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The Titanium Vault hosted by RJ Bates III
RJ Bates III, affectionately referred to as the Viking Wizard by his students, started his real estate investing career in 2014 after attending a real estate education program that put him $65,000 in debt. RJ contracted his first deal he found on the MLS and wholesaled it for a $7,500 assignment fee. That was the end of his former life and the beginning of his venture into becoming a real estate investor. Since that moment, RJ has become an influential figurehead in the real estate investing industry. He has successfully purchased and sold over 2,000 properties all across the USA including wholesale deals, rehabs, rentals, owner finances and short term rentals. One of his passions is being the host of The Titanium Vault Podcast where he interviews the top real estate investors and finally, RJ has won back to back Closers Olympics earning him the reputation as the King Closer!
The Titanium Vault hosted by RJ Bates III
Wholesalers...We Have a Problem
Wholesalers, We have a problem...
It's us...WE ARE THE PROBLEM!!!
We continuously give ourselves self-inflicted wounds and it is time we make a change!
I have identified three specific ways that we hurt ourselves, as an industry.
Wholesalers, let's change our perception starting today!
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#RealEstateInvesting #WholesalingHouses #RJBatesIII #KingCloser
So, wholesalers, we have a problem and, to be honest with you, it's self-induced, it's well-earned and I've broken it down into three different categories and I'm going to give a solution to those categories and hopefully this can be the beginning stages of us resolving this problem that we have, resolving this problem that we have. But let's start off with number one, and again, like I said, these are self-induced problems that we have. But number one is our perception to the industry as a whole. I mean it's not good. I mean, when you talk to realtors, flippers, landlords, filters, flippers, landlords, title companies, everyone else outside of wholesalers, the perception of wholesalers is not good and, to be honest with you, a lot of it has to do with the tactics that we have chosen to use inside of our business that, quite frankly, we don't need to be doing. It doesn't lead to more success. So what do I mean by this? Well, it's all the scammy stuff that takes place in our industry, like the fake finance departments, the fake underwriters, filing memos on every single property, lying to sellers and gouging sellers when it's unnecessary. All of these things are not necessary for a wholesaler to succeed, yet it's regularly taught inside of our industry that that's what we're supposed to be doing. So this is a call out one to our leaders Like, hey, if we want this to be a sustainable industry, let's resolve this. Let's not teach this as like the way that we need to be doing business. There are repercussions for the actions that we take as an industry and we're starting to see that with these wholesale regulations come down with realtors like NAR and local governments requiring wholesalers to be licensed, requiring there to be a wholesale license in places like Philadelphia, outlawing the assignment.
Speaker 1:This is like a call for action against us and, quite frankly, you look at it from the outside and you go well, we kind of earned that. I mean, it's not good, but there's a lot of negative stuff that we do that, quite frankly, is just completely unnecessary. So for me, when I look at it and I go all right, the closer formula doesn't require us to do the line to the sellers with the fake underwriter or the finance department. Okay, so we can eliminate that. We have never been well, actually, quite frankly, I did cannot remember a time that we filed a memorandum on a property. I know that we've done it, but I think it's very few and far between, maybe like less than 10 all time.
Speaker 1:But I do know that multiple closings for extremely motivated sellers that need to sell their property. Their property has been tied up to a memorandum, has been tied up to memorandum and it was due to the wholesaler not being able to perform not the actual tool of the memorandum, which is to protect and bind that contract and protect the wholesaler for being circumvented by the seller going to another buyer. That happens all of the time and I've seen homeowners almost lose their property because they could not sell the property because of a memorandum. That's a huge problem. And then just overall, the line to the sellers and I got called an equity pirate the other day on my YouTube channel and it's like that's not what we do. It's not what I do, but the perception of a wholesaler is. But in reality we should be focused on being a problem solver for motivated sellers. We should be providing value to the sellers and the end buyers, the flippers, the landlords, these title companies. They should look at us wholesalers as beneficial to their long-term stability as a business.
Speaker 1:But yet that's not the perception. So it's our responsibility at this point to change that perception. And how do we do that? With good business practices, holding ourselves to a code of ethics and Jerry Norton has been big about putting together a wholesale organization to kind of represent us and lobby against these regulations in the wholesale industry. But quite frankly, it doesn't matter if we're not holding ourselves accountable to a code of ethics, if we're not doing the right things, if we continue to lie to sellers, if we continue to just file memorandums on every property that we get on a contract so we can get paid later on, if we're lying to the seller saying that we have a finance department when you're a sole openurer, we're just not ever holding ourselves to a higher standard and the perception will never change.
Speaker 1:So that's number one. Number two is the lack of a work ethic on gaining skills. Okay, so what I mean by this is is you see regularly that people want this secret sauce on how to comp and underwrite, like I want a, I want an easy formula where it's like hey, just take the Zillow, the Redfin and the realtorcom estimated value and just lot that up at 50% of those numbers and then that's where the deal should be. Well, that's not a skill. You're not becoming a real estate expert lacking the skill of how to have a conversation with a seller and really identify whether or not we are their best solution. Again, this goes back to number one our perception.
Speaker 1:We're getting called by things like equity pirates and we're not taking care of our sellers. Well, how do you take care of them? You gain skill sets. You get better at what you're doing. You get better at identifying which sellers have the motivation to sell the property at the price that we need for it to be a deal for our end buyer. We get better at running the numbers and comping and underwriting and truly being able to identify this is a deal where an end buyer buys. So we're not wasting the seller's time, so we're not having this high turnover and contract to close termination rate. Right, we don't want to do that. That's not good for the sellers, it's not good for our teams. It's not good for the sellers, it's not good for our teams, it's not good for the title companies. All of this costs money, time, energy, resources. It's just horrible when we lock deals up incorrectly. So, gain the skill set.
Speaker 1:Well, this industry, to me, lacks in this area, because the information exists all across the internet. Now some of it's behind a paywall and you have to pay for it and a lot of it is for free. Quite frankly, we give a ton of that information out where you can start developing those skill sets for free, and every single one of my videos down in the description we have a free download. It's called the Titanium Toolkit. That you can download for free and it's over 100 pages of information to help you know what systems that we're using, what markets we do deals in, what title companies we're using, how to talk to sellers, how to generate these leads, how to comp and underwrite and how to dispo deals. That's for free and that's just a PDF. Now each one of those also comes with a video where we explain that, break it down, and then we have live videos where we actually show you in practice how we're using those, because it's a skill set that we've developed over time. So you're not going to get that skill set just from reading a PDF. You're not even going to get that skill set just from watching a video. You have to take practice on it, take action and get better, just like anything else.
Speaker 1:When I started my health and fitness journey back in February, some of the moves that I was doing back then were a struggle and they're easy today. Why? Because I've continuously put in those reps. So now here we are, six months later. It's a lot easier for me to do it. It's the same for wholesalers, but a lot of newer wholesalers are lacking that work ethic and they're not putting in those reps. They're not even putting in the reps to gain the free information that's available. I mean, how many of you right now are lacking a skill set that I just discussed, whether it's lead generation, talking to sellers, company and underwriting dispo, and you've never even downloaded some of the free resources that I give you? If you haven't downloaded the titanium toolkit, do it now, because it's going to help you develop that skill set. And then the other thing is is with as much free information that exists nowadays on you to be able to develop these skill sets? There's a ton of programs out there where you can pay to get your hand held and taught how to do it, like we have at Titanium University where we have daily calls where if you ever have a question about anything that's going on inside of your business, we will help you along the way.
Speaker 1:A ton of people don't want to invest in themselves. They don't want to invest in themselves to get good at being a wholesaler. That, to me, is a massive problem and it feeds into why the perception of wholesalers is poor. Because they're saying dude, you don't have any skills, you just came into a low barrier to entry industry, started taking action, didn't try to get good at this, you're not trying to get better, you're just hoping that some shit sticks on the wall and you get paid for it. So, in order for us to change that perception, not only do we need to do the right thing, but we need to get a better work ethic on gaining skill sets.
Speaker 1:Okay, so that's number two. Okay, so number one is our perception. We need to change that perception. Number two is we need a better work ethic on gaining skills.
Speaker 1:And number three, of all the industries that I've ever been in, this industry wholesaling, real estate has such a high acceptance our willingness to accept loss. Like, for whatever reason, wholesalers are completely okay with taking an L and just being like. That's just part of what we do. Like it's okay that I have a 40% contract to close ratio. No, it's not. Every single time you terminate a deal you need to look at that and say what did I learn from this loss? How do we not repeat that again and again inside of our business, because there's so many people that are negatively impacted by your loss. It's not only you, but it's also the title company, the seller, the person that we're supposed to be helping along the way the seller it's probably impacted the most negatively. And again this goes back to with better skills, you'll have fewer and further between the losses. And then what happens? When we have less losses and we gain those skills, the perception of wholesalers would change. So all three of these kind of blend together where we need to understand like the perception of wholesalers is really not good and, quite frankly, we earn that poor perception every single day. This is why it is our problem and it's our problem to solve right now, because we're under attack.
Speaker 1:People are attacking our industry and saying they provide no value. You should take offense to that. You should take offense to the fact that people will say what you do for a career provides no value and, quite frankly, you need to look at it and say am I doing things the right way? Am I lying to people or am I telling them the truth when I get on the phone? Am I only trying to lock up deals that are actual deals or am I trying to manufacture deals? Have I lacked the work ethic to actually gain a skillset on lead generation, talking to sellers competent underwriting dispositions, or am I just hoping that I throw some shit against the wall and it sticks? And are you really accepting repeated losses in your business and saying I don't care that I just terminated that seller's deal, I don't care that I locked up a pre-foreclosure and then terminated two weeks later and put them in either a worse position, because, if so, you're feeding the poor perception that we have as an industry, and shame on you for doing that.
Speaker 1:We have to get better. Now is the time, more than any other time in the past decade that I've seen, that we have to get together and say enough is enough. Let's change the perception of who we are and show that we provide value inside of the marketplace, because otherwise it's just going to continue to get worse, it's going to continue to come down on us and people are going to continue to say that wholesalers are bad for the market, they're bad for sellers and they're bad for real estate in general, and I don't want that to be the case. Because I don't believe it, because I know that what we do here at Titanium is not that we provide value. We don't lie to sellers, we don't file memorandums on every single property just to protect ourselves, because that's the story that we tell ourselves, but it's not the truth. Okay, so change that inside of your business and let's change the perception in this industry Now. Again, if you want to know how to do this, I don't think there's a better place to learn how to do that than titanium university.
Speaker 1:This isn't a pitch on titanium university. I talk about it regularly because I believe in what we provide, and you can talk to anyone that's inside of Titanium University and they say we stand by what we say every single day. We stand on not lying to sellers, doing things the right way, being transparent, being yourself, not having to lie to them. Don't file memorandums, don't lie and make up stories. Gain skill sets every single day, get better at comping and underwriting, get better at dispositions. We provide you the resources to do that and you put in those reps and over the course of time, you'll look back and say holy cow, look how much better I am now, six months later, than I was when I got started at Titanium University, and because of that, you will have less losses and you will not be willing to accept those losses in your business anymore. So if you're interested in learning about titanium university, go to titanium youcom.
Speaker 1:We just opened up for the fab five class. I'm excited about that class coming in. But listen, guys, we have a problem. It's our responsibilities. It's our responsibility to end that, change this perception that we are equity pirates, that we are bad for this market, that we're bad for this environment, because it's not the case. I know that we can change that, but it starts with each and every one of us. Let's get to it. We'll see you guys tomorrow.