From Problem Solving To Focusing | The King Closer Reacts

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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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Closed deals in all 50 states
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​125 contracts in 50 days (all live on YouTube)
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Transcript

Why Long Hours Fail Beginners

SPEAKER_06 0:05

What's going on, everybody? Welcome to the King Closer Reacts. I am the King Closer RJ Base III, and this is the series where I'm gonna watch a bunch of YouTube videos and see if I agree or disagree. Let's get into the first one.

SPEAKER_04 0:17

If you're just getting started and you're spending over eight hours a day building your real estate business, you're most likely doing it wrong. What I mean by this is a lot of times when we get started, we feel that it's maximum effort means just spending all the time you have available in it. As somebody that did do that and it didn't work, what I took away from it is that it doesn't matter if you do 8, 9, 12 hours, 14 hours. What matters is that you're doing the right actions and the focused actions that are actually gonna move the needle. But when we get started, we think we gotta do everything at once. And then none of it works. And we don't know why it doesn't work. It's because it's not focused effort. I'd rather you focus on one thing, go all in, and prove that it doesn't work than move to the next one. You'll have success much faster that way. So it's not about spending more time, it's about spending the time you are spending on the right things.

SPEAKER_06 1:15

All right, man, I'm not gonna lie. There at the beginning, I thought I was gonna severely disagree with whatever he was about to say. But man, he came back and redeemed himself because I completely agree. And this is why inside of Titanium University, we tell a lot of the newer wholesalers when they come in, just focus on acquisitions and comping and underwriting correctly, where an in buyer buys and getting good deals. Don't worry about transaction coordination, don't worry about dispositions. Allow another member who is more established, that has built up the reps and the experience and the skill sets that are needed to succeed, let them handle that. Do joint ventures with them and learn through osmosis. And that one action that he's talking about, the focused actions, could not agree more. It's so common on the onboarding of new members where they're like never even done one real estate transaction. They're like, are we gonna learn how to do sub two? Are we gonna learn how to do novations? Are we gonna learn how to flip houses to what? We have to focus on one thing so you can actually build up the skill sets that are needed. And so when he's talking about those eight hours a day, I do think that that is important. You do need to have time because your competition is putting in that time. Like our company is working eight to 12 hours a day every single day. So as a newer wholesaler, you are competing against a company like ours. So you still need the time, but that focus action is absolutely necessary.

SPEAKER_01 3:01

My first wholesale deal made me$8,000, and I almost didn't make the offer. This was before I had a buyer's list, before I knew what I was doing, and while I was still working a full-time job. I decided to start marketing. So I bought a list of absentee owners and started mailing postcards. One day, I get a call from an out-of-state landlord who wanted to sell his rental property. The house needed work, so I ran my numbers and I came up with an offer price of$17,000. And I remember thinking, there is no way I can say that number out loud. I was literally trying to talk myself out of making the offer because I thought the seller would just hang up on me. Finally, I just said it. Would you consider$17,000? And the seller said, That sounds pretty good. How soon can we close? I was shocked. I didn't even have a buyer's list at the time, so I started Googling investors in the area and found a company that was buying houses nearby. I called them, they sent someone over to look at it, and after a short negotiation, they ended up buying it for$25,000. That was an$8,000 assignment fee. Now the deal itself was pretty messy. I didn't know what I was doing with title, paperwork, or closing. At one point, I even found out the seller was gonna see my assignment fee on the HUD statement, and I started panicking. Turns out that he already knew that I was gonna be making money and he didn't care. Finally, we closed the deal and I got my first check for$8,000.

SPEAKER_07 4:29

I wanna I wanna try to be respectful. I don't know this gentleman.

SPEAKER_06 4:38

You know, every now and then we do the teleprompter write everything down and then deliver it.

SPEAKER_07 4:51

What did I ever say? I was shocked. I was shocked.

One Lane Strategy Versus Novation

SPEAKER_06 5:01

Stop me now, man. We're just retired of the YouTube channel. Move on. Anyways. His first deal, eight grand. We all got that story. Ours was 7,500. He did better than us. Maybe one day he'll be better at YouTube than me. Not today, but maybe in the future. His point was, I believe, that you don't need to be afraid to make that offer. And I will say, the man that I paid$65,000 to to learn how to wholesale, the man that stood up in the leather pants, bragged about his house on Camelback Mountain in Phoenix, Arizona, and told all of us that we would never amount to shit because we weren't gonna do anything. He was probably right for most people. He did say some things that I took away, and one of them he said, if you're not slightly embarrassed by your offer, your offer wasn't low enough. Now I don't always agree with that now that I've been in the business for a decade. But there are times where it's hard to say$17,000 like this guy. Probably because he said it so boring that the seller was asleep when he said it, but you still gotta say it. And when you do, you're gonna make that money. For anyone that's new though, don't ever be afraid of someone seeing your assignment fee. That was a fear that I had at the beginning. And now that I've done all these deals, there's only been like a handful of times where anyone actually cared about me making money. Everyone knows that if you're doing something, you're gonna be making money. So don't be afraid of that. Anyways, let's go on to the next one.

SPEAKER_00 6:48

You've only got so much brain power. I don't care who says they're ADHD and they can do five things at once. Your brain cannot. You can only have one thought at a time. Instead of trying to train our team to do 14 different deal types, right? Oh, we're gonna start a wholesale and if it doesn't go there, we're gonna do novation. They're unfortunately always going to fall to the lowest, the lowest level, which is what's the easiest thing to get this contract signed? Yeah. They're gonna go to novation because I can give them the highest number, right? But is that always going to work? Maybe, maybe not. So we we very much stayed in our lane and made sure that we did uh we did one thing, and and you know, for us, we wanted to do it better than anybody else.

SPEAKER_06 7:21

You trying to make this the hedgehog concept video? Is that the theme? King Clauser reacts. That's my boy David Olds. And listen, he's right. I do believe that Novation has become a crutch for wholesalers. And does it work all the time? No, it doesn't. Neither do cash offers. This is why you need to have consistent lead generation and you need to have great comping and underwriting, but also what we focus on day in and day out at Titanium University, truly understanding what the seller's motivation is and then solving that problem. Understanding what problem needs to be solved by selling the real estate, and that is how you determine if it's novation, if it's creative finance, if it's cash, because you're solving their problem. So does novation give them what they need? Do they have time and they need more money? Then maybe it is a good fix. But if it time is a constraint and price is a constraint, that doesn't mean that innovation is going to be the option. So I love David's tape there. Good job, Mr. Olds.

SPEAKER_05 8:33

Yes, wholesaling is good, but if there is a situation that fits a better problem-solving method, take advantage of that. Like I have those tools in my toolbox where okay, if I want to close on it now, I know I can close on it. If I want to novate it, now I've done that. I know how to innovate it. If I want to lift something, I can do that. Yep. So just being able to offer those different solutions.

SPEAKER_02 8:52

Yeah, signing a contract that's just like the raw form or the default, I guess. But once you start adding those tools to your tool belt, then it just becomes a game of finding the problem, finding the distress. Yep. And then if a cash offer doesn't work, you give them other options. At the end of the day, everybody had some sort of problem or distress, or even if it wasn't necessarily a distress, it was something that caused them to not want to go through the traditional route of selling their house. Correct. And so you just put yourself in a in a position where you have conversations, you figure out what their problems are, and you offer solutions, and yeah, how you end up making 46 grand in a month. Yeah.

SPEAKER_06 9:30

You know, how do we how do we YouTube influencer Instagram people how do we come up with these ideas? Like, we should sit in a backyard with our laptops right in between our spread wide open legs, not look at each other, no eye contact, and just talk about what we do. How did we come up with this? Weird. It's like, why are th why are there three guys? Why is the third guy never talking? Why are y'all never made the guy that's closest to me is so awkward? He's like, Yep. Yep. Yep. Just no made it. It's weird. I hope y'all don't watch my videos and think, RG, why are you being weird? Probably when I put the Viking helmet on. Done that a couple times. That was weird. But outside of that, I think most of them are fairly normal. Anyways, back to their point. I was just talking about this. So I had to think of something else to say. But yes, you come up with their problem, you figure out what their problem is, and then you offer the best solution. It is why eventually you should have those tool tools in your tool belt. I'm doing a novation, sub two, seller finance. I just think people want to default to it as a crutch too fast, right? They want to learn it before they've ever done a handful of wholesale deals. They want to do that because the seller says no to their cash offer. Doesn't mean that now it suddenly becomes a creative finance deal or a novation. That's my issue with it, and that's why I always default back to you don't have to do that, the hedgehog concept, blah, blah, blah. Anyways, make sure I don't just sit in a backyard with random people that don't talk.

Clarity Creates Confidence With Sellers

SPEAKER_03 11:21

Next. You don't sound inexperienced because you're new. You sound inexperienced because you're unclear. Unclear numbers, unclear process, unclear next step. Confidence in wholesaling doesn't come from experience alone, comes from understanding that you're doing well enough to trust it. Clarity creates confidence. Follow the REI edge for no hype. Wholeselling education.

Wrap Up And Like Request

SPEAKER_06 11:44

I like this take. I do think that the clarity with the seller does come from how you explain it and that confidence in which you're explaining it and allowing the seller to ask questions. In fact, this morning I was just talking to a TU member who is currently struggling. He's he's been trying wholesaling for a while, and it's just he's not grasping the concept totally. We're trying to break some bad habits from another free community that he was a part of. Uh, they like to play with balls over there. And so we're trying to break some of those bad habits so he can actually get some results. He's gotten a couple of close deals, but it's not consistent. And so as I was sitting there on the one-on-one and we were discussing it, he's like, I can get a seller to verbally agree to a number, but then getting them to sign a contract, I'm struggling at that point. And so, as we were breaking down the reasons why, it's because he's explaining the process, but he's dictating it to them. He's not explaining it and then allowing them to comprehend and then ask the questions and then diving deeper into his explanation. And so, because of that, what happens is that the seller is listening, hearing his dictation of the process, and then he's saying, All right, I'm gonna send you the contract, and then the sellers are saying, Give me three days to review this, let me talk to my attorney, let me talk to a realtor, let me give me two weeks, I'm gonna go talk to some other competition. And because of that, he's not getting that result. That comes through that clarity and really diving deep into asking questions with the seller, asking them, is there something that is not clear about the process? Is there something that's unclear about working with me? And really understanding that once you have that clarity with the seller, you understand all of the objections, all of the issues that could come up, and that's how you get the signed contract that then later leads to a close and funded deal. All right, guys, that's our episode of the King Closer Reacts. It was kind of, we were we were trending towards the hedgehog concept, but I don't think we're gonna go that much. I think we're just gonna go. This was a regular King Closer Reacts episode. I hope you guys enjoyed it. To the people that I kind of made fun of, I'm sorry. I was just kind of in that mood today, right? We're filming this on the second day of March Madness, and I had Santa Clara moving on in my bracket, and Kentucky had to go hit a half court shot literally five minutes before we review or we recorded this and totally busted my bracket. And so I was a little salty. So I apologize. I love each and every one of you. Show me some love, like today's video. We'll see you guys tomorrow.