Old Homes. Regulations. Foreclosures.

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Transcript

Welcome And The Regulation Rant

SPEAKER_00 0:03

Welcome to wholesaling around the world, the Pennsylvania edition. But I think I should actually say this is the Dumbastery edition because we're going to be talking about Pennsylvania and their glorious regulations that they brought on to wholesaling in 2025. Man, the Pennsylvania Association of Realtors, they are some smart individuals. They really did a great thing for their state when they came down so hard on us, dirty, filthy wholesalers. See, I'm all for regulations when it makes sense. When it sits there and it says we want to have transparency with the sellers about what we are doing as wholesalers, I'm fine with that. But when we give the sellers all of the power, when we take our opportunity as wholesalers to serve the communities away from us, and then we look at the results, we have to start questioning what was the purpose behind this regulation. Was it really to help the homeowners, or was it to help the association of realtors? Was it to help the people who have been trying to license everything and collect money for each and every real estate transaction? So let's start off with what is the regulation inside of Pennsylvania? And Pennsylvania is one of the glorious states because not only does it have a regulation, but its largest city, Philadelphia, also has a regulation. So let's start off with the Pennsylvania Act 52 of 2024. Listen, you can just Google that, you can look it all up. I'm not an attorney, I'm not saying everything I'm saying, I'm just basing it off of my research. Okay, so there's my disclaimer. Don't come after me. Licensing requirements. Wholesalers are now categorized under the Real Estate Licensing and Registration Act and must hold a license. Mandatory disclosures. Wholesalers must inform sellers that they are not buying the property, but rather assigning the contract to a third party for a fee. Sellers have the right to cancel a contract within the lesser of 30 days from signing or the closing date. The act ensures sellers know the rights to an appraisal and to seek legal counsel aiming to stop the exploitation of homeowners. And the law takes effect 180 days after it's July 2012, 2024, signing in January of 2025. So it's been in effect. Act 52 was enacted to increase oversight of the rising popularity of real estate wholesaling and to ensure honesty in transactions. So that's regulation number one. Let's get to regulation number two. Inside of the city of Philadelphia, Pennsylvania, the residential property wholesaler license, this is a city ordinance. Wholesalers must register and provide specific disclosures to sellers about the role and intent. A wholesaler will have to obtain a specific commercial activity license. Okay. So here's my thoughts. We have been wholesaling in uh Pennsylvania since 2020. It is the fifth most populated unit U.S. state with an estimated population exceeding$13 million. The median uh house price uh inside of the state is uh 36th. Okay, that's the 36th ranked state. The median price is somewhere between 285,000 and 300 and 300,000. It is uh one of the most affordable house uh states in the United States, okay? So what does that mean? Uh well uh it means that there are quite a few properties that are much lower price points, and typically that means those properties are physically distressed. Now you could be saying, well, RJ, what about some of these other states that just have low income? Doesn't mean the properties are physically distressed. Well, uh it is uh the state with the fourth uh oldest homes uh from year built. Okay, the average house, the median age of the house in Pennsylvania is 57 years old. The only states that have older properties are New York, Massachusetts, and Rhode Island. So not only are the price points low, but the houses are super old. And then Pennsylvania decided to come out and say we want some of the most strict regulations on wholesalers. This is how we're going to solve our issue. We want to eliminate uh opportunities for flippers to come in and rehab these properties. Because, quite frankly, the majority of rehabbers out there are relying on wholesalers to bring them inventory. I've said this time and time again. If realtors were doing their job, then wholesalers wouldn't have a job. We would be running into them as competition in our marketing efforts every single day. But yet, in a decade plus of me wholesaling, I rarely, rarely, I'm talking about like less than 1% ever come across a seller where I am competing with a realtor that is actively and aggressively marketing to solve their problem. That's not happening. Realtors are lazy, but yet in Pennsylvania, we decided that that is the route that almost every homeowner needs to go down. They need to be working with the licensed realtors. Okay. Well, without doing any, I had no prior knowledge of this. Okay. This is all just based off of my gut feeling. And I'm sitting here and I'm like, all right, I've done 41 episodes of wholesale around the world. Now I've got to do the states that I really despise, like Pennsylvania, because of this bullshit regulation. And so I get down to it and I'm like, I'm just curious. What happened in 2025? What's the lowest hanging fruit motivating factor that we as wholesalers go after? Foreclosures, right? Because they're going to lose their house. So I was like, I'm just curious what happened in the state of Pennsylvania since this glorious regulation came down that was gonna solve all the sellers' problems. Protect the sellers, right? What happened in 2025 foreclosures in Pennsylvania? Well, Pennsylvania ranked among the top states for foreclosure activity in 2025. No way. Oh, but it gets even better. Philadelphia, the city that decided it needed a regulation, well, it was identified as having one of the highest foreclosure rates among major metro areas, over 1 million population, in 2025, with about one in every 2,195 housing units in foreclosure in 2025. Pennsylvania was frequently cited among the top five states for completed foreclosures in late 2025. You went around and you said, we've got to get rid of these dirty, rotten wholesalers. Okay. So people like me that are nationwide across the United States, we looked at it and we said, Pennsylvania used to be one of my favorite states. You know why? Because sellers were motivated and they needed our help. Now I look at it and I see a lead in Ohio, which also, mind you, Ohio has a regulation. And I look at it and I say, I like Ohio's regulation. All I have to do is tell the homeowner that I'm a wholesaler and have them sign a disclosure. That's not an issue. But me giving the homeowner 30 days to cancel, I can do my entire job, everything perfectly. And on the 29th day, a homeowner in Pennsylvania can say, I'm out, canceled. Well, as a business owner, that doesn't make a lot of sense for me, does it? So I can look at those leads and I can say, I can buy that Pennsylvania lead, or I can I can buy that Ohio lead. But in reality, what am I doing? I'm looking at a homeowner in Ohio that has a massive need, and I'm saying, I'll solve your problem, and I'm looking at a homeowner that has a massive need in Pennsylvania, and I'm saying your government, your association of realtors, your senators, your governors, your everybody there didn't care about you. They don't care about your problem. They don't care if your state consistently ranks as one of the highest foreclosure states out there. They don't care about the fact that you have the fourth oldest homes. They don't care about the fact that you consistently rank as one of the lowest property values in the United States. You're poor, you're old, and no one gives a shit about you. So congratulations, Pennsylvania. You fucked yourself. That's how I feel about this regulation. So on this note, because I knew that this was gonna get me fired up, I just thought, why don't I share a funny live seller call that happened in Pennsylvania a couple years ago? Now, this I've posted this one before. This seller goes off the rails. He's talking about how Google's coming in by Pittsburgh and his property's gonna be worth it. It's funny. Hopefully it makes you laugh. But overall, I think Pennsylvania has done a complete disservice to its population, to its uh its uh people. I mean, it is horrible what this regulation has done. Uh I despise this regulation, I welcome transparency. Uh I don't welcome dumbassery like Philadelphia, like Pennsylvania has done. So enjoy this live seller call. Unfortunately, we can't really enjoy wholesaling in Pennsylvania anymore. Yeah, you can still do it. There's workarounds. We still do that. It's just massively crippled what virtually wholesaling was in the state of Pennsylvania. So enjoy this live seller call. We'll see you guys tomorrow. Hey, is William there? Hey William, this is RJ Bates. How are you?

SPEAKER_02 11:52

I'm doing pretty good, man.

SPEAKER_00 11:54

Hey, uh, I think you talked to Garrett earlier this morning. Um, you called in about a property you got over there in uh Pittsburgh that you want to sell?

SPEAKER_02 12:04

Yeah.

SPEAKER_00 12:06

Is it uh Grandview?

SPEAKER_02 12:10

No, it's broadhead.

SPEAKER_00 12:11

Broadhead, okay. Sorry. He writes like uh a three-year-old, so I you know I'm trying to decipher what this handwriting is over here. I was like, Grandhead, Grandview, I can't I can't find any property like it's a broad view, okay.

SPEAKER_01 12:32

Uh how much were you looking to get for that?

SPEAKER_02 12:35

I don't know, man. You guys gotta give me a price. I don't know what to say, man.

SPEAKER_00 12:42

So it's uh it's a property, and then it's got three lots as well.

SPEAKER_02 12:48

Right.

SPEAKER_01 12:51

So is it is it been sitting vacant or what's been going on with it?

SPEAKER_02 12:55

Um living in it right now. It's just it's just that my mother gave me my mother died five years ago, she gave me the house. I had a stroke four years ago, so I just live in it, and I just I just wanna I just wanna sell money, shoot my movie, and I'm gonna I'm a I'm a writer for movies. And if I can sell a house, I can shoot my movie and get some more money. I got to get some more movie money, I got I got eight movies all together.

SPEAKER_01 13:21

What kind of movies you make?

SPEAKER_00 13:30

No, I mean like action, comedy.

SPEAKER_02 13:33

Action, thriller, suspense, the one haunted. I got I got a variety, I got three of them, I got a variety of them. I got nine. I got a love story. One just called, one is just like a regular movie, just uh about a man that has his dessert first.

unknown 13:54

The movie's called dessert first.

SPEAKER_01 13:56

Oh yeah. I love it.

unknown 13:59

I ate my movie.

SPEAKER_02 14:00

I ate my dessert desserts first when I did home. I eat my dessert first. Give my meal, eat something up here, and I take the rest of the time.

SPEAKER_00 14:09

You wanna know what's funny about that? I always eat my vegetables first.

SPEAKER_02 14:14

Oh yeah.

SPEAKER_00 14:15

Yeah, I just I get all the I get all the bad stuff done first, and then I enjoy everything after that. So so I so I finish in a good mood, you know what I'm saying?

SPEAKER_02 14:25

Uh-huh, yeah. But to put your put your vegetables in your stomach press and let your meat lay on them, that's really really good. That's really good for your body.

SPEAKER_00 14:33

Well, I wish my stomach had green. It ain't working out for me so much. So all right, so what what's the condition like of the property?

SPEAKER_02 14:44

Well, the two big rooms, the big ones are big, they're like 12 by 12, it's like 14 by 14. I got a bathroom, then I got a big liver room that's like 14 by 14, the kitchen are 14 by 14, I got a back porch, and I got a basement with basically a small apartment in the basement. We never we never used it because my mother and one of us living in a house. So we just use it for storage. Other than that, that's it. It's four, it's made in 1930, you know, so it's always one of the old houses.

SPEAKER_00 15:19

But like, when was the last time it was like painted or floors or stuff like that? When was that last done?

SPEAKER_02 15:25

Okay, I got well painted, I painted it. My mother's dead little, I put a wood floor down from her one. So I've been painted, and just the kitchen, the kitchen's on a panel like paint the walls to paint through like an off like peach a panel stone peach.

SPEAKER_01 15:47

Okay.

SPEAKER_02 15:49

You know, this this house is basically 90 years old now, you know, made in the 1930s, so it's 90 years. It's a hundred years ninety years old now.

SPEAKER_01 16:00

Right.

SPEAKER_02 16:01

You know what you're trying to I mean, you know, like I looked at the history, right? And I took classes, you know, and you know, all these houses are gonna hold, man, you know, so either you gotta fix or restructuring because the ground is gonna move, it's just when it does, you can't do nothing about it. So I recommend, because I I recommend, I don't know what I recommend, but I can say I mean Google, like this property around here is real real valuable, you know why?

SPEAKER_01 16:32

Why is that?

SPEAKER_02 16:34

Because it's the only in the state of Pennsylvania, it's the only stretch of flat land, 10 miles by like 20 miles. You got Hollywood, you got Localsburg, you got East Liberty going off the open soft plus land. That's why Google came and Google built one of the biggest Google centers here in Pittsburgh, you know that, right?

SPEAKER_00 16:55

Uh I did know that.

SPEAKER_02 16:57

Yeah, well that's what uh I I know about real estate, and a lot of people don't know what that is. This land, this land is the most vital land in the state of Pennsylvania. Because it's the only part that it's the biggest stretch of flat land that's developed. Everywhere else in business in the United in Pennsylvania is all rocky hills and mountains, you know, hillside hills. But this is the biggest stretch of land that's developed. And that's why Google came here. They built the main, one of their main offers. They took over Nabisco, cookie factory for Nabisco, and they built their their company there.

SPEAKER_01 17:35

Right.

SPEAKER_00 17:39

Alright, so but you don't have a price in mind that you're gonna get for it, right?

SPEAKER_02 17:47

No, I was what I was the cheapest I'll go is$75,000 because I mean I'm trying to get, I would like to get, I'm trying to get a law right now, and I'll just sit on it because next year the URA and the hub is coming up here. They're building up all the properties out of Google, okay? They build all that just all conduct and stuff down there. A mile away, miles were like five minutes and they're five like a mile away. They're coming across the bridge next year. The land is on the body, but I'm gonna find all the properties up here. Make sure if they in July still at least put these conduits up. You know, that's what they're going down a mile away from outside down my Google like a mile and a half away from the two miles at the most. And all around there, around there, a mile radius, they're going all out from the So they said the URA in the HUD is coming up, making limits in next year.

SPEAKER_01 18:47

Right.

SPEAKER_02 18:48

I mean, you know, I said I took a real estate class, I have a pretty idea what's going on, but nobody knows now if she's playing with the money, now she got the big money this uh.

SPEAKER_00 19:00

I mean, I I don't think I'm gonna be able to get close to 75,000. I mean, just looking around there.

SPEAKER_02 19:07

I mean I heard that they're I heard that they're they're blackballing everybody, you know, they're low, they're a little used to you know, that's the way the property is. They're doing ginger, they're doing that gender location thing. You know.

SPEAKER_00 19:21

Well, I mean, it it's not about that. I mean, it's it's just I'm I have to look at the values of the properties that have sold and and the condition that they were in, and then say, okay, well, if I were to buy this, what could I sell it for? And and I'm just I'm not seeing those numbers.

SPEAKER_02 19:45

I know I know I'm I'm really you guys are flashball and lowballing everybody.

SPEAKER_00 19:49

Um Well, I I don't lowball anybody. I'm I'm not lowballing you.

SPEAKER_01 19:54

I'm I'm saying I'm I'm just not able to do what you want.

SPEAKER_02 19:59

Yeah, I understand that you're uh that's what I basically got. You're not doing it. That's what the system is doing. You know, I put it like this here. When Google first came here like eight years ago, they gave everybody thirty thousand dollars each, but our community didn't get the money 'cause it's a black neighborhood. The big wigs kept all the money and put it in their pocket.

SPEAKER_01 20:24

But you you still own your property, that's why you didn't get the money. You didn't sell your property.

SPEAKER_02 20:30

No, I think that there they just the big wig motherfuckers kept the money in their pocket. Nobody got the$30,000 but the political people.

SPEAKER_01 20:39

But you you didn't sell anything, so why would you get money?

SPEAKER_02 20:44

They were the one to share eight years ago the first and got the house okay before my name was even on the feed. Like I just told you, the political parties and the motherfuckers, they stole the money.

SPEAKER_01 20:56

But you didn't sell anything, so they didn't steal anything from you.

SPEAKER_02 21:02

Well, I was supposed to get my 30,000, I was supposed to get my mother was supposed to get the 30,000 off, but they never they never let it, but then the Google was giving the money out because the Google knew they were moving in the community and they go to everybody to fix up the X-ray house. Instead of the political people making sure everybody got the money, they put the motherfucking money in their pocket.

SPEAKER_00 21:23

So Google was just gonna give people thirty thousand dollars just so they could fix up their houses, and you're mad because that didn't happen?

SPEAKER_02 21:32

No, I didn't. I'm not mad about none of that shit. I don't give a fuck.

SPEAKER_01 21:36

You sound like you you give like ten fucks.

SPEAKER_02 21:39

Well, I'll tell you what something like this is. Are you from Pittsburgh?

SPEAKER_01 21:43

No.

SPEAKER_02 21:44

So you don't even know what the fuck is going on. You don't know sh shit.

SPEAKER_00 21:49

I'm I'm asking you, and you just are getting upset because I'm asking you logical questions.

SPEAKER_02 21:54

Man, look, man, I said it because I thought I'm not upset, all right. You said I smile like I'm 10. But I'm 10 fuck upset. I'm like, I'm not only political motherfuckers alone. I'm not only taking money and just steal it. And like I said, Google gave everybody$30,000 before they fucking got here. To fix up the house, the exterior because they're moving in the community. They want to make this community look good. Instead of the motherfucking political people who got power took the money and kept it in the pocket. Now, when I used to go downtown to the political, to the city county meetings, I used to bust their fucking brain about this bullshit. But they told me to be quiet in the early 90s.

unknown 22:32

Now when I go down the next town, I'm going to talk about this shit. And then Harrisburg, you know, the big way to Harrisburg look at this shit. And that's when he's going to start walking because Google won't be on the fuckers.

SPEAKER_02 22:44

Google won't be like, yo, what the fuck's up? Why are these people get their money?

SPEAKER_00 22:49

And so you are legitimately upset that Google said they were going to give you money.

SPEAKER_02 22:56

Listen, I'll speak for myself and I'll put words in my mouth.

SPEAKER_00 23:00

I'm asking a question. I'm not putting words in your mouth. I'm asking you're you're actually upset that Google didn't just give you money.

SPEAKER_02 23:09

No, I didn't say I'm upset with Google. Google gave the money. I said the people who look power, if you listen, they took the money.

SPEAKER_01 23:17

They took the money.

SPEAKER_02 23:19

Man, listen, man. I'm not gonna explain to you. Where you from, man?

SPEAKER_01 23:23

I'm from Texas.

SPEAKER_02 23:24

Yeah, well I will go to fuck like Texas and fuck the bullshit, man. You like the banking though? Fuck the bank shit. Y'all motherfuckers that bullshit, man. I took out work on Wall Street and everything else. Fuck all that dumb shit.

What Just Happened Debrief

SPEAKER_00 23:44

What what what was that? Oh my god, this dude. That was awesome. I I am barely that was not a lead that um that came in from any lead source. He just called us today probably because he googled us.

SPEAKER_01 24:19

Oh the irony. Oh man, that's that's too righteous.

SPEAKER_00 24:37

Oh man. What was he talking about? What are we doing? You're mad because you just didn't get money?