King Closer Reacts To Terrible Wholesaling Advice

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Transcript

Welcome To King Closer Reacts

SPEAKER_03 0:05

What's going on, everybody? Welcome to the King Closer Reacts. I am the King Closer RJ Bates III, and yes, I'm going to keep calling myself the King Closer despite that negative comment from last week. This is the series where I'm gonna watch a bunch of videos and probably tell you how much I disagree with the internet. Let's get into the first video.

SPEAKER_00 0:26

POV, you're about to blow your savings on real estate. You think wholesaling is cheap, right? Wrong. Nobody talks about the real startup cost. Data, leads, tools, it all adds up faster than you think. Data pooling alone, that's$100 to$300 a month. Lead generation, cold calls, ads, software, it's a money pit if you're not prepared. Here's the truth: your first three to six months decide whether you last or you quit. If you budget wrong, your pipeline dies before your first contract. Plan like a business, not a hustle. Save this before you forget.

Prices Up While Homes Sit Longer

SPEAKER_03 1:03

I I mean I agree, but I also disagree because he says nobody ever talks about it. I talk about it. I feel like I talk about it all the time. Like just the other day on my live, someone said, You can wholesale using no operating capital. And I said, I disagree. You could go ahead and unsubscribe. I mean, I just I regularly talk about the fact it costs money to wholesale, especially if you want to do it at scale and sustainably. Like, yes, you're going to have to have softwares in order to be able to comp and find in buyers and dispo. Could you do it using Zillow and Redvin and all these things for free? Yeah, you could. It's just going to be a struggle. There's a reason why these softwares exist, they bring value to your business. And if you can successfully use them, then that's how you scale your business. I think you need money for leads. Lead generation is different nowadays than it was back in 2018 and 2019, where even what he's talking about pulling lists, skip tracing the data, cold calls, all of that. I don't even think you need to do that nowadays because it's easier, time more time efficient if you just go out and utilize your own PPL, PPC, whatever you want to do there to have the leads coming to you instead of having to go out and mine and find it. But I completely agree that you need money, you need operating capital, just like every other business in existence, if you truly want to be a wholesaling business.

SPEAKER_01 2:41

Two things you can count on each month. You can count on prices going up, and you can count on homes taking longer to sell. Really interesting dynamics in this market. Median days on market are up to 22 days. That's double the days on market of last year. DMVY, homes are taking twice as long to sell, but prices are still going up. Uh, and we'll talk about things that are continuing. 20 straight months of year over year days on market increases. So this has been going on for a while.

SPEAKER_03 3:10

So he's talking about specifically the DC, Maryland, and Virginia, where prices are going up, but days on market is also going up. That's an extremely strange dynamic. I at first I thought he was talking about across the United States. And I'm like, yeah, days on market going up, that makes sense. Prices going up, not across the United States. So that's really interesting that that's what's happening inside the DMB. And that's a little bit concerning for wholesalers. Then the reason why is because our in buyers. So if our in buyers are in a position where they the days on market are continuing to increase, but prices are increasing, that what that means is that people aren't buying the houses and the prices are kind of pricing people out of that market. Meaning some of those in buyers are probably going to hit the pause button. And we've seen this a couple of times over the past decade to do different little shifts in the cycle where buyers definitely have a tendency to become more conservative. They want to buy deeper, they want to do less rehab, and they're looking at more gross profit on their deals to protect themselves because they're going to inevitably feel that with some of their current inventory that they have. So they're going to protect themselves as they should. So as a wholesaler, if you're in that DMV area, how are you protecting yourself? How are those conversations? This is where when you are speaking to sellers, you have to embrace being the buyer, utilizing that mindset that your end buyer is having. Think like them. How are you going to protect yourself? How would you protect that investment that you would be making on that property if you know that days on market is going up? Inventory is sitting. That's what I mean by embrace being the buyer.

Is Wholesaling Really Saturated

SPEAKER_04 5:04

Is wholesaling saturated? Yeah. Is real estate saturated? Yeah. I mean, everything that makes money is saturated. But the thing is though, there's plenty. Uh there, there's so much money out there that all of us can make money. All of us can collaborate. Why do you think I collaborate with people all the time? Because there's plenty of deals. Like I could collaborate with you, we could make money together. The next day I'll get my own deal. Like it's it's not a big deal. Is wholesaling saturated?

SPEAKER_03 5:35

Man, that music and the way that he was talking, I felt like I should just like close my eyes and maybe even get into a yoga pose. I mean, it was just so like, is it saturated? Yeah, bro, it is, but it's okay. We'll just collaborate, man. You know? Should have smoked a joint during that thing. He got me all kinds of relaxed. The day was over. Oh man. Is wholesaling saturated? I think we've said this a couple weeks ago. No, it's not. It's not. It used to be, it was getting to a point where it was it was pretty ridiculous, but nowadays it's really different. And anytime I hear this, it always kind of makes me chuckle and it makes me feel a little bit old. Like maybe, maybe these little white streaks are getting a little bit bigger in the beard, maybe a little bit more crow's feet. I don't know, man. I'm feeling old because it's not like it was. I mean, there used to be days where it was like you would call a seller and it was like you were one of like 25 people that called them that day. Like we were going out, we were getting into bidding wars, okay? And these were in like the tertiary, secondary markets. You want to talk about trying to get a deal in 2021, Denver, Colorado? Buddy, you were fucked. Okay. Phoenix, Arizona, nah, man. You couldn't compete with the hedge funds and the big dog. Like, bro, I remember going to Steve Train's podcast back in like 2020, 2019, and like driving the highway, and it was every other billboard was like an iBuyer, a hedge fund. We buy houses. I mean, just millions of dollars in marketing expenses being spent from real estate investors and wholesaling. And do you kind of still see that a little bit? Yeah, but we're not we're not battling like we used to. Honestly, it's actually we're we're battling different struggles now, right? That the market has softened. We talked about it earlier, longer days on market. Maybe the buyers, um, it's a little bit more difficult to get them to buy the volume that they were. Hedge funds have kind of tightened up, uh, they're coming back a little bit, but that's what we're really struggling with. We're not struggling because of the saturation. So, um, anyways, man, have a good day.

SPEAKER_02 7:57

Think about private listings. Okay. If a buyer wants to find that private listing from Compass, their only way to find it is going to be to go to Redfin, right? So they don't have access to the full market unless they think, oh, I better go check Redfin and see what the pre-listings are on there. If they want to see a Keller Williams pre-listed property or coming soon property, they're going to have to go onto the Zillow portal to see that listing. If they want to see the pre-listed property from an EXP agent, they're going to have to go to realtor.com or homes.com. What is this doing for consumer choice? It's making it incredibly confusing and difficult. And they're going to have to go all over the place to get any kind of information. This is not good for buyers. Think about private listings.

SPEAKER_03 8:58

I don't know what he's talking about. I think I figured it out. I think what he's saying is like specific brokerages have like now made agreements with realtor.com, homes.com, Zillow. Um, it's realtor mumbo jumbo. That was wild, though. I mean, private listings. I mean, those air quotes were aggressive. They were like fangs coming out. He wanted to like drip into realtor.com and be like, fuck you, Redfin. That was I don't know. Sometimes I'm worried about doing this at these episodes, man. I'm just like, I can't wait for the day to somebody to do a reacts to RJ and just fucking roast my ass. Because I know I do some stupid shit too. But just watch it, it's like, I mean, honestly, the consumer choice, maybe he's saying that's why Days on Market has gone up. Because it's harder now because brokerages are making agreements with some of these sites. But the reality of it is that if we are signing a buyer's rep agreement with a realtor, which is what we should be doing if we're gonna go buy a house, then we have access through the MLS portals for all of the properties, and we're probably not gonna be searching on Zillow Realtor, Redfin, and all of that. So I think that's kind of the way around it. It should be good for you as a realtor. I don't know. That's my take.

SPEAKER_05 10:25

Now cash, no problem. You can start in real estate without owning a single property. Find the deal, connect the buyer, and get paid. Smart moves, real profits. Start your journey with true image property solutions.

SPEAKER_03 10:42

Watch it again. Yeah, here we go.

SPEAKER_05 10:50

No cash, no problem.

SPEAKER_03 10:52

No problem.

SPEAKER_05 10:53

You can start in real estate without owning a single property.

SPEAKER_03 10:56

I agree.

SPEAKER_05 10:57

Find the deal, connect the buyer, and get paid. Smart moves. Real profits. Start your journey with true image.

Final Rant And Viewer Request

SPEAKER_03 11:05

What are they selling, bro? Are they a wholesaler? Is that education? It says true image pro I don't know what the fuck that was. Like, what was that? I'm I'm like, I I feel like I'm pretty good at wholesale. Would y'all agree? I'm I'm pretty good at like this real estate thing, right? I mean, you have to be to be around as long as I've been here and I don't know what that was saying. So imagine you don't know shit about shit and you're watching that. I ain't got no cash, that's no problem. You just go find a deal and you connect it with the buyer. Get started, connect with true image properties. Smart move. For what? Are they gonna dispo for you? They gonna show you how to do it? See, this is the problem when we have things coming out like AI and all the Canva and all nano banana and Hey Jen and all this shit that you can just make videos, they're just plugging shit in and saying, hey, uh, not even intelligence, just artificial something. Put something together and we'll sling it out there. Cause that makes no fucking sense. I have no idea what happened just now. Anyways, remember a couple weeks ago when we had a lame duck edition of the King Closer Reacts? This is the what the fuck did I just watch episode? Because there I don't feel like there was much. I guess the first guy I agreed with. But man, the internet is wild. I just if I ever start sucking this bad, will you guys let me know in the comments? Be like, RJ, man, you're sucking. Let me know. Anyways, this is our episode of the King Closer Reacts. Fucking hate the internet sometimes. Show me some love so I keep showing up. Like this video. See you guys tomorrow.