Wholesaling In A 1 Million Person State | LIVE Seller Call

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Transcript

Acquisitions Vs Dispositions In Delaware

Live Call Begins With The Offer

SPEAKER_00 0:03

Welcome back to wholesaling around the world. Today is going to be the Delaware edition, the first state, the blue hen state. But in regards to virtually wholesaling, Delaware is definitely not number one. I mean, population is 45th out of 50. It's just north of a million people. It's surrounded by great wholesaling markets, right? Pennsylvania, Maryland, New Jersey. Delaware itself, it's just lacking population and quite frankly, volume when it comes to wholesaling. So here's what we're going to do today. Because I don't have a whole lot to say in regards to Delaware. So what we are going to do, I'm just going to give them a brief little rundown of my feelings about Delaware, and then you're going to see me actually close a deal back in 2023 live in Delaware. In Harrington, Delaware, no less. That's one of the more southern deals that we've done in Delaware. The majority of our deals were done up north Wilmington, Newcastle, Bear. Those are the areas where we've done volume inside of Delaware, but it's been few and far between. You're not going to get a ton of volume there. My feelings about acquisitions and dispositions. Acquisitions. Middle of the road, dispositions, actually pretty easy because there are buyers out of Maryland and out of Philadelphia that will go into Delaware to do deals. So dispositions is actually pretty easy. It's just the fact that on the acquisition side, you're just not going to have as many at-bats. You're not going to have as many leads inside of Delaware. Delaware is an attorney state. That's like a notch against it because, as you guys know, if you've been balling this series for a while, I don't like attorney states. I much prefer title states. There are no regulations currently in Delaware. It does look like there was a regulation that was attempted to get passed to make you force you to be licensed, but it looks like it fell to the wayside. It didn't pass. And so as of right now, everything is fairly normal inside the state of Delaware. So again, in regards to virtually wholesaling, it's not that I don't like Delaware. It's just that Delaware's never going to have a ton of volume. But what you do get to see now is me closing a deal. And I have to say, this is a 30-minute live seller call. And it's pretty entertaining. This is back in our crucible days. I tried to sell the seller on coming to the crucible because of how good of a salesman and negotiator he is. He would not come down on price. I tried everything I could possibly do to get him to come down. This is a follow-up lead. My team had already been talking to him previously. And so I get him on the phone. I actually get them to sign the contract. We were able to assign this deal for a$10,000 assignment. I was trying to get that$15,000 assignment V and I could not get it. So it's an entertaining seller call. There's a lot of back and forth, a lot of negotiation. So enjoy this live close in Delaware. For those of you that are currently doing deals in Delaware, let me know. Am I missing something about the state? Is there some honey hole there? Let me know in the comments. Regardless, show me some love, like the video, and enjoy this live close in the first state, Delaware. Hello?

unknown 3:48

Hold on, hold on, hold on. Hello?

SPEAKER_00 3:54

Hey, is Tom there?

SPEAKER_02 3:56

Yes, hi.

SPEAKER_00 3:57

Hey, Tom. This is RJ Bates from Titanium Investments. How are you?

SPEAKER_02 4:02

Hey, RJ. I'm doing alright yourself?

SPEAKER_00 4:04

Good. Hey, man, I was calling because I want to buy your property on Clark Street. You want to sell it? You want to sell it to me?

SPEAKER_02 4:13

I want to sell it to somebody. I got, I got, like, I'm sorry. I I know you're with Josh's company. Yeah. I remember the name, titanium. Um I I I've got a bunch of people hitting me up and I but I do remember each other. I'm I'm interested.

SPEAKER_00 4:35

You you know how we make them all go away?

SPEAKER_02 4:39

What's that?

SPEAKER_00 4:40

You sell me the property today. You see that? I'm like, I'm a modern day poet. You know how we make them go away? You sell me the property today. I just made that up on the spot. I'm just saying.

SPEAKER_02 4:57

Hey, it's all about the today business. I'm in car sales, I hear you.

SPEAKER_00 5:01

There you go.$100,000. That's a lot of money. That's six figures.

SPEAKER_02 5:06

That is. I I got somebody that says they can beat$105.

SPEAKER_00 5:14

But are they me? I mean, let's be honest. Their$105 could be, you know, a myth, and my$100,000 is a reality. That's the difference.

SPEAKER_02 5:27

I mean, they're coming on Wednesday to look at the property to give me their offer. I don't know that you guys have. I mean, I think I sent Josh pictures at one point uh of the interior, but I don't know that we ever, I don't think we ever did an in-person inspection.

SPEAKER_00 5:45

No, we haven't, but you sent us pictures. I mean, but you've you've been up front with us, you said it needs a complete remodel, right?

Repairs And Inspections Set The Stage

SPEAKER_02 5:52

And it needs a roof now. I was advised by a friend of mine who said roofing. Um, and I've been up front with everybody else, you know, giving them the same story, letting them know the new information. Um so just so you know, I don't know. I think no, I don't think I told Josh that when I text them.

SPEAKER_00 6:14

Um that's what I'm saying. They're 105, and then they're gonna come out. You're you're gonna they're gonna want the property and then they're gonna change their 105.

SPEAKER_01 6:31

Entirely possible.

SPEAKER_00 6:34

That's all I'm saying. You like Josh, you like me more because I'm better than Josh. So all I'm saying is like the property's vacant, right? So we we can go out there, we can see it whenever we we need to.

SPEAKER_02 6:54

It's vacant, but just with the way my neighbors are in the neighborhood, it'd be best if I was there. Um, because they will probably call the cops on you. Um just the way they are, neighborhood watch, if you will.

SPEAKER_00 7:08

Right.

SPEAKER_02 7:08

So um that's that's something that you know I'd I'd like to do the courtesy of at least have myself there because you don't have any problems.

SPEAKER_00 7:19

Um listen, we've done deals where we've opened up the door and they came running out after us with guns. I mean, cops called, all kinds of stuff. Ain't nothing that bothered me. All I'm saying is is I want to buy your house and I want to buy it today, and I want this other person to go away and leave you alone. So I need it for$100,000 though. They're they're selling you$105,000, so they can come see it on Wednesday, and then they're gonna tell you how bad it is, and then they're gonna want to renegotiate.

SPEAKER_02 7:53

So I mean, everybody seems to be right around this hundred thousand dollar mark. Um I mean, I know since last year I'm not getting$150. Um, but I'm I'm trying to try to use my asset to the best of my advantage. You know, I'm sure you can appreciate. Um I figure there's a way to make a deal work for both of us. Um somewhere between 100 and 120, but I'm I'm not comfortable just letting it go at 100 cents. Everybody in their uncle's like 100 to 100. I have one really local person trying to hit me up for 85.90. I was like, thanks for looking. Um so that's where I'm at. Just trying to get out of the property, but also not leave everything on the table. Because I mean, if I wanted to spend another month on it, I can clean it out and list it and take the risk off myself. Because I know the way flipper contracts work. You you have the right to list it yourself as soon as you clean it out. Right?

SPEAKER_00 9:09

Right.

SPEAKER_02 9:10

So, you know, if you're looking to turn it quick to the next flipper and just get your money out of it, you know, I I can understand there's there's a margin there, even if you don't sink a ton of money into it, technically now. Um I'm looking to get out of it in May. But I if I have to put some more time into it in order to get a little bit more out of it, um I'm not I'm not opposed to it, but I would prefer to just get it done and be ready to move on to the next thing in my life.

Why 5K Changes The Deal

SPEAKER_00 9:50

If everybody keeps telling you 100, it's kind of the market is telling you what it's worth. I mean, that's just the the reality of it. If you want to get out in May, then you gotta make a decision now because title has to be open and we have to clear title and and all of that. So, I mean, that's just the reality of of these types of transactions. I mean, it's gonna take a couple of weeks just to get it ready to be closed. So, I mean, I don't know how many people you want to go out there and tell you the same thing, but if everybody's coming in around the same numbers, that's kind of telling you what market value is.

SPEAKER_02 10:36

Yeah, yeah. It seems to be getting that way. Um, I know inventory's low, supply costs for for construction are creeping down. Not not half by from last year, but they're creeping down.

SPEAKER_00 10:53

But the problem is is interest rates are going up.

SPEAKER_02 10:56

And that trust me, I see that every day in the cockpit.

SPEAKER_00 11:00

And that's that's more of a concern than anything else that's gone on in this market in the past 15 years. I mean, yeah, no. You're you're talking about what was a$300,000 retail buyer, you know, a year ago is now a$200,000 retail buyer. So, you know, as you're talking about supply and demand, we're talking about on our side, supply and demand of buyers at certain price points.

unknown 11:29

Right.

SPEAKER_00 11:31

So that's where like the the property's not gonna be getting in any better shape. We've been we've been talking to you for a while now, and it's like I mean, we've we've been shooting you straight this whole time, and we're we're we're trying to be as as transparent as possible, where it's like, dude, I mean, you sound like you're interested in the 105. Is the the 5,000 potential really worth that much to you?

SPEAKER_01 12:11

It's just like selling a car. Every penny counts, right?

SPEAKER_00 12:15

So But the diff I get what you're saying. But the difference there is is that when you're selling a car, there's a price tag on it. And you're telling somebody like this is how much the the car costs. In this case, all of the buyers are coming and they're telling you the same thing. The price tag is 100K. So it's like, well, which one of us are you gonna pick for the 100k?

SPEAKER_01 12:46

I hear you, I hear you.

SPEAKER_02 12:47

Um, it's really rig in the bank at 105, huh?

SPEAKER_00 12:59

Well, when I look at it, if I run my numbers and I say if I sell this at 240,000 on the back side, but I come in and I'm gonna do$70,000 worth of work on it, and then I buy it from you for$105, it's what it's doing is it's moving the the needle to what is considered a below our normal profit margin because we're gonna have holding costs, we're gonna have the closing costs. So when we say, hey, there's no closing costs, well, yeah, there is none for you because you're not selling on a retail market, but I gotta pay them on the back side, right? And I got realtor commissions on that back side, so I, you know, that's I have to take that into consideration when I'm making these offers. So for me, is does 5,000 move the needle enough? It moves it yeah, just enough to where it's like, yeah, it it moves it by two percent. That's that's literally my listing agent on the backside if I get them to discount by one percent. So, yeah, it does move the needle a little bit, you know?

SPEAKER_01 14:29

Oh, yeah, yeah.

Seller Motivation Honeymoon Money

SPEAKER_00 14:32

So, I mean, you let me ask you this. What you said you want to move on with your life. What are you gonna do with the money on the back side of this that a 5,000 matters? Because every day that you're holding on to this, it's costing you money.

SPEAKER_02 14:50

Yeah, I mean, as I explained to Josh the stuff that's happened with family, um yeah, what what's convenient is I don't have a note on the property. It's it's pretty clear. So it's not a it's not a crazy holy cost situation for me. But I'm just trying to now that I'm freshly engaged trying to renovate, uh partially renovate a property that I I purchased last year for my fiance and I've been to a married. Um I'm trying to get everything so I can do the renovation partially myself, but also manage to get some funds towards the honeymoon. Um so that's that's why I'm just trying to get everything here for a day.

SPEAKER_00 15:45

How much does a honeymoon cost?

SPEAKER_02 15:48

Well, probably about that five grand. Yep. I was probably asking for more just because some mailers were hitting me out with more. Uh just last year that they were throwing insane numbers at you, like 130, 150, but I never verified any of that. Josh was good with this follow-up.

SPEAKER_00 16:33

So here's here's the thing, man. When you say there's not a note on this, and so you're holding costs, there's there's opportunity cost that's been missed here. You know? Because the reality is you probably could have gotten that, or look, you could have gotten more than a hundred thousand six months ago.

SPEAKER_02 16:58

Yeah, yeah. Unfortunately, I've made the idiotic promise to a family because I've been helping them, but uh probably notes on my file when I was helping my mom with her house, and that's finally happening this month in May. I'll be pretty clear of it. So um that's that's that's why I've never moved forward when the market was a lot hot.

SPEAKER_00 17:22

Right.

SPEAKER_02 17:22

Um but now it's like all right, um, again, it's her advice. I don't know. If you're if you're not the only child and the only son of a lit-up boy, powerful influence and take her sometimes. Anyway, she'll be speaking that I signed this property up and didn't list it myself. But yeah. Try not to become a hoarder of decaying assets. Um because if you don't improve a property, that's what it becomes. I get it.

SPEAKER_00 17:57

Yeah. I mean, if you're at 105 and I'm at 100, can we can we find uh a meeting ground here? I mean, or are we are you dead set on, you know, 105 because somebody said they would give you 105, but then they gotta come walk the property.

SPEAKER_02 18:39

If you'll do if you'll do one of the cigars. I'll cancel everybody for Wednesday. And it's yours.

The Crucible Training Pitch

SPEAKER_00 19:00

Well that's there's there's no there's no meeting. That's just that that's just you getting what you want. I'm saying I'm here, you're there, where can we meet, and you move on with your life. And I get I get the asset that I've been wanting for freaking six months now. You sell cars?

SPEAKER_02 19:34

I do.

SPEAKER_00 19:35

You should sell houses.

SPEAKER_02 19:39

I'm working on it.

SPEAKER_00 19:41

Make make more money doing this.

SPEAKER_02 19:44

Yeah, yeah.

SPEAKER_00 19:46

I uh you should come to Texas and hi! There we go. Here's what I'll do for you. You ready for it?

unknown 19:53

All right, I don't get me on it.

SPEAKER_00 19:55

All right, you meet me in the middle. I'll let you come to Texas and I'll teach you how to do wholesaling for free.

SPEAKER_02 20:06

What part of Texas you based out of Art Deck? Fort Worth. Fort Worth, not a bad area.

SPEAKER_00 20:14

Well, we got a this gate, we've got a two-day boot camp that we show the marketing that we do that got us in touch with you. We show you how we run our numbers, everything that we do. We can teach you how to do wholesale and we can teach you how to do flips, we can teach you how to buy houses creatively, sub two, seller finance, stuff like that. But we normally charge anywhere between three to five thousand for that. I'll give that to you for free.

SPEAKER_02 20:47

And you said, how long is this RJ? What's the what's the length of training?

SPEAKER_00 20:51

It's two days in my office. You're gonna be here with like 30, 40 people.

SPEAKER_02 20:57

Gotcha. And what's your media and earnings for burden right now?

SPEAKER_00 21:06

Wait, we had one guy that came and his first month after leaving here, he made$200,000. I mean, the reality of it is 40% of the people that come to the crucible fail. Those 40% are just it's because they didn't take action, they weren't meant to do this business in the first place, or their lack of funds, something along those lines is the reason why they didn't succeed. The 60% that do succeed, they could easily make six figures a year, or they some of them have seven figure a year businesses that they're building out. So you, the way that you already are in sales and you understand that, I mean, you would be a killer on the phones.

SPEAKER_02 21:56

I try to be, I try to be. I I want to beat my 154 from last year, this year.

SPEAKER_00 22:05

Dude, the average assignment fee across the country is$17,000. That means if you do one deal a month, you're making more money than you made selling cars.

SPEAKER_02 22:19

Yeah, for most of my months for sure.

SPEAKER_00 22:25

That's one deal.

SPEAKER_02 22:28

Yeah. Yeah, I hear you. I hear you. And this is playing with your monkey, right?

SPEAKER_00 22:36

No, I'm gonna teach you how to do it. I'm gonna say, here's what I do right here. See this? I pull this list. I call these people. This is why we're calling these people. This is how we navigate the conversation. Here's the contract. Here's the calculator. Here's everything that you need. This is how you have the conversations. Now go back to Delaware and go do it.

SPEAKER_02 22:59

I gotcha. I gotcha.

SPEAKER_00 23:02

It's education. 102 1025 and the crucible.

SPEAKER_02 23:18

1025 and the crucible course.

SPEAKER_00 23:22

You gotta fly your ass out of here. And you gotta listen.

SPEAKER_02 23:26

I gotta get a hotel.

unknown 23:27

I hear you. I hear you.

SPEAKER_00 23:28

And you gotta look you gotta actually take action. You gotta wanna do it.

unknown 23:33

Yep. Yep.

SPEAKER_02 23:39

How long is that offer good for?

SPEAKER_00 23:41

About 35 seconds.

SPEAKER_02 23:47

Ah, I love it. I appreciate you. I appreciate you, but I know my fiance could have a fit.

SPEAKER_00 23:58

Um why was she gonna have a fit? You're about to get$102,000.

SPEAKER_02 24:05

Oh, oh no, no, not about the house.

SPEAKER_00 24:07

About uh about coming to Texas?

SPEAKER_02 24:11

About coming to Texas for now.

SPEAKER_00 24:13

You're coming in June. You're not coming in June 9th and 10th. You can bring her. Y'all get honeymooned up in the stockyards. Ain't nothing, ain't nothing more more sexy than the smoke. Cow shit.

SPEAKER_02 24:35

Oh man.

SPEAKER_01 24:41

Good old Fort Worth. What is she gonna be upset about? Cause you're coming to Texas? Oh, because I'm not not coming to Texas.

SPEAKER_02 24:57

Uh just giving up money for something that's not in the hand. Um, which, you know, I get that there's future growth potential in your business, RJ, but it's like I I I appreciate the offer.

SPEAKER_01 25:25

I think it's uh I think it's maybe something I'm just not willing to jump into right now as far as wholesaling.

SPEAKER_02 25:34

And I know that sounds crazy considering the growth potential.

Standoff Breaks Agreement At 105K

SPEAKER_00 25:39

Alright, well let then let me let me change my offer.$102,500 and you can't come to the crucible. Stick with cars. Still giving you$102,000.

SPEAKER_01 25:58

Is it really over the$2,500?

SPEAKER_02 26:03

Yeah, yeah, it is. It is. Uh I'm I'm a stubborn mule.

SPEAKER_00 26:10

Like, holy shit, bro. You are not joking. Like, you are you are very stubborn. You're like my daughter on steroids.

SPEAKER_02 26:19

Oh yeah. I'll I'll out stubborn the mule. They'll get time to pass out before I'll wait.

SPEAKER_00 26:26

I'm I'm kind of tired. I kind of want to just tell you, yeah, just because you're you're pissing me off. Like, over$2,500. You're really not gonna do this deal. You know I'm a salesman, you're a salesman. You gotta give me something.

SPEAKER_02 26:45

I'll give you something. I'll give you something.

SPEAKER_00 26:49

Well, what are you giving me?

unknown 26:51

$104.5.

SPEAKER_02 26:53

Well,$500?

SPEAKER_00 26:54

Oh, what the fuck? Like Oh, man. Come on. I thought you were gonna at least hit like$104, not$104.5.

SPEAKER_02 27:04

Come on, this last 15 minutes has only made you want to be in your team more.

SPEAKER_00 27:09

Yeah, but you don't want to be on my team. You you didn't want to come. Oh, man.

SPEAKER_02 27:16

I just I just I just had an offer where I'm still coming out in June.

SPEAKER_00 27:21

Oh, man. Oh, so wait, you're discounting by$500 and you still get the crucible?

SPEAKER_02 27:28

Sorry, I'm sorry. It broke up there for a few seconds.

SPEAKER_00 27:31

You so your offer was$1045 and you want the crucible?

SPEAKER_02 27:37

I mean, I'm assuming you make something off of me if I'm part of your team, right?

SPEAKER_00 27:42

You're not a part of my team. No, no, you're not a part of my team. You it's it's it you're you're just uh you're uh you're literally going to siphon all of the information you can get from me for two days. I'm gonna buy you breakfast, I'm gonna buy you lunch, I'm gonna take you axe throwing, I'm gonna buy you lunch, I'm gonna buy you breakfast, I'm gonna buy you a book, I'm gonna buy you a freaking pen. I'm gonna buy you a little rubber band thing on your hand, I'm gonna buy you a literal piece of titanium, and I'm gonna give it to you, and then I'm gonna fucking change your world, and then you're gonna go out and you're gonna say fuck cars, and you're gonna go do real estate, and I'm gonna go in debt to do that because you're not paying me anything, and I'm gonna buy your house. And you all want to give me$500 for that. You are so fucking good at this. You should you should really take me up on my 1025 offer. I'm just telling you. You should do that, and you should come do this because you'll make a hell of a you'll make a million dollars a year because you're good. Um unless you're too stubborn, every now and then you gotta give in the stubborn sellers. Like when they want 105 and you want it for 100, and then they just won't budge. Every now and then you gotta say okay to 105.

SPEAKER_02 28:54

Perfect, you got a deal at 105.

SPEAKER_00 28:57

All right, 105.

SPEAKER_02 29:00

Shit.

SPEAKER_00 29:02

Alright, 105. What's your email?com. All right, I didn't get that. Can you text it to me?

SPEAKER_01 29:13

Uh, sure. I'm I am driving right now.

SPEAKER_00 29:33

Honestly, dude, like, the fact that you didn't give me anything is is like it's gonna hurt my feelings. Like, I'm gonna I literally have fake wrestling belts behind me where they call me the king closer, and the fact that you couldn't give me anything, it like it makes me feel like I've I'm a disgrace to my entire company. I'm the owner of the company, by the way.

SPEAKER_02 30:03

Well, hey, look, you you impressed me as well. Uh I I I haven't had much confidence being thrown at me in the last 30, 45 days from these other flavors because they contract out their their contacts, unlike you. So man.

SPEAKER_00 30:27

Alright. 105, huh?

SPEAKER_02 30:31

105? Yes, sir.

SPEAKER_00 30:33

Can I do 10499? Just one dollar. It's one dollar. So I didn't necessarily give you exactly what you're asking for. So at least I can hold my head up high when I have to walk by my team to go use the restroom.

SPEAKER_02 30:56

I mean, I mail it to you.

Profit Math And Closing Thoughts

SPEAKER_00 31:01

Oh man. Fuck. All right, five. 105. You're the you're literally the the most difficult seller I've ever dealt with. This is impressive. So we're just gonna say it's a Delaware thing. All right, I'm gonna send you over the contract. Good conversation, Tom. You're a hell of a salesman.

SPEAKER_02 31:21

Thank you. Thank you. Back at you, I appreciate you, RJ, and I uh did you train Josh?

SPEAKER_00 31:28

Yeah, I did. Along with my partner, Cassie.

unknown 31:36

Um I I know I know it's tough for Josh to follow up. It must have been because I wasn't getting any tracks before him. Right. But he impressed me. Um, you know, I it's like I I see the strength from my sales team currently, but I recognize it yours as well.

SPEAKER_02 31:56

Um and I appreciate that. I just want to even if I'm not giving you a dollar, I can at least say that as one professional to another.

SPEAKER_00 32:04

Well, I appreciate that, man. It means a lot, and and and and Josh has always been a good one. So I'll uh I'll definitely tell him that I finished the job by giving you what you want, you know, even though he couldn't do that. But uh I I appreciate that feedback for sure.

SPEAKER_02 32:19

Yeah. Alrighty. Now, this isn't any one-page contract, right? This has some actual this isn't just like some kind of hocus focus contract.

SPEAKER_00 32:29

It's it's a whopping two pages.

unknown 32:32

Whoa!

SPEAKER_02 32:32

Man, I'll tell you what, that is that is thicker than a lot of contracts out there in this business.

SPEAKER_00 32:38

Um I'm gonna be honest with you. I don't know what else I can put on there minus some just legal jargon on there. I can make it three pages if you want me to. But no, I'll I'll get it, I'll get it sent over to you here probably in the next hour or so. I'm gonna eat my Chick-fil-A that's now cold. But hey. I almost got a dollar out of you. Almost got one-fifth of this uh Chick-fil-A out of you. So I'm gonna go uh hold my head down high low with my team and tell them that I gave you exactly what you wanted.

SPEAKER_02 33:14

I I appreciate you. All right, brother. Bye.

SPEAKER_01 33:18

I see all.

SPEAKER_02 33:38

It's uh what happened here?

SPEAKER_00 33:50

We have it at sixty thousand repairs. I mean, if you were to flip that, you're making forty six thousand dollars. That's a flipper, and that's that's minus your closing costs, it's minus your holding costs. So ARV two forty, sixty thousand repairs. Buy the one oh five, you're making forty six thousand. Nineteen point two five percent profit. Very good.