Bad Wholesaling Advice? King Closer Reacts

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Transcript

Welcome And The Reacts Setup

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 this is the series where I'm gonna watch some videos off the internet and probably disagree with them. Let's get into the first one.

SPEAKER_01 0:17

There's

AI Tool Promises One-Call Offers

SPEAKER_01 0:18

no need to have like two or three phone calls just to qualify one lead for a wholesale deal. Let's just fix that now. Let's just use this property I found off of Zillow. And then we need to go to Prop error and we're gonna press underwrite new property. Once I do that, paste in the address of the property, property type for this one. Obviously, it's a single family. You have to hardly fill in anything yourself. You can just press auto fill property details and we'll list out everything you need. As well as the ARV, we can do an AI estimate. Let's just do a one mile radius for comparables and press generate, and it should be good. Amazing, high confidence score. So all these properties here are actually comparable to this one right here. Let's say you're on the phone with the seller, all you need to do is press auto fill with notes and type in exactly what they're saying as far as what repairs are needed for the property. Once you do that and press analyze and fill, all that's needed will pop up. For example, let's just say they needed new floors and a new water heater. Boom. Let's just go ahead and calculate the offer. Done. Minimum offer is 302,000, maximum is 328,000. Breaks down all the calculations and we're good to go.

SPEAKER_02 1:18

Okay,

Why Investor Judgment Still Matters

SPEAKER_02 1:19

so as technology advances, there's going to be more and more softwares that come out like this that auto-calculate offers. The only issue with this is you're taking away the human element of actually thinking like an investor and understanding why a buyer would buy that property and how they're going to profit off of it. See, in this scenario, he's saying, and I understand it was an example, it needs new floors, it needs a new hot water heater. But what if they didn't do new floors and they didn't replace the hot water heater? How much could that property sell for? Would it be more profitable? A wholetail? What if that's what the end buyer wanted to do? This is that human element where as we are discussing things with the sellers, we as the investor are navigating the conversation and we're toggling the numbers between what we refer to as after repair value to current market value, the amount of repairs, and then the amount of profit that would be necessary for our end buyer to be able to buy that, as well as our assignment fee as a wholesaler. And so we're those are the numbers that we're toggling to decide what we are going to offer. The other part with this kind of software is your conversation is going to be heavily based on condition. You're going to be asking them all of the questions about the amount of repairs that are needed, what needs to be done, the floors, the hot water heater, the kitchen, the cabinets, the countertops, the appliances. You're going to have to go through this bullet point list. And what does that get you away from? It gets you away from talking about the seller's motivation, gets you away from talking about the seller's needs. And what ends up happening there is you're not having a quality conversation because you're not really solution-oriented to what the seller needs. You're just solely focused on what you need as the wholesaler or the end buyer. And so I get that technology advances are fantastic for us, but don't rely on it so much that it takes your skills and your thought process to a bad place.

SPEAKER_05 3:33

I done

Squatters And Cash For Keys Risk

SPEAKER_05 3:34

dealt with it so much we kind of already know what to do. I'd had to pay squatters to leave myself out of the pocket just to close. You see what I'm saying? So, and shit. Might be squatters still in here, man. I don't even know. But I'm gonna pull up the hood on this one and see exactly how much I actually made off of this one. But yeah, wholesaling ain't always sweet, man.

SPEAKER_02 4:04

Okay, so he's talking about giving cash for keys to squatters to get them out so he could wholesale the deal. One of the issues that you have is when you start pulling money out of your own pocket to front it to get a deal, the closing is well, did the squatters even leave? And did somebody else come? I always, anytime I hear about squatters, I always think about the two five plexes that I own in Anchorage, Alaska. That when I went up to Anchorage to see all of the properties that I owned up there, you know, we went to the flip that was on the market first. Oh, it looked great. Oh man, we're so good. And then let's pull up to the two five plexes. You know, the 10 units that we own, we're gonna be big bad baller landlords. And we opened the door, and no joke, 25 plus people just came spewing out like cockroaches out into our front yard. And man, the amount of drugs and just I mean, it was basically modern-day Sodom and Gomorrah in there. I mean, it was wild what was taking place inside of our unit, and we were like, y'all gotta get out of here, and they're like, Okay. Like, what are you gonna do? So we boarded up the entire place. That didn't matter. Boards got ripped down, called the Anchorage police. They're like, sorry, we can't help you. It was just either I'm gonna move to Anchorage and I'm gonna deal with this, or we're just gonna have to sell the property for a loss, and that's what we ended up doing. Squatters are a problem, and it's it's one of the main issues with owning real estate, owning that liability. This is one of the liabilities that you can take. That's why I love wholesaling. This guy probably wholesaling in an area that's not so great, and he's trying to navigate those waters for his landlords and for his end buyers. It's part of the game.

Cold Calling Pressure And Clarity

SPEAKER_03 6:03

Takeisha, yep. I'm buying properties in the area.

SPEAKER_06 6:06

I'm not interested there.

SPEAKER_03 6:08

You said you're not interested in selling it for cash?

SPEAKER_06 6:10

I'm not.

SPEAKER_03 6:11

Okay. Do you know anybody in the area that may be interested in selling?

SPEAKER_06 6:16

If I knew, I would probably purchase it myself.

SPEAKER_03 6:18

How many properties you buy in a month?

SPEAKER_06 6:21

Listen, I'm not interested. Okay, just leave lose my number. Well, am I interested?

SPEAKER_03 6:25

My thing is we can help each other out, Takisha. If you if you buy properties just like I am in Jacksonville, then we might as well rebuild the city together. I ain't trying to be hostile or nothing like that. I'm just saying if you invest and I invest, then I might have something that you like if you actually buying like that.

SPEAKER_06 6:41

All the property I have is in my family's name. So I'm not interested in getting rid of it.

SPEAKER_03 6:47

So what about the new ones that you were talking about purchasing? Are you looking for fixing flips or do y'all buy stuff that's turn key?

SPEAKER_06 6:55

Um, we have everything that we own is in our family's name. I don't have anything outside of what you said.

unknown 7:03

Yep, I'm buying properties.

SPEAKER_02 7:06

He was trying. Uh, I have to give him credits. He was pretty smooth there on that call. That's cold calling for you. I mean, it's such a brutal existence to have to deal with that over and over and over again every single day, where people are questioning, and quite frankly, she just didn't understand what he was saying. He's like, Listen, I want to wholesale you some properties. The only advice that I would give him is like, hey, man, be a little bit more direct about what you're trying to say. Not, hey, man, we're both trying to rebuild Jacksonville together and maybe we can help each other out. He should have just been frank. Like, listen, I'm a wholesaler. I could wholesale you properties, I can bring you more valuable deals that would be with a fantastic spread. That's the only thing that I give them there. But man, that just that gives me cold shivers and reminds me why I never want to go back to cold calling.

Systems And Follow-Up Claim

SPEAKER_00 8:00

Most wholesalers stay stuck doing one deal every few months for one reason. I've done over 600 wholesale deals, and eventually I realized this isn't just a side hustle, it's a real business. A lot of wholesalers never scale because they have no systems. Everything lives in their head. No CRM, no follow-up process, no organization. So leads fall through the cracks. And here's the crazy part. Most deals don't happen on the first call. They happen after weeks and sometimes months of follow-up. That's why systems matter. You need a CRM, follow-up reminders, organized notes, a process for every lead. Because the wholesalers that make the most money are usually the ones who follow up the best. The money isn't in the marketing, it's in the follow-up. If you want to learn how to systemize your wholesaling business, join my weekly newsletter.

Closing Skill Versus Endless Follow-Up

unknown 8:45

Wow.

SPEAKER_02 8:46

Man, that that definitely felt like uh an ad for wholesaling back in 2016. That's what it felt like. It's not that I disagree with what he's saying. Like you do need a CRM, you do need to follow up, you need to obviously track your notes. But the the narrative that we spin that, hey, not the majority of deals don't happen on the initial call. I really wish we could move away from this and and start coming to grips with that means you're just not a good closer. The good example of this is just from this past Tuesday, Jerry Norton and I, and I think Jerry and myself have a pretty good reputation in the industry of knowing what we're talking about in wholesaling, right? You would probably agree with that. We had 50 leads from Red Panda leads. From there, we got four signed contracts, so that was 46 no's. Now, some of those were no answers. So inside of our serum, of course, those would move to called no answered, and we would have to continue to follow up with those. But there were several that we came to grips with we're not a good fit, we're not the right solution for you guys. Those moved to dead. Now, out of those, there was probably each of us had two leads that we spoke to, and they needed to speak to their wife, and they needed a follow-up call. And so when you look at all of the 50 leads as a sample size, out of that, only four of the 50 really needed follow-up. Where the majority of them just needed us to get in contact with the seller, and then the other ones were signed contracts, and that is how your business really should be running on a daily basis. The majority of your leads are going to be not contacted, and then you need to come to a conclusion of know with whoever you do get in touch with that you're not a good solution. Sign the contracts, and then a very small percentage turns into long-term follow-up.

SPEAKER_04 10:56

Would

Would You Rather Be Rich

SPEAKER_04 10:57

you rather be rich or would you rather be right? Rich people are always wrong, they're never right, and that's why they're rich. Because all they do is fail over and over and over and over again, and they fail their way into wealth. Because sometimes, too, is like being right is wrong. Oh my gosh. People get stuck up in their own ways and they skit stuck. Then they never they never change. Ever change. So would you rather be rich or would you rather be right?

SPEAKER_02 11:28

Man,

The Cost Of Losing Focus

SPEAKER_02 11:29

I feel like that one guy that was down at the bottom that he said, you know, I can't remember what goofy shit you just said. I don't even think he believed it. I think even he was like, Yeah, you gotta be wrong to be right. Or something like that. Man. Sometimes we just get in front of the camera and we just say things, and then we realize it really didn't come out the way that it was formulating in my mind. I mean, I guess I hear what he's saying, like, yeah, in order to get successful, you have to be okay failing. But it's also kind of teaching people to strive for failure, which you shouldn't be. One of the things that I regret in my career the most is that when I found wholesaling, I was right using his language. I wasn't wrong, I didn't fail first, I actually succeeded first. Where I went wrong was when I decided to do more than just wholesaling. When I decided that I needed to expand my business to multiple different exit strategies and create four to five different businesses inside of one, I should have just been okay as the owner of titanium investments being a wholesaler and taking that to the next level instead of saying what takes us to the next level is adding a strategy. No, that was because we weren't taking our time. So that's where I was wrong. And that didn't benefit me. That's why I talk about the hedgehog concept all the time. It's why I talk about this failure. It wasn't good, it wasn't a good lesson for me to learn. I lost, I lost a ton of money. I hurt a lot of people along the way. This wasn't myself included. I mean, it was miserable. I just talked about Anchorage, Alaska. I mean, I would have loved to have gone to Anchorage, Alaska to go enjoy it, but I didn't enjoy it. I had to sleep on an air mattress inside of one of our flips for two weeks to try to get it ready to go on market. I had to deal with 25 different squatters in a property. I had to find ways to get rid of properties up there that were losses. This wasn't what made me rich. This is what held me back from being rich for all those years. So you can be right, and you don't need to strive to fail just because of videos like that. Alright,

Final Take And Audience Prompt

SPEAKER_02 14:01

guys, that's our episode of The King Closer Reacts. Let me know. Did you guys disagree or did you agree with my takes today? Well, we know you agreed, but let me know in the comments, anyways. Regardless, show me some love. Like today's video. We'll see you guys tomorrow.