$1,000,000 A Month For ONLY 8 Hrs Of Work? | King Closer Reacts

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Transcript

Opening And The Wholesaling Label Fight

SPEAKER_02 0:05

What's going on, everybody? Welcome to the King Closer Reacts. I am the King Closer RJ Bates the third, and today we're gonna watch a bunch of wild shit off the internet and let me roast it. Let's get into the first video.

SPEAKER_05 0:18

Well, another thing that I want to also add is like so many people get started into real estate because they want to be a real estate investor, and then YouTube or whatever book or something leads them down to the path of wholesaling. You don't have to wholesale to get started in real estate investing. But a lot of people are like, hey, I want to get started in real estate, so I'm gonna start wholesaling. Wholesaling is not real estate investing. The reason why I'm bringing this up is because you have to understand what wholesaling truly is. Well, it's a business, but it's a marketing business. It's a leads business. It's not a business of I'm gonna buy used furniture and sell the furniture. This is a sales and marketing business. So you have to figure out how do I attract leads, how do I co-call leads. So it's either you're attracting leads somehow, whether you're doing direct mail, PVC, whatever, some inbound, you're doing bandit signs, you know, that say we buy houses cash, or you're out hunting for deals all day. I tell that to people to truly understand what wholesaling is.

SPEAKER_02 1:13

All right. Well, for the one millionth time, someone on the internet decided that they felt it necessary to say wholesalers are not real estate investors. So hopefully this time it gets through. I am here to represent all real estate wholesalers. We absolutely do not identify as real estate investors. There you go. Did that make y'all feel better? Are you happy right now? I'm not a real estate investor. I mean, I have because I actually have flipped houses and owned rentals and Airbnbs and done seller finance and wraps and sub two and novations and multifamily and literally everything you could possibly do with a real estate transaction, but I'm not a real estate investor because I wholesale. So I'm not a real estate investor. I am a wholesaler now. I have a hedgehog concept and it is nationwide virtual wholesaling. And yes, we do have to do lead generation, which I think you also have to do that when you're a real estate investor. Because if I'm gonna flip, I still have to find the house. And the way that I find the house is I have to do lead generation. So does that mean a real estate investor is also a marketing company? And when you buy houses to flip or be a landlord or seller finance or Airbnb or own apartments or any real estate investing thing, you do also have to buy the house. So you have to have negotiation tactics. So does that also mean that it falls under the fact that you're a sales and marketing company if you're a real estate investor? I don't know because I'm not one. I don't identify as one. I would not want to offend any of the investors, but it sounds like we're pretty similar. Just our exit strategy is a little bit different, right? Because I'm just flipping paper and you're flipping bricks and mortar. I don't know. I forgot because I'm not one. Hopefully that fixed it and we can stop making these reels.

SPEAKER_00 3:22

How much money do wholesalers make? So the average wholesale fee for me last year was about $49,000 with all of them totaled together. I've just found the average. Some as little as seven grand, like this one. This was my smallest fee I've ever done. Uh I actually did one for five grand, but uh I didn't have a photo of that, so I just put the seven grand one. And then I uh I've done one for $95,000, this one here, and then another one for $90,000. So the $90,000 ones, these six-figure deals are rare, but they do happen. Um, but then these small ones, like $5,000, $7,000, these also do happen as well. But you're usually gonna land in the you know $30,000 to $50,000 range for your average assignment fee in Canada just because our housing prices are way higher. You know, if you hear about wholesaling estates, they're looking at like five to

What Assignment Fees Really Look Like

SPEAKER_00 4:12

like $20,000 fees usually because their housing prices are so much lower. As for here, we're talking like $500,000 plus uh houses that were wholesaling, and we're usually making 10% of these houses, so we're making way more than the American wholesalers usually would.

SPEAKER_02 4:27

That was wild up until he was like, I'm from Canada. Um, then it made a lot more sense. Uh although I do have to point out that was some some wanky or janky, it was some janky math there. Okay, shout out to Jordan. Um my lowest fee ever is $7,000. Well, I did a $5,000 one. Here's $90,000, six figures. We're like $10,000 short, but whatever. I mean, I get his point. Um the other part of that is is I I mean, don't hold me to this, but I feel like the Canadian dollar is like a little bit worthless. So $90,000 isn't quite like making $90,000 in the States. It's still a lot higher. An average assignment via $49,000 is is crazy. I don't think we're gonna see that anywhere in the United States outside of maybe areas like DC. I've heard some people doing that back in like 2017 through 2020 and places maybe like LA and Seattle, but majority of the United States, yeah, we're gonna be coming in around 15,000.

Cold Call Mistakes And Clickbait

SPEAKER_04 5:43

Wholesalers are stupid. I just got a call on a property that I actually own that's on the market, and it is a FISBO. And this guy calls me and he goes, Hey, calling about your property. Uh, is it is it still for sale? I go, you know what, brother? It actually just sold last week. And then this man just starts stuttering. Uh uh, it it sold? Yep, it it sold. Uh, okay, well, thanks. Are you joking? You spent the whole day on the phone, you finally got a client on the phone, and you just let him go. I am actually an investor. I own other properties. I also own pretty shitty properties that I'm trying to get rid of. What he should have done is asked them, hey, I don't see a mark sold on Zill yet or the MLS. When did you sell it? How did the transaction go? What got you into the buying that property? Hey, by the way, do you own any other properties that you might consider selling? And said he just gave up because he's a loser. He doesn't care, he doesn't want it enough. And I'm so tired of you wholesalers being weak. It's time to pick up the phone, it's trying to take advantage of every single seller. I want them to want to hang up on me after I'm done talking to them. Get as much info as you can. Because that guy did miss a big opportunity because we do own a bunch of properties. But instead, he's just gonna be an uncomfortable loser. Follow me for more wholesaling value.

SPEAKER_02 6:52

Follow you for more wholesaling value? You just said we're all stupid. I'm not stupid. I'm not that guy. Why'd you call me stupid? That's crazy. See, I'm gonna say you're stupid because of your video, not because somebody else's video. I'm calling you stupid because you called me stupid. See how stupid this is? This is the kind of shit that drives me insane. I get it. Wholesalers can have a bad rap. But so can in buyers, so can landlords, so can literally every industry out there. Realtors, are there good realtors? Absolutely. Are there really bad ones that we talk about all the time on here? Yes. But why come after all wholesalers because this guy didn't do a good job on that phone call? Because it's clickbaity, it gets you to watch, right? And well, sometimes accidentally it gets you on King Closer Reacts, and then I have to yell at you and call you stupid. Because you're trying to attract wholesalers, you're saying follow me for more advice on how to be a good wholesaler. But this doesn't make us want to follow you. That's probably why you don't have any followers. Just give the advice. Say, hey, this guy gave up on a massive opportunity to connect with me. Maybe I can be an in-buyer, maybe he can buy one of my other properties, lead us, show us. That's appreciated. But when you attack, it's wild sauce. Like there's no need to come after it. And you don't see wholesalers attacking these other people, you don't see wholesalers coming out and saying, flippers are stupid, they're morons. No, because there are clients. And if there are wholesalers out there that are doing that, please send me their videos so I can also roast them and tell them stop doing that on King Closer Reacts.

The Fake Guru Pitch Gets Dangerous

SPEAKER_02 8:49

All right, so the next two videos, I've actually seen bits and pieces of these because it's kind of been all over my feed the past couple of days, and it's gonna be of the same person. I'm gonna separate them, but there's gonna be a little portion of it that shows the same video. But this is this is insane what I'm about to show you guys. And so I wanted to show both of these because I want to address literally everything that he says as best as I can possibly remember, because there's a lot of wild claims thrown out here. So let's just start with the first one and then we'll pick up with the second one after I give my take on this first one.

SPEAKER_01 9:27

I do real estate wholesaling, so I own a real estate wholesale business and also mentor others on how to do it.

SPEAKER_03 9:32

And how much money do you make for your real estate wholesaling?

SPEAKER_01 9:34

I average around 500K to a million a month, depending on the deal flow.

SPEAKER_03 9:37

Per month?

SPEAKER_01 9:38

Yes, per month.

SPEAKER_03 9:39

Well, and on average, how many deals do you close per month?

SPEAKER_01 9:41

Around 100 uh homes or so. I usually sell them in packages of five. Um, so I kind of give portfolios for wholesaling.

SPEAKER_03 9:47

Well, and how'd you get into wholesaling? Tell us a story.

SPEAKER_01 9:49

So I was in law school to be a real estate attorney. Um, realized you don't make that much money, you're working crazy long hours. So I started my real estate business while I was in law school and ended up dropping out after the first year and just deciding to go all in on business.

SPEAKER_03 10:01

Uh for those who don't know what exactly is real estate wholesaling?

SPEAKER_01 10:03

So basically you get a home under contract, and rather than buying it, you find another buyer to take over the contract, and then say the home's 100k, you find a buyer for 120k, you make 20k profit, flipping the contract.

SPEAKER_03 10:13

So you don't you don't have to use any of your own money out of pocket?

SPEAKER_01 10:16

No, it's straight profit, zero down.

SPEAKER_03 10:17

Oh, and how are you finding these deals? Where are you going?

SPEAKER_01 10:20

So I used to look on like Zillow, Redfin, stuff like that, and I realized that's not how you're gonna make money. Um, now I have contractors send them to me, real estate agents, property managers, lenders, they basically all just send them to me.

SPEAKER_03 10:31

And what do you love most about real estate wholesaling?

SPEAKER_01 10:33

Um, it's not crazy hard work. I'm not working long hours, I work one to two hours a week, probably. So it's honestly just fun to me.

SPEAKER_03 10:39

Uh if someone watches wants to get into the industry and do what you do, how do they get started?

SPEAKER_01 10:42

So I teach people how to do it. Um, you can really do it on your own if you want to put in the time, but there's a lot of guest work. Um, you can honestly just go on Zillow, low ball homeowners, um, find some properties all look in decent condition, get them under contract, and then post on Facebook to find a buyer.

unknown 10:55

I do a real estate wholesale.

SPEAKER_02 10:58

Oh, and we wonder why wholesalers get a bad name. I mean, because we've got people like this. So this guy says he's making a million dollars a month, so $12 million a year, working two hours a day or a week. What do you say? A week, two hours a week, and he's got contractors, real estate agents, property managers sending him properties in good condition, and he's getting them under contract and just flipping the contract. Well, that's the basics of what we're doing, but no lead generation, just 100% referral base. He used to find them on Zillow, but then at the end he says, Yeah, I teach people how to do this. You just go on to Zillow, you just lowball the shit out of homeowners, get them under contract, and then post on Facebook for dispositions. This is why the previous guy said wholesalers are stupid because of stuff like this. People see these videos and they go, This is how wholesaling is being taught, right? This is why regulations are coming down, where we need to be transparent about what we're doing. And in some states, like Kentucky, they're saying, hey, you can't even assign, you can't even advertise your equitable interest in a contract anymore without being a licensed agent because of this messaging right here. This is wild that we would go out and just say, Yeah, low ball the shit out of homeowners. So I thought that was bad enough, but then it gets even worse with the second video.

SPEAKER_03 12:34

And how much money do you make for your real estate wholesaling?

SPEAKER_01 12:36

I average around 500k to a million a month.

SPEAKER_03 12:38

And what do you love most about real estate wholesaling?

SPEAKER_01 12:40

Um, it's not crazy hard work. I'm not working long hours, I work one to two hours a week, probably. Let's say I'm scrolling on a website like Zillow looking for homes.

SPEAKER_02 12:53

Newer appliances, newer roofs. This is what he's looking for as a wholesaler on Zillow. Which, mind you, he says he doesn't even do this anymore, but this is his method that he's teaching you. You go find homes with newer roofs, newer appliances on Zillow.

SPEAKER_01 13:10

Newer floors, newer HVAC, stuff like that. That's what I look for. And here's another aspect of this that makes this the perfect time to get into. Nearly half of all homes in America were built before 1980. And it normally takes around 50 years for each home in America to need new appliances and newer HVAC. 2026 now. And most homes either need new appliances like that.

SPEAKER_02 13:29

50 years for a home to need newer appliances and newer HVAC. I don't know how many homes this guy has owned, but brother, appliances and HVACs ain't lasting 50 years. That is wild, wild.

SPEAKER_01 13:49

Appliances like that are already have them. So once you find homes that have newer roofs, floors, and stuff like that, which are very common to find, on that listing, you'll see the sellers contacted. So you either call them up, text them, whatever it may be, and say something like, Hey, you're obviously trying to sell this home. I can get this deal closed for you within 30 days or less.

SPEAKER_02 14:06

Then since they're already trying to sell this home, I can get this deal closed for you in 30 days or less. And he's saying to contact a homeowner on a listing. So is he saying we're going to FISBO's or is he saying we're actually going to MOS listed properties? Because if you're going to MOS listed properties and you're circumventing the realtor, you don't do that. And you're going to the homeowner and saying, I can get this sold for you in 30 days. That's brokering real estate without a license.

SPEAKER_01 14:41

It makes total sense for them to agree unless you find them a buyer. And you can be the middleman. But always make sure to never ever say that you're a middleman.

SPEAKER_02 14:49

And then this is what we call So you can be the middleman, but don't ever tell the homeowner the truth. You always lie. You're never gonna be the middleman. Just Yep. This is the shit that we have going on as to why we have regulations.

SPEAKER_01 15:06

This is what we call getting a property under contract. And all you have to do is find someone who's willing to buy the home.

SPEAKER_02 15:16

So I don't I've never seen this guy. I've never heard of him. I wish I wouldn't have ever heard of him. I don't know where this information's coming from. I really actually question if he's actually doing deals, and if he is, he must be wholesaling strictly to hedge funds. Because if he believes that you're supposed to go out and get properties in good condition with new roofs, new HVACs, new floors, what is the the benefit that you are bringing to the seller?

Ethics, Compliance, And FTC Risk

SPEAKER_02 15:57

See, if I go out as a wholesaler and I find somebody with a physically distressed property, and then I contract it and I bring it to an in buyer, a flipper, who then rehabs it for a profit, that's a win-win-win for everybody. It's a win for the seller because they needed somebody to buy their physically distressed property. The in buyer needed that physically distressed property to make profit. And then I make money as a wholesaler. That makes sense. But this guy's literally saying go around and just blindly shoot offers or actually contact homeowners on listed properties on Zillow and just lowball them and try to manipulate them into accepting your offer and then disbowing it on Facebook. This is absolutely wild. I could not disagree anymore with this guy's take. And then, even further, the reason why I saw this is because Rich Wanders went out and basically just blasted this guy as being a fraud, showing that this guy's posting settlement statements showing the seller side of the HUD of how much money they're making, because it was very clearly the prorated taxes on the seller side of the settlement statement. Just wild claims. Brother, if this makes it to you, whatever your name is, I don't know what your name is, but whoever you are, if this makes it to you, this is the kind of shit that will get you in trouble with the FTC. Like they will show up, and they that's a claim that you're making that you say one of your students made that much money, and it is clearly fraudulent. Like you could get in serious trouble when you're going out and you're telling people just nonchalantly, you were in law school, you should know how this works. I never went to law school, like, bro, please, for the sake of you and your future and for the industry, stop spewing this shit on the internet. Like, just go out and do legitimate business that follows the rules and regulations, and don't get yourself in trouble with bold claims that are clearly not legitimate.

Final Thoughts And Listener Comments

SPEAKER_02 18:07

So, anyways, that's our episode of the King Closer Reacts. I'll be honest with you, more often than not, I'm kind of like tongue-in-cheek making fun of people. That those two videos right there actually bothers me because I haven't seen that kind of wild shit in our industry being posted on the internet for several years. I thought that whole fake guru thing was was actually kind of fading away, and people still talked about it and were like, oh, you know, the gurus. This is like, man, this is kind of the shit I was seeing in 2016, 2017, where people were just making shit up. So let me know what you guys think in the comments. Regardless, show me some love, like today's video. We'll see you guys tomorrow.