King Closer Watches Amateurs Give "Advice"🙄

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Transcript

Welcome And Format Of Reacts

SPEAKER_03 0:05

What's going on, everybody? Welcome to the King Closer Reacts. I am the King Closer, RJ Bass III, and this is the series where I'm gonna watch a bunch of videos and uh hopefully make you laugh, probably disagree with the internet, and hopefully shed some wisdom. Let's get into the first video.

SPEAKER_00 0:21

You don't have a knowledge problem, you have a sequence problem. See, most beginners spend months learning and still don't close the deal. Not because they're lazy, because they're doing everything out of order. Here's the actual sequence. Build your buyer's list first, then find the motivated seller. Put the deal under contract, assign it to your buyer, that's it. You're not stuck because you don't know enough. You're stuck because nobody showed you what to do first. Comment system, and I'll send you the exact step by step.

Hustle, Phone Time, And Laziness

SPEAKER_03 0:54

Well, I said I was gonna disagree. Well, I wholeheartedly disagree. I mean, this was probably the strategy before investor lift and investor base and deal speed and dispo genius and every other in buyer dispo software that existed out there. But we don't need to do this anymore. See, we don't need to go find the in buyer and then know what their buy box is because we can literally just look in the area and see who are the in buyers and what did they buy properties for. That's one of the benefits. I want everyone to understand that's actually the benefit of these softwares. It's not necessarily that it does the dispo, it actually just helps us know that there are buyers and what they're buying deals for. Right? Okay, so the actual sequence is you don't have to worry about that because the software just tells you. So all you need to worry about now is where am I getting my leads? Closing them at less than what the in buyers previously bought properties for. That's your spread. Makes it real easy. Now, the other thing that I wholeheartedly disagree with on this reel, which I was gonna let slide, but I can't. I absolutely think all of you are lazy fucks. Straight up. It's absolutely a work ethic issue. It's a time issue, it's a budget issue, you're broke, you don't you don't dedicate yourself to this, it's a hope and a dream, you're not picking the phone up, you're not calling enough sellers. That's the reason why you're not successful. Very, very rarely do I come across someone that's like, man, I am hammering the phones eight to ten hours a day and just not closing deals and not making money. That is very rare. However, I do come across people that tell me, I really want to do this, RJ. This is my future. But let me explain something to you, okay? I've got kids, I've got a job, I got a mom or dad that's sick, I got all these issues, I ain't got no money, I got a ton of credit card debt, and so I really want to make wholesale in my thing, but I could dedicate about 17 and a half minutes a day to it. And they waste it watching this fucking YouTube video. That's the real issue. So I wholeheartedly disagree. Get a deal, then find your buyer. Second, it ain't because you're working hard and you don't know the sequence, it's because you're lazy.

Closing Costs Confusion And Bad Advice

SPEAKER_05 3:46

I just talked with someone who put a$90 down payment on a new build house last year and now they want to sell and they can't. So this is the problem with new builds. You can buy a house with$0 down or get a super low interest rate because they can act as the lender so they don't follow the typical rules. And so these people buy these houses with super low down payments, which is amazing. But what happens is if you're only putting$90 down, you have absolutely no cushion if the market shifts or your life shifts. And then these buyers forget how expensive it is to sell. So this guy, he paid$300,000 for his house last year and now he wants to sell it and he's asking for$300,000. And I had to remind him that if you're selling this house on the market, you're gonna have seven to 10% of closing costs. So you actually need to sell it for seven to 10% more than what you paid for if you don't want to bring cash to close. A lot of times the only options that we see are short sales and foreclosures. I've been seeing this problem over and over again. This is not the first time I've had this conversation, and it's not gonna be the last. This is why we're gonna see more short sales and more foreclosures in 2026. Hi, I'm Justine.

A Subject-To Deal That Worked

Three Ways To Wholesale Safely

SPEAKER_03 4:52

I'm a Phoenix Man, you chose violence for this King Closer Reacts. You chose absolute violence, Jordan. All right, so this genius, she thinks that if you go to buy a house and you put 10% down and your life shifts, and then you sell your house, because you put the 10% down, that'll cover the realtor commissions and the closing costs that that's any different than if you put no money down and now you gotta pay seven to ten percent on realtor. It's the same fucking ding. Jesus. Have mercy on these people. It's not short sell is not the option unless there's a uh a hardship, okay? You can't just short sell something just because you want to, okay? There has to be a reason, okay? And you don't just foreclose. That's stupid. All right. There are other options out there if we have to have this conversation like this is happening all over the place, even though it's not, but let's just say it is. In 2018, right around the corner here. This is Boat Club Road right here. Okay, it's where my office is. There's a lake over there, Boat Club Road, just right up the road, okay. I sent a mailer back in the direct mail days, okay? Sent a mailer to a guy, and uh house had just been built, just moved in, no money down, okay. And uh when he realized that his monthly payment also included insurance and taxes, he was like, wait, so it's not that number that y'all told me with just principal and interest, I gotta pay for this other stuff. I know it sounds like common sense, but for some people it's not. And he was like, Yeah, I mean, I can't afford that. Well, I didn't put any money down, so I'm out. He gets my mailer, he calls me. Now, mind you, there's negative equity in this because he put zero dollars down. They actually put it on a second lien. Okay, so what they did on this was is they said, you're buying the house for whatever it was,$250,000. All right,$250,000, but we also need your down payment of$10,000. So we're gonna actually sell you the house for$260,000 even though the price is$250. We're gonna put that$10, on a second lien. Okay, so he's negative equity on this, never made a payment, was ready to just walk away, just get foreclosed on. He didn't care, but he saw our mailer, so he called us. So, what did we do? We bought it subject to the existing mortgage, and we've owned it ever since. And now I have about$150,000 in equity in that property, and we've just been making the payments, we've rented it out year over year over year. So, no, it's not that there aren't options. I think she's a realtor, so she probably doesn't. She probably thinks what I just said is illegal, but it's not, and uh, there are other options out there besides just short sales and foreclosures, and also the math doesn't lie. So please learn what math is before you do reels about math.

SPEAKER_01 8:34

There are only three safe ways to wholesale real estate. Number one, assignment, number two is the double close, and number three is doing a joint venturing or partnering strategy. Your strategy determines your risk. If you want to stay safe, choose your structure wisely.

SPEAKER_03 9:14

Other than you can assign a contract. That's one way of wholesaling. That's how majority are done. You can double close, and you can JV with someone. I don't know if I would necessarily consider that like another strategy because you're still going to assign or double close at the end. I don't know. His editing was good.

NDAs, Seller Disclosure, And Transparency

SPEAKER_02 9:42

Next. I'm obviously qualified enough that you're calling me. Unfortunately, we just don't align in how we do business. I appreciate you calling me today.

unknown 9:50

Thank you.

SPEAKER_02 9:51

Thank you. That was a company here in San Diego, and they were calling to see if I was getting their deals. One of the things that they require is that I sign a non-disclosure or I provide my business name to them in order to just look at their deals. And I don't align with that what you did here because I asked him, I said, Well, is the seller aware that you're trying to wholesale the property? And his response to that was, what does the seller have to do with that? And my response was, the seller has everything to do with that. This is exactly what we're talking about. The lack of transparency, the smoke and mirrors that happen when, you know, there's people in the industry that are doing things that aren't necessarily transparent and it's not right. At some point, someone's got to stand up and say, hey, listen, someone's gonna take a stand, we're gonna get a homeowner's back and we're gonna do the right thing because it's the right thing.

Lead Standards And Renegotiation Reality

SPEAKER_03 10:43

I liked everything that he said until the end, and it felt a little weird. All right, so let's let's unpack everything that he said here. First of all, um, I agree. I I've never asked a buyer to sign a non-disclosure agreement for me to send them a deal. That's wild. Um, the the fact that a wholesaler is saying, hey, you need to sign a non-disclosure agreement, but I don't want to be transparent with the seller. That's pretty crazy. And also, you're on limited time before there's some sort of regulation and they're in San Diego. Let's be honest, we all know California is gonna do some wild shit here in the future when it's their turn to come out with their wholesale and regulations. Okay, they do everything wild there. So I agree with this in buyer, obviously. Also, side note his hat said 1-800 buy houses. Legit, what a fucking brand, right? This is a guy you probably don't want to mess with if you're a wholesaler in San Diego, but being like, hey, bud, you need to sign a non-disclosure. Who are you, Mr. Wholesaler? Like, this is the guy you want to be building a relationship with. Just send them your deals. Now, at the end, when he was like, you know, I want to take care of the seller and do the right thing by them. That felt a little like, what are you saying there, bud? Like, are you saying you would go to the seller and tell them that, like, the wholesaler is wholesaling that's like, well, we don't need you to be like the morale or morale, moral, ethical police over key over here. All right, like that's unnecessary. But outside of that, I do agree. And we do need more transparency. I've been preaching this for years and years and years. I mean, we're getting up there, Mr. M buyer. We're getting up there. We're up to like 71,000 subscribers. We're doing good. Jordan's making me look pretty. So we'll we'll get the message out there. There'll be more transparency in the future.

SPEAKER_04 12:47

You don't have a lead problem, you have a standard problem. If you lowered your standards, you could lock up more deals, but you'd lose more buyers, you'd renegotiate more contracts, you'd damage more relationships. Volume without discipline creates noise. Operators raise standards, they don't lower them. Agree or disagree?

SPEAKER_03 13:13

That was wild. Huh. Come on.

SPEAKER_04 13:21

You don't have a lead problem, you have a standard problem. If you lowered your standards, you could lock up more deals. But you'd lose more buyers.

Wrap-Up And Final Shots

SPEAKER_03 13:35

Well, I don't necessarily, I mean, I guess he's right. If you did lower your standards, you could just lock up more deals, but that doesn't necessarily mean that's the only way that you could lock up more deals. You could just like get better skill sets. That's like the easy way, not to just be like, fuck it, sign them all up. Yeah, that's wild. You are gonna piss off the entire world, and there's plenty of wholesalers that are out there doing that. Okay. However, I think there's a stigma in this industry around like renegotiating with sellers. It's not that we always should be aiming to renegotiate, but in retail transactions, I go to a property, I walk it, and I'm like, this house is pretty. We enter into a contract. What happens then? I get a formal inspection done, I get an appraisal done, and it's pretty typical for there to be renegotiations based off of the results of the formal inspection and appraisal. And that's not frowned upon, that's just how retail transactions go down. So sometimes I wonder why in wholesale transactions is it so frowned upon that, yes, at times when we do get buyer feedback and we do our due diligence upon the repairs, if we need to renegotiate, when the majority of real estate transactions involve renegotiating. Uh again, the the reel itself was wild. I think he was he probably had a solid point there that he was trying to get across. It was just a little bit crazy. Anyways, that's our episode of the King Closer Reacts, the You Chose Violence edition. Um back to our realtor friend that doesn't understand what math is. Um, 10% before, 10% after is still 10%. Just making sure you understand that. Uh, anyways, hope you guys enjoyed today's episode. I told you I'd probably disagree with most of the takes, including the one that I didn't even have anything to say to. I don't think I've ever sat in silence that long after watching a video, but hope you guys enjoyed it. We'll see you guys tomorrow.