Can Ai Close Deals? | King Closer Reacts

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Transcript

Welcome And How We React

SPEAKER_06 0:05

What's going on, everybody? Welcome to the King Closer Reacts. I'm the King Closer RJ Base III, and this is the series where I'm gonna watch probably some crazy ass videos, disagree with them, and then uh ask you guys to comment below and tell me what you think. So make sure as we're going along, you leave me some comments on if you agree or disagree with my takes.

Lowball Offer Sparks Seller Rage

SPEAKER_06 0:25

Let's get into the first video.

SPEAKER_05 0:27

Because $20,000, you might as well just bend me over my porch out here and fuck me, honestly. Because that's that's ridiculous. Yeah. Because you're saying in terms of $50,000, you can pay $50,000, fix this house, and then turn around and sell it for $500,000. So there's a there is no way in hell because I've got beach access less than a quarter mile away from the house. It's intercoastal the other direction. So there's no way in hell, no way in hell walk out of this house for $20,000.

SPEAKER_04 1:03

Okay. Well, there's no reason to get mad. Like I said, I didn't see how uh far it was from intercoastal right here. I was just looking at one picture of the house and then going off of the repairs you talked about like it was a normal. I didn't realize how close it was to the ocean and everything. See, and like I said, I totally understand. Like I said, I talk to a lot of people every day. I understand you kind of getting a little frustrated about the number. I was just trying to get an idea based on condition and stuff. So I wasn't thinking about it in in terms of uh the whole picture.

SPEAKER_05 1:30

Yeah, well I guess it's fifty thousand dollars, you know, and this house to be this house to be brand new.

SPEAKER_04 1:37

Um okay, about fifty thousand. Make a note of that. Yeah, I think you're pretty much on point as far as if you were doing the floors and then we did the landscape and then, like you said, updated some stuff. I think you're probably in the right ballpark in terms of the right ballpark.

The Closure Formula Explained

SPEAKER_06 1:57

Well, we know this guy is not using the closure formula because we would never make that offer without already discussing how much the seller thinks the house would be worth, how much repairs are needed, and then what their asking price is. This is the reason why the closure formula exists the way that it does. I want to know what the seller wants for the property. And then how did they come up with that number? More often than not, these properties are physically distressed and they're aware of that. And so they know that it needs repairs to achieve maximum property value. And so we want to ask them, what do you think that is? Because if we're doing a mathematical equation, shouldn't the seller be doing the same thing? Well, here's the problem: they don't. They don't know how to do the math, but we're the real estate professionals, so we educate them along the way. Now, he does a good job of agreeing with the seller that it needs $50,000 in repairs, but we should have already had that before the seller went off on us and said, Oh, hell no, I'd burn this bitch down before I sold it for $20,000. So the way that that conversation was navigated and the fact that there was this low ball offer made, that's what causes this emotional reaction. And we want to try to avoid that at all costs.

SPEAKER_02 3:15

I was just actually seeing if you ever wondered how much you could get for your property here. Of course I wanted that. Yeah, okay. Well, that's good. So it sounds like you've been thinking about selling. Do you think if you if you were to sell, like, let's say you got the right price for it? Do you think you'd sell uh in like six months or like six years?

SPEAKER_05 3:32

Oh no, if I got the right price, probably three months.

SPEAKER_02 3:36

Okay, right on, cool. You moving out of town or staying local? Probably out of town. Nice, yeah, down south somewhere or something. What's that?

SPEAKER_03 3:44

Near Children.

SPEAKER_02 3:45

Oh, near your kids? Oh, okay.

SPEAKER_03 3:47

Of course they're all over the freaking country, have to decide which child to go near, but that's another trauma.

SPEAKER_02 3:51

Are they really? They're scattered all over. Well, I'm curious, Dubai, are they like a business in business or how they end up out there? That's interesting.

SPEAKER_03 4:05

Dubai sounds too much.

SPEAKER_02 4:08

Uh so well it sounds like you got lots of options on where you're gonna move. How would you say the condition of the house is like what's that? Okay.

SPEAKER_06 4:17

It's a bed, it's four bedrooms, a bath and a half.

SPEAKER_02 4:21

That's nice.

SPEAKER_06 4:22

Yeah.

Why Door Knocking Feels Awkward

SPEAKER_06 4:23

Man, I cannot think anything worse than going around and door knocking to try to buy someone's house. Um, I I get why some people feel like they're in a position that they have to do this to try to generate leads for cheap, but man, just how awkward that conversation was. I mean, he's trying to build a rapport, but just her body language, like she's leaning on the door, she she clearly doesn't want to let him in, but she is kind of interested. I mean, I'm just comparing that to if we were to call that person and have this conversation, uh, or even do lead generation through when because they are motivated, they will see things like PPC ads, Facebook ads that allow them to come to us. Um, how much better our flow of conversation is. Um, he was really kind of struggling. Even the the question of how would you say the condition of the property is when he's standing outside of it, um, it's just so uncomfortable because in reality, what he really wants to be like is can I just see inside? Um, how much do you want? What's the right price? How much do you need to be able to go move? These are all the questions that I am a hundred percent confident asking when I'm on the phone with the seller, yet there it's just an awkward, there's no trust. It it just feels like you're uh you're not trustworthy that you don't have the money to actually properly have this conversation because you're knocking on the door. Um, I just I don't like it. Um, I don't like it when anybody knocks on my door. In fact, it just it puts me off so much that normally I become a different person. And so maybe that's my own personality, but I would never want to do that for lead generation in my wholesaling

The $40K Novation Paper Mistake

SPEAKER_06 6:15

business.

SPEAKER_01 6:15

This one piece of paper cost me $40,000. So I wanted to share with you guys the one mistake that can literally destroy a new wholesaler's business. So I was working on a deal that we were Novating. Um, and for those of you who do not know what that is, it's when we sell a wholesale deal on the MLS, which goes to Zillow, Redfin, all that good stuff that you stay on your computer all the time when you look up house. So I've been working on this deal for about 40 days. I was stoked. It was a $40,000 check. We had already had it sold. So I basically felt like I had already made the money. Everything was going super smooth uh until the last day of closing. The attorney that was working on the file completely stopped responding to us. We were sending text messages, emails, phone calls. We literally could not get a hold of a single person that was working on this deal. So after 24 hours of not being able to get a hold of anybody, we thought we'd check online, and that is when we saw that the house had actually been sold. Honestly, frustrated isn't even a good term to use. I was mostly just disappointed and sad by how much work I had put into this deal to get absolutely nothing. So it turns out I did not get what's called a Novation indemnification agreement signed. And this is what that expensive piece of paper looks like, which is the actual document that protects our fee as the wholesaler. And when the attorney working on the file realized that, he decided to cut us out. So don't do what I did and make sure all of your paperwork is good when Yes.

SPEAKER_06 7:32

If you are a wholesaler and you want to do something else besides wholesaling light ovations, because that's not wholesaling, you need to understand what the fuck you're doing. Including all of the fucking paperwork, or you will be fucked. Hence why I tell people don't just go do a novation because you saw someone online say, you know what happens when you lock a property up too high or the lead wants close to retail? Well, you just do what's called a novation and you list it on the MLS and it goes on Zillow and Redfin and Realtor.com and you get all the money. Yeah. Do you do you not need to know what the fuck you're doing? Did you did you not need the paperwork? This is what happens. You go out there and you make an ass of yourself. So this is why I tell people if you want to be a wholesaler, be a wholesaler. If you want to learn novations, go learn novations. But you need to understand what you're getting yourself into. Also, why in the world would a seller screw you over like that if you were helping the seller out? Just I don't have sellers do that to me. I think there's a reason why. Probably because I'm gonna assume there was a lack of transparency here. Maybe, maybe we were, we put them in a protection program. Maybe we were just asking for reasonable access. I'm sure you guys know what I'm talking about, right? Like these little catchphrases. He probably never told the seller that he was doing a novation. I don't know this guy. Maybe he did. Maybe he was transparent and he just actually got fucked over because he was ignorant. Or maybe he lied, didn't know what he was doing, didn't do the right paperwork, and then when the seller found out that they had been lied to, and that this guy was about to walk away with a $40,000 check and wasn't transparent about it, they said, hmm, well, dumbass, we're gonna go take our 40 grand now.

Bad Marketing And Empty Value

SPEAKER_00 9:45

I can't believe I'm making this video, but honestly, you guys should not start wholesaling real estate. The first reason, it'll ruin your perspective of money. Because when I was in school growing up, I thought getting a six-figure job was the top. Now, that's an average month. The second reason is because you'll have way too much time on your hands. When you work virtually, you can practically be anywhere in the world and still work. And the third reason why you shouldn't start wholesaling real estate is because your network will increase from the bottom to the top. You'll meet so many high-level people that you might not know what to do with everyone. Now I warned you. But if you're still interested in starting to wholesale real estate, shoot me a DM. I'll tell you.

SPEAKER_06 10:27

It's just so bad. It's so bad. Just I I know he thought he was being funny, but the delivery was so bad, and then the lack of energy, and even like some of the punchlines, like your network will go from here to here. You won't even know what to do with all these people. Like, what the what are we doing, man? Like, I don't know. I'm sure I've made videos out there where I look like a dumbass too, but golly, I I think I would like record that and then Jordan would edit it or Pat would edit it and then send it to me, and I'd watch it and be like, hmm, I don't know, man. This doesn't feel good. Like, I don't know if I want to put this out there. I just why why not just bring some value? Maybe try

AI Closers And The Steve Trang Rant

SPEAKER_06 11:15

that.

SPEAKER_03 11:15

The team asked me the craziest question today. Now that we have an AI closer that can buy a house over the phone, are we getting back into wholesale? Ian and I, we built this AI. It can literally schedule the appointment, run the appointment, go through pain, discovery, negotiations, literally buy a house over the phone. So I don't know, should we do it? I have no idea.

SPEAKER_06 11:35

Ah. Okay. So Trang and Lang, he sucked so bad at wholesaling that he retired from wholesaling and then went out and created an AI bot that could close because we all know that Steve Trang was never a closer. He could never close. And so now he thinks because he has an AI bot that at some point in time has successfully closed, that he should get back into wholesaling. Steve, you understand that that's only 50% of wholesaling, right? You still have to be a problem solver on transaction coordination. You still have to be able to dispo. You weren't good at that either. Did you create an AI bot for that too? Also, let's go back to the fact that the reason why half the country now has wholesale regulations is because of your sorry ass. Like you started the war on wholesaling. Do you remember that, Trang Lang? And then you went and retired, right? You thought you were gonna be a professional podcaster, but you put everyone to sleep. So that didn't work out. And then you went and found some boring ass white guy that was smart enough to make an AI bot that you go out and you promote with your fucking fake followers, and now you're gonna get back into wholesaling, buddy. You your AI bot still can't close because you trained it. Just because it got lucky on one, it talked to the most motivated seller of all time to need to sell a $5,000 shitbox in Jackson, Mississippi, does not mean you should get back into wholesaling. You still suck, buddy. I love you, Steve, but just go find something else to

Final Thoughts And Audience Callout

SPEAKER_06 13:14

do, man. Alright, guys, that's our episode of the King Closer Reacts. Let me know. Should Steve get back into wholesaling? Should we kick his ass a little bit more? Obviously, the first decade he was in, it wasn't it wasn't bad enough. Come on back, Steve. Get your ass kicked one more time. Let me know what you think in the comments. Regardless, show me some love. Like today's video. We'll see you guys tomorrow.