CARWASHES making HALF A BILLION Dollars? | The King Closer Reacts

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Transcript

Welcome And Quick Shoutouts

SPEAKER_08 0:05

What's up, everyone? Welcome to the King Closer Reacts. I am the King Closer RJ Bates III, and this is the series where I'm gonna watch a bunch of videos. Well, you already know what the series is about. So instead of saying that, shout out to my friends and family over at Mr. House Braden and Abbey. Thank you for the swag. I don't know why I don't get more swag from more

Scripts Versus Real Seller Conversations

SPEAKER_08 0:27

people. So this is cool. I actually appreciate this. So, anyways, let's get into the first video.

SPEAKER_02 0:32

If you think you need a perfect script to talk to sellers, you're not a real investor. You're a parent. I said it. Everybody's out here memorizing lines like it's some kind of high school play. If they say this, I say this. If they object and say this, I say this. That's not a business, that's cosplay. Real sellers don't talk like your script. They're emotional. They're stressed. They're all over the place. And the second they go off script, you freeze because you don't actually understand what you're doing. You just memorized words. After a thousand deals, I'm not following a script. I'm having a conversation. I'm listening more than I'm talking. I'm solving problems and I'm making offers. That's why I can close from Bangkok. While most people can't close in their own city, the people obsessed with scripts are usually the ones not closing because scripts feel like progress, but they're just another way to avoid doing real work. I said it.

SPEAKER_07 1:43

Why are you reading a script? Not looking at the camera, talking about not reading a script, Mr. Bangkok.

SPEAKER_08 1:57

I swear to God, this shit just is is meant for these real reactions. I mean, I agree with what he's saying to a certain extent. Like, we should have a real conversation, but you have to have some basis of like this is how we have these conversations. There are times where people don't know how to overcome objections. That's okay. Like, that's why I do videos on here and say this is how you have a real conversation and overcome that objection. And yes, you have done a thousand deals, Mr. Bangkok. That's fantastic. Some people have never done a deal before. So a little bit of structure, a little bit, not 13 pages, but a little bit of structure does help. All right. Now, that would have been fantastic if you had done all of that by looking into the camera and not reading a script very clearly.

Structure Helps When You Are New

SPEAKER_00 2:58

I was wild. Next. Tips

Closing 20 Deals Needs A Team

SPEAKER_00 3:01

for closing 20 wholesale deals a month. I think you need to have a team. You need other people helping you with all stuff because you're just not capable of it all yourself. Sadly. There's lots of back and forth in 20 deals that happen. Things come up in title and key missing from a lockbox. You gotta call the teller and be like, hey, can I re-key your house? And then someone wants to see the house. All these things happen. So if we're closing 20 wholesale deals.

SPEAKER_08 3:24

I mean, I agree. In order to close 20 deals, you definitely need a team. Um his example was a little bit wild. He must be a realtor. Realtor? Yeah, realtor. Probably doesn't know math either. But, anyways, I agree. Like, let's just say he was talking to wholesalers, even though I don't think he was. Um, yeah, you need a team to be able to do 20 deals a month. That's way too many leads that you have to follow up, contracts that you have to get signed, the follow-up that's needed there, the TC work, the dispositions, the amount of showings, all of the phone calls and emails back and forth. I mean, dude, some transactions have 50, 100, 150 emails back and forth. There's no way you're going to be able to do that as a solo operation. I assume the reason why he was saying that is because he knows the person was a solo operation. That being said, instead of aiming to do 20 deals a month, why don't you aim to do a certain dollar amount? Because that's probably more important than just a vanity metric like 20 deals.

Convenience Beats Speed With Sellers

SPEAKER_06 4:30

So way you can get a property for half price is find a problem. If there's a problem going on with the property and you can solve it fast and you can close with speed, the price can drop when you bring them a solution. So what you can agreed.

SPEAKER_08 4:46

I mean, this is this is what we do. We offer speed and convenience. The only thing that I would say there is sometimes wholesalers, we lean into the speed more than the convenience. And I've seen this a lot lately. So because there wasn't a whole lot said in that reel, I just want to take this time to say make sure that when you're talking to a seller, instead of always talking about how fast you can close, talk about how you can close on their timeline. That's the convenience side of things. That's the part that really helps sellers out, especially when we're talking to someone that needs to move. Maybe they're a hoarder, they have a lot of things that they need to move. Speed could actually be detrimental to your cause. So make sure that you're just offering the convenience side of things. Speed could be part of the convenience, but also closing 90 days, six months

Why Wholesalers Quit So Fast

SPEAKER_08 5:42

from now could be their actual need.

SPEAKER_01 5:44

And look, my first thought here is just like anybody else's, which it would be market conditions, it would be lead generation, marketing, or it would be your sales process, right? Your script, what you say to sellers. For reviewing my data in the past year, two years, none of those three things play any role in why wholesalers die off so quickly. Why I think wholesalers die off so quickly is the cash conversion cycle from when a lead comes in and when you spend your marketing dollars to when the return actually comes back.

SPEAKER_08 6:16

Okay, it's an interesting take because we do have the fastest cash conversion cycle out of anybody in real estate. It's one of the benefits of being a wholesaler. I honestly think the reason why the majority of wholesalers die off so quick is because it's the easiest, it's the lowest barrier to entry to getting into real estate. And there's probably the least amount of training, solid, good training out there in the marketplace. And there's a lot of people that want to get into it because they think I don't need money, I don't need skills, all I have to do is just go lock up contracts and sell them. And then when they realize that it's not that simple, then you do need money, you do need skill sets. There's actual systems that are needed to be able to scale this operation, then they run away from it. The other thing is entrepreneurship is hard. And like just being a because you're a wholesaler doesn't mean that it's any different than any other business that you start. Most people are not cut out to be an entrepreneur. And so when you actually get into this and decide that, hey, you've got to keep swiping the card to get leads and continue running these systems and not chase shiny objects and not listen to this person on the internet that says, hey, I shouldn't wholesale, I should do novations, oh, I should be doing creative finance, I should be buying everything sub two. Fuck, you know, equity. I could get negative cash flow on this deal because it's a tax write-off. There's wild stuff said on the internet. I think that's really what causes wholesalers to sit there and just crumble and say this wasn't meant for me.

Car Wash Riches And The Math

SPEAKER_03 8:06

I actually made seven um uh trillion dollars because my gas station is still snapped inside and had a car with my gas two car watch. And it's just seven x dad instead of a hundred car watches. Why not five hundred thousand car watches and make a quadrillion dollars in your pocket in the four corners and you put it in? Boom, I walk in the room. I get four car watches and put it in my pocket. 10x dash did a bazillion dollars every second. Billy's too good and too easy to be true. Why get as many car washes as possible? Why not 10x dasch did and get 500,000 car watches and make a big uh bazillion dollars every second? Well, when do you know how to do this is if you get my course? Because there's no other way to know how to do this except you get my course, and you can get as many car washes combined with gas stations, and then you can get all the money in the world. Take it to hedge fund and it'd be like my course.

SPEAKER_07 9:12

I'm sorry. What did what did I just watch?

SPEAKER_05 9:16

I I've gotta go back to million dollars on a hundred car washes. I'm making five hundred five hundred million dollars on fifty car washes five hundred million dollars on a hundred car washes.

SPEAKER_08 9:31

Listen, sometimes, man, you end up you end up on a podcast and you say some math. And it ain't mathing. Alright, so we're gonna do some math here. Alright. Let's say the car washes are open 10 hours a day. Okay, so 10 hours. We've got times 60 minutes, that's 600 minutes, right? And then say they do one car wash every single minute of every single day that they're open. Okay? You're gonna do is there's 600 minutes times twenty dollars, that's twelve thousand. Then you're gonna times that by 365, 4.38 million, and then you're gonna times that by 100. That's 438 million dollars. With no rain days, no refunds, zero minutes where a car does not go through, nothing. Just a hundred machines, ten hours a day, three hundred and sixty-five days a year, constantly with cars that I'm giving twenty dollars every single minute, every single day of the year. It's four hundred and thirty-eight million. That does not include the cost of the building, the land, water, soap, labor, shit, nothing. He's making $500 million. I got some things I gotta learn from Mr. Morby. I got his cell phone number. I gotta call him and be like, how do you get water for free? How'd you get land? Like, the machines for free. I got a buddy that he's the dad of a hockey player on my son's hockey team. He owns two car washes. And I'll tell you, it's like all the time. He's got his phone in his hand. He's got this little app, and he's doing stuff like this. I'm like, hey Josh, what you doing, man? He's like, oh, car wash.

SPEAKER_05 11:48

It's malfunctioning right now. It's broken. Fixing it. Is Pace doing that?

SPEAKER_08 11:57

He got a little worker bee doing it. I'm sure he's got a hundred managers doing it, right? They get paid. I don't know. When we say we make five hundred million dollars with a hundred car washes, I'm like this guy. Why not have a thousand? Why not have ten thousand? Why not subtwo create and finance all that shit? Just own all the car washes in the world. Five hundred million dollars? Like, bro, Pace Morby is gonna be the next Elon Musk with car washes. I know Pace. I I have like I've touched him, I've smelt him. Like, okay, and I I have touched and smelt the next Elon Musk with car washes and peace sign hats. Like, I love you, Pace, but that was some wild shit, bro. $500 million on some car washes? You gotta send me the math on this. Send me some PLs. You gotta you gotta tell because clearly I'm doing the wrong thing. I ain't even sniffing $500 million, nothing over here with this wholesale and bullshit. We gotta get into some car washes. Cleaning some bird poop with the free soap and the water and the real estate and all the shit that you get for free with it. We gotta do it.

Wrap Up And Viewer Callouts

SPEAKER_08 13:25

Alright, that's our episode of the King Closer Reacts. I'm questioning my existence over here. I don't know what I'm doing. I thought I was doing good, and all I had to do was just get car washes. Fuck me. That's what I learned today in the King Closed Reacts. I hope you learn something different because I don't think that we're gonna make $500 million for car washes. But let me know what you think in the comments. Regardless, show me some love. Like today's video. We'll see you guys tomorrow.