How You Should NOT Wholesale | The King Closer Reacts

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Transcript

Welcome And The React Format

SPEAKER_01 0:05

What's going on, everybody? 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 off the internet and probably tell you how much I disagree with them. Let's get into the first video.

SPEAKER_04 0:18

Here's exactly how to wholesale real estate step by step. Step one is pick your real estate market. I recommend starting where you're located. Step two, it's gonna be find three to five local and quality cash buyers. Easy way to do this is to go to Google, type in we buy houses fast in your city name, and then you'll see cash buyers in the organic search results. Give them a call, find their buy box, and now find those exact deals that they want. Step three, you gotta find disjust deals on a daily basis. So use redfin.com, use Zillow. You're then going to reach out to these agents that are in charge of these deals. You need to qualify these deals, go report the agent, and see what's actually going on with the property. Now from there, you're gonna actually analyze the property, find the ARP, the repairs, where your desired wholesale fee, and the purchase price. Next step, pull that agent back and do the ask. Actually say, hey, will this offer work? If so, have that agent write the offer, sign it, send it back to this agent. Now all that's left is for the seller to sign the dotted line. Once the seller signs the contract, it is now binding and under contract. You then contact your cash buyers and squeeze out that $10,000, $20,000, $30,000 wholesale fee on this deal. And that's how you wholesale real estate step by step.

Buyers First And MLS Wholesaling

SPEAKER_01 1:20

Well, that's one way that you can wholesale for sure. Um, there's a lot in that that I disagree with. I understand that the dot process and the tactic. And funny enough, a couple weeks ago in King Closer Reacts, somebody else said, Hey, you need to find your buyers first. And I disagreed with it because it's it's not what I do, it's not what I've ever done, it's not what I teach. And that person made an entire YouTube video reacting to it and talking about how well finding your buyers first works. And and listen, I understand the the reasoning behind it because in the past we had to do that. We had to know who our cash buyers were because we didn't have technology that exists. And this thought process right here is trying to teach newer wholesalers how to do direct-to-agent or MLS wholesaling with also reverse wholesaling by finding your buyers first. And the issue with this is that these are actually difficult ways to wholesale by Googling we buy houses, Fort Worth, Texas. Yes, you will have quite a few responses on on Google there of all the in buyers. You're also gonna come across quite a few wholesalers, and so you're gonna spend all this time trying to figure out what the buy box is without really knowing if they're a true end buyer, how they're funding their deals, and are they just going to try to daisy chain you? Then you're gonna try to go find deals off of Redfin and Zillow and going to direct agent and building these relationships. When in reality, what is the benefit for a realtor to work with you on bringing you those deals? And then what's the value that you're bringing to those in buyers if they are even in buyers? So here is my step-by-step way of wanting to leverage where we are in 2026 in virtually wholesaling.

Direct To Seller In 2026

SPEAKER_01 3:26

You go directly to the seller, someone that is motivated, that has already raised their hand and said, I want to sell a house. You can do this through PPL. Speed the lead, lead solo, property leads. Now you know you're having conversations with someone that will accept your offer because they have a house that they want to sell. And at times they're also going to tell you their motivation and the condition of the property before you even buy the lead. So you can literally know this person needs to sell a house, they're in emergency reasons, and they have a physically distressed property in a location that has buyers. So you get the deal. That is what we are monetizing. That's the most important thing. Then you can go find the in buyers and you will know exactly what they buy because the technology on investor base, investor lift, deal speed, prop stream, privy literally tells you exactly what these people are buying, how much they're buying it for, how long they owned it, and what they sold the property for. So I just disagree with this tactic nowadays. I will say, going back to the initial thing he said, pick your local market. Okay. I find that a bit odd because he does such a great job with his SEO and his website that he's built out, that I have now done 49 episodes of wholesaling around the world. And during those, I do research for each state just to make sure that all of the regulations and the laws and the median real estate values and all of this just make sure I have all of that information before I before I record. His website always popped up for every single state. So I know that he believes in the value of virtually wholesaling. I just don't think that this tactic is the best way to get started in wholesaling in 2026.

Software Pitch And Easy Money Claims

SPEAKER_05 5:20

This is how people just like you are making money in real estate without even owning the house. First, they find a property on market, ideally listed for 60 days plus. You can find properties on Zillow, Redfin. I use a software called Wholesale Atlas to find my property. This one's listed for $193,000. After they find the property, they put it on the contract for a price that allows them to cash for at least 15% or more. What if you don't know what to offer? It's all good. You hit cash section eight. The software will tell you to offer $115,800. Check the return for above 15%. Once they put it on the contract for $115, they go and assign that contract for $10,000 more. Assigning just means selling your spot in the contract. Then they take it to title. The buyer wires $125, the seller gets $115, and the wholesaler gets a difference of $10,000. The best part is you don't need any of this, you're just flipping paper. Follow for more tips like this.

Licensing Rules And Realistic Offers

SPEAKER_01 6:06

This is how people just so many things that were not correct in that. On the surface, it feels correct, but let's just start with the last thing that you said there. Um, the best part about this is you don't need a license unless you're in Iowa or Pennsylvania or Nebraska or Oregon or South Carolina, North Carolina. There's a lot of places that you do Illinois if you're doing more than one. There's a lot of regulations, so we can't say that anymore. Like we have to pay attention to the location. If you're doing it in Texas, you're fine. If you're doing it in Florida, you're fine. But there are places out there. Um, also, is this the we're doing deals off of Redfin Zillow episode, Jordan? What is this? I mean, you just went and found the most uh cliche. Like, here's how you wholesale. You just go find a deal listed for 180. I think that's what he said 180, and you just contract it for 115. Because you know, people are just regularly accepting those $65,000 price drops off their asking price without having a conversation. Just it's wild advice. And it yeah, I get it. This is a clickbaity, like you know, you're trying to sell your software, trying to sell probably an education. I just wish in 2026 we would move away from this and tell the aspiring wholesalers the truth, which is you're gonna have to pick the damn phone up and call the sellers. You're gonna have to do some form of lead generation. This is not the way, and and I get it. I every single time I talk about this, there's people that come out of the woodworks and say, I do it and it's worked. But the reality of it is, is that for every one of you, there's 500 of y'all that come to me and say, so and so told me to do direct agent and it didn't work, so and so told me to go scrape redfin and Zillow, and I haven't gotten a deal, and I've been working my ass off for two years. And I go, how about you take a thousand dollars and you go get 700 fizzy leads, and they're the worst freaking leads of all time. You're gonna get your teeth kicked in like 725 times, but there's gonna be 25 of them that are actually solid leads, and then you make money. That's the that's the job that you're signing up for long term. There's no one out there that's doing this red fin Zillow strategy to the masses, it's just wild shit.

Reactivating Dead Leads Without Obsession

SPEAKER_03 8:49

So, this is something interesting because I I I talk to a lot of wholesalers every day. We have a CRM, we have a system, and we ask them, like, how often are you reactivating your database? And what that means, guys, is anyone that's old, cold, dead, ghosting, are you guys putting them in a reactivation or a revival campaign at all throughout the year? Because every dead lead is money that you've spent. Yeah, right? It doesn't matter if you're gonna be able to get it all yeah, you've already spent it. So why would you not be trying to convert them at all times, right? Sellers don't convert on your timeline, so you can't base your emotions on that lead based on if it worked today or not. Sellers, they sell on sell and convert on their timelines, right? Right. So if you're not consistently reactivating your system, you're honestly wasting money that you've already spent that could have a return on investment. Right.

SPEAKER_01 9:38

So this is something interesting because I I okay, so we gotta be careful here because sometimes new wholesalers hear this and they look at their leads and they're like, My precious, and they never want to get rid of them, right? And they're like, this guy who has a CRM uh that I've never heard of said that I need to reactivate my dead leads, and I think there's value there for sure. You know, you could take your dead leads once a quarter, once a month, and send a drip campaign to them, and that's fantastic. You're probably going, depending upon amount how many leads you have, you'll you'll probably get a handful of deals out of that, and that's great, but that's not where the majority of your money is going to be made. However, I find it funny that this guy's like, if you have leads that are dead, that's money that you spent on them. Not according to the first two videos that we watched. You know, the the wholesale educators are telling everybody out there you just go to Zillow and Redfin. So the only thing we're investing there is our sweat, I guess, is what we're investing in it. But this guy, he actually knows what he's talking about from the aspect of you do have to spend money to generate leads. So yeah, reactivate them. It could absolutely bring deals from the dead. And we close deals from six months, 12 months. We even closed one a couple, well, I guess about six months ago at this point, like from three years ago. So it happens, but it's not where the vast majority of your income is going to come from. It's going to come from those fresh leads, making sure that you're appropriately closing. And also your lead generation should be bringing you people that have a timeline of where they want to sell now, not a year from now.

SPEAKER_02 11:29

Connect with some investors, go find motivated sellers. That's all you need to do. And then you just build your little gap in the middle. Boom, you can make 10, 20, 30, 100,000. Connect with some investors.

SPEAKER_01 11:47

That's it. That's all you do. Oh man. He's gotta be I mean, on the surface, he's right. I mean, that is all that we do. Um, there's a lot of nuances that come along with this, and I feel like the longer that I make these types of videos, the more I realize how many nuances there are when I hear the simplification of what wholesaling is. And listen, I've made reels just like that, so I'm not beating this guy up. It is truly going out and finding motivated sellers. I think the key here is understanding that we have to find motivated sellers. When you get them on the bone, why would that person be motivated to sell a piece of real estate for a discount? That's your job, and then you solve it. And as good as you can solve it, that's how much money you make. That's where sometimes you make the 100K, sometimes the majority of the time, it's more like 10 to 15. That's our job.

When Education Becomes A Trap

SPEAKER_00 12:48

I stumble across a video by Jerry Norton about wholesaling real estate, right? Where we could take this piece of paper, get a house under contract at a certain price, sell that piece of paper to an investor at a higher price, you make the spread. And that just melted my brain of like, how is this even legal? How is this legitimate? But I've tried everything else. Like, let me let me research this a little bit further. I started doing some digging on some local Facebook groups, like the Rias and the other like wholesaler spaces, and started to network with people in my area that I could see that were posting off. And I was like, man, hey, reach out just cold message to the which became my first mentors instead. And uh I messed up, like, hey man, you don't know me, but I keep seeing all the stuff about wholesaling and the potential to make less money, and like frankly, I think it's a scamp. Show me a receipt that you made money, and like it took like four or five days for him to respond. He messaged me back, he's like, Oh no, this is this is super real. I just sold the install garner, which is a neighboring town, to us, and I made 20 grand. Your thirsty movie welcome to the club, and I was like, no way, this dude like did it in my backyard. Like, I know this area. Once that happened, I just went full bore on all the education, networking with as many people as possible. Then I quickly found more beach and melt and keep Brent Daniels the whole wholesale hotline, and uh really resonated with pace and his creative strategies because I was I didn't have a ton of money buying properties creatively with no money down sounded like the coolest thing ever. And just his his energy level, his go-giver mentality was like it just really resonated with me.

SPEAKER_01 14:21

That was wild. That was wild. Um, so he found Jerry, and then he found a guy named Ted. Ted showed him that I was real, then he found Pace, Jamil, and Brent. Join Sub 2 because he's got the hat. Has he done a deal? And why would you join sub two if you want to be a wholesaler? He's like wholesaling, totally legit. Ted showed me the receipt. You know what I should go do? I should buy properties creatively, aka not wholesale. What are we talking about? Like, brother, I thought you wanted to be a wholesaler. Why did you decide now that you want to be a landlord or a lender or a flipper or a midterm rental guy or a short-term rental guy or a car wash guy or whatever the fuck else guy they're doing over there? None of it is wholesaling. I'm blown away by this. And why didn't you just go with my boy Jerry? Jerry knows wholesaling. He was the one that showed you look this crazy thing that you thought was a scam. And then you got Ted as a mentor, supposedly. And he said, bye, Ted. Pace. Super charismatic. Go give her. Which is also hilarious. Did you catch that the caption say go get her? Not go give her. I don't know, man. My partner Nick at Tu he says something. He says, Education buyers are going to buy education. They're just gonna do it. Course buyers are gonna buy courses over and over and over again. And I just am really curious. I know that that was like a snippet of a podcast, but did that guy ever pick the phone up and call sellers? Did he ever like try to wholesale them? Or did he really just continue to try to find more and more education? This is like an epidemic inside of our industry where it's just like more education, more education. I will tell you, okay?

The Only Education That Counts

SPEAKER_01 16:45

I spent $65,000 to learn how to wholesale off the MLS and dispo on Craigslist. That's what I learned. From that point on, all I've done is deals. Just deals. Over and over and over again. No more mentors, no more education, no more anything. Just the best education that you can ever get is by picking the phone up, talking to sellers, talking to buyers. Revenue generating activities that actually teach you real life education about what you want to do. There's only so much that we can do as educators to show you this is what wholesaling is, this is what sub two is, this is what astro flipping is, this is what talk to people is. All of the catchphrases that we have, at some point in time, you have to pick the phone up and make the decision. I'm going to do this instead of try to learn about this.

Comment Your Take And Wrap

SPEAKER_01 17:48

Alright, guys, that's our episode of The King Closer Reacts. Let me know did you agree or did you disagree with my takes today? We all know you agreed, but just let me know in the comments. Anyways, all right. Anyways, like today's video. We'll see you guys tomorrow.