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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
Listen To Me Call A Seller In Pre-Foreclosure!
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There's a couple of different things that I wanted to show you guys with this live seller call that I had a couple of weeks ago on a Tuesday live. Now, this lead came from property leads. It was a nationwide exclusive$30 lead, okay? But it came across as financial distress. Makes sense. They're financially distressed, they need to sell the house. However, I've always felt like financial distress is one of the more misleading seller motivations because we, because we're in this industry, feel like a seller is financially distressed. That must mean they need to sell their house quickly and for a discount. But that's not always the case. Sometimes it's we need to sell the house, but we want to get all of our equity and we don't necessarily need to sell quickly. The other thing that I want to show you in this seller call is also the fact that follow-up is for failures. And I personally believe that your goal going into each and every seller call should be to come to one of two conclusions. One, a signed contract, that's where we win. And then the second is a dead lead. We now realize we are not going to be the seller's solution. And so we kill that lead. So we keep the queue of leads that we have, our CRM, clean, and we can look at it and we can say each and every lead right there is an opportunity for us to make money. Now, what you're gonna see is this is a financially distressed seller, and we do not end up in a signed contract or a dead lead. It ends up in follow-up, which I feel like is for failures. And why do I feel that? Why do I say that? Well, it becomes straight from this moment right here. This lead, I have not in my entire team, we have diligently been working to get a hold of them ever since this seller call, and we have not been able to make contact. But yet, as you you're gonna listen to it, this is a highly motivated seller that her back is up against the wall when it comes to the timing of the foreclosure that is pending. The impending doom is coming to her on a foreclosure date and auction date, but we can't get a hold of her. Should I have done anything different? I don't know. I don't know if I could have done anything different to get to a different result, but this is again why I want to show financial distress is kind of sometimes a tricky motivation, and the end result should always be to get to either a signed contract or kill the lead. So enjoy this live seller call. And what I'd love to know in the comments, do you think I should have done anything different, or did you enjoy how I navigated this conversation? Regardless, show me some love, like the video. We'll see you guys tomorrow. Ricardo.
unknown:I don't know.
SPEAKER_00:Hey, is this Ricardo?
SPEAKER_02:Uh, this is his wife.
SPEAKER_00:Oh, hi, Mrs. Ricardo. Uh Ricardo left uh, I guess he filled out a form on my website about you guys needing to sell your property there in Laredo.
SPEAKER_02:Yes.
SPEAKER_00:Um, are you guys still looking to sell that property?
SPEAKER_02:Yes, sir.
SPEAKER_00:Awesome. Did you have an idea of how much y'all were wanting for that?
SPEAKER_01:Uh I know it well it's gonna it's a twist lot, so it's that one in the lot in next door of it. And we're looking around 325.
SPEAKER_00:Okay.
SPEAKER_01:Because the next lot has like um a swimming pool in it and stuff like that.
SPEAKER_00:Okay, when you say lot, is it uh and it is it two houses or is it a house and an extra lot?
SPEAKER_01:No, it's a house and then an extra lot.
SPEAKER_02:Okay.
SPEAKER_00:Okay, I see it now. So yeah, that that extra lot, y'all just basically built a swimming pool and like stuff on stuff like that on top of it.
SPEAKER_02:Yeah.
SPEAKER_00:Okay. I'm looking at it from up top. Is that uh an additional unit over there, or is that just a a little sitting area by the pool?
SPEAKER_01:Oh no, it's just a little sitting area. It's just like a little well, it's it's because it's like a palapa and it has two, it has restrooms, and it has like in each other has a shower.
SPEAKER_00:Gotcha. So how did y'all come up with 350?
SPEAKER_01:Well, I mean, we're because we found because we actually was with a what we are with the register, we're trying to see. Uh see we had someone with this registrator, but we had put it in the market and some phone, and we haven't seen anything. We haven't heard anything from it from that registration. So I was like, let me go ahead and just check to see and we go find someone else that will help us out to sell it faster. Because um, I think we have a full culture for next month. So I'm like, oh, I don't want to lose it, but I mean either like I want to sell it so I could get at least something from the house.
SPEAKER_00:Okay. So you have it listed right now with the realtor.
SPEAKER_02:But I have it what?
SPEAKER_00:You have it listed on the MLS with the realtor.
SPEAKER_02:Yes.
SPEAKER_00:And that's with Lionello Cruz?
SPEAKER_01:Yes.
SPEAKER_00:But you don't hear anything from him?
SPEAKER_01:No. Last time we're gonna he said someone's gonna come and see the house, but and then like nobody ever came and see the house or anything like that. Like he always tells us that we have somebody that's gonna come and see, but and then after that, like something happens and they cancel the appointment. So that's why like I was like, no, let me go ahead and just check to see if anybody else will help us out.
SPEAKER_00:Okay. So I guess I'm a little confused because you have it listed and it's not selling, and you have a foreclosure coming up next month. And when I asked you how much you wanted for the house, you told me$350, but it's listed on the market for$282.
SPEAKER_02:Okay. And that's only for the house, right?
SPEAKER_00:I have no idea. I just I'm just look no, property has to be sold together with swimming pool. So no.
SPEAKER_01:Oh, it's for the swim pool too.
SPEAKER_00:Right.
SPEAKER_01:Okay, yeah, that's what he gave us. But when I called to my mortgage company, they told me that that my house bets out, it's supposed to be more than what I'm selling my two properties together. And I'm like, oh well, I didn't even know that because it's my first time at like I don't really know about numbers and how much to sell my house for or anything like that.
SPEAKER_00:Right. Did you ask the mortgage company if they wanted to come buy it since they told you it was worth more than what you're asking when no one's giving it to you?
SPEAKER_02:Uh no, I don't know.
SPEAKER_00:I mean, that that's a that's crazy because they're gonna come take it next month and no one's giving you the 282. I mean, it's been on the market for 46 days.
SPEAKER_02:Uh-huh.
SPEAKER_00:I mean, that's that's pretty crazy that the mortgage company is telling you, well, you should ask for more when it's not selling right now, but they're gonna be the ones that come take it from you next month if you don't pay them.
SPEAKER_01:Yeah. See, because I don't understand I didn't understand the person that I took from the mortgage because I mean, I kept on asking them questions like I had a pay for the assistant program, and then he and then he told me that it was denied, and I told him why, and then he told me that he kept on going around around about the question I gave them, and I was just I just got fustered in. I just thought, okay, thank you for helping me then just hang up.
SPEAKER_00:I gotcha. So how much do you guys owe on the mortgage?
SPEAKER_01:On on the mortgage, like for like the whole like to finish it off or yeah, the the payoff. I think the payoff is about 78.
SPEAKER_00:Oh my goodness.
unknown:Yeah.
SPEAKER_00:You guys have a ton of equity. You you can't lose this. I mean, is this set to go to auction on January 6th?
SPEAKER_02:Yes.
SPEAKER_00:I think so.
SPEAKER_01:Okay, we uh so I was trying to see if I had like I didn't like I said in order for them to like for them to stay in my house, I'm like, no, let me just sell it because I went through a lot of financial problems and then my husband having um got sick and being in and out of the hospital, and I couldn't keep up with it. That's why they went behind. And then I told them, but I guess I don't know, and the market's company didn't really wanted to help any. So I was like, okay, let me see what I can do. So then they told me no, there for nothing like that to happen. Try to have at least 10 grand in your hand so you could go ahead and get the payments that for culture. I'm like, where am I gonna get that money from? I'm just telling that I'm having these different um difficulties, and you want me to come up with that. I mean, maybe I could come up with half of it, but they told me no, they couldn't work with that.
SPEAKER_00:So you're behind ten thousand dollars in payments.
SPEAKER_01:No, it's actually like about seven, like six thousand, seven hundred thousand. And but he told me just haven't just did haven't had that much. I'm like, okay, so how am I gonna get that much right now?
SPEAKER_00:Right.
SPEAKER_01:But yes, I I got a paper saying that it was like seven, seven thousand, I think.
SPEAKER_00:Okay. Um does your realtor know that you're in pre-foreclosure?
SPEAKER_01:Yes, and he told us that because of that, that it was it was gonna be hard for us to sell it.
SPEAKER_00:Why? Why would that impact you being able to sell the house?
SPEAKER_01:I have no idea. That makes sense.
SPEAKER_00:That makes no sense.
SPEAKER_01:I know, like I said, I was like, uh, he didn't really he to me it seems like he doesn't really want to help us. So I told my husband, no, let me go ahead and check and see what else I could do so we could do like so we could have at least some information because I mean it's we don't really owe that much anymore.
SPEAKER_00:Right.
SPEAKER_01:If we had our house for 30, I think it was for 30 years, and we already had 22 going on 22 years pain on it. It's not that much that we owe anymore.
SPEAKER_00:Y'all don't want to move either, do you?
SPEAKER_01:Move well move to where?
SPEAKER_00:Like you don't want to leave the house, do you?
SPEAKER_01:Not really.
SPEAKER_00:You're only doing it because you just can't afford it anymore?
SPEAKER_01:Um that and no, yes, we're thinking of like if we sell our house, we're thinking that to to use that money and build our own house how we want it. Because we didn't really want the pool anymore.
SPEAKER_00:Okay.
SPEAKER_01:So, I mean, we were gonna use them the money that we sell the house for to get another property and build our own house how we the way we want it.
SPEAKER_00:So this it when he when the agent said that it's gonna be hard for you to sell the house because of the pre-foreclosure. I mean, when he said that 45 days ago, that wasn't the truth, but now you're facing auction in 28 days. So now it's getting to the point where it's like, yeah, it is going to be really difficult to make sure that you get this closed in time, especially if you've already reached out to the mortgage company. They've already basically told you they're not willing to work with you. I mean, I I think at this point, I'm looking at the pictures of the house. That's the other issue, is the pictures of the house are are really not good. Um, there's no pictures of the inside. Was that intentional? Did y'all not want to show the inside of the house?
SPEAKER_01:Oh no. He didn't even ask for no pictures from the inside of the house.
SPEAKER_00:Oh my goodness. Where did you guys find this guy?
SPEAKER_01:I don't know. I I you know, honestly, I don't really know because it was my husband that found him.
SPEAKER_00:Jeez, this is horrible. He's like totally put y'all in a like a real bad spot. Like, yeah, this is really not good. Um, blue sky scenario, what do you want to happen? You want you do want to sell the house and you want to take the equity that you have and you want to go build something else that's better for you and your husband right now. That's what that would be the best situation.
SPEAKER_02:Yes.
SPEAKER_00:Where would you go in between? Do you have a place to go in between you selling this house and you building the new one?
SPEAKER_02:Uh yes.
SPEAKER_00:Okay, so you have a place to go. So we you can move quickly. Uh now the question is in order to move quickly and to sell to someone like me, an investor, it has to be at a discount. And so you're not gonna get all of the money that you would get listing on the MLS, which you're not getting right now. I mean, it's you just dropped the price yesterday by$15,000 down to$282. Did you know that that you dropped the price yesterday?
SPEAKER_02:No.
SPEAKER_00:Is your husband maybe talking to the realtor and you just don't know it?
SPEAKER_01:No, he haven't talked to him. He has like uh messages and stuff, but I to my understanding, he haven't even talked, like he haven't called him back.
SPEAKER_00:That's crazy. I mean, a realtor can't just change the price of a of a listing without asking for y'all's permission.
SPEAKER_02:Uh-huh.
SPEAKER_00:But yesterday he dropped the price from$297,500 to$282,625.
SPEAKER_02:$282, how much?
SPEAKER_00:$282,625.
SPEAKER_01:Oh, okay. Yeah, I was not even we were not even nowhere of that.
SPEAKER_00:That's crazy. That's like not allowed.
unknown:Yeah.
SPEAKER_00:I mean, like, he can't just do that.
SPEAKER_02:Uh I understand.
SPEAKER_00:That's uh that's wild. So I guess my question to you would be we are staring at 28 days from auction date. Are you guys in a position, like mentally and financially, to be willing to sell this for a discount to avoid the foreclosure?
SPEAKER_01:And how much are we talking about?
SPEAKER_00:Well, it has to be based off of what I think it could sell for in its condition today, which it's not selling at the price that it was. And so it's gonna be less than what it was, and then we have to have a discount from there. But there's a lot of options available to us from the perspective of you only are behind$7,000 on payments, you don't have to lose that. There's options that we could come in and help you avoid the foreclosure temporarily. If you wanted to stay in the house, there could be things that we could do there, but it just a straight cash offer that would let me just do some quick math here. There's a property that's sold. Oh, geez, that's brand new. Let me look at a different one. What year is your house? Two thousand and four?
SPEAKER_02:Okay.
SPEAKER_00:I'm looking around to see what other properties that solve what they look like.
SPEAKER_02:And you said you owe seventy-eight? Yeah, something like that. I don't know if it's seventy-eight or it's less than that, I'm not sure.
SPEAKER_00:I mean, realistically. If it's 78 what you owe, we would probably be able to give you somewhere in the range of 80 to 86,000 in your pocket after paying off the mortgage. Cause we would probably because I think it's probably worth somewhere in the range of 235, meaning I would probably need to come in in the 160 range, which would put about uh 80, 85,000 in your pocket.
SPEAKER_02:Okay.
SPEAKER_01:And say if we if we don't sell it in cash offered like that, and if we see it, we could like if you guys could help us out in on our payments, and then I don't know how what what what what another option would we have or what?
SPEAKER_00:How much is your monthly payment right now?
SPEAKER_01:No, it's um it went down because uh usually it used to be a thousand something, but now it went down to eight. hundred and seventy-six I believe.
SPEAKER_00:But that's not low enough, right?
SPEAKER_01:Um yeah, I mean yeah it's it's low enough, but I mean if I could get it because I was even the I was thinking of like refinances if we had got it lower. But I mean that's doable now like the 870 something okay so let me do some math here real quick. And that that payment of 800 that does that include insurance and taxes it's insurance yeah it's uh taxes but insurance I don't really know about insurance because I had insurance and then I did have this on it I don't know what happened and they told me I only have property insurance not death insurance. I don't know something like that.
SPEAKER_00:Okay. All right let me let me do some math here real quick your property taxes a year are only a thousand dollars, is that correct? So I became the lender.
SPEAKER_02:Okay.
SPEAKER_00:And we reset the mortgage where obviously I want to I want to create some equity for myself. So we went from$78,000 which is what you owe right now to$110 and I did that over 30 years it would be a thousand dollars a month. I mean I don't know if this works or not because right now you've got a better payment I'm trying to find a way where that would make sense if I did a hundred thousand over thirty years it would it would be nine hundred and sixty nine dollars only including the property taxes but that's resetting you for a whole nother 30 years but you could just turn around and sell the house still and you you just not lose it to foreclosure but again that's not benefit super beneficial for me um the other option would be I catch up what's owed in the property the 7,000 I take over the payment so you avoid foreclosure we fire the realtor that you've got now let me hire a realtor we list it on the MLS we sell it for as much as we possibly can and then I take a percentage of the proceeds from what it sells for that could be another option that would probably put you more money in your pocket than the 85000 it'd probably put a lot more but it'd probably get you it'd probably get you close to 100 I was actually gonna ask you that what if is there an option that you um that if you give like the payment to suck the pro kosher and then even though that we're still there like keep it on the market to see if we get somebody to send it I mean to buy it and then from there you get the percentage and you just give us the difference? Yeah the the thing there would be I would want to get rid of that realtor. He sucks I wouldn't want to go hire somebody else no that's fine I'm I'm fine with that too I mean I whatever he's doing with changing the price without you and and all of that it's like we can't have that we would have to have somebody else come along um and would they be coming to see the house to see if it's more than that or yeah yeah I would have a real I would have my realtor come out there want the house take professional photos like on your listing on the ML like if you go to Zillow right now and look at this there's only 13 pictures of the property and it looks like it was taken by a drone I mean they're all from like up above the property and just showing like your roof and the the pool being empty and like it just is not selling the property right I mean who wants to live in your house a family a wife wants to see I mean you're you're a wife you want to see like where my where my babies gonna sleep what is this gonna look like like right now all they see is one picture that is very grainy from the outside and then pictures of the the pool being empty okay so I I would want to get professional pictures redo this listing and then set a price for what that looks like. Now I'm assuming this goes for$235 let's see what that looks like that's let me do some math here real quick it's probably still gonna put if we were to do the catch up the payments and and list it with a new realtor and do all that it's probably still going to be somewhere in the range of$85 to$95,000 in your pocket because we're only going to be listing it for$235 we're gonna have to pay the realtor commissions closing costs we're gonna have to catch up that$7,000 in in arrears so it's still probably only going to put somewhere in that$85 to$90,000 in your pocket. That's in my opinion that's probably what you're looking at getting unless$235 even if right now even if you got$235 you're looking at walking away with about$25 in your pocket if someone came along right now and you didn't have to do repairs and all of that you're that's what you're probably looking at. You either wait on an owner occupant to give you that and you walk away with 125 in your pocket or you go with someone like us you avoid the foreclosure and you walk away with like 85 in your pocket okay um but the situation is is that we've got four weeks and so it's like I can't what what some people do in this situation and so I just want I'm not trying to pressure you but I'm just letting you know I I've dealt with a lot of people that are have been in pre-foreclosure you can't take two weeks to make a decision because then you only give me two weeks to perform and that makes it even more difficult. And every time you make things more difficult for me that means I expect to make more money for what I'm having to do.
SPEAKER_01:Uh-huh so it's kind of one of those things where it's like you probably need to go talk to your husband about it and be like what do we want to do okay um because 28 days is is serious I mean we're we're getting down to crunch time yes I understand um is there any way can I until what time are you available for today? I mean I could when I come out of work I could go ahead and talk to him and see what he tells me he says yes I mean maybe yeah tomorrow tomorrow we could go ahead and move him forward until he says yes yeah I mean what time are you gonna be able to talk to him uh until like I don't get up until 5 30 so I won't be home until like six thirty seven o'clock yeah that's fine to give you a call tomorrow you can call me tonight or or are you good with texting?
SPEAKER_00:Yes you can send me a text because I'll probably be at dinner with my my kiddos at that time but you can send me a text I mean every day is important so I don't want to say let's wait until tomorrow like I take this very serious because I mean you're you're staring at losing like your house you know I mean it's banks are unforgiving and so I I know how this scenario plays out both where it works out for you and also how it doesn't work out and so you can text me that's fine because I've got a whole team of people so it's not just me if if you text me I will get my team on it where we can get somebody else on the phone if I can't at that time we can send you whatever contracts we need to but I will hop right on it and it doesn't matter what time it is so you just send me a text whenever you guys are ready and we we will either get on the phone with you or do whatever we need to okay okay and what number would I text you or call you to this number number yeah this is my cell phone number.
SPEAKER_01:Okay then I'll go ahead and call you what was your name again my name is RJ Bates okay all right then let me go ahead and talk to my husband and I'll go ahead and get back to you.
SPEAKER_00:Okay thank you so much.
SPEAKER_01:All right thank you bye bye