.png)
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
Quick Comps | Tips & Tricks with RJ BATES III!
Want to work directly with me to close more deals? Go Here: https://www.titaniumu.com
Want the Closer’s Formula sales process I’ve used to close 2,000+ deals (FREE) Go Here: https://www.kingclosersformula.com/close
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
_________________________________
With over 2,000 Videos, this is the #1 channel on YouTube for all things Virtual Wholesaling. SUBSCRIBE NOW! https://www.youtube.com/@RJBatesIII
_________________________________
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
(FREE) Join our exclusive FB group community for real estate investors and wholesalers: https://www.facebook.com/groups/titaniumvault/
(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
One of the biggest bottlenecks that I've seen for newer wholesalers using the King Closers formula is comping and underwriting while speaking to the seller. Now, this is to be anticipated and expected because comping and underwriting is one of the most difficult skill sets for the majority of wholesalers to even learn over the course of time. So if you're new, it's expected that it's going to be a little bit difficult for you to comp and underwrite just out of the gates. But when we are on the phone with the seller, one of the things I want you guys to really embrace moving forward is that we're not diving super deep into the numbers right out of the gates. Utilizing the four seller buckets, the reason why this is important is we want to know is the initial seller's asking price correct or incorrect. And we're going to do that with a quick comp right out of the gates. It doesn't have to be perfect. We just have to have a general idea of where we need the after repair value to be in order for that initial asking price to be correct or incorrect. Now, I'm going to share my screen here and I'm going to showcase a property that we just closed and funded on in Spring Creek, Nevada. Now, I don't even know where Spring Creek, Nevada is, but this is how you would very quickly comp and underwrite this. And the reason why I bring up I don't know where it is, because a lot of people they get twisted up about, I've never been to this location. I don't know the local market. You don't need to know the local market. You just need to be able to look at the data that exists utilizing your comp program, whatever it is privy, prop stream, batch, prop wire, whatever it is that you're using, you just need to be able to look and analyze at the data. So let me bring up my screen here. So this property at 147 Birchwood Drive in Spring Creek, Nevada. So I've got it preloaded in both privy and prop stream, which are the two preferred comping systems that we use here at Titanium. Now we go down to the comparables, we click on it, we very quickly go to settings, we have all and then single family residence. And then I always want to start out with a quarter mile radius. We save that. Now, the way that this conversation should be going down, and we're using the closers formula, is hey, Mr. and Mrs. Seller, I see that you filled out a form or spoke to someone on my team about selling your property at 147 Birchwood Drive. You still looking to sell that? Yes. Awesome. How much are you looking to get for the property?$200,000. Okay. This seller says$200,000. When we are doing a quick comp, what we need to know to identify what seller bucket this seller is going to fall in is if$200,000 is a correct number or an incorrect number. Now, using common sense, if the seller wants$200,000, what do we know we need the after repair values to be starting with at minimum? Probably even$400,000. So taking a look real quick here, in a quarter mile radius, we have two properties, similar square footage, right? Our subject is$14.92, comp one$1483, comp two,$1407, and we've got a value of$418 and$350. Now the next thing I want you to pay attention to is the lot size. We're similar, right? It's not like they're selling acreage and we've got a little quarter acre lot. We're pretty close. Year built. Now there's a little bit of an issue here. 1974 is our subject property. 1998, 2015. That's a little bit of an issue. Now I'm going to go to prop stream real quick. We've got our subject property popped in. We click on details. We then go to comps and nearby listings. Quarter mile radius. Boom. 418, 140 birchwood. Same comp that popped up on privy. We actually have one less on prop screen. Okay. So 418, you scroll over, you'd see similar square foot, similar lot size. Year built is the issue. So what are we going to do? We'll go back to privy. We're going to go to settings. We're going to go to a half mile radius. We're going to save that. We're going to see, do we get more comps? All right. So we've got a 1456 square foot at 375,000, 1987. So we came down on year built, right, from 1998, 2015 to 1987, and we see that we've maintained in that high$300,000 range. This stands to reason that if we were to label and stereotype this neighborhood, this is a three to four hundred thousand dollar neighborhood. So if I'm on the phone with this seller and I say, how much are you looking to get for this property? And they say$200,000. And that's exactly what I would be doing right there. Plug it into privy, plug it into prop stream, whichever one I'm using, quarter mile. What do I got? I got a 350, I got a 418. All right. What happens if I go to a half mile? I got a 375, a 370. Cool. I'm in a three to four hundred thousand dollar neighborhood. I'm not going to get an exact ARV at this point. I just know that the seller's starting price is at 200,000. Now I'm going to solely focus my efforts on determining their motivation. I'm no longer going to be sitting here plugging away, trying to narrow down the exact after repair value. I'm just going to say 200,000 is pretty close to being where I need to be. I need to solely focus on why they need to sell this real estate for$200,000 now and see if I can get them to come down. Now I don't know exactly how this conversation went down. I haven't listened to it. I don't have a recording of it. But what I do know is that this property was locked up for$170,000 and then eventually dispoed for$180,000. We made a$10,000 assignment fee on this property in Spring Creek, Nevada. If you were to do the quick comps of this and have a conversation with a seller, every single day of the week, you're going to be staring at a$350,000 to$418,000 neighborhood. You are going to send that contract for$170,000. Shooters shoot their shot. And that's how you end up dispoeing a deal in a place in Nevada that you've never heard of before. It's not by sitting there and analyzing the numbers and asking every little idiosyncrasy in regards to the condition of the property. It's by understanding that we're fairly close on price. And if I could truly identify their motivation and dig deeper into why they need to sell this piece of real estate for a discount, I can get it at the price that I needed at. This would be in the four seller buckets, what I would consider a highly motivated seller with the correct price. Was$200,000 the absolute price that we were going to send the contract at? No. But$200,000 is close enough to where we need it to be, to where if I just do the bare minimum of understanding and navigating that conversation and potentially hit them with the kill shot at the end, which, if you're not familiar with what the kill shot is, it's all right, Mr. and Mrs. Seller, if we can come to an agreement today, we're going to come out, we're going to do our inspection on the property, verify that everything is what you say it is. And if it is, we'll be good to close at your price and on your timeline. But if it's not, we're going to have to revisit price and timeline. With that being said, if I were to cover all of the closing costs and there's no realtor commissions, what's the best price that you can do for me today? And that typically leads to a 10 to 20% price drop from their initial asking. Now, what's 10 to 20% of$200,000? Well, that's$20,000 to$40,000. And this property ends up getting locked up at$170,000. That is how you end up locking up this property with the initial asking price of$200,000 and you identifying that it lays in the correct price, highly motivated seller bucket. It's not about sitting there and analyzing the numbers until you're blue in the face, because let's be honest, you're probably not going to be accurate on your numbers, anyways. So you always need to go into it, being conservative on the after repair value, aggressive on your rehab numbers, put in a larger assignment fee than five or ten thousand, put in 20,000. So you build in that buffer where you can actually get contracts that make it to the closing table. So comping and underwriting is one of the greatest skill sets that you can ever develop. But when you get started, don't beat yourself up over it because you're not going to be accurate. I make mistakes comping and underwriting every single day. The facts are I go into it with a quick comp, making a decision and shooting my shot. Now let me know if you're doing quick comps on your live seller calls. Let me know in the comments. Let me know how that's working out for you. Show me some love, like today's video. We'll see you guys tomorrow.