The Smallest Market | Is It Worth It?

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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)
​Back to back Closers Olympics Champion
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Chapters

• 0:00 Setting The Rhode Island Stage
• 0:39 Population vs Lead Flow Reality
• 2:09 Buyers Beyond State Lines
• 3:28 The Vacation Home Headache
• 5:05 Small Multifamily Opportunities
• 6:26 Cities That Consistently Produce
• 7:18 Regulations, Attorneys, And Closings
• 8:14 Why Low Volume Still Pays
• 8:59 Final Takeaways And CTA

Transcript

SPEAKER_00: 0:03

Welcome back to wholesaleing around the world, the Rhode Island edition. Today we're going to be talking about the smallest state of all the states out there, Little Roadie. Now, listen, in this series, I'm breaking down my opinions on whether or not you should virtually wholesale in each and every state. And today we're talking about literally the smallest state out there and also the 44th most populated state. And so if you've been paying attention, this is our 31st episode of wholesaling around the world. Okay, so there's been a consistent theme. The more populated the state is, more than likely the better it is for virtually wholesaling. That being said, Rhode Island does kind of buck the trend a little bit. All right. And then what I mean by that is Rhode Island is a fairly you know good market to wholesale in. You just gotta have proper expectations when going into it. Okay, it's not gonna be the highest volume unless you are specifically running lead generation in the state. So as a nationwide virtual wholesaler, we're going to get the vast majority of our leads in the much higher populated states like Texas, Florida, Missouri, Tennessee, Arizona, California. Those are the places where we're going to get a vast majority of our leads. And it's just kind of primarily based off of the population, just the the sheer volume of leads that come in, but also the the amount of actual buyers for the leads, okay? Because of the volume that comes in in a place like Texas, yeah, there's a lot of wholesalers in Texas, but there's more people willing to buy leads in Texas, and there's going to be a lot more opportunity for us. So those PBL providers are going to generate more leads in Texas than Rhode Island. So just based off of that, we're not going to have as many at bats in Rhode Island. That being said, anytime we do have an opportunity there, I don't shy away from it. I don't look at Rhode Island like I do a Wyoming or a North or South Dakota or an Alaska, where it's like, hmm, man, it's really tough to find in buyers there. In buyers are absolutely in Rhode Island. And so that gives us an opportunity when we do have a lead to go out and target those and purchase those leads and have that opportunity to have a viable deal. Where in certain locations it's so rural that it's really almost impossible to find an in buyer. But because Rhode Island is so small, there's not really rural locations. So because of that, it gives us a great opportunity to not only find in buyers in Rhode Island, but we can also take them from the Boston area, parts of Massachusetts, as well as Hartford and majority of Connecticut will go into Rhode Island as well as well. So that gives us an opportunity to have plenty of buyers. Now, the thing that makes Rhode Island unique, at least in my experience, is that there are a ton of high-price vacation, like long-term vacation rentals, um, kind of secondary homes by people that live in the northeast, like New York, Boston, their weekend getaways are down in Rhode Island on the coast. And so when you do things like pulling list, skip tracing, cold calling, what ends up happening with these high equity absentee owner list in Rhode Island, is that you end up talking to people that have this home in Rhode Island that they use on the weekends, and you're calling them, you're cold calling them, and you're trying to see if they're interested in selling. And so my experience with Rhode Island, especially going back to our cold-calling days, is it was pretty brutal. It was brutal from the perspective why are you calling me asking if I want to sell my million-dollar ocean front property in Rhode Island? No, we love that. That's that's a family heirloom that we're gonna be passing down generation to generation. That's where we have our family reunions. We absolutely don't want to sell that property, and so that was my initial interaction with Rhode Island, which would have made it rank way down on the list, like 45, the 50th on the list of states to virtually wholesale in. Once we started going to PPL, though, I started seeing the opportunity that does exist in Rhode Island because there are a ton of small multifamily properties, right? You've got the triplexes, quadplexes, five plexus, where there are tired landlords and they are dealing with a lot of issues. Maybe the properties become physically distressed, and so there's opportunity for you to find significant cash-flowing properties that it kind of lacks in the majority of the Northeast, and so because of that, we've had success in certain parts of Rhode Island. Now, Providence, obviously, being the largest city in Rhode Island, is is fantastic for this. But Pontucket, Woonsocket, Smithfield, Warwick, these are areas where we have been able to wholesale deals that are the small multifamily to other investors that are looking to pick up properties that maybe are not as easily or the cash flow is not as good in a Hartford or a Boston or even a New York. And so that's kind of the opportunity that exists there. But the expectation that you have to have is that the volume is going to be much lower on just the lead flow, and because of that, the deal flow. So to me, Rhode Island has always kind of resembled just comparing it to other states, Maine and Montana. Good markets, very viable, where you can find properties for a discount. You have in buyers. Montana, a little bit harder to find those buyers. Rhode Island, you're probably going to come across many different buyers, and it's much easier for dispositions. Now, the good side of Rhode Island is there are no wholesaling regulations. The bad side to Rhode Island is it is an attorney state. And I don't like attorney states, they are more difficult to navigate on the closing side in comparison to a title state. But I would also say Rhode Island's attorneys are definitely not nearly as difficult as New Jersey or New York. Okay, Rhode Island's attorneys very much resemble Massachusetts or Georgia, that are also attorney states where they kind of understand and they're they're also kind of hungry for the business. And so because of that, it's not nearly as difficult as a New York or New Jersey. Now, from a nationwide virtually wholesaling standpoint, Rhode Island is never going to be one of your top markets. It probably shouldn't be a market that you even target anywhere in the beginning. But if you come across a lead, don't roll your eyes, don't judge it by its size. Little Roadie is an opportunity for you to get deals, and especially on the disposition side. I think that's where people really what if you take anything away from today's video is if you can get a deal under contract in Rhode Island, you will be able to find an end buyer in the market. And so because of that, I've actually always enjoyed Rhode Island. Now visiting it, I thought it was a very unique place. Um I enjoyed my time in Rhode Island, but from a wholesaling perspective, it's I wish I could do more volume there because the other thing that I can say about it is the assignment fees, due to the nature of the price point, like we're coming across these small multifamilies, it's probably gonna be somewhere in the$300 to$500,000 range. The assignment fees can be a little bit more substantial in comparison to some of those higher volume Midwest states like Ohio, Michigan, Indiana, Illinois. And so$15,000 to$30,000 assignment fees are very commonplace in Rhode Island. And so because of that, I really enjoy the state. I wish the volume could be higher. Now, what I want to know is from those of you that are doing volume in Rhode Island, if there are any of you out there, let me know in the comments. Do you agree or do you disagree with my take on Little Roadie? So let me know in the comments. Regardless, show me some love, like today's video. We'll see you guys tomorrow.