after that. Or overall, but I will say, man, uh, this is the first time I've heard you on the phones. I think you have you have natural talent there. Yeah. Um, you you did a really good job for the most part. There's just subtle little things there. So um great job, man. Yeah, I appreciate the opportunity from both of y'all.