The $55,000 Assignment With Zero Phone Calls

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Transcript

Kentucky Regulation Rant

SPEAKER_00 0:03

Welcome back to Wholesal and Around the World, the 48th episode that we've done of wholesaling around the world, and today is going to be the Kentucky edition, the bluegrass state coming in with a disappointing regulation. I'm just gonna go right to it. This is one of those states that just unfortunately I completely disagree with this type of regulation because it just feels like the realtors, the real estate agents, the associations are just trying to get a money grab. They're not really trying to take care of the citizens, the population, right? This is just everybody needs to become licensed. Oh, okay, because that solves everybody's problems, right? If that was the case, then why weren't all these people that were needing to sell their house fast before foreclosure, before losing it, the physically distressed properties, the super cheap properties, why weren't they already being served by the licensed real estate agents and realtors in Kentucky? But it is what it is. We live and we move

HB62 And The Advertising Loophole

SPEAKER_00 1:18

on. So Kentucky comes in with since 2023, HB62. The law redefines real estate brokerage to include advertising equitable interests in contracts. Only licensed brokers can market such contracts. The legislation seeks to eliminate deceptive advertising and protect consumers from fraudulent practices, which is just wild. Just the whole statement right there. Deceptive advertising and protect consumers from fraudulent practices. Well, what made it a fraudulent practice is this regulation, this law. Okay, it wasn't fraudulent before, um, because you always had the right to assign your equitable interest, which we still do. We just can't advertise the equitable interest because that would be considering brokering real estate. So there's your loophole. You read between the lines there. Just don't do any advertising or marketing of your equitable interest, and you're fine. So you can still assign contracts. They just don't want you going out and broadcasting it to the world and advertising

Why Virtual Volume Dropped

SPEAKER_00 2:40

it. Personally, I don't view this as you know, Kentucky coming down and trying to protect their people at all. Uh, it's very similar to how I felt about Pennsylvania's regulation, Oregon's, uh, Nebraska's, South Carolina's, which we'll get to in a couple of weeks. But this is this is missing the boat. Ohio, perfectly on point. Transparency. They want sellers to know you're taking the rights of individuals from making a choice. And what's happened is like virtual wholesalers like myself that used to do quite a bit of volume in Kentucky, helping serve people inside of your state, we now no longer are doing it as frequently. And so this actually hurts your citizens, which is just a wild thing to think about. So Kentucky comes in as the 25th most populated state in the United States. But going back to 2020 through 2022, Kentucky was a wholesaling hotbed because hedge funds were buying quite a few properties, specifically in Louisville and Lexington, which are the two biggest cities. It's also where the two major universities are: University of Kentucky and Lexington, and then obviously Louisville inside of Louisville, also where the Kentucky or Churchill Downs, where the Kentucky Derby is held. It was a fantastic location for us. In fact, I would have said Louisville at one point in time was probably in my top 10, top 15 favorite cities to wholesale in. And really, the reason why I have put off doing wholesaling around the world inside of Kentucky until the state is because I really don't have a whole lot to say about it in 2026. We don't do a lot of volume, the regulation has really hurt us, and it's just kind of become one of my least favorite states, which is a shame because I really enjoy doing deals at Kentucky because there are sellers there that are motivated that need to sell their house for a discount. And there were always in buyers inside the state of Kentucky that were looking for deals. So this was a fantastic location that now has been negatively impacted for us as a virtual wholesaler. If you're local to Kentucky, I can see how this regulation wouldn't impact you at all. Very simple, just go get license. Pay the associations their money that they wanted. They wanted this money grab, so go do it. And then you abide by the law, so you're not doing anything fraudulent, right? You're giving them what they want. And so I can see how Kentucky would be a fantastic location for local wholesaling. Just virtually, you know, you're just you're putting yourself at risk for someone to come down and say, Oh, you advertised that you you that was that was marketing. That's a fraudulent activity. You're broken, you're brokering real estate.

The Wild Louisville $55K Assignment

SPEAKER_00 5:49

So that being said, I will tell you a story about one of my favorite closes of all time, and it was recorded. I did it all live on YouTube, but it got deleted because YouTube said you showed too much information. It was back in the texting days. And so I went live and I was going to close deals in Kentucky. And so I went on to batch, I pulled my list, I tagged everything, I skip traced it, and then I sent out the mass text messages to all the homeowners. This is one of my favorite closes. It was inside of Louisville, Kentucky. The initial text message said something like, Hey, this is RJ. How are you doing? Seller responded back, Who is this? Hey, this is RJ Bates. I was reaching out to see if you're interested in selling your property at 123 Main Street, whatever the address was. She comes back, she says, 150,000. Okay, tell me a little bit about the property, blah, blah, blah, blah, blah. She says, the price is 150,000. So right there on the live, I picked the phone up and I called my buddy Bo Hollis in Louisville, Kentucky, and I said, Hey, Bo, seller really won't tell me a whole lot about the property, but here's the address, and the price is 150,000. And he said, Lock it up. And I was like, Uh, I mean, we've done deals before, but don't we need to get a little bit more information before we just lock it up? And he said, Nope. I've got a hedge fund that'll buy that right now. He was like, You don't even need to know the condition or anything. And he's like, Nope, the rate of buy, I know that zip code, they're gonna buy it. This is gonna be a banger. All right, went back to the seller. What's your email? I'm sending you a contract for $150,000. She gives me the email, sent it over, immediately signed it. I never spoke to the seller once. It was crazy. Two days later, Bo sends me an assignment. We assigned it for $55,000. Never sold the property, never talked to the homeowner, never nothing. Just $55,000. Two weeks later, close, funded, wire my account. 50-50 split. It was one of the craziest transactions I've ever had because it almost felt like it wasn't real. Like, what is happening right now? Why there's things that we have to do. We have to go get pictures, and the buyer needs to go see it. They never went and saw the property, never went and did anything. Just boom, done. Closing funding. And so I fell in love with Kentucky at that point. I mean, it was like, dude, let's see how many deals we could go do in this zip code. We did a few more. Uh, but but if Kentucky was never high volume for us, it just was a great place to go and sustain our volume in other states. You know, I my goal is always in in these other uh secondary and third market states is to get anywhere between five to 20 deals a year in a place like Kentucky. And we regularly did that. Now, I would say in 2026, we might be lucky to do two or three deals inside the state of Kentucky. So it is what it

Final Take And Listener Questions

SPEAKER_00 9:10

is. The volume's gone down, but I still have good memories, and hopefully at some point in time, they will look at these regulations that they brought down and question whether or not this was truly put in place to help the citizens. Like, is it really in place to help them, or was it just a money grab? So everybody that wants to do wholesaling inside of Kentucky has to go become a licensed realtor and pay all those fees and the continuing education, all that to avoid fraudulent activity and to protect the homeowners. I don't believe that's why it existed. So, for those of you that are doing deals inside of Kentucky, let me know. Do you agree or do you disagree? And how has this regulation impacted you and your wholesaling business? Regardless, show me some love. Like today's video. We got two more wholesale and around the world episodes coming. We got South Carolina and Iowa. And then we're done with this 50 straight weeks of us bringing you updates on whether or not you should virtually wholesale in a state. Kentucky, it's gonna be tough. Probably not the top 40. There you go. We'll see you guys tomorrow.