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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. He has won back to back Closers Olympics earning him the reputation as the King Closer! Finally, RJ and Cassi DeHaas, his partner, have started their education platform called Titanium University.
The Titanium Vault hosted by RJ Bates III
Is Elijah Rubin A Closer? | The King Closer Reacts
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Real Estate Investor Analyzes Fire-Damaged Property
Speaker 1All right guys. On today's the King Closer Reacts, we're going to be checking out Elijah Rubin, three-time contestant in the Closers Olympics, most notably finishing second in the original the 2020 Closers Olympics. This is off of his YouTube channel. He went live for quite a while. We're picking it up an hour and 46 minutes in. I haven't seen any of this call. This call was actually given to me by my team. He said it was a pretty decent call. I'm looking forward to this. See what Mr Rubin's got cooking here on this call.
Speaker 2Hello hello, hey, how's it going? Rashaun rashaun, this is elijah here. Uh, you filled out a form online a couple days ago with regards to selling your property in new york. Oh yeah, you're still looking to sell this one selling your property
Speaker 1in New York. Oh, yeah, you still looking to sell this one. Yes, sir, perfect. So first things I want to point out about Elijah is he's a master at building rapport with sellers and you almost see it with his introduction right there. You know, hey, how you doing. It was hilarious because the seller's even like, hey, how are you doing? Immediately, he just has that ability, that voice, the tonality. Everything that he does there immediately builds that rapport. I will take note as you see streaming down there at the bottom he's got the go to closersolympicscom for the ticket. So this is actually him live right before the 2023 closers olympics.
Speaker 1Um and it sounds like he's talking about you fill out a form. So I'm assuming this is either a lead zolo or speed lead lead um. So an inbound ppl lead that he had here. So this is him getting those reps for the closers olympics. So let's, let's pick it up. See where he it. You know, hey, he's hit the validation of. Hey, you want to sell the property, right? Yep, want to sell the property still. So love him where we are so far, even though we're just very early on. Sometimes, you know, you can stumble out of the box. He's done a really good job here of already kind of where he's at in this call.
Speaker 2Perfecto, perfecto. You got home, or what did I catch you doing over there?
Speaker 3what did I catch?
Speaker 2you doing gotcha, okay? Well, sean, I want to be super clear and upfront about it. A real estate, I am a real estate investor, so we don't pay retail for properties. At the same time, I'm super realistic. I don't expect you just to give away the property. If we could get a number that works for you, works for me, great, we move forward. If not, we simply part as friends okay.
Speaker 1So I've heard Elijah use this line for a while now. It's a very unique strategy to kind of hit it right out of the gates by saying, hey, I'm a real estate investor. Then of course he's got his little line there If we can come to an agreement, we can do a deal. If not, we'll part as friends. I'd like to talk to Elijah about it and understand more of his thought process behind it. It's a weird way to establish a phone call. I would assume he has reasoning behind it. I don't quite understand it, just because it's not what I do. So of course I'm not going to try to understand and put words or thoughts into Elijah's mind here. Elijah is known to be a good closer, so I'm sure there's a reasoning behind it. It's just a very unique strategy, in my opinion, to start off where it's like hey, I want to buy your house at a discount, that's what I hear. Right, I need you to sell your house at a discount. If we can't agree, then we'll just part as friends.
Speaker 2unique strategy I don't see very many people use it either okay and so tell me what's going on with this property well, I basically have a fire damage property.
Speaker 3That's the reason why I'm trying to get rid of it. It's fire damage. Yeah, it is, that's my specialty. Would you believe that? Fire damage?
Speaker 2property. That's the reason why I'm trying to get rid of it Is fire damage. Yeah, it is. That's my specialty. Would you believe that You're talking to the leading fire damage expert in the country? Wow, good for you, my friend. Laws of Attraction brought me to you. All right, continue, tell me about it.
Speaker 1Good for you. Good for you that you have a fire damage property. This is a unique situation for Elijah. He is the fire damage king, so this is a great lead for him to come across to see if he's going to be able to kind of navigate all the different ways that he could get paid on this type of a lead, so a cool one for us to break down here on. The King Cl. Closure reacts um, again, elijah has a very unique personality. Um, even like right there asking, uh, what do you got going on with this property? Uh, kind of pushed him in the direction of talking about, like you know, condition is what I think majority of people are probably going to jump into. And then that's where we're hey, we're at the fire damage part. So this should be an interesting conversation. You can almost see the joy in Elijah's eyes right there Got it.
Speaker 3Well, the fire department said I think it's around roughly 40% or 45% damage. It's a three-family triplex five bedrooms, three baths, basement. The roofing is about three years old. 2,300 square feet. Pretty much everything is up to date until the fire. I just don't. It's a good house, stronger, solid house. I just don't have the time or patience to re-generate it at the moment, so that's why I'm trying to get rid of it, got it so I love seeing elijah taking a lot of action there.
Speaker 1You see, he's analyzing the deal. He's. He's looking around, he's looking at comps. You hear the clicks on the mouse. Uh, a lot of actions there. I love seeing closers when they can analyze the deals right there, um and I hope he utilizes that later on, uh, when we get into the negotiation phase and we start talking about numbers and stuff like that the fact that he is an expert on this right, he's the fire damage king, he's looking at the numbers, he's analyzing the deal. I hope he sticks in that pocket and really leverages that later on in the conversation.
Speaker 2How long ago did you get it? Did you pick it up?
Speaker 3I've been having it up almost two years now.
Speaker 2All right, you passed Capital Games at least, right, yeah, so you had it for a couple years and did you buy it this way, or did it end up catching fire once you bought it?
Speaker 3No, no, I bought it.
Speaker 2Oh yeah.
Speaker 3It ended up catching fire after I bought it, but I bought it. Oh yeah, in the kitchen probably after I bought it, but I bought it at around. It was valued around 60 when I bought it.
Speaker 2Uh-huh.
Speaker 3The work that I put into it, it jumped up to about 118.
Speaker 2Uh-huh.
Speaker 3Then it's fire.
Speaker 2so oh, frustrating, huh, yeah, okay, and as far as the property, it says it's under Wesley Sherwood, is that you?
Speaker 3No, no, no, I'm Ray Sean Thompson. I guess they didn't have the data yet.
Speaker 2Really, because a couple years later you'd think they would have that done by. But sometimes they don't, sometimes they don't, sometimes they don't, sometimes they don't. I get it.
Speaker 1So I like him validating that. Hey, I'm talking to the owner, right, and he is right, sometimes the records don't get updated or maybe if he's looking on like a prop stream or batch or something like that, it's just not updated on their side. One thing that I've always noticed about Elijah is and like a small little critique that I would have for him is sometimes he gets a little bit lazy with his responses to people because he might be thinking about something, and I think this is something that everybody struggles with a little bit. Right, you're busy looking at comps, you're looking at who the owner is and what the mortgage balance is and all these different things, and the seller tells you something and like, right there, you know, he was kind of like, hmm, yeah, it's tough, you know, it was just I didn't hear the empathy as much as as probably was needed, right, the seller basically told you, you know, he bought a property for 60. He put money into it, the value bumped up to 118. And then it caught fire. You know, maybe a little bit more attention to detail right there in that moment.
Speaker 1Now my he's, he's approaching the two hour mark of being live, um, and talking to sellers. So it's easy to kind of. This is why I always talk about like sprint sessions when you're on the phone, like I go for two hours and then I'm gonna decompress. So I never have a moment where what could be a life-changing, uh conversation for a seller, uh, we're not fully engaged, um, that would probably be a better way to say it. I I didn't feel like Elijah's response there was fully engaged. Small little critique, just a little bit more energy, a little bit better tonality is what I would want to see there. But overall I love the questions that he's asked so far A lot of validation. You want to sell, you're the owner, how long have you owned it? It's fire damage, um, and then he's also done a pretty good job of letting the seller just kind of explain the situation so far but um, so you sure you own it.
Speaker 2You sure you own it. You like I've been paying money on this damn thing. Okay, we can figure that out later. All right, I actually have that's 17 Williams Street.
Speaker 3I have a lot that's right next to it, which is 19 Williams Street. Yeah, I'm willing to make a bundle package deal if that's the case.
Speaker 2Okay, so you sell both of those.
Speaker 3Yeah, man, so you sell both of those.
Speaker 2Yeah, man, okay, I see the other one there, but they're both under Wesley yeah no, I own both. Okay, all right. So if we were able to get something worked out for you. I mean, what do you think you wanted for these both?
Speaker 3Good, a good one to take, probably like 50.
Speaker 250,000 for both of them.
Speaker 3Yeah.
Speaker 2Hmm, ouch, what do you think the house would be worth once it's fixed back up?
Speaker 1So I like the question they just asked. But what I liked even more was is when he said the 50,000, the Hmm, ouch, would have preferred to see them just kind of sit for a second there and and almost hear the what the seller has to say. Back to the silence, to the pain in a lie. I mean, look at the pain on Elijah's face there. I mean I think it might be real. Of course I don't know what the after repair value is. I don't know any of the numbers right now. So $50,000 might be a banger of a deal, but it doesn't sound like it. So I would have preferred to see Elijah sit there for a second. But I do like the question what do you think the house is going to be worth when it's fixed up? But maybe just one the question what do you think the house is going to be worth when it's fixed up?
Analyzing Fire-Damaged Property Investment
Speaker 3But maybe just one, two, three more seconds of silence would have been preferable there. If it's fixed back up, get everything up to date how it's supposed to be, the house probably would be worth almost close to about that's when the little bit work that I put into it but I put a lot but it wasn't nothing, no, until I actually it was full potential. So, um, I could say that house probably jump up to about almost probably like 185, 200,000 in our range over there.
Speaker 2Yeah.
Speaker 3Yeah, it's a good popular area. Yeah, you know you got the.
Speaker 1Okay, I always get asked what open-ended questions should I ask? Rj, that was a great open-ended question right there and it's such a subtle little nuance. You know how much you did the house would be worth if it was fixed back up 185 200 range. Yeah, just a one word. And the way that he said it, yeah, almost it was inquisitive, like you sure it's got what he said, you sure. And so, because he did that, now the seller is going to open up and explain where he's coming up with 185 200. You know it's a good area. And then he's going to go on. I love that moment right there. It's a good area, and then he's going to go on. I love that moment.
Speaker 3Right there, it's in walking distance. You've got the grocery store, this prime location, great location. That's why I guess the house is not over here that much, so he's guessing.
Speaker 2You see it on Zillow Zillow's giving it a 125. Yeah, I see it on Zillow Zillow's giving it 125.
Speaker 3Yeah, I see one on Broadway that sold for like a buck.
Speaker 1So Elijah now brings a well Zillow's saying 125. This guy's saying it's a good area, it's got a grocery store and some other stuff. He's like, hey, you're going to have to prove this to me. Okay, I'm not seeing it. I'm seeing 125 online. And now the seller is now saying, well, I saw this house on this street. Love this moment right here by Elijah where he's really trying to pull information out of the seller and, quite frankly, it seems like the numbers are off to him. So to me, this is where in the four buckets of sellers where this seller would fall is highly motivated, wrong price. And Elijah is kind of working through the education of the seller right now. So really like how he's navigating this part of the conversation. 108 or something like that, that was a four right now.
Speaker 3So I really like how he's navigating this part of the conversation, 108 or something like that. That was a four family. I mean, that was a four bedroom. This is a five.
Speaker 2Right, this is more bedrooms. Why don't you just finish this one yourself? I mean, you already own it. Why not just finish it?
Speaker 3I'm just saying I don't have time for it right now. So we just, you know, transition to trying to do something different.
Speaker 2Right. So do you have pictures of the inside? Okay, do you own it, free and clear?
Speaker 3Yes sir, no taxes, no nothing.
Speaker 2Good for you. So do you have pictures of the inside?
Speaker 3Yes, I do.
Speaker 2So is it completely torched inside or is part of it salvageable?
Speaker 3No, it's salvageable. If anything it was smoke, it was mainly smoke damage more than anything.
Speaker 2So tell me about the fire.
Speaker 3Well, the fire department did more damage.
Speaker 2Right, right, they always do, they always do. They busted open the window, the roof.
Speaker 3Yeah, they didn't honestly even have to do none of that stuff because it's like the back of the train it's. They have a back stairwell like enclosed, so the fire is between the first floor and the second floor stairwell, but they came in and just didn't make any sense to me.
Speaker 2Got it. So was it just a. So was it just a partial fire.
Speaker 3It hit the back between the first and second floor. Damage. The dead came towards the basement.
Speaker 1I'm a little bit surprised that he's asking this many questions about the fire and he has not brought up yet anything about an insurance claim, because I know that's part of Elijah's thing with fire damage properties is talking about the insurance claim, potentially doing an assignment of benefits and things like that. He hasn't brought up insurance claim whatsoever yet in the conversation, so it's a little bit interesting and surprising.
Speaker 2Gotcha, and how much do you think it's going to cost to put it all back together again?
Speaker 3you think All together, back together, I can say in the range between about $30,000 to maybe $50,000 to max $30,000 to $50,000, that's a big difference, right?
Negotiating Fire-Damaged Property Sale
Speaker 1Specifically, if we're talking about we're buying this for $50,000, I mean, are we all in $80,000 or are we all in $100,000? That's a big difference. And another not to harp on this. But this would be another reason why I would want to ask about the insurance claim, because we get specifically asked. Well, if you filed an insurance claim, then you have an estimate from the insurance company that would tell you exactly how much the insurance claim it wrote up in damages. Now, a lot of times the insurance company doesn't write up to the correct amount, but at least you would have a number to base your repairs off of 30 to 50,000,.
Speaker 2You're thinking.
Speaker 3Yeah, 50 is probably like the max. You know, everything is all fine.
Speaker 2Like you know, 50 is the max, though you know everything is all fine. Like you know, the max, right, I think it's gonna be a little bit more, because when you do a fires, I mean I still want to see the pictures. You still want to see the pictures so I can take a look at it, but I mean I? I mean I've been doing this for 19 years. I started when I was 21.
Speaker 3Yeah, I'm just giving it more Sure. I don't know. So I'm just you know it might be more Sure.
Speaker 2So, on a scale from 1 to 10, 1 being like nah, I don't really want to sell this property, I'll keep it and do it. I don't care if it takes me three more years, I'll keep this property To 10, like to keep this property to 10? Like no, I need to sell this property. I don't want this property anymore. What would you say? You're at right now honestly speaking six.
Speaker 3I'm probably around like an eight, don't want to sell it, but I just got so much going on right now. Just figure, you know, part ways with it while it's still like it is and you know, hopefully someone else will give us some tender, loving care okay.
Speaker 2So because what I'm thinking is that it's probably going to have to be, it's probably have to be less, all right. So I have two different ways we could do this. Okay, um, just because I understand what it takes when you deal with the fire. It's not like a regular house, unfortunately. We can just go in there and, you know, rip up the carpets or fix the staircase. Once it's fire, you have to get what's called a CFO, a certificate of occupancy, before you get in there, and so everybody's going to be on our backs. We can't really slide anything in. Everything has to go through the process Right, you have to do it the right way.
Speaker 2I can't bring in none of my friends or family members to do the work after they had done right. So it's more time, more cost and effort, and then I have to get permitted. So it's more time, more cost and effort, and then I have to get permitted. So, realistically, we would probably be close to about $20,000, between $15,000 to $20,000 for the property, cash and a lot. I want a lot with it, so that if I do have to bulldoze them both down, I'll build something bigger, assuming I could salvage it. I'm offering the $15,000, $20,000, assuming I can salvage it. How does that make you feel?
Speaker 3Well, someone actually yesterday that I was speaking to was offering me $35,000 for it.
Speaker 2Really, why didn't you take it?
Speaker 3Like I said, everything negotiable.
Speaker 1I love that response and I love giving that response every time. Good moment there. He did kind of anchor price the seller, you know, with the $15,000 to $20,000. But I love right there when the seller says you know, I talked to someone yesterday. They offered me $35,000. Why didn't you take it? That's always my question. It's like I don't understand. That's a lot higher than what I could offer you. So love that question right there.
Speaker 3Hey, it's the highest number.
Speaker 2For sure, listen, but just be wary For people who don't know what they're doing. They're going to say whatever number you want to hear. Yeah, yeah, that's why.
Speaker 3I shop around before, I just super jump on it and I cut myself short. Sure, sure I can sell it for $50,000 and I just hold the guy for $35,000 and I'm missing $15,000.
Speaker 2Sure sure. I mean, if you can get somebody to pay you $50,000, god bless you. If he pays you $50,000., god bless you If he pays you $30,000, take it, run, take it.
Speaker 3Actually, he has sent me an email for me to sign it, because he's trying to close it out within 30 days.
Speaker 2Yeah, see.
Speaker 3That I get back to him.
Speaker 2See and see what happens when somebody is sending you a contract. They may want to just try to find a buyer. They're not the real buyer. So they sign a contract with you and they're going to wholesale the property and try to shop and find a buyer. And if they can't find a buyer, guess what they do? They just cancel the contract, waste all your time and now you're stuck with the property.
Speaker 3Yeah.
Speaker 2So I'm just giving you the real deal, like somebody like myself who knows the numbers, knows what's happening. I'm just trying to give you the real deal, just so you're not wasting your time. Your time is valuable, you know, my time is valuable. I just want to kind of give you, you know, wish upon a star number, and that doesn't happen, and then we waste a bunch of time and I just give you the property back, you know. So, um, are you ready to move forward with me or do you want to kind of see if these are serious?
Speaker 1waste a little bit of time so a couple of things here to unpack. I'm curious to see how the seller is going to respond to him. Kind of pressuring there, that the first time el Elijah's really applied pressure. I do like the explanation of what the other wholesaler is trying to accomplish. The only concern that I have when you do that is is, if that's also what you are doing, how are you separating yourself from being in the exact same shoes? I think he did that with his explanation. I think what Elijah would explain is well, what I explain is is I do know the numbers because I'm a fire damage expert, and so that's why I'm saying you know they're going to try to get a buyer at this number, but because I know the numbers, this is where it really needs to be. And then that's where he's saying all right, well, with that being said, you're ready to move forward with me?
Speaker 1Very strong posture by Elijah here, a rather aggressive move in my opinion, where he's like so you're ready to move forward? Yeah, and it actually kind of surprised me. I like it. It's not that I don't like it, it just surprises me because what I've seen Elijah previously in Closers Olympics, I didn't necessarily see him be this aggressive, so I actually kind of like this a little bit, where he's being efficient with his time, he's like listen, I know this is where I need to be. If we're going to be playing games and you're not willing to play, then I'm going to move on. So I know this is where I need to be. If we're going to be playing games and you're not willing to play, then I'm going to move on. So I do like this moment.
Speaker 3Well, I got to definitely see what Jay is actually talking about, because you talked in 20 and they talked about 35.
Speaker 2You want to see if that's real first? Yeah, got to, but I mean, you don't have to. You can say Elijah, I know you're the real deal, you know what you're talking about. I hear you, I hear you, but you know, you know there's a penalty for procrastinating, right.
Speaker 3And it's sometimes better to take one bird in hand and the two birds in the bush, and you don't catch any of them.
Speaker 2Yep, exactly, you have somebody who knows what they're doing. I'm definitely giving you more than what you need Obviously less than what you want, but I'm your more guaranteed type of offer. Are you looking for a guaranteed offer or do you just want somebody to say a number that makes you feel good?
Speaker 3I'm looking for a guaranteed offer.
Speaker 2So then what's up? Want me sending you the contract, gotcha, gotcha, so well. So I mean, so what do you want to have happen next? You want to. You want to kind of check him out and see if that goes through.
Speaker 3Yeah well, yeah, I told him tomorrow, so he's talking about your bullshit. I'll call you.
Speaker 2Right, All right. However, if you don't call me back this week, right, I'm always. I'm always down to take your call, Rashawn. I know you're a good guy. You're just trying to do what you can do, right? But there is a penalty for procrastinating, right? So you call me. That number is going to be $15,000 next time, right? So I'll honor the $20,000 this week for you, okay?
Speaker 3I just paid $22,000 in back taxes.
Speaker 2Ouch, don't lose good money after bad money, don't spend any more money on this property.
Speaker 1Oh, did he say back taxes? I thought he said earlier in the conversation there was no taxes. The volume of the seller got super low there, so and that's on the original videos in. So I apologize about that, but I I could have sworn. Earlier in the conversation he said I want it free and clear. Taxes are paid up. Now all of a sudden I think he said back taxes. Interesting Again. The stories of sellers come out. The more questions you ask, the further along the conversation you go, the truth eventually comes out.
Speaker 2All right, let's get your money back and let's get this chapter behind you.
Speaker 3I'm trying to get it back.
Speaker 2So I mean, is there, is there a definite number If I could be a little flexible that you'd be ready to move forward today? 30. You have 35. Why would you take 30?
Speaker 3Well shit, I'm retalking. Why would you take 30? Well shit, I'm re-talking. If I would get my money partner to agree to do 25 with you for both of them, I got my next door neighbor that's willing to do 25 right now.
Speaker 2You see, you see, my numbers are real.
Speaker 3My next door neighbor has been willing to do 25 since a year ago.
Speaker 2Got it, got it. And so if I give you 26, does that make the difference?
Speaker 330. That would definitely make the difference.
Speaker 2Oh man.
Speaker 3But, like you said, look, I'm giving you two lists. The other lot is listen, I keep that property up to groan. There's no nothing, or there's nothing going on up there, I mean.
Speaker 2How did he get $22,000 worth of back taxes on it?
Speaker 3Well, I inherited it from Mr Sherwood, so I got into an installment agreement with the county. Then I ended up missing one payment which defaulted on the property agreement.
Speaker 2It all came back to you.
Speaker 3Yeah, then I had to pay it all off.
Speaker 2Okay. And when you say inherited from Wesley?
Speaker 3I mean not inherited, but inherited the back taxes of the property.
Speaker 2I gotcha, I gotcha. So is that who you bought it from? You bought it from Mr Sherwin.
Speaker 1Yes, sir.
Speaker 2Got it Okay, so you bought it from him and you did a installment agreement with him when you bought it from him.
Speaker 3No, no, I did installment agreement with the county.
Speaker 2Oh for the county, for the back tax and everything.
Speaker 3Yes.
Speaker 2Gotcha.
Speaker 1So the fear here is, not only is it fire damage, not only is it back taxes, but there might be title issues with how this deed was transferred. I'm wondering if this is a quick claim deed. So this is where I would be immediately on prop stream and I'd be searching to see how was the deed transferred? Well, he could even find it earlier, remember it was still saying it was in that original cell. Now that's coming back. Um, it is a problem, in my opinion. Um, because even if he can get them to agree somewhere between 26 and 30, which is sounding like where we're going to end up being there could be title issues with this as well.
Speaker 2If he did $30,000,. So this is what I'll do. Okay, I'll do $27,000 and I cover all the closing costs. Or you do $27,000 and I cover all the closing costs. Or you do $30,000 and you cover all the closing costs.
Speaker 3I would like to close the costs, whatever you tell me.
Speaker 2I mean it's usually roughly about $2,500 to $3,000.
Speaker 1Well, it's a big number there because it's also going to be New York. This is an attorney state. There's probably going to be multiple attorneys involved. Typically, if this is a wholesale transaction, your buyer's going to want to be represented, the seller's going to be represented, and so the closing costs can be pretty extensive there, even on a low-priced property like this. I like the tactic there 27 or 30. But ultimately it's basically the same number. But he would honestly I think he would probably be he would prefer I'd probably prefer to have the 30 and have the seller cover the closing costs than the 27, and I cover the closing costs because the closing costs could essentially be negotiable there based off of whose attorneys are working. Now, that could get weird, though. Having the seller cover the buyer's attorney, I don't know. These are all weird little nuances when it comes to different locations when you're wholesaling.
Speaker 3Oh, that just jumped up. We can do 30,000 flat ticketed. I send you. I got the deed Right in the city. Y'all can take care of it. However y'all want to take care of it, just give me 30. I can take care of it, however y'all want to take care of it, just give me $30,000,. I can do whatever with it.
Speaker 2Man, we're close. Man, I don't think you're ready to go there. You can do $30,000. I'm not doing $30,000. I could do $30,000, but then you have to pay the closing costs. I can't do $30,000 plus the closing costs, so I'll do $ and I'll cover the closing cost, because then I'll be at 30 net or you do 30,000. I'll pay 30 and you pay the closing cost. You said what the closing cost is 2,500 to 3 grand on average, give or take.
Speaker 3What do you mean About 20, 27. That sounds yeah, that sounds emotional, that sounds good. 30, and I'd take care of it for a little while 30,000, you cover all the closing costs for both lots.
Speaker 2Or I pay 27,000, I cover all the closing costs $27,000 and I cover all the closing costs.
Speaker 3They're just about the same. Yeah, I do the $30,000 with the closing costs.
Speaker 2So $30,000, you pay all the closing costs and for both properties.
Speaker 3Yes, sir.
Speaker 1I think you made that decision just because it feels better for him to be honest with you. But I really like how Elijah navigated that part there, Really solid on how he kind of broke it down and then also stood firm with it right. So often we want to waver. He did come up pretty high on his numbers there, but he's also getting that extra lot too, so I do like that.
Speaker 2And, and you able to send me the pictures so I can see all the pictures. All right. So yeah, let me see the pictures. Like I said, I feel good at that number. Obviously, I think, like I said, if you cover all the closing costs, that kind of gets us all covered.
Speaker 3So Because I thought you got to do the title search.
Speaker 2Yeah, we have to go. Yeah, exactly. So what would happen? We'll go through a title company, we'll use our title company. We'll also get your investor discount on pricing on the property. Like I said, we'll close escrow. See, in New York it takes a little bit longer. I don't know why it takes so much longer than it does out west. But you know, the title search takes about two to three weeks, unfortunately, to get the title search back. So would have put a close escrow for six weeks on or before. Okay, so if it happens sooner, then great, we'll do it sooner. But I like to end up promising over delivering everything I do.
Speaker 3Honestly speaking. I mean because the reason why I'm even doing this? Because, like I told you, I'm sitting in a very expeditious state right now.
Speaker 2Okay, it's not me. I just want to make sure you're clear. It's not me closing the property.
Speaker 3So if any way that you could probably expedite it within 30 days, that'd be.
Speaker 2For sure. If I can get it closed in two weeks, I will. I just like to under-promise you, because if I close it in six weeks and I say I'm going to do it, you're going to be okay with me. If I do it after that time, you're going to be mad at me. If I do it before that time, you're going to be mad at me. If I do it before that time, you're going to love me. Yeah, it's all about setting the right expectations up front, right?
Speaker 1All about setting the expectations up front.
Speaker 3I'm just trying to get things done. I'm trying to get things done before, like just a little before August.
Speaker 2Yeah, for sure. I mean, that would be the ideal. But, like I said, I like to under-promise Worst case scenario. So just so you know that, hey, this is the timeframe we're working with. If things can happen soon, like I said, it's not even a question. I'll get it done sooner for us, okay. So what we're talking about? So one, two, three, four, five, six. So we're saying we're going to have this closed escrow on or before August 15th. Okay, Like I said, if I could get it done in a couple weeks, we will. And I'm going to need your support because I'm going to need those reports on when the fire happened, everything I could do. Was there any insurance on the property at the time of the fire?
Speaker 1There it is.
Speaker 3Actually, the last agents were by the insurance company, so just wait.
Speaker 2Are they paying out any insurance money?
Speaker 3Well, yeah, because it was intentional, because I had a sex offender that was living on the second floor, so they had to do the fire investigation and things like that.
Speaker 1So they was looking at everybody.
Speaker 3They need to look at the owner as well. Oh, so there's arson, so the owners they was looking at everybody.
Speaker 2I guess you know they need to look at the owner as well. So there's arts and so the owners, um, they're looking into for arts and yeah, yeah, yeah.
Speaker 3Definitely it was awesome Cause I had uh, uh he wasn't uh a registered sex offender that was living on the second floor. They uh or they burnt them out, they evangelized property and beat them up.
Speaker 1Wow, Wow, what an interesting turn of events. That's why I kind of wish that question had been a lot earlier in the conversation. I mean, we negotiated the price, we come to an agreement, then we bring in the conversation I mean, we negotiated the price, we come to an agreement, then we bring up the insurance Unique strategy there by Elijah. I wish he would have brought it up before. Now we're finding out that there was a registered sex offender and now there's an investigation into arson, which almost kind of is like does he even have the ability or the right to sell the property right now with that investigation going on? That would be one of my next questions.
Speaker 2Okay, and so how did you end up with this property?
Speaker 3I know Mr. I know Mr Sherwood For a few years, so you got to know that Sherwood, that's who he is. So you have to know that he was at some time in need of losing a property because of the back taxes. And I just came along and scooped up the property.
Speaker 1I thought he bought it before the fire, though, and this guy kind of flip-flopping on his story a little bit. It is a little bit difficult to hear, though, so maybe I misunderstood some things.
Speaker 2Okay, okay. I see you swooping up deals. What other deals you swooped up over there? What other deals you got for me?
Speaker 3Well shit, I probably have some land, some acres actually in Owego.
Speaker 2Really.
Speaker 3Yeah, about 170.
Speaker 2170 acres, yeah, and what do you think it's worth?
Speaker 3That's worth the number that I'm trying to figure out now.
Speaker 2Hold on one second for me. Okay, Hold on one second for me. Hello Hi, one second for me.
Speaker 3Hello, hi, somebody is calling me. I got a missed phone call from you Excellent, excellent.
Speaker 2No, I appreciate you calling me back. I'm on the. Is that Joseph? So you know, joseph. You told me that he spoke with you already earlier today, right?
Speaker 3Joseph right.
Speaker 2Yeah, perfect Good.
Speaker 3Who are you? Are you the friend of?
Speaker 2Joseph, yeah, I'm his friend, but, like I said, I'm on another call real quickly. I saw your call. I just want to let you know that you spoke with Joseph, so he's going to get you all situated okay.
Speaker 3And I haven't received any text message from you yet.
Speaker 2Yeah, I'm sure he'll send that over to you, but I'm on this, I'm on this other call. Let me, let me take this other call.
Speaker 1Okay, oh, okay, okay, yeah, thanks for your info sounds good, thank you, okay, bye so a little bit unique that you gotta close having having it over here and then you're going to answer another call Again. Elijah has got a unique personality. I love him to death, but this is interesting to see. So now he's talking about some acreage and a Wego. Let's see if this goes any further, if that's pretty much the close right there.
Speaker 2All right, sorry about that. All right, so can that? All right, so can you hear me okay.
Speaker 3Yes, I can hear you All right.
Speaker 2So if I could get you to $30,000, pay all the closing costs, we get both lots. Close the escrow August 16, 2023. When can you send me the pictures?
Speaker 3I'll send it to now. Okay, yeah, so send me the pictures, I'll send it to you now.
Speaker 2Okay, yeah, so send me the pictures, and so let me just get some clarity on all. Right, so you said it's three levels. There's five bedrooms on each level.
Speaker 1All right, we don't need to hear him talk about all that. So pretty much, he's going to send the contract out and get it for the $30,000 there, with the seller coming to close the cost. So let's unpack this conversation. Listen, he's got a really good cadence. He understands what he's trying to accomplish. Really solid job, elijah. On the questions, I love the subtle nuance like, yeah, on the price or on the after repair value, actually, um, the negotiating, um, you know he had a pretty strong posture, um, throughout that, ultimately speaking, he got the seller down, uh, twenty thousand dollars and he got him to his maximum allowable offer, uh, so that's a win.
Learning From Elijah's Closing Style
Speaker 1Is Elijah a closer? Absolutely, elijah is a closer. Does he do things the way that I teach? No, he doesn't. He has his own style. He's got a different personality, though and I say this all the time I think you should always play into who you are as a person, and I think that's one of Elijah's biggest strong suits is that he knows who he is as a person and he also he seems to enjoy talking to sellers. He seems to enjoy going through that process. I think it's one of the things that he loves about this business is doing acquisitions and talking to sellers and solving their problems and finding good deals. So I think there's a lot to learn from Elijah.
Speaker 1So, listen, that was a fun one to break down. Realistically, I couldn't really pause it that much because he was doing such a good job of navigating the conversation and sitting back and really making it more about the seller and less about Elijah Rubin, which that in and of itself means he's a great closer. So great job, elijah. Keep up the good work. Man, keep putting out that content. I appreciate you. You guys let me know what you think about Elijah's style in the comment. Make sure you like the video and we'll see you guys next week on the King Closer Reacts.