REMOVE Your "Assignment Clause"! | Seller Call Film Room

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Transcript

Why The Deal Suddenly Stalls

SPEAKER_00 0:03

Welcome back to seller call films a series where I'm going to show you guys a live seller call, but give you one specific thing to take away. And this is a live seller call from a couple of years ago, where for the first half of the seller call almost everything goes perfect. And it appears, hey, this is going to be a signed contract, everything's great. And then when I'm preparing for the close and to send the seller, the contract assigned, oh, the objection shows up. The objection that could end up costing me the deal. And so I want you guys to really kind of pay attention to how I kind of have to recenter myself and kind of get back into the pocket of not being emotional, not being mentally done with the goal where it's like, oh, she's so ready to sign the contract. We're good. And then all of a sudden, no, I still have to be prepared because this was an objection that she had based on a prior experience with another wholesaler. And you guys know for a fact, if you've been doing this long enough, that hey, a bad experience with another wholesaler can be enough to kill a deal. And so this isn't an objection that we can kind of just flop off and just be like, don't worry about it. I'm different. And so it takes me essentially twice as long as I was anticipating to end up closing this deal than what originally I thought, because hey, we're a good fit, it's a good fit. This is a win-win-win situation. We're going to get the side contract. Boom, the objection shows up. So that's what I want you guys paying attention to. Obviously, you're going to see the closer formula and everything come out, but just pay attention about the 15-minute mark of the seller call is when that objection comes up, and kind of how I have to reset her, refocus, and make sure I get her to a point to where she's ready to proceed. So enjoy this episode of Live Seller Call Film Room. Make sure you like the video, and we'll see you guys tomorrow.

First Contact And Seller Motivation

SPEAKER_00 2:16

That lead was $60.

unknown 2:19

Come on.

SPEAKER_00 2:20

Hi, is Teresa there?

SPEAKER_02 2:22

This is her.

SPEAKER_00 2:23

Hey Teresa, this is RJ Bates calling about your property there on Oak Street. You had uh entered this on my website saying that you're looking to sell. Is that correct?

SPEAKER_02 2:32

Yep.

SPEAKER_00 2:33

Awesome. How much are you looking to get for it?

SPEAKER_02 2:36

55.

SPEAKER_00 2:38

55. All right. Tell me a little bit about what you got going on.

SPEAKER_02 2:43

Um, it's a big garage. I would say what at least three cars, if not one. It's a big garage. Um I've got three-bedroom house. It needs a lot of love. Um it's I don't remember square freeze right there, second. 1100. It's got a shed out back, it's got a um carport on the other side of the house. It's got three-quarters wrap around the ground um porch, step around porch, three-quarters of the way, you know, from one end to the other. But um, we had runners in here, they just scored a lot. I take care of a lot. Just I'm done taking care of it.

unknown 3:31

Okay.

SPEAKER_02 3:32

We live in Texas, so we're wanting to sell it.

SPEAKER_00 3:34

No kidding. What part of Texas? I'm in Fort Worth. Yeah.

SPEAKER_02 3:44

Disney book.

SPEAKER_00 3:45

Yeah. All right. So you said 50. How much were those tenants paying?

SPEAKER_02 3:52

Uh he owes I think he owes forty, forty-five, I think. He still owes on it.

SPEAKER_00 3:58

Oh no, no, no. I'm saying the the tenants, how much were the the tenants paying a month?

SPEAKER_02 4:03

Well, we we only made a pay seven.

SPEAKER_00 4:05

Gotcha.

SPEAKER_02 4:06

We could have got more because the um people that um rent apartments around here just like you know, like a major ton of them in one apartment building. And that's just for an apartment.

SPEAKER_03 4:24

Um, you said it needs uh a lot of love.

SPEAKER_02 4:28

Is is it the roof twenty is old. So you can let a slap one on top of it or cure. I mean, I haven't found any leaky I could do it. I could make some on and off the table. Do some of the storms and all that. But that doesn't mean it's anything. I just haven't found any. I mean, I haven't nothing's late to have that that I saw. But I think that got fixed.

SPEAKER_00 4:58

But like on the inside it needs like cosmetic updates and stuff like that to make it, you know, rent ready.

SPEAKER_02 5:05

They took the they took the stove and the refrigerator. Um yeah, it would need I mean I already did the bathroom and painted the kitchen. I mean I painted the kitchen the bathroom and put a new flooring in it in the kitchen. I painted it and then and um just try to clean things up and keep them, you know, up to car as much as I could. But I know if it was me and I was gonna do more to it, I would just put because I got siding downstairs, not siding, I'm sorry, um, um handling. And it makes the wall look so much better, because this is an old house, you know.

SPEAKER_00 5:43

Right.

SPEAKER_02 5:44

And it's made like an old house. So that's what I would. I mean, it would be so much cheaper and so much easier to put enough paint every time or whatever. I can't whatever. And it makes it look like a hole in the house.

SPEAKER_03 6:08

All right,

Repairs Value And Price Anchors

SPEAKER_03 6:10

let's see here.

SPEAKER_00 6:11

How'd you come up with 55? Not that it's a bad number, I'm just curious.

SPEAKER_02 6:16

Because he owed 45, and since I've been putting a lot of sweat warp in here, I think it's worth at least my my sweat workers worth at least in hell over the last few months.

SPEAKER_00 6:28

He said, I want I want to make some money.

SPEAKER_02 6:32

Exactly. Exactly. And I'm here, I'm not working for video. That's how we came up with it.

SPEAKER_03 6:41

All right.

SPEAKER_00 6:45

Give me just a second here. I we're gonna do some math figure out what I can do here.

SPEAKER_02 6:54

I mean the problem was our runner he just he took he was an easy pushover. And you know, they could get behind and he'd just let 'em, because of what excuse came up with. And then we're we were wrong.

SPEAKER_00 7:12

So once I fix it up, what do you think it's gonna be worth?

SPEAKER_02 7:18

I mean, it has to go from anywhere from eighty thousand to I mean the house across across the three for me. They went in and recutted it and did it all of it, and old pack and all, and they got like a hundred and I don't know two hundred and thirty-five thousand dollars out of it.

SPEAKER_00 7:35

They got two thirty-five?

SPEAKER_02 7:38

Yeah, yeah, it was like an old corn, really cool house, but and it was three. But they put a lot of work into it. Like I said, they gutted the whole thing.

SPEAKER_00 7:51

Was it bigger than yours?

SPEAKER_02 7:54

Well, yeah. Yeah. I thought they should I mean I would say a hundred thousand either. Because the the lot the land that it's on is more it's more than half an acre, and it's it's just like a nice area to be.

SPEAKER_00 8:11

You do have a a big lot, I will say that.

SPEAKER_02 8:15

Yeah. And everybody loves the uh going in. And I've been I went in and cleaned out and got rid of all the weeds. My you know, I had help, and we got rid of real weeds and trees. Yeah, that's the word weed trees. And we just got it the whole thing made it look real. So that's what taken care of.

SPEAKER_00 8:38

So that big white garage at the back side, that that's yours, right?

SPEAKER_02 8:43

Yeah. Yeah, that's one thing. It's a big garage. I mean, it used to be, my understanding is it would be it was a gas station at one time, long a long time ago.

SPEAKER_00 9:01

And it would make it on the mortgage. On the mortgage, um, what what's the monthly payment on the mortgage?

SPEAKER_02 9:14

Um, I think he he has a high interest rate. Um, because when he did it that way back when I think it's I don't I want to say 7,000 seven percent in the interest rate.

SPEAKER_03 9:24

Gotcha.

SPEAKER_00 9:26

Cause there there is a part of me it's like, well, what if I just gave you 10K and I took over the mortgage? Um that could be that could be more beneficial. But if it needs a lot of repairs, not really, because it'd almost be better for me to get a loan that includes the repairs.

SPEAKER_02 9:45

Right.

SPEAKER_00 9:46

Um but I I mean you said it needs a lot of work. I mean, are we talking about like 25,000 or are we talking about like 50,000?

SPEAKER_02 10:00

I would say 25 is that.

SPEAKER_00 10:03

So according to how you do it, I mean you could do a basic or I mean we're talking about I want to get it up to the the neighborhood standards. And when I look at properties that have sold in the area, I mean it's not like they're they're they're not putting super high-end stuff, right? I mean, we're talking about normal tile, normal, you know, stainless the not the lowest end appliance, but stainless steel appliances. You know, normal probably like the the people don't. Yeah, they're gone. But I'm saying I'm gonna have to put appliances in there, right? So that's what I'm talking about, is trying to figure out how much that's gonna cost me. Uh, but I'm not spending anything over the top, you know. I mean, just normal tile, normal floor, normal finishes.

SPEAKER_02 10:50

That's what I do.

SPEAKER_00 10:52

So I'm trying to figure out if that's gonna be a 25, 30, 35, because that that's what matters um on the back side of this.

SPEAKER_02 11:01

Um yeah, I bet you I I get a pretty bigger deal. I get my better deal. I get better.

SPEAKER_03 11:18

There you go. Uh how about this?

SPEAKER_00 11:33

How

Cash Offer And Agreement In Principle

SPEAKER_00 11:34

about how about I buy the cat for cash so that way the mortgage gets paid off? But I'll I'll take care of all of the expenses and everything, and you can walk away with five thousand. So we come in right around fifty.

SPEAKER_02 11:55

How about uh side two minutes?

SPEAKER_00 12:01

Right in the middle, huh?

unknown 12:03

Mm-hmm.

SPEAKER_00 12:04

You know what's funny? There's a book called Never Split the Difference. Have you ever heard of that book?

SPEAKER_02 12:09

No. Well, it technically I'm losing my time.

SPEAKER_00 12:14

Oh, I I know. I was gonna say I always thought the book was kind of funny because it was written by an FBI negotiator, and so it was like, well, yeah, never split the difference because the half the difference was half of a life for him, you know. Uh, but when it comes to this, I mean we're done about $2,500. Um I mean that $2,500. I always say this when I'm the seller, $2,500 means a lot more to me than when I'm the buyer. So I'm okay with that. So let's do the the $52,500. Um I can send you. Let's see here. I could probably let me give you a date. Do you have a lockbox on the property where I'll be able to gain access to see it?

SPEAKER_02 13:05

Right now I'm here at the property.

SPEAKER_00 13:07

I know, but I'm like tomorrow or or Friday. What's that? You're you're there? Okay. Um okay, so we can get out there pretty quickly. Do you have the capability of sending me pictures today?

SPEAKER_02 13:25

Uh-huh.

SPEAKER_00 13:25

Okay, cool.

SPEAKER_02 13:26

Um I kind of there's one room I kind of live in.

SPEAKER_00 13:33

That's fine. Uh uh that's fine.

SPEAKER_02 13:36

It's just got clos my um boxes and stuff closed and stuff like that.

SPEAKER_00 13:41

Why don't we put a closing date of on or before August 9th? That puts us at three weeks.

The Assignment Clause Objection

SPEAKER_02 13:50

Okay, and is your contract not gonna say that you're not gonna try to sell it or um oh what's the word?

SPEAKER_00 13:56

Um assign it.

SPEAKER_02 13:59

Yeah, let them yeah, if like I went through that with my house. Now it was a big loss.

SPEAKER_00 14:06

Well, I'm not gonna lie to you. I do I do wholesale properties.

SPEAKER_02 14:12

Okay. Um I don't care if you do it on the other time, but get it off my side.

SPEAKER_00 14:17

Yeah, I mean, but I can't promise you that I'm not gonna do that with your house because I might get out there and I mean I have I've probably wholesaled, I don't know, 300 properties in Ohio. So I might get out there and be like, I don't want to do this. I've owned properties in Ohio, I've had rentals, I've done flips, and I've done wholesales. I might get out there and say, I don't want to take this on, but if I call my buddy and he's wanting to give me, you know, a couple grand to assign it to him, then I want to be able to do that.

SPEAKER_02 14:51

Yeah, see, I don't want to have to deal with that because if I put you put that in a contract, then it's pretty much up for that. You know.

SPEAKER_00 14:59

Well, it's it's all the same, it's all the same to you. Nothing changes for you.

SPEAKER_02 15:04

But no, it does. It changes the contract, it changes everything, changes the dates.

SPEAKER_00 15:09

No. Well, that's just cause they didn't know what they were doing.

SPEAKER_02 15:15

Well, they know what they didn't do, you know, because they didn't put any allowance into the self to make it on.

SPEAKER_00 15:22

They didn't do what?

SPEAKER_02 15:23

They didn't put an allowance in my contract or their contract to make any money. Oh, well, gave us some just because my trade that is better.

SPEAKER_00 15:34

But Well, I'm not worried about that. I mean, I'm not here to waste my time, you know. I mean, you don't want to waste your time. I don't want to waste my time either. Only way I feed my kids is be able to buy and sell properties.

SPEAKER_02 15:49

If you buy if your buddy wants it, you can buy it the same day.

SPEAKER_03 15:54

Exactly. That's what I'm saying.

SPEAKER_02 15:57

I mean the same day as you like you buy it and you turn around and him buy it. You can probably do it where there's a way. I know there's a way you just do it through.

SPEAKER_00 16:06

Yeah, it's called the double close. I mean, you can do that.

SPEAKER_02 16:10

Yeah.

SPEAKER_00 16:12

But I mean nothing changes for you. Well, it does because then I put it in there that it's a lot that you can do that, and that can it just it's never worked out for me how that's worked out for me fantastically, over like 2,500 times.

SPEAKER_02 16:31

I know. But it doesn't I've had it, I had five of them at my house. And I all I did was get I mean, they just the last day they say, Oh, we're not doing it. So Yeah.

SPEAKER_00 16:43

Well it worked. I mean, how do you want me to br you just want me to take the assignment clause out of the contract?

SPEAKER_02 16:52

Yeah. Yeah, it's not put put you're not gonna put it up in the MLL, whatever it is.

SPEAKER_00 16:59

No, I d I don't do that goofiness.

SPEAKER_02 17:02

So that's what that wasn't my biggest the last time that somebody tried to buy it here. I said, nope. I said they didn't have me sign the contract. I said right there's your legality. I said it's not a legal contract. I'm the wife and they don't any in Ohio do you have gallery rights.

SPEAKER_00 17:21

Basically, yeah, so I I don't plan on listing your property on the MLS. I don't plan on doing that. I I don't do that, but I'm not gonna say I I I won't wholesale the property because that is one of my exit strategies. That is one of the things that I do to make money.

SPEAKER_02 17:47

So if that's a problem, then contract, I want the closing date, I want it to go through, you know, not like well.

SPEAKER_00 17:57

That's what I'm saying. I'm saying the closing date is August 9th, and I want it to go through too, because that's how I make money.

SPEAKER_02 18:08

Mm-hmm. Never understood why they don't have to do a double closing.

SPEAKER_00 18:14

Well, most of the time it's because people don't know how to do it or they don't have the ability to do it.

SPEAKER_02 18:22

So easy. But the turn said.

SPEAKER_00 18:27

I mean, but realistically, um, all that does is uh cost me money. I mean, it doesn't, nothing changes for you. I mean, if I if I were to do an assignment or a double close, literally you wouldn't know the difference and nothing would happen different for you.

SPEAKER_02 18:50

Right, exactly. And I know there's a double, it's not double cost though. It is a double close, but it's not double cost.

SPEAKER_00 18:58

Well, that's not necessarily true. Sometimes uh they will make you take out title insurance on the initial close. Um, and there's also certain title companies that will not allow a pass-through of those funds, and they will require either me to fund it or use transactional funding on it. Um, so there are there can be expenses that come along with. Normally it's gonna normally it'll run it somewhere in the range of one to one and a half percent.

SPEAKER_02 19:31

I don't know. But I mean that's what we're looking for, just get it done. Don't have to stick around on what you know, which people, and then they don't have the same contract because you wouldn't have the same contract. You know, and then it starts all over.

SPEAKER_00 19:47

Well, Teresa, let me ask you a question. Do I sound like the kind of person that likes to dick around?

SPEAKER_02 19:53

Well, that's what I thought with the guy that I thought we'll hired for my house and he dicked around. He dicked around.

SPEAKER_00 20:00

He didn't sound like me.

SPEAKER_02 20:02

Huh?

SPEAKER_00 20:03

He didn't sound like me.

SPEAKER_02 20:06

Uh he sounded pretty self self-assured of himself, I can tell you that.

SPEAKER_00 20:11

Yeah.

SPEAKER_02 20:13

I mean how many times have we been doing this?

SPEAKER_00 20:15

I've been doing this for uh ten years. I've uh I've done over 2,500 transactions in all 50 states. I've been on TV, I've got a podcast for the past seven years.

SPEAKER_02 20:31

I've got a TV.

SPEAKER_00 20:34

I was on AE's zombie house flipping, December 3rd, 2023, 2022.

SPEAKER_02 20:40

2022.

Editing Terms And Securing Signatures

SPEAKER_00 20:42

I I flipped a cellar house. I flipped a cat shit house.

SPEAKER_02 20:48

A what chit?

SPEAKER_00 20:50

A cat shit. It was literally it was l it was literally the house was full of cat shit.

SPEAKER_02 20:56

Nice.

SPEAKER_00 20:57

It was not nice. I got actually physically ill from it. It was it was all it was one of the worst things of all time. They were like, hey, can you go stand in that kitchen again and uh and say it this way? We didn't like how you said it. And I'm like, it's cuz I'm standing in the middle of cat shit and pissed, bro. That's why. Oh, it was horrible.

SPEAKER_02 21:18

If all the croppers out, well, the one in the um kitchen, not the kitchen, I'm sorry, the um front room, and it was full of dog shit. Okay, so I know all about that. And then left three big cat boxes full. So I know all about this now.

SPEAKER_00 21:34

I love it. All right, your email is uh two green. All right, and it is this this property is listed in both yours and your husband's name, is that correct? No, no, j just Kevin?

SPEAKER_02 21:52

But um he's not ever gonna sign another contract without me looking at it.

SPEAKER_00 21:57

Okay, so I'll send it directly to K to you, but It'll be under Kevin's name.

unknown 22:02

Right.

SPEAKER_02 22:02

Uh now I want you to put my name on there because I have to sign it because I have dial rewrites.

SPEAKER_00 22:07

Okay, so send it. So, but on the name, I'm gonna put Kevin Masters. Is that okay?

SPEAKER_02 22:14

Right.

unknown 22:14

Okay.

SPEAKER_02 22:15

And then you put down at the very bottom, put a line, put my name. The very bottom. That's all I have to be.

SPEAKER_03 22:22

Okay.

SPEAKER_02 22:22

I signed up by the contract. And he works night, so it'll be hitting this getting your construction up there. He's building, he's on 99.

SPEAKER_00 22:33

Okay, so when I put your name, what do I say next to it?

SPEAKER_02 22:37

Just wife.

SPEAKER_00 22:39

Okay. So Kevin Masters, wife, Teresa Masters. Okay. What do you want me to take out of my contract? Because I it's I can delete anything. You just don't want it to say that I can assign the contract. That's it?

SPEAKER_02 22:54

And then I well, I don't know. I don't know what it says. That's the thing.

SPEAKER_00 22:58

I mean, it says I'm gonna buy the property for what we agreed to? 50 52.5. 52.5 on August 9th, and we're gonna close that whatever title, it's like Fire Land title or something like that. Or actually, no, we'll do Empora. We'll do Empora title. Um, and then we're abiding by the laws of Ohio, and it has on there that I have the rights to uh assign the contract if I want.

SPEAKER_02 23:27

I thought you were taking that out.

SPEAKER_00 23:29

Well, that's what I'm saying. Do you want me to take that out?

SPEAKER_02 23:32

Yep.

SPEAKER_00 23:35

I love how you're sticking to it.

SPEAKER_02 23:38

Yep. Because I've been through it.

SPEAKER_00 23:40

I mean, but deep down, you know it doesn't actually matter, right?

SPEAKER_02 23:45

Well, it kind of does. It's a good one to court. Because deep down, you can sign any contract you want. But they do. You know.

SPEAKER_00 23:58

I mean, all I'm saying is is all you're doing is if I decide to wholesale this, you're costing me like five hundred dollars. That's like that's like a round of groceries in this economy.

SPEAKER_02 24:15

If you don't have anything nowhere to cook, you you you do eat a lot cheaper.

SPEAKER_00 24:20

Uh you don't have an 11-year-old boy, I don't think. Eleven-year-old boy eats a lot of groceries.

SPEAKER_02 24:28

Yeah, we don't have older brothers.

SPEAKER_00 24:30

There you go. All right. I'm gonna I'm gonna get this sent out to you. I'll take that out. Um, anything else that I I need to to worry about before I send the contract to you?

SPEAKER_02 24:39

I don't um not putting it not advertising to put it out there, I guess.

SPEAKER_00 24:43

Well uh I don't have anything on there that says I will put it on the MOS, but I've Well a lot of them do. Yeah, I don't have any of that bullshit. Um when would you be able to sign this bike?

SPEAKER_02 24:55

Well, I don't know. I have to get a hold of him. I mean Iowa, I'll read it, tell him what it's on there, and then I'll have to send it to him, let him kind of read it. And I mean I could do it by midnight because he's working night.

SPEAKER_00 25:10

Well, what I'm saying, if I give you until tomorrow, because what I put on there is is that the contract is null avoid if it's not signed by a certain date.

SPEAKER_02 25:18

So tomorrow then.

SPEAKER_03 25:19

Do tomorrow.

SPEAKER_00 25:20

Okay. All right. I'm gonna I'm gonna get this written up. I'll get it sent to you. Uh if you got any questions, you can call us number back. My name's RJ Bates. And uh, yeah, if you get bored tonight, look us up. Zombie House Flipping, December 3rd, 2022. You'll see a strikingly handsome man with an amazing beard. That's me.

SPEAKER_02 25:48

Oh, okay. I know what man looked like with beards. Okay.

SPEAKER_00 25:50

Yeah. All right. I appreciate you, Teresa.

SPEAKER_02 25:54

All right.

SPEAKER_00 25:55

All right, bye-bye.

Quick Wrap And Final Note

SPEAKER_00 26:01

Hey, shocker. That was the tenth dial.