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Thumbnail preview for Probate Mastermind Real Estate Podcast Episode #300. Topics include real estate referrals, propstream, lead follow up, and more

Probate Mastermind Podcast Episode 300: 5 Ways To Get B2B Referrals; PROOF You Can Convert “Dead” Leads; Using PROPSTREAM’s Mobile App; and MORE Live Q&A.

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Probate Mastermind Episode #300 | Recorded Live on October 15th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Summary:

In this episode of the Probate Mastermind Podcast, you'll learn how to build motivation when a seller is uncertain about selling; how to get B2B referrals from multiple partners; how to decide if facebook ads, radio advertising, seminars, or premium marketing strategies are right for your business, and more.  We hear two success stories from Eddie V and Federico who took the advice they got on previous Masterminds and put it into practice!  An inside sales agent for a top-producing Keller Williams team reflects on her progress and personal development since joining the team.

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

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Episode Topics, Timestamps, and Resources:

 

Preview for podcast segment How to GET COMFORTABLE Motivating A Seller When They Hint They Need Help

How to GET COMFORTABLE Motivating A Seller When They Hint They Need Help. (1:06)

Eddie shares a story of a probate lead reaching out to him months later with positive feedback about his letters and credibility website.  The personal representative emphasized that Eddie’s marketing stood out and that he seems professional.  The personal representative is definitively stuck in ‘Probate Quicksand,’ and Jim, Chad, and Bruce guide Eddie on how to help him out of it.

See More: What is Probate Quicksand and How Can You Get Probate Leads Out Of It??

 

Preview for Podcast Segment Radio Advertisement vs. Facebook Ads for Probate Real Estate Marketing

 

Radio Advertisement vs. Facebook Ads for Probate Real Estate Marketing (9:50)

Eddie asks the coaches for their advice and insight on using Radio Advertising to market himself in the probate real estate space.  Bruce and Chad discuss the cash conversion cycle on this type of marketing, the audience reach, and a much more viable alternative.

See More: Facebook Marketing For Probate Real Estate:

  1. Check out the first two segments of Probate Mastermind #288
  2. Article: Ads vs. Organic Marketing: Are Facebook Ads Worth It? Navigating the Digital Marketing World As A Real Estate Agent, Investor, Wholesaler 
  3. Probate Mastermind 278
  4. Probate Mastermind 280
  5. Probate Mastermind 281
Preview for Podcast Segment Get Certified In Probate Real Estate (15:24)

Get Certified In Probate Real Estate (15:24)

Chad describes his Probate Mastery Course and what’s included with it.  Congratulations, Chad, for having the top-rated Probate Real Estate Certification Course according to fitsmallbusiness.com!

 

Preview for Episode Segment: Proof You Shouldn't Let Go When A Lead Says "We're Not Planning On Selling." (16:15)

Proof You Shouldn't Let Go When A Lead Says "We're Not Planning On Selling." (16:15)

Federico shares a success story! He followed Chad’s advice and got his foot in the door with a personal representative who initially said they weren’t planning on selling the property. All he had to do was refer them to a few vendors (who might now feel a sense of reciprocity about those referrals!).  After some time passed, the personal representative called Fed and said she was done - She wanted help selling or leasing the property and she couldn’t think of anyone better for the task than Fed.  This underscores not just the importance of follow-up, but the impact of leading with value first.

 

Preview for Episode Segment: Leveraging Asset Managers, Registered Investment Advisors In Your Real Estate Business (18:07)

Leveraging Asset Managers, Registered Investment Advisors In Your Real Estate Business (18:07)

Chad describes how large banks offer wealth management as part of their general customer service for wealthier client accounts.  At the same time, some of these wealth managers don’t prevent their clients from having to go through probate.  This creates a great opportunity for you to bridge the gap.  Chad describes how to find these registered investment professionals (RIA) and how to approach them for referral relationships.

See More: Segment One of Probate Mastermind 299: Leveraging Infinite Banking Strategies in Real Estate Investment Deals.

 

Preview for segment: Inside Sales Agent for Top Producing Keller Williams Team Shares What's Working For Email and Phone Follow-Ups. (22:10)

Inside Sales Agent for Top Producing Keller Williams Team Shares What's Working For Email and Phone Follow-Ups. (22:10)

An ISA for a top-producing team in Florida calls in.  An ISA is in a unique position to serve as an ambassador, almost an endorser, of the Agent/Investor they are calling on behalf of.  The ISA describes her calling process and her email follow-up strategy.  Her persistence has gotten her past a few of the “I already have a realtor I send referrals to” deflections.  Ultimately, she gets them curious about what exactly a Certified Probate Expert designation is.  She and Chad mastermind how to answer this question in a really impactful way and take her marketing penetration to the next level.

 

Preview for episode segment: ISA Perspective: Calling Probates Vs. Expired Leads (25:46)

ISA Perspective: Calling Probates Vs. Expired Leads (25:46)

Jim, Chad, and the ISA reflect on how she transitioned into her team’s real estate office after working in the Nursing Homes and Medical positions.  She describes how probate calls compare to expired calls and how she prepares herself to start dialing.  She describes a call that caught her off guard and really got her to re-evaluate why she’s making these calls and how she can make an impact.

 

Preview for segment: Propstream’s Mobile App: How To Use It To Find Vacant/Probate Properties while Driving For Dollars (28:58)

 

Propstream’s Mobile App: How To Use It To Find Vacant/Probate Properties while Driving For Dollars (28:58)

Sue says she’s struggling with call reluctance.  She is noticing several homes in probate around her community - a senior (55+) living community.  She knows there are a number of real estate and estate planning needs this community might have, but she’s unsure how to get the right contact information and open the door.  Chad describes how to accomplish this, and suggests using Propstream’s Mobile App to make Driving For Dollars (or, walking) extremely easy.

 

Preview for Segment: Estate Planning Seminars for Senior Living Communities: Co-Marketing With Attorneys for New Leads and Referrals (31:51)

 

Estate Planning Seminars for Senior Living Communities: Co-Marketing With Attorneys for New Leads and Referrals (31:51)

Chad and Sue mastermind on how to build a bridge between estate planning attorneys and the families that live in her community - many of whom have not planned for end of life asset management.  Chad advises on how to pitch a joint seminar to potential attorney partners and to the community members.

 

Preview for Segment: Promoting Local Events: Running An EDDM Direct Mail Campaign to A Target Zip Code (34:20)

 

Promoting Local Events: Running An EDDM Direct Mail Campaign to A Target Zip Code (34:20)

Chad, Tim, and Bruce discuss how to market a high-value local event through direct mail and how to productize a seminar so it can be used over and over again.  Bruce recommends Thinkify.com as a resource for creating courses easily.

 

Preview for Segment: Nursing Homes, Medicaid, and The Intersection With Real Estate. (36:33)

 

Nursing Homes, Medicaid, and The Intersection With Real Estate. (36:33)

Caller is interested in helping families get ahead of their asset management as they approach end of life.  Who or where should she look to find a point of contact with nursing homes, medicaid patients, etc..?  Chad advises.

See More: Unexpected Places to Find More Listings and Deals – Probate Referrals from Medicaid and Social Workers

 

Preview For Segment: Probate Books and Marketing Yourself As The Local Probate Expert (42:35)

Probate Books and Marketing Yourself As The Local Probate Expert (42:35)

Nahid is interested in using a Probate Guide book as a piece in his marketing.  Chad shares his perspective on books being a really great marketing piece, but they might make better premium marketing pieces because of their production and fulfilment costs.  Chad recommends David Pannell’s 2020 marketing interview - David shares the book he is sending, who he is sending it to, and the results he is getting.

 

Preview for Segment: COVID Market Impact and Probate Real Estate Needs (44:08)

COVID Market Impact and Probate Real Estate Needs (44:08)

Nahid asks for Chad’s insight on how Covid-19 has impacted the market and influlenced potential sellers/buyers’ motivation levels.  Chad describes that the significant impact is in areas where courts are backlogged and families are dealing with increased frustration and holding costs.  Chad gives advice on staying top of mind in areas where personal representatives are largely waiting for their letters of testamentary/court approval.See More: How to Use Facebook To Stay Top Of Mind With Leads Stuck In Court Back Logs: Second Segment of Probate Mastermind 283

 

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Episode Transcript

Probate Mastermind Real Estate Podcast - Episode #300 Transcript

A.I. Narration: [00:00:00] Welcome to the Probate Mastermind Podcast!

These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches.    Agents, Investors, and Wholesalers join the coaches for everything from marketing tips, sales psychology, live deal analysis, transaction engineering, advanced real estate strategy, and personal development. You will learn to get more listings, more deals, and find financial freedom by listening to these episodes.  "

A.I. Narration: [00:00:25] Be sure to catch show notes at AllThe Leads.com/Podcast, and join our free Facebook Mastermind Community, All The Leads Mastermind."

Jim Sullivan: [00:00:34] Welcome successful agents and investors from across the country. Today is Thursday, October 15th, 2020. And this is Mastermind Podcast. Number 300. Can't believe we've done this 299 prior times, but we appreciate you all being here today. We've got a great attendance. We do have three in the queue. If you would like to actually participate live on the call, just hit star six and then hit one. And let's go ahead and go to our first caller. First up this week is phone number ending in five, four, six, four.

How to GET COMFORTABLE Motivating A Seller When They Hint They Need Help.Eddie V: [00:01:06] Yeah. This is Eddie here in Kansas City.

Jim Sullivan: [00:01:09] Yes, sir.

Eddie V: [00:01:10] This isn't like a huge win, but I, it felt like a win for me. So I thought I'd share it.

I do have a question as well, but. I called the guy from a super old list. I, before I got on AllTheLeads.com, which I think I started in July, I've been manually pulling the counties around me, like every day for months and months. And so then after I got All The Leads, I skipped traced and I've been still sending them letters.

And so I I called this guy and he's like, Hey man, I've, I've got all of your letters. I actually went to your website. I checked it out and your video is super professional. Just not, at this time I'm not ready to do anything, but it felt. I don't know exactly what month it was that I pulled this lead, but it's probably six or seven months old.

And to see that he's still holding onto my letters, he went to my website, which is the first time I've ever heard somebody actually go to my website, and watch the videos that I have on there really just showed that, doing the follow up really is important.

It felt like a win. Not that I have the sale yet or anything, but, the guy was like super professional and he said he had lots of letters from other people, but, mine stuck out to him. Cause when I said my name, he remembered who I was

Jim Sullivan: [00:02:19] Awesome!

Chad Corbett: [00:02:19] Why is he not ready yet? Eddie?

Eddie V: [00:02:21] So there's two reasons.

One.  He was like, emotionally, I'm still grieving. He said the first thing that he had to do was his dad had inherited his grandmother's house in 2002. And hadn't done anything with that. So first thing that he had to do was clear out his grandmother's house and get that sold. So missed an opportunity on that front. He was like, my house is full of all of the furniture from my grandmother's house. so I tried to talk him in getting him to take a step: Let's have a, the estate sale person come over, see what she can sell of your grandma's and your dad's things. And, to get the ball rolling.

And he was like, he just said, I'm not ready to do that. That's all I said. I talked to him for probably 15 minutes trying to figure out a little bit more, a little bit more.

Was he showing any painChad Corbett: [00:03:12] points?

Eddie V: [00:03:12] No, I'm really not that great at digging out pain yet.

Chad Corbett: [00:03:16] Yeah, and always, I'm just like, that might've sounded harsh, but if you can stir up, stirrup pain points and then become the solution, obviously as the intent.

So he sounds to me like he's squarely on what we call what I call probate quicksand. So he's retreating to his comfort zone, just like his dad. It's probably a learned behavior, right? For 18 years, his dad knew what he should have done, but he wasn't . And it's usually, yeah, they need an emotional breakthrough to do what's in their best interest.

So if you can use logical examples to help them to help attach that emotion, to like the loss of money: Listen, Bill it sounds like you're in a similar situation that we help a lot of families through where they're just kinda overwhelmed and can't make the first move, but in an environment like this, where during an election year with an overinflated market. Then, things are volatile, so anything could happen. And by this time, next year, by the time you get So if I could show you a way to take away a lot of the stress and take some of this off of your plate and really, salvage equity for your family.

So not only are you, do you stand the risk of a market correction, you also have monthly holding costs, so someone's mowing the yard, am I right? Okay. And someone's paying the insurance, and someone's paying property taxes. So each day that this doesn't get done, it's not serving you or your family.

Okay. I'll back off. If you ever just say Chad, I told you I'm fine, but I do try to. Understand exactly why families aren't taking action, because I see a lot of families lose a ton of money just because they're uncomfortable. And really my biggest role here is to make you comfortable however I can. Hopefully that's by taking the stress of the situation away and adding more money back to the family.

So why don't we just meet on Friday and just talk, like I'm not bringing paperwork. I just want to come over and get to know you see the situation and you can ask any questions you have, I'll see if there's any way I can help right now. Maybe there's not, but I'm willing to come out on Friday and sit down for just a few minutes if you are.

And oftentimes they'll be like, ah, yeah, you're right. And you want to have paperwork in the truck because a lot of times they'll be ready once they feel comfortable, then they just have, they have the breakthrough and they're ready to go. But. Think about whatever your opinion of your, where your market's headed in the next 12 months, you can use that.

Like the risk of loss is great, in my opinion. The carrying costs are certainly, those are clear losses. So how many years? Like it's 18 years worth of carrying costs for his grandma's house to sit there and get in worse condition, how much money did it that cost the family and, just be willing to.

Offer him a solution. If you're going to dig up, dig up stuff like that. But anyways, it's a lot of folks. If you really believe in your heart, that it's in his best interest to move forward. My suggestion is to grab him by the hand and pull him out of the probate quicksand. Cause some people will sit for years and do nothing, and they end up costing themselves tens of thousands of dollars in equity that they could have had for the family invested, paying for college, knowing whatever you know, for retirement, whatever it might be.

Eddie V: [00:06:14] Yeah, kinda they don't really realize how much money they're spending. Cause it's just a little bit at a time, but if we can show them. What it would be like over months or years, maybe it could be...

Chad Corbett: [00:06:24] That's right. And you could also,  I would have to get a read on the guy and make sure he was a pretty stable personality, but you can show him the magic of compound interest and what his father lost by wasting 18 years.

Say: Listen, at a 6% return, for 18 years, look how much money if your dad would have just sold that house and just put it into a brokerage account or just drop it into a 401k, Or something like, look at how much money your family would have now versus then. Now, do you want to do what your dad did or do you want to do with right generation?

Jim Sullivan: [00:06:56] I was thinking along the same lines, if it's been empty for 18 years, is someone cutting the lawn? What are you paying a hundred dollars a month for the lawn? Do you realize, your dad spent $20,000 over the last 18 years since a couple on, it's, that's a pain point, wasted money. also, probably and insurance, some short term pain points, just, it's possible.

It's been sitting there. 20 years without valid insurance, who knows the no trespassing is valid.

If they're not ready to do something to sell the property now, the longer it sits empty, it seems like it could be code violations. there could be issues that he's not even aware of.

Eddie V: [00:07:29] Yeah, this is a different house. It's a different house that his dad had that he sold the one that was sitting for 20 years, but..

Jim Sullivan: [00:07:37] Oh, okay. Got it. Got it.

Chad Corbett: [00:07:39] You can still use that example. Like you can still show him how much money the family as a whole lost by his dad's behavior because of his behavior.

Eddie V: [00:07:48] Okay, it's true.

Bruce Hill: [00:07:49] I would probably say take someone like this by the hand and leading them in to that deeper conversation. I'd probably start by. Having them enlighten starting with a question like that.

How long have you been thinking about selling? Okay. Someone like this, probably been thinking about this for a while, and I want to know how long it's been a casual inconvenience for them that they think about once every week or two. And then say, tell me a little bit about the maintenance process.

what goes into actually holding on to and maintaining this house? Okay. How much of an inconvenience is that? And get them to reveal some of the answers to themselves. With some personalities, getting them to reveal a few of these answers gives you a wide open door to be able to go ahead and grab their hand and pull them through a few of those answers themselves and recognize the inconvenience they've been putting on themselves.

Eddie V: [00:08:39] Okay

Chad Corbett: [00:08:40] Eddie. I just did the math. if you compound 6% interest over 18 years on a hundred thousand dollar house, he lost $185,433 an opportunity by not selling that house for 18 years. Yeah. if they would have, if they would have sold the house and I just chose a hundred thousand, I don't know what it was worth, but is that house were worth a hundred grand and his dad would have sold it when his father passed, the family would have $185,000 more in the current bank account.

And so you can do things like this to show them. Cause most people, we don't really get a fair financial education and most people aren't thinking about it this way, but this is where we can make a massive difference. $185,000 is a hell of a lot of money for the average family.

Eddie V: [00:09:24] Yeah. I think that would be a good approach because he mentioned he was like, I follow the market really closely.

So if he does that, he knows about compound interest and what it could do. So I think there's a good strategy, to take with this guy.

Jim Sullivan: [00:09:38] Perfect. And, by the way, you're right that is a win. It's an example in every market in the country, the older your leads get the better, the more opportunities there is there. So good for you working old leads, keep it up.

Radio Advertisement vs. Facebook Ads for Probate Real Estate MarketingEddie V: [00:09:50] I have one question and I hope it's a short, it's just a short answer.

What are your thoughts on doing radio advertisement for this? I know you talk about the return on investment per dollar spent with probate leads. I was just thinking if there was a way you could just have some sort of in the subconscious, most people don't need it all the time, but if they heard it for long enough, then when they get the letter, they're like, Oh shit, this is the guy that it all the time I should call him.

I don't know. I don't know if you've tried it just want to Chad. You're okay.

Chad Corbett: [00:10:23] Oh, I'm going to give it to Bruce for the first one. I say before, Bruce gives you the advice on radio, cause he has way more experienced than I do. And actually working with rates and Matt Wagner's team, but I want you to continue or social media for w and the phase of getting this in the phase of this, that you're in radio is expensive and it has a 10 to 12 month cash conversion cycle.

And my experience. Social media can have an immediate cash conversion cycle. You can literally put ads out for a fraction of what it costs to do broadcast marketing, and you can get them like, get an appointment today. Like you get an immediate return. So like when we were doing, when we were doing for you guys,

We were averaging 12 to 25 impressions per day for, just a few cents per impression. So it's the same thing. It's just re repetitive brand impressions over and over every time they thumbed their phone, no matter where. So I would. Personally, I would rather see you find the right agency to help you run very specific, very local Facebook ads and retargeting campaigns, because I think you're going to get, it's going to be a way less way, less of a cost for you and a bigger impact.

But I want to hear Bruce cause he's done a lot of radio everyday.

Bruce Hill: [00:11:34] The short answer in the probate space is, no, don't do radio. I'm a massive believer in radio. Literally spent hundreds of thousands of dollars on radio over the years. And when it doesn't work, it will sink you, when it works, it's amazing.

But again, it takes, like Chad said a really long cash conversion cycle. We were seeing about a six month cash conversion cycle, but that conversion cycle is with people hearing us on a morning drive. What felt to them like every single morning that they were driving in and it's the accumulation that really works.

So in the probate space, I would not do it.  Not even a question in my mind, I would stay away from it. To Chad's point. Facebook social media advertising, maybe even throwing banner ads at geo-fencing. Some of the PR addresses those things are going to have a much more substantial and more affordable impact on just creating awareness presence so that when they see your letters, they've already seen you a hundred times in the last month.

And understand why, for everybodyChad Corbett: [00:12:41] listening. Like you're trying to broadcast. And most radio stations are hitting a half a million people. at any given time, about 1% of them will be associated with a death in the family. So you're paying the same price as everyone else, but you're only marketing to 1% of that audience.

So it just doesn't make sense. It's broadcast versus focused targeting. And with Facebook, we can take your leads, upload them into a custom audience and get about a 90% match rate. So you're only spending money to show up in front of those specific people. So it's like using a. a laser versus a whatever's broader than a shot go scatter cannon.

so on your lead costs, the reason we can't do it, we stepped back from it. We were getting the impressions very easily. We built the system, but you have to have very specific local creative. And what we find the work the best is a video ad of you in front of the courthouse on a quiet day. Just talking directly to them.

So it's the interruption is Holy crap. This guy's at the he's at the, he's Kansas courthouse. I was just there last month. So you're going to in their brain, you kind of short circuit, they see something they're familiar with. So the reticular activation system says, Whoa, stop.

That's something that's relevant to me. And then you have closed captions on. So even if they don't have audio on, but if they keep it seeing that over and over. It's only going cost a couple of pennies per impression, but it goes a long ways and you can, so you can market to these people for two years, just like you're going back through the old lady.

That's right. It's awesome. I love that you're doing that. You can use social media to follow them or months or years until they're ready and when they're ready, you'll be there every day without, without having to manage the campaign, you set it up once and let it run. as much as I would love to say, I have an agency for you to call, they'll set you up.

I haven't been able to find one that, comfortable, like comfortable with, but if you look for, or, social media professionals in your market, sit down with them and say, here's what we want to do. We've talked about it several times on these calls. You can search, if you use the search bar in the top of all the leads.com put in Facebook marketing, and it should bring up several mastermind calls where we've had lengthy discussions about this, you could give the agency that and say, I don't know what this guy's talking about.

Can you guys do this for me? There's probably someone in your markets that it can help you get it in place, but I'd much rather see you spend your money on that.

Eddie V: [00:15:08] Okay, I appreciate it.

Jim Sullivan: [00:15:10] Alright and congrats on working in the older leads. Keep it up. All right. Next up, we have three in the queue guys.

We've got room for more it, star six and hit one. Next up is phone number ending in 1963. You're up next.Get Certified As A Probate Agent - On Demand.

Caller 1: [00:15:24] Hi, I'm new and looking into, getting certified as a probate agent. So I'm asking like, what's my first step.

Chad Corbett: [00:15:36] So if you go to AllTheLeads.com in the top menu, you'll see the complete probate system and education and training is in that menu. That'll explain what the probate mastery course is, how you get certified.

We just finished the October class. So if you sign up today, I'll send you, we'll send you the recordings. I'm saying that was the best class I've ever taught. So it's a good month to get. So we'll give you the recordings for that immediately. And then in, when I set the November class, you'll be registered for the live version of it.

Caller 1: [00:16:07] Okay. Thank you.

Jim Sullivan: [00:16:08] All right. Appreciate it. Good question. Next up is phone number ending in eight two one three. Proof You Shouldn't Let Go When A Lead Says "We're Not Planning On Selling."

Fed (or Sal): [00:16:15] Good afternoon, gentlemen. How are you?

Jim Sullivan: [00:16:18] Doing good. That sounds like Sal

Fed (or Sal): [00:16:20] Fed. Sal, Salvatore is the last name, but Sal is the first three letters. So all good.

Jim Sullivan: [00:16:25] Yeah, there you go.

Fed (or Sal): [00:16:26] Good. All right.

Yes, sir. I have one win. And one question please. So the win is, I called someone from, my leads about a month. A month in Chicago and the call went this way. She essentially said, look, we don't, we're actually not selling anything. we do, you have two properties, but we're not selling anything.

so obviously I tried to keep her on the line and then, I asked her, is, are any of the properties vacant, all that stuff. She said one was so from there I said, all right, look, I understand that you're going to keep them and you're going to manage them yourself. just while they're vacant, please make sure that you have a vacant home policy right from there.

Then she started asking, okay, what does that do? All that stuff. And, I asked her, just try to see how long it was going to stay vacant. She told me it's going to be vacant for a while. So at that point I offered some vendors. I said, look, is there any. Deferred maintenance on the property. all that stuff.

She, I ended up needing practically. Yeah, everyone, a roofer, a GC landscaper, all that stuff. So I provided that to her. And a few days later, I called her back to see if the vendor's right. I reached out to her. They did. So she said, thank you. Look, I said, look, please keep my number. If you ever need anything, all that stuff.

Long story short, she called me yesterday and she said, you know what? I want to take you up on your offer. Can you meet me at the property so that we can discuss, we may either want to it or lease. So that was the win. For the week. So I'm happy. Cause you know, you guys gave the suggestion and about the creating the team and all that stuff.

Leveraging Asset Mangers, Registered Investment Advisors In Your Real Estate BusinessSo thank you guys. My question is. So last week, Chad, you brought up to reach out to my sphere of influence. Cause I had asked you how to get a hold of attorneys and how to make sure that they feel that it's a win. So the suggestion was to reach out to my sphere and see who could start, who, who could benefit from speaking with an estate planning attorney and formulating a trust in order to avoid the cost of probate in doing that?

One of the people I spoke to yesterday works with a family who has. Various assets and therefore having an asset, man. So my question is I was thinking that perhaps I can also reach out to asset managers because often, and they, if they in the back of their head, if any other, clients or anything like that have.

They know that a family member is maybe sick or ill or maybe close to passing, knowing that they have someone who can take care of everything ahead of time may be a benefit to them, even costs wise.

Absolutely

What would you suggest the best way I was trying to, I see, how would I reach out an asset manager?

Is that something that you might we look up on LinkedIn cause I feel like maybe it's almost like you're one step ahead, so you get them to save money.

Sure. Yeah. In mastery, Chad Corbett: [00:19:32] if you remember, I teach you how to find registered investment advisors, which is a higher class of, financial professional.

So they have a fiduciary responsibility to every client. They tend to not be the bigger names and they work with smaller accounts, but they also have very wealthy times. so that's the first step is, at least get one, like at least get to know some RIA. Like RIA firms or RA visors in your market.

The other thing he can do and it's, this is going to be a slow, a slow build because some people will be some, but there are our wealth managers that in banks and oftentimes you'll see, like here in Roanoke, like I've had Wells Fargo and SunTrust show up as the personal representative. And what that is they built this person as they built wealth and accumulated over time, the bank offered, for their million dollar net worth and above clients they'll offer wealth management services so they can buy insurances.

They can make investments, they can open brokerage accounts. So the bank essentially like more established banks basically have, financial services built in as customer service. So I've oftentimes seen. Were those wealth advisors were, they trusted that person so much. They made them the personal representative on the estate.

Now my opinion is if they were a true wealth advisor, they wouldn't have let this guy go through probate in the first place. So they're not doing a great job, but they do have access that's and they do have trust with these families already. just every time you're out driving around and stopping a bank, like the headquarters, not a branch.

But go to the headquarters of each regional or larger bank in your market and say, I'd like to talk to your, someone in your wealth management division and just get to know those folks. And you're absolutely right. Just like with nursing home employees, senior moving companies, estate sell companies and registered investment advisors, your way upstream, but the team we've built is vertically integrated service.

It's just as valuable for a family. Who's. End of life planning versus dealing with the debt because we can help liquidate it. Yeah. Assets in a short amount of time for the most amount of money and get an improve their living situation. And their most important years are last years. So the more people in the community that have contact with people in the late life phase, That understand what we do and what we can do for their clients, and that we will extend their, that fiduciary responsibility and make sure that we're always putting their interests first.

the more people in the community understand that the more inbound leads you're going to have. Okay. And you'll start doing a lot of pre probate business. Okay. Yeah, that sounds good. Thank you. I really appreciate that. Yeah. Thank you, sir. Appreciate it.

Inside Sales Agent for Top Producing Keller Williams Team Shares What's Working For Email and Phone Follow-Ups.Jim Sullivan: [00:22:10] Alright, next up is phone number ending in zero one five five.

Are you there?

ISA for Virgadamo Team: [00:22:16] I'm there. My question's already been answered, but thank you. Yeah,

Jim Sullivan: [00:22:20] Good. We took it with a, you get a buy one, get one, answer one question and help two people out. Anything else we can help you with?

ISA for Virgadamo Team: [00:22:26] No. I've just been, I am the inside sales agent here in Palm Harbor, Florida for team ergonomics or Williams.

And so I do all of the probate expired and canceled, and I just find, I'll just give people a tip that what helps me. And I'm not, I plan to go through the class, but I'm not the certified probate, specialist, my bosses, the owner  and what helped them. When I emailed her attorneys, his certificate and explain what that means.

We have a template letter and I do get a lot of activity that way.

Jim Sullivan: [00:23:01] Nice. Did Denise take the class also? That's Paul and Denise, right?

ISA for Virgadamo Team: [00:23:05] Yeah, I think it's just Paul, to be honest with you.

almost every day. And attorney writes me something like I got one yesterday, it says:

"What is a certified probate expert, exactly? My first time hearing anything like that. I only work with real estate agents that also send me referrals. I don't respond to emails, voicemails, text letters, et cetera, but you've got me."

Jim Sullivan: [00:23:28] Yeah!

Chad Corbett: [00:23:29] That's awesome! So what you're doing, just so I understand, you're emailing a PDF of your CPE certificate, and then you're following that with a phone call.

ISA for Virgadamo Team: [00:23:37] Oh no. I'm calling and emailing. And I must've emailed them something just to the effect, like just explaining I just did one that isn't a template. Like I've tried to reach your office, you have four homes in probate. Do you have somebody that you work with. I just wanted to mention that certified.

And I do that. It's the same thing but I don't have a template for it. And then people usually reply, like I'm using this agent or I always work with the same two, but a lot of times they asked me, what does that mean? And so Paul finally drafted a letter of what that means, because I get that question so much.

Then I send over the certificate because I don't want to be too pushy, but..

Chad Corbett: [00:24:17] You guys take this a step further. This is good. it's a good strategy. Take it a step further and have Paul make a video explaining it.

ISA for Virgadamo Team: [00:24:24] I know he sends them like our letter and I can send it to you if you want to see a but..

I know he links our website. I'm going to ask him because I don't know if on our website, obviously I've seen it a million times and you know how you just cannot think of it right now- if he goes through that on the website on video, but that's a really good idea. I'll let him know. He went...

Chad Corbett: [00:24:44] But imagine if in your email signature, everyone that gets your email, it says what is a certified probate expert?

And that's a clickable link out to that video. so every time you email an attorney, Cause you're finding that curiosity. So give them every, you have them give them multiple ways to get the information. And if you haven't done the video, put it in your, enter your email signature. What is a probate expert?

A certified probate expert?

Okay that's a great idea! Is it for ISA for Virgadamo Team: [00:25:12] me? Because this is my sole job here and I'm always inside like, I have to keep going. I don't have a choice, but I want to keep my job. Cause I just can't say okay, we use another agent. I have to send an email saying, I know that you said, but....  Because if I don't have enough leads, work to keep me busy....

So for me, it's anytime they say no, I just always try to think of something else. Like send an email or something saying, I heard you I'll take you off our contact list, but. Because it seems for me to work. I don't know.

Chad Corbett: [00:25:42] Yeah, that's great. That's a great tip for everybody.

ISA Perspective: Calling Probates Vs. Expired LeadsJim Sullivan: [00:25:46] Great attitude! I'm curious. I remember Paul and Denise, I personally signed them up and they were already a very successful team, very high analytical and know they ask a lot of questions and they really dug into it. Are you doing other types of prospecting for them or just probate?

ISA for Virgadamo Team: [00:26:00] I only do probate. Expired and withdrawn.

And I've only started like a month ago. Might be too soon to answer that the 600 in this, Keller Williams. They're the third producers year to date and month to date.

Jim Sullivan: [00:26:15] I'm curious. how do you find the probate prospecting, versus expired and the other sources that you do?

Do you find it more difficult, easier, and how about the results?

ISA for Virgadamo Team: [00:26:27] I am find it just as hard as the expired when we saw it. And I find it just as difficult, they'd had the position over a year, so they know the numbers. So the person prior to me, she had an emergency, I see, and had to leave a family emergency, but I will say as of yet more into the job, there's just certain things like, of course I use script, but I'm getting better at being compassionate because.

I used to run nursing homes and work in medical, and that's why they hired me. And I honestly said no to the job because I was like, I'm not going to work in real estate, but it does help out because I try to put my album to the side and I try to make a picture of the person. And I used to just hit the dialer and still hit the dialer.

But I put two screens up now. And on my other screen, I always have the MLS, all the leads and, Mojo up another mojo. Then I have mojo on the right side. my dialer. And what I do is I try to quickly when I know somebody is picking up or just picked up, put them in, make sure, of course that's not me analyzed, but usually I've already checked that.

But then I tried to see how, like how soon that wasn't just trying to get an idea of who that person is. Is it their wife? And they're living in that house. Sometimes I Google search it. Because for some reason, I've learned, if it's a spouse and they still live in that house, that's a completely different conversation.

if it's your child and their dad, and it's only been three weeks, that's a tough conversation. And so sometimes things come out from it, the probate, but it's been years and that's an easier conversation, but I try to just change up what I'm saying. I researched them a little better because before I was calling, I was using the same script all the time.

And I felt so bad. Cause some people would, I don't know. Some people would just react differently. I got somebody who asked me and this has only happened to me once, but somebody asked me like, what did you just take the omits? And, I had to really improvise, but I felt so bad cause it was obviously his dad.

And I was like, I just noticed you're out of town and I'm so sorry if that's how you fell. They just thought maybe you needed help since you're so in Florida.

Jim Sullivan: [00:28:39] Perfect. I would say Paul Lindsey's hired the right person. Sounds like you're doing an awful lot, congratuations. You're very welcome.

ISA for Virgadamo Team: [00:28:45] They're great trainers. They really are

Jim Sullivan: [00:28:48] Good! Thank you so much for sharing. We appreciate your input.

We have four more in the queue. Next up is phone number ending in two five, one seven. You're up next.Driving For Dollars - Propstreams New App and How To Use It To Find Vacant/Probate Properties

Sue: [00:28:58] Hey there! It's Sue. I've been struggling with a lot of call reluctance, which is on me.

But I live in a 55 and older community, and there's a number of homes that are in probate in my community. And I was just wondering if you had any tips for looking up these older probate, because some of them I know are over a year or two old and the homes are just sitting there and I thought it might be an easier.

Start for me to call people because I live in the community.

Chad Corbett: [00:29:28] You obviously know the address because you're in the community. You can look up the address and then skip trip, go to the tax records and then skip trace to get their phone numbers and reach out to them. Or you can look, just send a letter to the tax mailing address. So if you go out and make your list of houses and easier way to do it is if you I've never used propstream it's $97 a month and they now have a mobile app.

So you can literally go out and have a walk around the neighborhood and use the drive feature. And when you walk, when you're standing in front of the house, you simply touch it and save it as a favorite. And then when you get back, you'll have your list will be right there in your prop stream marketing list.

And you'll have all of the information on if there's any mortgages, tax information, MLS history. everything you can imagine will be right there. and you can't send letters, but you can send postcards through their system, but even if you don't, if you don't, we use our postcards at all, you can export that list and then use that as a direct mail list.

And we can help you fulfill that order of letters to them. You can also skip, you can also skip trace within their system. So you're likely going to come up with, the phone number for the decedent, but maybe somebody has that number forwarded like who at whatever family member has taken charge,  It's skip trace. It's 20 cents a number. So you're not going to spend a ton on just a handful of houses, but that's the most effective, efficient way I know to build a list like that now is using the prop stream mobile app.

Sue: [00:30:58] Skip Trace is that the, like, like a reverse lookup?

Chad Corbett: [00:31:01] Yeah, they're going to use a double match point. So first name, last name and address. And if they can find a phone number with the address and name matching, then they'll return that number to you.

So you can, let's just say it's 12 houses. You walk around, you create your marketing list by saving them as favorites. You close out that session. When you get back to the desktop version, it will be there in a marketing list and you can click export and it'll export with all the real estate information, all the contact information and their team will walk you through it.

If you need help, figuring out how to use it the first time. That's the easiest way. So do this manually using lists source and MLS and skip trace services. But now I wouldn't even no way I suggest that just right. Propstream gives you I believe a seven or 14 day trial. So you could do this all on the seven day trial period  and a get your exercise.

You can go walk around the neighborhood and try it out. Estate Planning Seminars for Senior Living Communities: Co-Marketing With Attorneys for New Leads and Referrals.

Sue: [00:31:51] Okay. My other thought was - is there have been people who have bought in here. This is Tucson area and they'll buy it for a winter home. They've actually bought a home, never lived here, died and the property has gone into probate. So I was thinking I could get the community to work with an attorney, like kind of start building those relationships that he could do some type of a seminar, probably zoom at this moment. Or maybe he would get some business from people who haven't really set those things up. I got this one here.

Chad Corbett: [00:32:22] Is there a clubhouse? Is there a clubhouse in the community?

Sue: [00:32:24] Yes.

Chad Corbett: [00:32:25] So here's what I think you should do. You should get that estate planning attorney to commit to a seminar, which he will, because he's not allowed to directly solicit. Then he can legally do this and you should rent the clubhouse, send out an every door direct mail or EDDM campaign just. Take the whole postal code, everyone in that neighborhood and drop an EDDM, put a flyer in every mailbox and invite them to that seminar.

And I would, if it works, then I would set it up as a recurring quarterly function. Every quarter you do this for the community and you could maybe even rotate. So you do a financial advisor, you do an estate planning attorney. you do, a longterm care planning. like a care management company and bring them like most people would, life insurance is a great example.

It's one of the hardest things in the world to sell here in North America, because we have such an unhealthy culture around death. We don't want to think about it much, less talk about it or plan for it? What are you crazy? So that's why many people aren't, that's why, where the sense of urgency comes from with these families, the lack of planning and the lack of liquidity.

And the surprise change in health and the surprise medical bills, it flips people upside down. So they're unlikely to go find that on their own, even though they might've made it to 55 or 60 years old, most people don't have a proper estate plan. Most people don't really understand how to best optimize their retirement and to mitigate risk.

And so you can just create a little senior mastermind where you use the club house and every month or every quarter, you have some expert from the community. It can be an, those people that I mentioned, someone that can bring immediate value to that community.

And this is another idea of how you're going to get upstream. You're going to be using the team you've built and the methodology you've learned, but nobody has passed away. It's even better. We're helping them transition into their late-life phase and minimize stress and maximize equity and the money available for the rest of her life.Running An EDDM Direct Mail Campaign to A Target Zipcode

That's what I would do if I were you, because you've got a really good opportunity with a captive audience. That's, the demographic. So in order to live there, they have to be an ideal customer for you. But something you could do, that's a low cost, but high perceived value.

I would recommend doing that. Look at the EDDM like probably that neighborhood a single postal code. So you can blanket the whole neighborhood for not much. I think it's 16 cents a flyer, I think is all you pay for that.

Sue: [00:34:46] Yeah. And if it goes outside, it won't matter.

If I get a few extra people, I wouldn't complain.

Chad Corbett: [00:34:51] Sure. Yeah.

Okay!

Jim Sullivan: [00:34:52] Great idea! Outside the box.

Chad Corbett: [00:34:54] After doing it. After doing it one or two times, your biggest challenge might be finding a large enough space, but like you said, it's probably right now, it's probably best to do it as a zoom. Or if you could do it outdoors, just where people feel more comfortable.

I know the weather's favorable in your area right now. You could do it out on the front, lawn at the clubhouse or by the pool,

Tim: [00:35:15] The EDDM side of that. Is obviously something that we can help you do. We can help you pick the route, tell you exactly how many people it is, nail it down to the specific cost based on that zip code alone.

And we can help you put all that together We're a postal service partner.

Sue: [00:35:30] Okay. Thank you.

Jim Sullivan: [00:35:31] All right. Great idea. Great. Please report back. Let us know how you did Bruce. You had a comment too?

Bruce Hill: [00:35:37] Yeah, another resource you could use. You've got zoom. This is a little bit more advanced, but it's pretty easy it's set up, there's a site and called ThinkIfic I think if I, I K and you can build quickly and easily, you can build courses with modules in there. if you record any of your content with your attorney. You can build those and people sign up and they get clicks through your modules and your lessons.

And you can basically leverage your time record at once. Let people watch it, whatever they want and turn it into an evergreen class that generates leads for you.

Sue: [00:36:10] That's great. What did, what was the name of that site? I felt like it cut out or my phone cut out.

"Th nk: T H I N K IBruce Hill: [00:36:17] F I C  dot com.

Sue: [00:36:21] Thank you.

Jim Sullivan: [00:36:21] Unusual name, great service. All right. we have three more in the queue that should take us up to the top of the hour is phone number ending in one, four, four seven.

You're up next. Nursing Homes, Medicaid, and The Intersection With Real Estate.

Hello, I'm calling from Ohio. I am part of your group.  The last three calls touched on what my question is,

Nursing homes. Speaker 2: [00:36:43] Do we have any instruction on how to get into that system? Whose house will be taken by the state and controlled by the state because they don't have assets. Do we have a function with handling that? Those going into nursing homes who are not wealthy. Probably the, asset they have in value is their home. Who do you contact for that? Do attorneys generally handle that?

Is it. I just don't know where to begin.

Chad Corbett: [00:37:11] Yeah, one place to begin as we talked about part of your building, your referral network is getting to know the point person who has the initial contact with families at each nursing home facility and you and your area.

Their job is to show them the amenities of the community, look at their finances and, share with them what it costs to live there and look at their finances and see if they can find a way the average senior citizen in the United States told you 50 to 80% of their net worth and their primary residence.

Those on the lower end of the income scale, or like 80% and those in the upper middle classes, they're more like 50%, but it's still usually the most significant. assets that they have. So a lot of times those folks have to sell those homes in order to afford to move into longterm care because they didn't have a longterm care plan or insurance.

So having that nursing home employee know that, listen, you can make one phone call and this family will get. All the service under one and one phone call, we will help them sell the personal property that they can no longer keep. We will use a white glove, senior moving service to get what they are keeping over to your facility.

We will maximize every dollar that we can of the personal property, but that money back into the real property and maximize every penny of equity. Maybe we can when selling this home. And all you have to do is let me know when you meet a family that needs that help, I'll handle everything. So if all the nursing home employees in the community know that there's this team that just so think about it, they're being paid on commission, they get a base plus commission.

So a head in a bed equals a paycheck. So they're highly incentivized to liquidate this person's assets to free up cash so they can move into their facility so they can get paid. And so there's, it's a symbiotic relationship. Like there, you're going to get a higher price for the assets.

Statistically than they would selling them on their own. And you're going to get it done probably months faster than they would. So the nursing home employees are your, you're their best friend because you helped them liquidity that puts heads in beds. It gets them paid. as far as the people who are already in there, a lot of times, if they're.

You can contact social workers. So if someone had to go in the longterm care, but they didn't have time to sell their house now, and that probably has a Medicaid lien attack. And with that Medicaid dictates how at what price and how those are listed and marketed. And my trick for that is you can talk to a social worker, find out who's in that situation or let them know when somebody finds themselves in this situation, please call me. We have a strategy for getting these homes sold at market value. So what they dictate is that they make you list the home at the tax assessed value for at least 12 months before you can price down to market value. Oftentimes these homes are over the tax assessments high on them because no upgrades have been made.

They have a lot of, Not always deferred maintenance, but just functional obsolescence they're dated. So what I do is I get the social worker involved. So she becomes my liaison between before Medicaid. So I don't have to sit on the phone with Medicaid. and then as soon as I get the property listed, I go straight to the tax assessor with a comparative CMA, or even better, a market absorption analysis or BPO, and just say, listen, this family.

They're in longterm care. They're not coming home. It's important that we liquidate this asset. Can we please change the assessment to a realistic value? And they'll in my, I've always been able to get this done. They will drop the tax assessed value. So therefore I can do the MLS change form, drop the price, get that to the social worker and get offers almost immediately.

Most realtors haven't figured this out and you can get the social worker on your side because it's in their best interest. It's in the consumer's best interest to go ahead and get the home sold instead of just letting it sit there, empty with a Medicaid lien against it overpriced, and the family has to deal with it.

So everybody wins in that scenario. The best way I know to find people in that scenario is talk. The folks that the people from the nursing home would send people to me. Like the patients, I would get calls because they're like, Hey, listen, I talked to the lady at the front desk. She said that you would be, you understand what's going on.

And once you talk to them once, they're just kind of like, yeah, I don't really care. Do you have this? Can I quit worrying about it? And it's such a peace of mind for them. So it was really me, the social worker and the tax assessor would get it done. So you can create a ton of value for everybody involved, by getting into that situation, the best way to find them is through, the nursing home employees and social workers have, they deal with this every day.

Speaker 2: [00:41:48] Okay. with regards to the social worker. Cause that's a blanket term. How would I know which social...

Chad Corbett: [00:41:54] Start with, if you just Google, Cincinnati social services, and then just pick up the phone and start asking. You have federal, state, and local programs and social workers.

It is a very broad and ever-growing, Space, but I got really lucky. I Googled Roanoke city, social services. I called, I talked to April and she's been my one point of contact the whole time. And she is phenomenal. So hopefully you get really lucky and you get the right person on the first phone call. I did so

Okay, Very good.

Jim Sullivan: [00:42:27] All right, excellent stuff, guys.

We have two more in the queue. Phone number ending in three five, two, four. You're up next. Probate Books and Marketing Yourself As The Local Probate Expert

Nahid: [00:42:35] Thank you very much how are you? This is Nahid.

Doing good!

Yeah. two questions, one. I see emails saying, Hey, listen, expired book, send your expired book, to the expired listings.

You think we can do a probate book and send them to the, probate leads. Perhaps they can read it on their spare time and the family members can read it. And, that can be, to establish that, the real estate agent as an authority in the area. What do you think about it?

Chad Corbett: [00:43:04] It's very effective, but it's also very expensive.

So what a lot of folks do is they will go through and do the first letter and the first round of phone calls and then the people who have real estate and have an intent to sell or are uncertain, then the follow up piece becomes the booklet. David Pannell shared a video of the one he had designed. If you look in All The Leads Mastermind.

And search, just search David's last name, P A N N E L L. He posted a video of him leaving through his piece. It's like a 30 page, eight and a half by 11, 30 page. really nice booklet that he made, but he treats that as his premium piece. if you look on alltheleads.com and search the same thing at the top right?

Put in P A N N E L L. He actually shows on the latest interview that I did with David was in, I think, August. And he actually shows you that piece and tells you exactly how he uses it. So you might get some inspiration there. And once you settle in on what you want and how you want to use it, give us a call or email support, and we can help you design and produce that and ship them right to you.COVID Market Impact and Probate Real Estate Needs.

Nahid: [00:44:08] Wonderful. That's so great. All right. And I'll just say, another question is, on the market right now. we always get this questions, what is the market like? And we have a market stats that we do give them, but what are you experiencing? What are you generally experiencing with the COVID market right now with the probate?

Are there more leads? Are the people more acceptable? Are they ever looking for more help this time around?

Chad Corbett: [00:44:31] I don't think there's been much of a shift and most markets, obviously the places like Los Angeles, where the courts have massive judicial backlogs. It's very problematic for the families and places like New York, New England.  like everything has came to a grinding halt, so people, or have the mindset of yeah. We'll deal with it later. There's nothing we can do. So there's more, complacency. And on these calls we've been talking a lot about, the Southern California scenario, how you help people.

If they aren't going to get their letters testamentary for three or four months, how can we still find the way to help them? And build that relationship and trust. So when they do have letters, testamentary, and have the authority, we're the only phone call  they make, It's the only real shift.

Otherwise the level of motivation seems to be there, in the markets that are unaffected by the court.

Everybody seems to be just proceeding through as normal. And the good thing is, and Jim often make this that's a good point. Like most of these homes are vacant. So showing them isn't really a contentious issue for the families that are not as health-conscious as someone who's living in the home.

So they're actually easier to sell than an occupied property right now.

Nahid: [00:45:35] That's right. Yeah. That answers my question. Thank you very much. How To Get In The Door With Estate Planning, Probate Attorneys

Jim Sullivan: [00:45:38] All right. Perfect timing guys. Last one up this week is phone number ending in zero nine three five. You're up last,

Caller 3: [00:45:47] Hey guys, this is my first time actually calling and a lot of great information.

You probably answered this 100 times, but, what is the best way, to reach out to probate attorneys, and actually be able to provide value, without having something to bring to the table. I'm sure they'd get, tons of calls with different, investors reaching out. I'm just trying to think, you know, ways to stand out and actually provide value, not to say, Hey, send me what you got.

Chad Corbett: [00:46:10] So do you know where to find these calls? These are the recorded versions of these calls?

Caller 3: [00:46:14] I actually do not. I get the emails and then, like I said, this is the first one I got on. I was able to get on

Chad Corbett: [00:46:19] We went pretty deep on this one last week. I'm not, don't just want to defer your question, but I think the best answer was last week, we talked about it for maybe 20 minutes with Fed.

if you go to alltheleads.com/podcast and you'll see the mastermind and roleplay trainings. We archive every single call here. You can also find it in our YouTube playlist or on your favorite podcast platform. so I would point you back to there, but the idea there's two, two specific  ideas that we really talked about in long form.

I think it was Jim, was it last week on the mastermind call?

Okay. I think it was week before if I'm not mistaken, but it was recently. Yeah. Yeah.

And in the last two calls, we actually went long on that. So you'll get the full. Yeah. But one idea is find a way to generate referrals that are ready to  establish an estate plan and approach them with a ready to meet referrals. Fed, who was on earlier, he mentioned that's where he started.

I mean, you can go through your sphere of influence past clients, family, friends, wealthy. neighbors, whoever, anyone who has more than a hundred thousand dollars in assets should probably have a living trust.

So if you can get the people in your life to raise their hand and say, yeah, I'd love that a free hour with your legal team to discuss that. Then you take, you decide if you want to give one guy five, or if you'd rather give five guys, one referral and what's most effective is just showing up like the face to face office visit.

But in this environment, depending on what it's like, where you are, you may or may not be able to do that. You can still get through on the phone. the other idea, just in summary, and I'm assuming you're going to go back and listen to the previous call to get the full version. But the other idea is to sit down with the attorney, approach them saying, listen, I understand you're not legally allowed to directly solicit these families for business, but we notice every month, 20% of them are pro se or don't have legal representation and we know they're going to need it eventually. So what I'd like to do is sit down and design a marketing piece where that's very useful for the family, but the ones who haven't chosen an attorney, your name will be square on the bottom of that sheet.

So we're going to make a checklist or a timeline where all the legal aspects are red and everything else is black and white. But it's going to be a useful piece because probably their attorney didn't give them that most don't or the ones that don't have an attorney certainly don't have it. So it becomes a probate roadmap or checklist for the family.

And when they get stuck, there's a firm's name right at the bottom. So you can, co-brand that marketing piece with the firm, have them produce it with you. And that's going to result in you sitting in a room with them for half an hour to an hour having an organic conversation. And they're going to be, they're going to say, you know what, wait a minute.

What exactly is it that you got do? And there's your pitch? So you get them to ask you what, you know, how you can provide value and either scenario, what you want to do is think of the attorney as a small business owner, not as an attorney. What's your parents and teachers, and everyone else told you, just forget that.

Look him in the eye and say, this is a human, this is a human that owns a small business. I'm a human with a small business. How can we benefit each other? And get rid of that. Like the intimidation of trying to prospect an attorney. Cause that's where most people get wrapped around the axle is they make an attorney bigger than life.

Like they're an icon and then they get nervous and they don't do it or they do it poorly. So just remember you're a one small business owner, figuring out a way to benefit another small business owner and your community. And that should be the mindset. you approach this with.

Caller 3: [00:49:42] Awesome. I appreciate it!

Jim Sullivan: [00:49:44] All right, another crazy. Oh guys. Call number 300 was a good one. I want to thank each. And every one of you for being here today, I want to particularly thank the seven or eight of you that actively participated. And I want to challenge each of you: take one idea. One thought, one thing that inspired you on this call.

Go out put it into practice and come back next Thursday and share your results with the group. Stay safe, stay healthy, stay productive. We will talk to you same time next Thursday, everybody take care.

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Wraps, Sub2, Lease Options, B2B Prospecting, and More | A 500-Level Real Estate Mastermind in 50 Minutes | Probate Mastermind Real Estate Podcast #299

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Probate Mastermind Episode #299 | Recorded Live on October 8th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

TEASER ALERT: We will be recording a special podcast/webinar episode for All The Leads’ Ask The Expert Series next week with an Infinite Banking subject matter expert.  This special guest worked as a Medicare Broker before entering the Be Your Own Banker space.  With a deep understanding of the intersections between Medicare/Medicaid, Estate Planning, and Real Estate Investment Strategy, this Special Guest is someone you’ll want to hear. Make sure you are subscribed to alltheleads.com/blog to get notified when it publishes.

 

More Content Published This Week: October 2020 Updates: Social Media and SEO News For Real Estate Agents and Investors

 

Summary: In this episode of the Probate Mastermind Real Estate Podcast, Chad Corbett discusses advanced real estate investment and infinite banking strategy.  Topics include helping a family pay off Medicaid liens and earning that capital back by leveraging life insurance policies; using lease option to acquire or wholesale probate property; becoming your own banker and turning your SOI into private lenders for real estate investment deals; accessing funds/financing for repairs to maximize equity when a seller has no liquidity or credit, without using your own capital.  Other discussions include winning B2B relationships with real estate attorneys and adjusting your marketing strategy to combat the telesales impacts of COVID-19.

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

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Episode Topics, Timestamps, and Resources:

 

Preview for podcast segment on Learn how to become your own banker, help families with medicaid property and estate planning, and regain real estate investments through infinite banking

Advanced Investment Strategy: Infinite Banking, Life Insurance, and Medicaid Properties (0:47)

Eddie is working with a seller who is about to lose inherited property due to a transfer on death to Medicare.  Eddie describes the situation and Chad explains what’s happening and how the situation got to this point.  Then, Chad describes an advanced investment strategy stemming from the Be Your Own Banker (BYOB) philosophy.  This strategy can help settle Medicaid debt out for a much smaller amount, let surviving family members remain in the house, and become a solid financial investment for all parties involved. 

TEASER ALERT: We will be recording a special podcast/webinar episode for All The Leads’ Ask The Expert Series next week with subject matter expert on this subject.  Make sure you subscribe to the alltheleads.com/blog (at the bottom of any blog post) to be notified when the episode is published.

 

Preview for podcast segment on the 1% rule in real estate investing

 

What Is The 1% Rule In Real Estate Investing?(7:06)

Joyce is interested in learning more about the 1% rule for property valuation. The 1% rule is something some investors love and others hate.  Here’s a simple explanation of the 1% rule from the Bigger Pockets Blog.  

Preview for podcast segment on transferring property to family members for trusts and probate

Intra-Family Transfer and Quit Claim Transfer (7:40)

Joyce asks about Intra-Family Transfer and to what extent family members are able to go this route.  Chad describes how Intra-family transfer is really a quit-claim transfer so whether an extended family member is eligible for intra-family transfer or not, quit-claiming the deed is always an option.  In most states, this will be a zero-dollar tax transfer.  

 

Preview for podcast segment on Help your real estate clients with Medicare liens and bills

Helping Real Estate Clients With Medicare Paperwork (8:28)

Danny’s working with a potential probate seller who’s biggest obstacle right now is handling Medicare paperwork.  Chad lists a simple step for finding a social worker or care manager in your area who can help with any of these situations.

See More: Unexpected Places to Find More Listings and Deals – Probate Referrals from Medicaid and Social Workers

 

Preview for podcast segment on attorney referrals for real estate listings

Top Strategies For Building Referral Relationships With Real Estate Attorneys (10:22)

Fed is having trouble getting through the receptionist when calling attorney offices.  How can he get further with his B2B prospecting efforts? Chad describes the two strategies that have always worked well for different personalities, different markets.

See More: Ask The Expert – Everything You Need To Know About Working With A Probate Attorney to Grow Your Real Estate Business, With John Erik Fraker, JD

 

Preview for podcast segment on lease option for wholesaling probate

Lease Options for Wholesaling Probate Property (21:17)

Patrick wants to get started with Probate Leads.  Is Lease Options/Lease With Option To Purchase a viable strategy to start wholesaling probate properties? Yes. Chad describes his 95% close rate with lease options and probates. He describes a situation with a VA Loan to make his case.

See More:

Joe McCall - How to get 95% of your lease option tenant-buyers financed with Chad Corbett 

Shift Happens Session 4: 7 Different Creative Financing Strategies 

 

Preview text for podcast segment on wraps, sub2, liens, equity, and annuities

Wraps, Sub2, Liens, Annuities, Liquidity and Equity! How to Help Homeowners with Financial Urgency Now (25:15)

Ellie and Patrick describe a deal they’re trying to work out.  The seller is an senior who has a cash urgency.  Chad helps Ellie and Patrick do some deal analysis on the spot and gives them a brokerage and investment option for helping the seller get the most out of her equity in the fastest time.

 

Preview for podcast segment on how to Finance home repairs and remodels without cash or credit

 

How to Pay For Repairs and Improvements When A Seller is Tight on Cash (28:08)

Caller is looking for advice on how to help sellers fund and finance repairs when they don’t have the cashflow themselves.  Chad offers different strategies for accomplishing this without having to risk your own capital.

See More:

Offering Sellers Vertically-Integrated Solutions Without Putting Your Own Capital On The Line

5 Ways To Access Equity for Improvements When Traditional Financing Isn’t an Option

How to Get Your Clients Cash UPFRONT When Inheritance Is Tied Up in Probate – Estate Advance with ProbateCash

 

Preview for podcast segment on how to Buy abandoned house next door in probate with late mortgage

 

I Want to Buy The House Next Door.  The Kids Are Done Dealing With it. How Can We Transfer Title? (37:58)

Ryan’s neighbor passed away and Ryan is interested in buying the house himself.  The kids were living there for a while, but they got tired of dealing with it and left  The house is about $8000 late on mortgage payments.  There is only one mortgage. Ryan knows how to contact the kids.  What does he need to do to make sure title can be transferred, and how can he motivate the kids to get out of Probate Quicksand?

 

Preview for podcast segment on Cold Calling Tips for Virtual Wholesalers

 

Building Rapport With A Seller That Has A Bad Impression Of Real Estate Investors (40:55)

Dave is interested in an ancillary probate property that he wants to wholesale virtually.  The property and the surviving spouse are in Brevard County, Florida. The seller is wary of cash offer prices and wants to meet Dave in person.  Dave lives in another state and is wholesaling virtually.  How should he proceed? Chad offers two solid strategies for leveraging a contractor partner and/or earnest money deposits in this situation.  If those don’t work, Chad offers a trick for getting the neighbors to help nudge the seller.

 

Preview for podcast segment on Landline phone use 2020 covid impact cold calls and telesales

 

Are People Finally Getting Rid of Landline Phones? Adjusting Your Marketing for COVID-19 Impact (44:58)

Stefan is in Northern California and is running into a good amount of disconnected lines while making calls.  In particular, the first and sometimes second column of numbers is seeing this happen more often.  Are court delays and economic impacts from COVID-19 impacting prospecting?  In other words, are people making different financial decisions, such as shutting off a landline to save on monthly expenses?  As the nature of telesales changes, how should you adjust your overall marketing strategy? Chad and Stefan discuss.

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast - Episode #299 Transcript

A.I. Narration: [00:00:00] Welcome to the Probate Mastermind Podcast!

These episodes are recorded live once a week and are hosted by the All The Leads.com coaches.     Agents, Investors, and Wholesalers join the coaches for everything from marketing tips, sales psychology, live deal analysis, transaction engineering, advanced real estate strategy, and personal development. You will learn to get more listings, more deals, and find financial freedom by listening to these episodes.  "

A.I. Narration: [00:00:25] Be sure to catch show notes at All The Leads.com slash Podcast, and join our free Facebook Mastermind Community, " All The Leads Mastermind."

Jim Sullivan: [00:00:34]

Welcome prosperous agents and investors nationwide . We do have five people in the queue. So let's go right to our first, our first person up this week is five, four, six four you're up.

Advanced Investment Strategy: Infinite Banking, Life Insurance, and Medicaid Properties.Eddie V: [00:00:47] Hey, what's going on. It's Eddie, Kansas city. I'm doing probate mastery and, I was on the phone call yesterday, but for some reason, Chad couldn't see me. And I had asked the question about, somebody who's losing their house, in a property that was transfer on death to Medicare, contract for deed on the property. So they have somebody living in the house and the attorney for Medicare told the purchaser, the contract for deed, that they should stop paying the person that inherited the house and not to do anything. So anyway, they had hired an attorney who spoke with the attorney for Medicare and basically said, Hey, we can't do anything.

Chad, in the Mastermind or in Probate Mastery said without more details, you can't really give anything.

Chad Corbett: [00:01:32] I'd I think I understand now.  So what it sounds like to me is that you put, they've put a contract in place as a first position lien . Then this person went into longterm care, racked up a massive medical bill. And then the Medicaid lane subordinated that first position.

So if an attorney has already looked at it and already spoken with their counsel and says, there's nothing they can do, I would say that they probably should just cut their losses, live there as long as they can and move on. Medicaid is not really known to negotiate their liens, typically with medical liens, like with hospitals, you can oftentimes negotiate those for pennies on the dollar, but with Medicaid and IRS, it's pretty tough.

Now there are debt attorneys that. Specialize in negotiating with government entities. If they wanted to try something else, I think the only suggestion I have would be contact a really good, debt negotiation attorney, and have them go after Medicaid to see if they can settle it.

Do you know how much the Medicaid lien is for?

Eddie V: [00:02:27] The Medicaid lien is for $120,000. Okay. And the property you in that house is about 120,000.

Chad Corbett: [00:02:35] They might negotiate it down to 60. Does the family, they probably don't have any other cash.

Eddie V: [00:02:39] I think they have cash and they were told that they could purchase the property for three fourths of what was owed.

Chad Corbett: [00:02:46] So since they transferred title, there's a rule. If you can find somebody, this is one of the more advanced things we might've touched on it yesterday:  You can pay Medicaid that three quarters of what they're due , and the person who steps up to do that can buy a life insurance policy where they are the beneficiary on the insured.

For example, if you, this is common with kids and parents, like savvy families will do this. If you move the property over into the kid's name or into trust, whatever it is, you transfer title out of the parent's name - that starts a five year window. If they have to go into longterm care and Medicaid as to pick up the tab, you can pay three quarters of the property value.

The market value at the time of transfer and Medicaid will release all claims and pay a hundred percent of the medical costs. Now, what you can do to recover that capital is you actually buy a life insurance on your parents and it's, the insured, you are the beneficiary for whatever the face amount that you had to pay Medicaid.

So whenever they do pass away, you get your full principal return. And if you want, you can buy a bigger policy and you can actually make money. Sounds dark, but it's just an estate, an advanced estate planning tactic; one that I've used in my own family because it allows you to move assets around and if your parents didn't plan for longterm care and they simply can't afford that, but they're likely to need it, it's something you can do after the fact, because you didn't start early enough in their life. So that's, if you can find somebody that has the $120,000 to step up and then whoever the mortgagor is if that's the kids or the surviving spouse, they could buy a whole life policy on that person.

And eventually they would be reimbursed. Now whether the numbers work for them, for the people you have involved or not, that will work if you have the right people.

Eddie V: [00:04:34] Okay.

Chad Corbett: [00:04:35] Does that make sense?

Eddie V: [00:04:36] Yeah, it does make sense.

Chad Corbett: [00:04:37] So somebody writes Medicaid a check. It could even be a third party investor. But somebody writes Medicaid check to get them out of the picture. The first stays in position. The contract for deed goes on, the buyer is protected. And then whoever wrote that check buys a life insurance policy on the mortgagor whoever now holds title to that property.

And when they pass away, then they get paid back the death benefit.

Eddie V: [00:04:59] Got it. Okay. That makes more sense. I didn't know who the life insurance policy was going to be put on.

Chad Corbett: [00:05:04] I don't either. And that's, it's, whoever's on title that wrote the contract for deed and holds that first lien position is who you should have the insurance on it.

If that person is 25 years old, it's probably not gonna make sense to pay premiums for 40 years for an investor. If that person is 70 years old, it may make a whole lot of sense to do this deal this way. And you can, everybody can win. Medicaid gets, they settle for what they're willing to take your investor gets, it, they would, it would be a long position, but for example, if that was a 70 year old and they bought a whole life policy and, statistically there might be eight to nine years on that investment.

just demographically. Then they could buy it where it's, let's say they pay 120,000, but they buy an insurance policy for two 50. Now they have to pay the premiums during that person's lifetime, but they could get a massive return on investment if they do that. And there's actually, it's an advanced development, finance strategy.

I've seen $150 million developments built on these type of agreements where you buy life insurance. You're the beneficiary. You give them a cash advance, then you cross collateralize your position to get development financing. So there's a whole world behind the curtain of things like this.

It's legit, it's above board. It's just not talked about that often.

Eddie V: [00:06:16] Okay. Sounds like I just need to get more details from them to what they want to do.

Chad Corbett: [00:06:21] Yeah. And I don't, what state are you in?

Eddie V: [00:06:24] Missouri. This property is in Kansas.

Chad Corbett: [00:06:26] There is a company in West Virginia, that just does what we're talking about.

They walk families through it and help you get the proper insurances and make sure everything's structured correctly. Like there are professional service companies that do just this to help families out of this position. So you can probably find if there's one in West Virginia, that's probably one everywhere.  If you talk to some insurance friends, or some savier finance guys, or potentially some estate planning attorneys, they should know what I'm talking about.

Eddie V: [00:06:53] Okay. I'll give an estate planning attorney call and see what he can tell me about it.

Chad Corbett: [00:06:58] Okay.

Jim Sullivan: [00:06:58] Alright, good luck! Get back to us and let us know how it turns out, please. Next up is phone number ending in six, two, four eight. What Is The 1% Rule In Real Estate Investing?

Joyce: [00:07:06] Good morning! It's Joyce Arnston Morris in Orange County, California. I want to tell you that mastery is wonderful, but I do have a. Two short questions. Chad, you talked about the 1% rule yesterday and I don't.

find anything in my notes about 1% rule.

Chad Corbett: [00:07:23] So it's the way a lot of investors will value rental real estate. As it just a quick measure, I would point you to Bigger Pockets, and put in 1% rule; it's going to bring up podcast, blog posts and forum conversations.

And that'll be way clearer than me trying to explain it. It's a simple, quick valuation metric. Intra-Family Transfer and Quit Claim Transfer

Joyce: [00:07:40] Oh great. And can you tell me which family members can be in an intra family transfer?  I think it's,

Chad Corbett: [00:07:48] I really don't know what the limitation of that is. Obviously immediate family is, it's a quit claim is the same as an intra-family transfer.

So even if it's not booked as an intra family transfer. It can be booked as a quit claim transfer. So if I were to give them my property to a trust, I would quit claim that out and there wouldn't be transfer tax and my state, and I know like Pennsylvania would charge a transfer tax, but most States don't.

So either way, intra-family, I think is reserved fo immediate family. I may be wrong on that. It may go to extended family, but either way, they get the same result with the $0 transfer.

Joyce: [00:08:24] Perfect. Thank you so much. See you at 12.

Chad Corbett: [00:08:27] Alright. See ya.Helping Real Estate Clients With Medicare Paperwork

Danny: [00:08:28] Hey guys, So I ran across someone and I asked him a question, okay, what's been the most stressful thing for you. And he told me that the biggest thing for him is he needs help with the Medicare paperwork.

It was new for me. So I wanted to come on here and ask you guys a quick question about like how I could, provide some value and get back to him on like how he can, Basically get that solved that I don't know how to

Chad Corbett: [00:08:51] so this is Danny. Have you been through mastery?

Danny: [00:08:53] Yeah.

Chad Corbett: [00:08:53] Yeah, you can go back and listen to the recording, but that's where social workers can come into play and be very valuable as a team member.

There's also an emerging field called care managers and those people can help with that as well. So I would start with just Google social services, your city. And have a conversation with one of the social workers and say, here's, we need someone to help this family with Medicaid paperwork.

Is that something you guys do in your office or can you connect me with care managers? And they'll be able to tell you who in town is the best to serve their need.

Danny: [00:09:24] Awesome. Okay. Perfect. All right. I just wrote that down. All right. And now give echo shy on that too. I think we do have someone possibly that can do that.

Okay, then that was pretty much the only question I had. It was just something new that I ran into the first time.

Chad Corbett: [00:09:37] Yeah. Like I said in mastery, it's one of those team members you won't know you need until you need it. And you won't realize how valuable it is until you've used it the first time.

And I've helped many elderly people get, basically save them financially, help them from becoming homeless. Your social worker will make a massive difference in the impact you have eventually. So for everybody listening, if you haven't considered that as a team member, you might not need them today, but it won't hurt to go ahead and make that connection because typically when you need them, it's an urgent situation.

So it's good to have already established that relationship and understand kind of the scope of what they can do as a member of your team.

Danny: [00:10:13] Perfect. Alright, thank you. Appreciate it.

Jim Sullivan: [00:10:15] Alright, thank you. Next up is phone number ending in eight two one three. You're up next.  Creating a Two-Way Referral Relationship with Real Estate Attorneys

Fed: [00:10:22] Hey guys. It's Fed. Good morning. so I wanted to, I want to make sure I reach out to attorneys.

And I'm having a little bit of a challenge. I listened to the interview that Chad did with, I forgot his name. He was an attorney from, San Francisco who also a realtor. So usually when you call, you usually get the gatekeeper, so secretary or front desk, and some I'm trying to figure out what the best way to  jump that hurdle is since I've called numerous ones asking to you speak to the attorney. And for example, one way I tried is I try to look up the docket number on the leads and, I said, hi, I'm trying to speak to, for example, Mr. Corbett, and then they say, what is this regarding? So it's regarding docket, blah, blah, blah.

and I never got a call back. Or I haven't got a call back yet. So I'm just trying to figure out A: What you guys suggest as to how to get through to the attorney. And B: Perhaps what the conversation is. Cause obviously my, from my understanding doing a mastery and other calls is that obviously we want to make sure that we provide them value and an, and let them understand that we're not calling them just to obtain a listing, but instead to work together and generate a referral back and forth, referral to one another,

Chad Corbett: [00:11:43] You're not in Mastery this month, are you Fed?

Fed: [00:11:45] No, I'm not, I actually, I've been wanting to come back in a, I'm probably going to sign up back, but, I'm going to do it again. This coming month.

Chad Corbett: [00:11:53] So I unpack this pretty lengthy yesterday, there's two main value approaches that I suggest, and both have worked for different personality types and Metro markets, rural markets.

You can decide which one's right for you. The first is find a way to bring them qualified referrals. you got to first understand an attorney is a struggling small business owner just like you are, just like every small business owner is. They're unemployed every morning. But unlike us, they have anti-solicitation laws that they have to deal with as part of their code of ethics.

So it's harder for them to gain business than it is for us, because we can do these things. we come here and talk about direct mail and hammering the phones and they're not allowed to do that. So they rely on referrals and that's why a lot of estate planning attorneys do probate because it fills in the, the it's just another stream of revenue.

They would prefer to do estate planning business because in a couple of weeks they can make a couple of thousand bucks versus making a of few thousand bucks over nine to 12 months.

Fed: [00:12:49] Yeah.

Chad Corbett: [00:12:50] Think about it from an business owner to business owner perspective. What value can you provide to them as a business owner, quit thinking about referrals for yourself, and you want to open the door with something of value to help them grow and scale their business and make their life easier.

One of the best ways to do that is to give them qualified referrals. So the people in your family, the people in your neighborhood, the people in your mastermind groups, your past clients, anyone that you ever worked with in the future: If they don't have a living trust, if they have over a hundred thousand dollars in net worth, they probably should.

Because probate costs three to 8% of the gross estate value. A trust for most families is 1500 bucks, 2000 bucks. So it's considerable savings. The hard part is getting those people to think about much less plan for their own demise. So if you can do a sphere of influence campaign, a past client campaign and say, guys, listen, 2020 has given me an opportunity to really take a step back and realize I'm not providing the highest level of service that I could have been all along.

So I've added the team member. We now have estate planning attorneys on staff, and I'd like to offer you free hour consultation with one of our attorneys. please let me know, book yourself into this calendar and put a Calendly link in the email. And let them book directly in just don't put your phone number in there.

Don't tell them who they're going to be meeting with. That's a good way to gather preset appointments. When you walk into an attorney's office, or I would prefer if you would walk in, but if you have to call because the COVID environment, I understand, but if you call it and say, listen, I'm trying to reach John DOE what's this regarding? Actually I have, I have uh, threw myself into the fire. I've got five clients that need an estate plan, and we helped a lot of families and probate. And we see your firm name and especially John Doe's name. And it just seems like you guys are really active and a firm I could trust. Could you put me through so I could see if we're a good fit?

And if they don't they're damn fools. So you're giving him pre-qual, like pre-vetted ready to go a state planning referrals, and he will, no one's ever done that for that attorney and everyone else is like:I'm an investor, I'll have cash. I close quickly. I'm a realtor, look at my listing presentation.

Isn't this flyer nice? And everybody's me, And it pisses the attorneys off. Talk to them. They'll tell you, listen, dude, I don't open that damn mail. No one's allowed my receptionist will be fired if she lets realtors come through the line and it's because they're saying the wrong thing, she won't really be fired if she lets you through.

She'll be commended for letting you through because you just brought $10,000 in revenue to the business with five referrals. So that's approach number one. And that one takes a little bit more, a little more work and you have to have kind of a sphere of influence built the other approach.

It is an exercise that I use for two purposes. One to build your local probate knowledge, the other, to impress the hell out of an attorney and start a good relationship organically. As I said, they have anti-solicitation laws, so they can't direct mail people on a probate list. We know that about 20% of probate at the petition, when it's recorded, they're pro se meaning they're representing themselves.

And there's a lot of the misconception that every probate has to have an attorney. That's simply not true. The state of Texas is contentious in debating that, but it's just not true. So that 20% of people take that they think they're getting off easy and not on saving money. Most of them will end up hiring counsel to clean up the damn mess they made before the probate's over.

So it ultimately cost them more and takes more time. So it's in their best interest to have legal representation for a. an overly complicated kind of bureaucratic process. We want to get them attorneys. We want to also use that as an opportunity for us to get to know the attorneys so we can approach the attorney and say, listen, we have a team of people here locally that help families going through probate.

As part of that, we meet with the clerk every month to make sure we know which families we should be reaching out to. One thing I keep noticing is like 20% of them aren't have no legal representation. And you, and I both know that's a bad idea, right? So also I've come to learn that you're not allowed to directly solicit these people.

So I'd like to propose that we collaborate and let me pay for your marketing and let's get these people to the counsel they need. So if you can sit down with me for 30 minutes and design a checklist or timeline, we'll color everything legal in red. Everything my team does in black and your firm name, a website, email address, phone number, whatever you want.

will now be included in every mail piece I send. So have you got an hour? Have you got an hour? We can sit down and do this. And they make the time they will go to the conference room. And just like if you can trust me on this and just do this, I've yet to have a single person fail at either of these techniques.

And what does, what usually happens is they immediately get divorce referrals. And then shortly after they start getting probate referrals in a month or two, but don't be surprised if you start, if you become a divorce specialist, because you're doing these two things. Almost everyone who does it well ends up getting divorce referrals within a month.

 

Fed: [00:17:39] I'm a hundred percent in! Chad, question hovering above the first suggestion, how you were saying go to go through your sphere and just see who has a net worth, over a hundred and, advise them to get a trust. How do you pitch that to your sphere? Does that know your story or

Chad Corbett: [00:17:56] Tell your story.

So my name's fed this year has really taught me a lot. One of the things it's taught me, I've helped many families going through probate and I've seen how expensive and stressful it is. What I've come to learn is a living trust is about a fifth of the cost of probate.

And in the toughest time your family will ever go through, the court is not telling you what to do. Your family's wishes will be carried out by a trustee. that was told what to do in a controlled environment by everyone. So there won't be any infighting. There won't be any government intervention. There won't be any excessive expense. because I now understand this, I have set up and established my own estate plan, even at 30 years old.

My next step is to make sure everyone that I have the privilege of working with has the same opportunity that I did. So I've retained the local legal counsel to give one hour consultation that won't come at a cost to you. It's something my business will provide. And all you have to do is click here to get scheduled.

And then the calendar, please give us at least 48 hours notice. You change your Calendly setting, where they can't book within 48 hours. They can only book 48 hours out and beyond. That gives you two days to be the clearing house and get those out. And you might give one to each attorney. You might give five to, you might give one to 10 attorneys or five, two to five attorneys.

You'll just have to see what comes back. But if you have a sizeable database and the other thing that I would recommend, you have a blog, you have a WordPress site?

Fed: [00:19:19] I do not know. Okay.

Chad Corbett: [00:19:21] You have social media for your business? Like you have pages.

Fed: [00:19:24] Yes, sir. Yes, sir. Yes, sir.

Chad Corbett: [00:19:26] I would recommend you write the copy as I just suggested, but you also do a video, same exact thing.

Give them more than one way to consume it. Some are going to see it on Facebook and watch the video. Some will see it on your YouTube channel. Some will click the email and they won't click the video to see it, but they'll read the copy. Just do it in multiple formats so you can gather as much interest as you can.

Once you've done that. The next step, if you really, if you want to take this to the next level is take the five that actually followed, took your, took you up on the opportunity, established a proper estate plan and had a good experience, and then start doing interviews with them for future content. And if you don't have a blog, it's okay.

You can put that on YouTube. You can put that on Facebook as a native video upload, Instagram, wherever, but start getting that word out. Look what this guy does for his past client. It's not going to hurt you and your conventional business. It's sure as hell going to help you in your probate business.

Fed: [00:20:19] Absolutely. Thank you. I really appreciate that. I'll start that today.

Jim Sullivan: [00:20:22] Awesome. And Chad it reminds me, yeah, whether it's a personal story or one that one of your clients experience, it reminds me of the roleplay yesterday where the roleplay, I think the Danny did, where ran into a guy where he had taken care of his mom for the last 10 years of her life.

And she wrote out a handwritten will left it with him. It wasn't notarized or witnessed. So now the court was getting involved in telling him that he had to sell the house and split it up with the sisters that hadn't been there in 20 years. Anyway, it was a difficult story where it was not only going to cost the family a lot of extra money to do it that way.

But his mom's last wishes weren't being respected. So as your prospect, you're going to come across stories of that all the time with people that didn't do it the right way. Maybe didn't even file the probate the correct way and use those stories and, the consequences to other people and, and how it affected them as you go through, both the attorneys and the executors.

Fed: [00:21:15] Thank you. Thank you so much. Lease Options for Wholesaling Probate Property

Jim Sullivan: [00:21:17] All right. Well, we only have two in the queue guys. Come on that we need our win of the week, hit star six and hit one. In the meantime, we'll go to our next caller, which is anonymous. You're up next.

Patrick: [00:21:28] Hey, good afternoon guys. Quick question. Good afternoon.

Jim Sullivan: [00:21:32] Is that your real name? Anonymous. Okay. it could be, I'll tell you, but then. Okay, go ahead.

Patrick: [00:21:37] This is Patrick.

Jim Sullivan: [00:21:38] Hey Patrick,

Patrick: [00:21:38] We spoke this morning about doing some of the probate, but also, or wholesaling it, and some of the, advertising to get lease purchase options from the other side. Have you figured a way how to get that done or is it possible.

Chad Corbett: [00:21:51] Yeah. My first probate deal was a lease with option to purchase. What you need to be aware of is how title transfers. So  if real estate was titled and for spouses or partners, If real estate is titled as tenants in the entirety with rights of survivorship, then oftentimes it's essentially a transfer on death clause.

Sometimes that'll re require a spousal property petition, but it'll go from John. John does Jane DOE to just Jane DOE. And at that point, Jane DOE can sign a lease with option to purchase. and that's the very first one I ever did was a surviving spouse. I ended up mailing her off of a high equity list.

It was before I was even. It was my second probate, I think. But, it came together beautifully. I was able to meet him. It really works like in her situation. I tell this story in the beginning of mastery, cause it's probably one of the more complex deals I've ever done. And it was a first "aha!" moment. But they needed as much money as possible and they needed it as quickly as possible.

So we ended up doing it as a lease with option to purchase, even though it was a free and clear asset because we were able to sell at a premium price, take a 4% option fee upfront and a market rent until we got it closed with no rent credits. We credited back to 4% in closing. And I have a 95% close rate on lease options.

If you want it. The only place I've really talked about my system publicly, if you go on YouTube and look up Joe McCall, Chad Corbett, Joe McCall was on the guys that inspired me way back in 2011. When I first got into residential. And, it was an hour or two podcast where I just paid back by showing him, what I did.

So you can check out that and Katt can link that in the show notes, but you can absolutely do these. and back in March on our YouTube channel, there's a playlist called shift happens, and episode four will actually walk you through seven, seven distinct, creative financing strategies that will work on these deals.

And I show so it's lease wrap. So to a contract for deed land contract. There are seven different strategies that I've used on probate leads. That's about two hours long. It's not, it goes wide, but not real deep, but, start there and then look at that and that'll help you get a better understanding of when you can use which strategy of creative financing and probate , episode four of shift happens.

Patrick: [00:24:07] Now, how did you, if they're doing Elisa, how'd you get the money to them quickly,

Chad Corbett: [00:24:11] So I take a 4% option fee on the front first month's rent and last month's rent. So on that deal, we were able to get a 10,200 bucks on the day of signing.

And that was enough money to get her mother out of the hospital and into a rehab. and then, she made $1,100 a month until the buyer's closed, which only took us, I think, six or eight months on that it was a pair of retired Navy, but forgotten to pay utility bill. So they had a 90 day late on their credit.

We just had to clear that and we closed. And so we sold for full price, no commission, no. it was no contingencies and we actually did it just to show you how possible this is. It was with a VA loan and we did the VA appraisal before move in. I documented the source of funds on the front end.

I documented the VA appraisal and put that in the lenders database. And I had my fingers crossed terrified when they exercise their option and the VA underwriter took it. So we proactively did things. that's, just showing you that today demonstrate even one with a government entity that we were able to get this closed.

So it was a probate, it was a lease option. It was done with VA financing. Wraps, Sub2, Liens, Annuitys, Liquity and Equity! How to Help Homeowners with Financial Urgency Now

Ellie: [00:25:15] Okay, great. Hi Chad, it's me, Ellie. Here's the deal? Okay. I have a property that a senior needs to sell. She really needs to get out of there, but the property in order to be I'm being telling Patrick, basically to go with the flow and try to do the lease with option to purchase.

I have multiple people during this time that don't have the best credit. And it's kind of the opportunity to jump into it. Maybe I'm wrong on that part, but the thing

Chad Corbett: [00:25:45] Let me ask you how much equity is in that. Is there equity in the home? The property.

Ellie: [00:25:49] Yes.

Chad Corbett: [00:25:50] Okay. Is there, are there any debt?

Ellie: [00:25:52] How much does she owe?

Patrick: [00:25:54] 40% equity,

Ellie: [00:25:55] 40% equity on the property.

Chad Corbett: [00:25:57] Okay. So you have a first mortgage at a 60 LTV?

Ellie: [00:26:00] Yes.

Chad Corbett: [00:26:01] Okay. And what's her urgency. Is it? She needs cash now, or she needs relief from the debt.

Patrick: [00:26:06] Pretty much cash now and to a little bit now.

Ellie: [00:26:09] And she needs to have some kind of income for her to have the rest of her life.

This property next update built in the nineties.

Chad Corbett: [00:26:17] You could do this as you could do it as a broker and sell the home as a wrap where they take title subject to the first lien remaining in place. The seller takes a second lien for the other 40% and you get her immediate debt relief and you basically turn the house into an annuity.

It's almost like a reverse mortgage, but in her favor,

So you're going to, you're going to minimize the tax consequences. You'll give her a consistent monthly payment. If she doesn't need a lump sum of cash right now, if she would rather have more money over more time than less money upfront, then that structure would work if she needs a lump sum right now, you guys can take it sub two.

Then you could sell it on a wrap as an investor and take a heavy down payment from one of your poor credit buyers. Give that, pass that heavy down payment through to them, or use that to replace your principal that you gave her. Either way, the wrap will work. It's just one way. You don't have to come up with a lump sum the other way you do.

And one way you're acting in brokerage. The other way, you're acting as an investor.

Ellie: [00:27:19] You understand?

Patrick: [00:27:20] Okay. All right.

Ellie: [00:27:21] Thanks you guys.

Jim Sullivan: [00:27:23] Alright. You're very welcome. We only have two more in the queue guys. We're still looking for our win of the week. Yes.

Chad Corbett: [00:27:29] Who, who set this up as a 500 level class today?

What's going on?

Jim Sullivan: [00:27:33] No, we haven't had, we haven't had a simple, it's funny the call yesterday after you hung up, somebody from West Virginia said. What's wholesale. What's probate. The most basic question we ever had, these are really in depth, the complicated questions today. Hey, we're here for whatever you guys need help with.

And there's over a hundred of you on the call. We're still looking for our win and we only have two more in the queue guys. So we got plenty of time left, hit star six and hit one in the meantime, next up is phone number ending in one, four, four, seven. You're up next.

How to Pay For Repairs and Improvements When A Seller is Tight on Cash Are you there are Youngstown, Ohio.

Caller: [00:28:11] I'm sorry I had you on mute. That's okay, go ahead. Yesterday regarding one of the role plays that was done, it was really good. It dealt with,  two brothers. they worked in a restaurant and servers. They needed to sell the property when one brother wanted to live in it.

The other one wanted to sell it. Do you recall that one? Yes. Okay. All right. My question is apparently they didn't have. Cash available. and the house, if they were to sell it, there were some things that needed to be done on roof and miscellaneous other things, titles. I think my question is if the descendants have ready and available funds, How do they get the repairs done or you're supposed to be the people that, take the ball and run with it and show them how to get things done.

But where does the money come from? L

Chad Corbett: [00:29:10] Lots of different ways. Katt, remember to link this in the show notes. There's a tip from the trainer posted. I did a couple well years ago. That's five ways to basically fund improvements, I think is what it was. so I'll spare you that you can watch that.

After this, if you go to all the leads.com and search five ways to creatively finance repairs, I think might've been the name of it. Post. You can use a contractor by turning them into a lender. So typically a contractor is going to be cost plus 15 cost plus 20. You can allow them to add a premium to their invoice, 10%, usually reasonable and standard so they could make cost plus 25 on this job, they would carry the invoice through to.  The closing. They have three layers of protection. They submit an invoice to escrow. They submit an invoice to the court and they're authorized to record a mechanics lien against the asset. So there's three different ways. I can three different layers of security for them as a lender.

And you give them a premium. That's why I tell you to find contractors who are running a business, not working a crappy job. These are the guys that have cash reserves, very professional business. They typically have strong cash reserves. They're oftentimes they're flipping houses, holding their own rentals, these kinds of things.

You can even do things with local real estate investors, pawn shop owners. The we buy gold guys. We buy junk cars. We buy mobile homes depending on what ground work at your end. These guys, these are all they're they're high yield debt investors. So most people don't think outside of the box, I think, Oh, a pawn shop guy.

He's he's not, he's just a savvy small business owner and he's providing a service that's needed in that community. So they typically are flushed with cash. They're looking to make short term high risk loans. This is the safest. if someone's going to advance a thousand bucks on a Ford Mustang, what is it like with, at an appreciating asset?

And you give them an opportunity to make 10% on their money, on an appreciating asset where if you screw up or someone screws up, they double their money. That is a, one of the best deals ever. So you can look at other investors and cash, rich people in your market and your sphere of influence, the easy button way.

Is you simply go to an estate advanced company, the preferred partner that after two years of vetting these companies, we finally found one we're comfortable with and it's probate cash. So probate cash compound, no space. And if you go to all the leads.com again, the top, right where you can, if you're listening to this after the fact, you can see it in the show notes.

Okay. just search probate cash and it'll bring up a, an ask the expert series that I did with the two founders of that company back in, I don't know, July, I think. so that's three there's five on that video, but those three ways, the other ways are you can get a HELOC. You could also do a reverse mortgage. If it's a surviving spouse situation, those two would work. You can use more conventional methods, but. there are a lot of different ways you can do it. I would suggest watch that blog post to watch the probate cash thing. And, you'll have more than one arrow in your quiver whenever you encounter this.

Caller: [00:32:11] Wonderful. Thank you.

Chad Corbett: [00:32:13] The one that I didn't, the other one is you turn yourself into a JV partner. So if you see that this house needs 50,000 work and it could sell for 150,000 more, you have an opportunity. And I would say you have an obligation if you ha, if you are an investor and you know how to do fix and flip, you can step up, establish a basis value for the assets today. Form a fresh LLC, a joint venture, a limited partnership, or a land trust and address the basis value and the control of sale. In that instrument, whatever your attorney's comfortable with, you go bring your contractors in. You pay for the construction and you get a higher listing commission on the way out, which is above the net.

And then whatever's left after you're paid your commission. Whatever that net is, you guys split 50 50, so you can create another, an additional $50,000 in equity for the family and an additional $50,000 in revenue for your company. It's called flipping a free house.

 

Bruce: [00:33:12] I'm going to throw in there, Chad and mention another way for the agents or investors.

it's specifically probably for the agents who don't have the cash to do what you just mentioned. Most of us have clients. that are sitting on cash and they want to be in the real estate space, but they don't have enough to drop into a flip or maybe they're just there, they're waiting.

And for example, I have three or four people that, will fund up to 20,000 in repairs under the same terms that you just mentioned, Chad, I'll take a higher commission. That's my fee for quarterbacking, the repairs, the upgrade. and then they'll take 50% of the, the gain.

So there are lots of ways to do this. Even if you don't have the money or don't have the pawn shop relationships. We have clients all over the place that have a little bit of extra money and want to be involved in real estate investment in one degree or to one level or another.

Caller: [00:34:06] Okay I wasn't

Jim Sullivan: [00:34:08] Awesome. I feel compelled to mention something, Chad, you said this is a 500 level call. If there's anybody on this call that is brand new and has just decided that this is all way too complicated. There's a good chance you'll go your whole career and never use any techniques we've talked about. The beauty of taking mastery is you can make a deal almost any situation, but the vast majority of probate, 90, 95% of them are just motivated absentee owners. They want to cash out. So don't, if you don't understand anything we've said so far, don't be intimidated.

These are very, the advanced techniques that we're talking about today. Good to happen in your quiver. You understand that,

Caller: [00:34:44] Okay, good. No idea. And I hadn't, I wasn't thinking outside the box.

Bruce: [00:34:49] Yeah. Perfect. I'm to, I'm going to throw in one more time. Cause what started this part of the conversation was the role play yesterday, where we went, where we were taking Danny down a pain funnel.

And if you guys didn't listen to the roleplay, go listen to it from yesterday. that particular example. Was a good opportunity to not only find a way to fund repairs for, for a client for a personal representative, but it was also a great opportunity. if you're an investor to go down the pain funnel, dig into the pain, dig into the need.

And make an offer. it was clear on that role play call that, that Danny was not going to be able to, fund some of these repairs himself. So if you don't have the relationships that you have the means to be the investor, Except asking better questions and accentuating that pain, just position the PR to be in a position it'd be in a place mentally where they're ready to actually let the property go as an investment.

Caller: [00:35:49] Okay, great.

Jim Sullivan: [00:35:50] Perfect. We have two more in the queue that should take us nicely up to the top of the hour. Next up is phone number ending in seven seven, seven, seven. You're up next.

Angelique: [00:36:00] Hey, my

Jim Sullivan: [00:36:00] name is

Angelique: [00:36:01] Angelique. I'm

Jim Sullivan: [00:36:01] in Tampa,

Angelique: [00:36:02] Florida. It's my first time actually on the call. And, you are talking about, actually a gentleman was talking about approaching attorneys and you gave  him a nice spiel, but I wasn't able to write anything down because I was in the car.

Is there a way as the, you're able to share that the, the, the information email or anything.

Chad Corbett: [00:36:24] So these are always recorded and archived. So you can find this as soon as tomorrow on our Facebook page, on our website, alltheleads.com or on your favorite podcast platform. Oh, on Facebook.

Where's it at?  it's an, all the leads mastermind has our private Facebook community. We have a, we syndicate to almost every major podcast platform and you can always go to all the leads.com and, in the menu at the top, you'll see the complete system and you'll see role play and mastermind archive, and their every single call we have close to 700 hours of these conversations archived there.

Okay. And you said all the leads.com and I'm looking at the website right now. where is it supposed to go even? I'm so sorry.

so if you go to yes, and YouTube is the other place I forgot to mention. so if you go to all the leads.com. You'll see in the top menu, you'll see ATL success systems and the third or fourth button down thing is this like second or third button down. You'll see mastermind and role play conference archive.

There's a podcast player at the top. The most recent call will be shown in the podcast player. Or you can go down and click into the year, the month and the specific call. Okay.

Remember the Facebook community, be sure to request, to join all the leads mastermind. There's about 11,000 of us in there. And then also on YouTube, be sure to look up all the leads. You'll be notified as soon as these calls are published.

Jim Sullivan: [00:37:54] Perfect. Next up is phone number ending in four seven zero one.I Want to Buy The House Next Door.  The Kids Are Done Dealing With it. How Can We Transfer Title?

You're up next.

Ryan: [00:37:59] Hello. Can you hear me okay?

Jim Sullivan: [00:38:01] Yes, sir.

Ryan: [00:38:01] Great. So my name is Ryan I'm from, Pennsylvania Philadelphia area. so I'm looking to buy this house that is next door. The original occupants owners, passed about a year or so ago. And at the time it is a year, their children walked away from the house.

So really just  I know how to get in touch with the kid.  there doesn't sound like they had a will when they passed, so I'm not sure what the next step is on how to approach them on, getting this house

Chad Corbett: [00:38:30] Well, it's very likely to have to transfer through probate.

Have you done the research on the home? Is it as, are there liens against it? Are there any mortgages?

Ryan: [00:38:40] Only one mortgage and it's several months behind. Okay. You know what the balance is? Is there equity in the home?

About 8,000

Chad Corbett: [00:38:49] The balance is 8,000 or the missed payments are 8,000.

Ryan: [00:38:53] The payments

Chad Corbett: [00:38:54] are 8,000 behind.

How much equity do you think is in the home?

Ryan: [00:38:58] Probably a good 70,000.

Chad Corbett: [00:38:59] Okay. So what you're going to have to do is make contact with the kids. If they haven't petitioned the court for probate, they need to, you might want to call and introduce yourself to the probate clerk and get familiar with the local process first.

Then when you make contact with the kids, yes. Speak confidently. And they will trust that you're going to guide it them through and connect them, get them phone number, email address, office address, and even directions to the office. Once inside the courthouse, go the extra mile before you pick up the phone and talk to the kids and I've had to do this before.

A lot of families just, they just check out and they just walk away. And I've had to take people to the courthouse and help them petition for probate so I could help them. Because that's the first step in the process. Someone has to have the authority to sign the purchase agreement. So one of the family members, or one of them, one of the family members have to step up or a fiduciary has to be appointed a public administrator.

And the first step in that is petitioning. Whoever's going to step up needs to petition the court for probate. Once that happens, you can make them, you can sign a letter of intent with them now to just to protect your position. But once they had the letters testamentary, then they can sign a purchase and sale agreement and you can see, I'm not sure in Pennsylvania, if you have to have court confirmation, you may be able to just go ahead and close.

You may have to submit that to the court for confirmation.

Ryan: [00:40:20] Okay. Her transferred title.

Chad Corbett: [00:40:23] unless the house, it sounds like they have enough equity. They're not going to qualify for the small estate exemption, so they will have to probate the estate. And that's the only way you're going to transfer a title. And I would say time is of the essence on this because the equity is just getting chipped away a day at a time, So that's why I'm suggesting you. Proactively basically hand it to them on a silver platter. Don't make a suggestion to bring a solution.

Ryan: [00:40:47] Okay.

Jim Sullivan: [00:40:48] All right. Get back to us. And if you need any help, offline, just reach out to us and get back to us. Let us know how it goes.

Ryan: [00:40:54] Alright, thank you.Building Rapport With A Seller That Has A Bad Impression Of Real Estate Investors

Jim Sullivan: [00:40:55] Alright, next up, Chad, do you have to leave for mastery? Are you good? No, Mastery's at three today. Okay, good. We have two more in the queue. Then next up is seven four, two eight.

Dave: [00:41:06] Oh, Hey guys. I was just calling real quick. I had a old lead I, that's where I'll leave. I decided to do a text message campaign on, just to see if I get some response.

I did get a couple and one in particular was very interesting. It's the reverse of what you typically think. she wanted nothing to do with talking on the phone. She wanted a text. And then went at it more as an investor

Jim Sullivan: [00:41:32] offering to buy, see

Dave: [00:41:34] if she would be considering we'd consider an offer on the property.

She said, sure. she kept pushing for a price. And so I threw something over, and I think, I just needed to get on a call with her or zoom or something. Her initial response actually was, a little bit suspect. I want to meet you in person.  and I said, I'm remote and zoom call. And she's no, if you're interested in sending an offer, go ahead.

And, so now it's stalled out. I gave her a number. She said, send me pictures of houses like mine you bought at that number. I guess I'm wanting to really understand before I put a whole lot more time into she's really looking to sell or she's just dragg ng me along. It's a little bit of a concern.

Chad Corbett: [00:42:18] Is this on Brevard County, Dave?

Dave: [00:42:20] It is. Yup.

Chad Corbett: [00:42:21] Do you have someone that can go by and meet with her? Let me ask a better question.

Dave: [00:42:25] Is she in

I haven't gotten there. Apparently. She must be if she's wanting to meet personally, she's got to go in her life, phone number and, yeah, I've never come across this one.

I'm assuming she is there because of that admission.

Chad Corbett: [00:42:41] You have a contractor on the ground?

Dave: [00:42:43] I do. Yeah.

Chad Corbett: [00:42:44] I think what I would do here to get her attention, because she's probably shopping you as my opinion. And I'm sure I'm telling you what, you already know. You don't have rapport and she's trying to hold you at arms length because she's afraid you're going to take advantage of her based on the experience she's had with somebody else.

Dave: [00:42:58] Sure.

Chad Corbett: [00:42:58] If you can get your contractor over there to meet with her or caretaker and he can do a video. And then I would overnight her, or at least send them a priority express envelope, a legitimate purchase and sale agreement with a fat earnest money deposit. Are you going to close on this one?

Dave: [00:43:14] Probably not. I got a couple of buyers straight there that are ready to go.

Chad Corbett: [00:43:19] Okay. A trick that I've used and situations like this pump the earnest money up because everyone else was offered a hundred bucks in earnest money or 10 bucks in earnest money. So if you can show her in good faith, you had a guy go over there, you looked at it.

You're not bullshitting her. you have had a partner put eyes on the house and give you a construction estimate and you can enclose that construction estimate so she can see that it's legit send her a purchase agreement. with everything, but the price filled in. and, put a post it, note on it and say, I've done my research to let you know I'm serious.

And then I, that I, and, she'll see an earnest money deposit, let's say 50,000 bucks, or maybe 20,000 bucks make it surprise her, but I wouldn't go over 20% in case a guy's using financing. you don't want to have to deal with that. So maybe 20% earnest money. And then just ship it off to her in an unconventional way, like a FedEx overnight, or a USP S express priority.

And you can just on the post it note, just say, I don't know how to finish this without talking to you. So please call me when you're ready to speak and put the ball in her court and show her that you're serious, that you're gonna, you're willing to step up and you have already, and you'll probably get a call back cause no one else is doing that.

I bet.

Dave: [00:44:31] Okay.

Chad Corbett: [00:44:32] The other thing that if you don't get a response and, in addition to that, the other thing you can do is have your contractor take a Manila envelope with him and seal it and tape it inside the front door where it can be seen from the street. Neighbors will be calling her saying, Hey, someone posted something on the house.

there's this yellow envelope. Should I go get it? Do you want me to get it? Do you have a key? And you'll get her attention that way too.

Dave: [00:44:54] Okay. Good stuff. Thank you. Yep.Are People Finally Getting Rid of Landline Phones? Adjusting Your Marketing for COVID-19 Impact

Jim Sullivan: [00:44:58] Last step is phone number ending in one seven five nine. You're up last.

 

Stefan: [00:45:03] Hi, I'm Stefan  out in Northern California. I'm just getting started on the weekly calls after sending out my letters. And the last, I did about 20 calls, yesterday. And, about 50% of the leads, the numbers have been disconnected and the email addresses are no good.

And I'm, since I'm just starting, I'm not sure. Is this normal or is it is a COVID because I noticed the death date on a lot of these leads is back in March or April, and I'm just getting the lead, now, That's quite a delay between the time of the passing. me getting it, getting the lead.

Chad Corbett: [00:45:38] Sure. We're at the mercy of the court on that. So there wasn't much we could do as far as the numbers, like that's an extremely high rate of disconnected numbers. Typically, we have 80 to 90% accuracy and connectability on our numbers. If you could email support and let us know which specific list you're talking about, what we'll take a look at it and see, if we can figure anything out about it, it may just be the nature of your area.

Jim Sullivan: [00:46:04] Chad, I was just going to ask, is it the second, third and fourth column of numbers? It's mostly disconnected or is it the first and second? Have you noticed?

Stefan: [00:46:12] Oh, I usually start at the top with the first number and then I work my way down and usually it is the first and second number. A lot of times that are disconnected. Okay. Yeah, so many people are, abandoning their landlines. So there could be part of it, I just connect to my landline in my house cause they never use it. I just use my cell phone.

But, that might be part of it. I don't know. But I was just wondering, cause I'm just getting started. So yeah. So I thought it might be unusual and it's probably partially due to the virus thing going on with the delays.

Chad Corbett: [00:46:41] I'm really curious if it's because of kind of the economic uncertainty and people trying to

preserve as much cash as possible. I wonder if a lot of people have started to shut down landlines. Cause it's just one expense they've been thinking about getting rid of, but this was finally the last straw and they said we can live without it.

Stefan: [00:46:59] Yeah, that could be part of it. Cause I know there's a lot of them, after you've been in sales for a number of years, you can start recognizing. A landline, They looked different than cell numbers. I thought one, I could send a letter to the people who I couldn't reach the phone and just say, Hey, listen, I tried to call you, but your line, your numbers disconnected.

Did you get my letter?

Chad Corbett: [00:47:18] Yeah. If you're not, you should be sending letters to all of them. If you're not doing that, you're definitely losing a lot of opportunity.

Jim Sullivan: [00:47:27] I've got to say also that there that makes the win. If the first and second are disconnected, it really makes that third, fourth and fifth phone number more valuable because probably most people aren't going to go the extra mile.

It might be a relative of the person you're trying to look for, but. I would call all the way through all the numbers and see maybe if you get better success with the, what, the ones that are related to them. And Chad said, yeah, do send them letters also.

Stefan: [00:47:52] So how often, would you say send the same letter again in a different letter? Switch frequency?

Chad Corbett: [00:47:59] Ideally it's, with direct mail and probate, it's more about being there when they're ready. Some will be ready immediately. Like the day as a day after filing, there'll be ready to sell. Others will take two to three years. And in your market you have long judicial backlogs right now.

I mean there's people waiting three and four months just to get to their next hearing. so they've been. Paying, paying for the property insurance and all the caring expenses and everything. So it's a lot of those older ones are even more motivated now. And a lot of the newer ones will become highly motivated after they sit around and do nothing for several months.

So all that said, if you have a budget to support it, you should be marketing for at least a year. if you really want to do well with this and extract every bit of opportunity, stretch it out the two years, we found a lot of success of the 24 months. You can get a pretty decent conversion rate.

So it's what your budget will support. But I would, as a absolute bare minimum is three months of letters. One letter per month for three months on each one, followed by a phone call. But ideally like our most successful subscribers, they're continuing to mail until they've spoken to everybody.

They're continuing to call until they've spoken to everybody. And there's no surprise. Those are the people that are in seven digits of revenue with this one single strategy and one single County. Huh. All right. good take. Yeah, I guess I'll probably, what do you think about, I don't know. I think maybe I should send a different letter every time I thought that I tracked pretty meticulously my first 12,000 pieces of mail.

I had six return to senders. I had about a 2% conversion rate and most, all the letters that are available to you. I was shuffling through doing sequences, Doing the same one over and over, and it really didn't change it wasn't, it was barely measurable the difference the content on the letter.

It was more about the time that it got there. It just went on when they're ready and they will call. And, there's a common theme between all of our letters. I'm not proposing that any old letter will work. I'm saying that the letters we've provide to you guys have, are backed by. Tens of thousands of dollars of button, budgets to prove they work.

So it doesn't, as long as you're choosing it from that, from our letter, poor mailbox motivated all of those work and they've all worked in various types of markets. So don't overthink it. And, it's I found ultimately after doing this for awhile, what worked for me best was to send the same letter three times on autopilot and never looked back.

And I was able to maintain 6% conversion rate over time, sending the same letter over and over because by the time a month passes and they've gotten letters from other people, they don't even recognize the redundancy, but. When they're in the right mindset and they get your letter and see the contrast of that to all the other ones, they don't even need to remember.

They've seen your letter before. They just need to know that you're different and they're going to call you first and probably only you.

Stefan: [00:51:01] Alright. Okay. thanks. I appreciate that.

Jim Sullivan: [00:51:04] All right, sir, we appreciate you. Anything else?

Stefan: [00:51:07] No, that's it. Thanks.

Jim Sullivan: [00:51:09] All right, guys, that you are the last caller of the day.

I want to thank each and every one of you for being here today. I want to particularly thank those who actively participated. I want to challenge each of you. Take one idea. One thought, one thing that inspired you on this call, go out and put it into practice and come back and share the results with the group.

Next Thursday, stay healthy, stay productive, and we will talk to you. Same time. Next Thursday. Take care, everybody.

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Online and Social Media Marketing Updates for Real Estate Agents and Investors - October 2020

October 2020 Updates: Social Media and SEO News For Real Estate Agents and Investors

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SEO AND SOCIAL MEDIA MARKETING NEWS CURATED FOR REAL ESTATE AGENTS, INVESTORS, AND WHOLESALERS ON A TIME CRUNCH.

Weekly Update As Of: 10/13/2020

October 2020 Digital and Social Media Marketing News for Real Estate Agents and Investors

 

DuckDuckGo Makes Improvements to Map Search

What's New: With DuckDuckGo's new Route Planning feature, users can plan multi-stop trips.  Users will be able to see overviews of possible routes and information like total time and distance of the route.  This feature is privacy-first and currently available for driving and walking routes.

Why this Matters For the Real Estate Community: If you use DuckDuckGo yourself, you can now use the privacy-first search engine to plan appointments, showings, door-knockings, driving for dollars, and other routes you formerly had to give away your location information for.

In addition, if more people start using DuckDuckGo as their primary search engine, you'll have more people to reach through the platform.  If you haven't already, it's probably time to get in on some of DuckDuckGo's daily traffic.

 

Twitter To Allow Users To Crop Their Image Previews

What's Changing: Currently, image cropping is dictated by an algorithm. Users can not control how an image is displayed within the main newsfeed. Even worse, the preview displayed in the "Compose Tweet" window doesn't match the final news feed display.  Users can't even predict or preview what their image will look like.

Why It Matters for the Real Estate Community: Real Estate Agents and Investors often juggle many hats on social media - As you aim to quickly share valuable content, announcements for your podcast, previews of your new listing, there's nothing helpful about a poorly-cropped image preview.  As Twitter rolls out custom image cropping, you'll be able to create tweets with images that make better impressions and get more engagement.

 

Google My Business: New Insights For Business Owners

What's Changing: Google is adding new metrics including: detailed search reports, number of people that saw your business page in a search result, Google Maps searches, and how often people clicked your business' contact information through your Google My Business profile.

Why This Matters For The Real Estate Community: Most real estate agents and investors work locally, right? Google My Business is a hyper-local option to get your business displayed at the top of search results page.  If you haven't set up your GMB profile, you're missing out on a huge opportunity to reach people in your neighborhood searching for things like "realtors near me" or "sell my house in [neighborhood name]."

 

Facebook Brings Updates to Groups

What's Changing: Admins of public Facebook groups will now have the option to allow group discussions to display in users' news feeds.  Also, the 'Groups' tab will now display public groups and content from public groups that match a users' interest.

Why This Matters For The Real Estate Community:  Groups are a great way to connect with your community, professional networks, and even drive reach for your own products and services.    Learn more about how Facebook Groups can fit into a real estate professional's Facebook Marketing Strategy.

[Psst.... All The Leads hosts a Probate Real Estate Mastermind on Facebook!]

 

Facebook Messenger and Instagram DMs: United At Last

What's Changing: Both platforms are combining their messaging service to provide a cross-platform experience. New features coming with this update will allow users to watch videos together during video chats, set chats to disappear after they've been read, reply in thread-form to a single message within a chat, and more.

Why This Matters For Real Estate Professionals: These features will make it easier and more worthwhile to publish content on Facebook and Instagram (especially video content!).  Also, these features will likely influence consumers to spend more time on each platform, which means more opportunities for content to be discovered.

 

Google SERP Tip: Leverage Your FAQs!

What To Know: Not only do users click on rich results 58% of the time compared to 41% for non-rich results, but there's a certain type of rich result that really blows the numbers out the water: FAQs! FAQs that appear in rich results have an average click-through rate of 87%.

Why This Matters: People want to know about you, and they want to get that information clearly and concisely.  Having a FAQs page not only puts you in front of more Google Search users, but it also gives you a place to answer questions, build trust, and solidify your credibility quickly without ever having to speak to the person.  Make sure you have a FAQs page (and a FAQs section on any relevant specialty service you offer), and that's it's complete and up-to-date with the questions and answers your prospects are looking for.

 

Google My Business: Customer Call Logs

What's Changing: Have you ever  called a store or company right from Google Search or Maps? Google is now offering businesses a way to log and respond to missed calls and stay engaged with customers.

What You Need To Do: Next time you sign in to your Google My Business profile, you'll be prompted with a notification about the call history feature.  Click "Try it out," and you'll get a notification from Google as soon as the feature launches.

CURATED WITH YOUR TIME IN MIND.

SearchEngine Journal consistently produces great content for all things digital and social marketing.

 

....And it's so easy to get lost in good content.

 

We've curated this list to help you stay up-to-date with the most important things impacting your online real estate marketing strategy without losing track of time.

 

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Preview for Real Estate SCripts Role Play episode 59

Real Estate Scripts Training: Live Cold Call Role Play #59

The Interactive Podcast on Probate Real Estate - Pick Your Podcast Platform

Real Estate Scripts Role Play Training #59

Recorded Live on October 7th, 2020 (Join Us Live Next Time | Previous Episodes)

 

Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group, All The Leads Mastermind, to find role play partners and more!

Thanks for tuning in, and don’t forget to subscribe below for new episode notifications!

 

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Get Certified in Probate Real Estate

 

 

 

Cold Call Scenario 1: How To Win Face-To-Face Appointments When The Seller is Undecided (1:00)

 

Danny plays the personal representative in this role play with Bruce Hill.  Danny poses a scenario where two brothers working full-time waiting tables are trying to figure out what to do with inherited property.  Money is tight.  The brother wants to keep the house, but Danny hints he’d rather sell the house and get some funds in their pockets.  Danny’s biggest obstacle is lack of time.  He hasn’t yet figured out how “being too busy” can ultimately cost him much more in holding costs and equity the longer he sits and waits.  Bruce and Chad breakdown the role play and share their insights on how to become the solution in scenarios like this.

Real Estate Objections - Role Play Training

 

 

See Also: Dan’s previous two role plays, where he played the probate expert:

Role Play Session #58

Role Play Session #57

Time Stamp for bonus tip: How To Win Face-To-Face Appointments When The Seller is Undecided

Bonus Tip: Chad Breaks Down How To Win An Appointment At The Property WITHOUT pushing a hard-sell on listing/acquisition. (11:04)

 

Cold Call Scenario 2: How To Make Follow-Up Calls After A Bad First Impression (20:47)

 

Ashley had a potential seller in her pipeline, but after her attorney referral bailed, the seller lost faith in Ashley’s ability to provide any real value.  Ashley describes her background, how she got into real estate and how she is transitioning into agency from wholesaling.  Chad offers Ashley solid advice on personal development and demeanor before jumping into a role play.

Time stamp for Real Estate Objections Scenario 2: How To Follow-Up After A Bad First Impression

 

Best Cold Calling Tips and Advice Here:

Understanding the prospect’s pain point and addressing it is the key to moving forward. Bruce and Chad discuss how to discover the pain point and offer solutions for it.

Real Estate Cold Calling Tips 5

 

Sometimes, you have to get a prospect to accept reality, even if it isn’t ideal or morally right.

 

Episode Tip: Understanding the prospect’s pain point and addressing it is the key to moving forward.

 

When you feel uncertain or something is out of your power (like legal issues), tackle a smaller problem.  This becomes proof that you’re doing what you say and solving problems, even if the bigger problems can’t be solved yet.

 

 

Timestamp for Real Estate Cold Calling Tip: Getting Over Your Fear of Not Knowing What To Say

 

TRY THIS EXERCISE (48:05):
Chad advises everyone to create a spreadsheet with two columns:
1) What problems might people face because of Probate?
2) What are all the solutions you can provide? 
If you do this exercise, you'll have better confidence and delivery when offering solutions to cold call objections.

 

 

 

 

 

Related Resources For Probate Cold Calling Scripts:

 

 

Ways To Catch This Episode of Probate Mastermind:

(Note: Some podcast platforms take a little bit longer to process uploads, but should all be available within 24 hours of this post publishing).

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Episode Transcript

Real Estate Scripts Role Play 59 Transcript

A.I. Narration: [00:00:00] Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group " All The Leads Mastermind"   to find role play partners and more.  For previous episodes, visit all the leads.com slash podcast

regular call, but I was thinking about switching it up today. probably just this once just so I can step out of my own shoes and get a different perspective and maybe this time be the prospect and shoot you guys the common response that I'm hearing as of late.

[00:01:29]just basically, yeah, I'd be the prospect. If someone wants to be an agent and a role play with me.

[00:01:33]Bruce Hill: [00:01:33] Okay. Cool. good deal. Are you ready to start?

[00:01:36] Danny: [00:01:36] Uh, yes. I'm. I'm ready to go.

[00:01:38] Role Play 1: [00:01:38] Okay. A ring ring. Hello? Um, Hey Danny, uh, Bruce Hill. Uh, my name is by any chance familiar to you, is it, uh, no, no, actually I've never heard that name before. Okay. No. Okay. Listen. It's no big problem every now and then I get that.

[00:01:55] The reason I'm giving you a call. If I shot you a letter, a couple of there's a go. And, um, basically what I do is kind of help people that are going through the probate process. And listen, I have no earthly idea. If what I'm offering is beneficial to you or not take about 45 seconds, I can tell you the reason that I'm calling is that cool.

[00:02:17] I mean, probably it's. How did you get my number? Yeah. Yeah. Uh, listen. It's exactly. That's what I was going to tell you. We run down to the court, um, the courthouse and talk to the clerk generally about once a month and just find some of the people that are going through probate that, uh, that might be able to use some of the services we offer.

[00:02:38] And what we do is we, we put together a team that kind of helps people that are struggling or trying to figure out if they're going to keep her sell real estate. Uh, maybe some people that that might be. Struggling with the clean-out personal property that they have to get rid of, that they have to sell things like that.

[00:02:56] And then ultimately all the repairs and the maintenance that can sometimes kind of pile into an already busy life. I assume that you probably don't handle a States, administer a straight estates for a living. Do you? I do not know. No. Okay. Uh, so let me ask you a quick question. What, uh, what's been the biggest struggle that you've had so far.

[00:03:20]Okay. Okay. Well, I mean, I like some, like, uh, like what you're saying, Bruce, um, I guess I'll talk to you for a couple of minutes. Um, definitely after my, uh, stepfather's passing, um, after, you know, after he passed his only myself and my brother that are, uh, you know, really trying to handle. Okay. Everything going on and, uh, we don't really know how to go about handling what little estate he had.

[00:03:46] We don't think we need an estate sale after it. We talked to my attorney. Mmm. Okay. I be thinking of doing something with the house. Not sure yet. Maybe my, I think my brother might want to move into it, but we're not a hundred on it. Um, but. I guess it's just kind of all mixed and mix and match of the different things and not surely not sure what to do.

[00:04:12] Okay. Okay. So yeah, I would, I would imagine just the myriad of choices that you're having to make decisions on. Kind of get a little overwhelming at the time. Is that, is that a fair statement? It's definitely, uh, like, uh, right now, I mean, I have my own job. I work 40 hours a week, so it was my brother, you know, we're trying to do what we can here, but I'm not really sure how to go about the next step.

[00:04:41]So we, we both work at the same job over serving. We both work at a little Chinese, Chinese place. Um, and that's what we're doing right now. Cool. Cool. Um, so I imagine all of a sudden now handling an estate is like piling a whole new job on top of, of you being already busy, right. Without a doubt. Yeah. Okay.

[00:05:05] Um, now you mentioned that your brother was talking about maybe moving into it. Um, if, uh, if you could wave a magic wand and get your way, do you think that you'd try to lean towards selling or do you think that you'd personally lean toward keeping. Mmm. I think, I think we would want to maybe sell it for, for me personally.

[00:05:27] Well, and I say that because no money is not the. The biggest thing right now for us, we, you know, we don't have a lot of it and I think someone else would be good for both of us. Um, he's trying to convince me to move in with him in the house, but I think selling it and going through somewhere new together would be probably the best financial move.

[00:05:49] But, uh, he seemed adamant, but I don't want to argue too much with him. He is the order. Um, I just, yeah, it's just a lot. Okay. Um, what, uh, what kind of shape is the house in? Is it in good shape? It's in, it's in good shape. Um, it it's, it's not bad. It could definitely use a little repair is nothing major. Um, but you know, it's definitely a liberal without a doubt.

[00:06:14]What, uh, what kind of repairs do you think are needed? I know, I know it's not major, but if you, if you were going to move in, what would you do? Probably, uh, just the roofing. Oh, I would, I would definitely look to do that first. Um, yeah, maybe, maybe it past that. Uh, I'll do a little side things, just a deep cleaning of like tiles and, uh, floorboards and everything like that, but that's about it.

[00:06:39] Okay. Um, how much time do you think that would take for you to, to fix it up and get it to your standards? I don't any idea how much money it would take? I have no idea. Um, I don't know. Are you, are you asking me this question to try and like buy it from me? Uh, maybe I, I honestly, I don't know exactly what you and your brother what's going to be best for you guys.

[00:07:04] So, um, you know, it might be to sell, it might be to keep it, um, tell you what, without eyes on the property. Um, we might just want to go ahead and, uh, and, and set up a quick time when we can walk through it for 15 minutes together. And I kind of give you guys a little bit of a roadmap and, um, Give you some information and that way you guys can make a better decision.

[00:07:27] And if it's me buying the house or helping you sell it, um, great. If it's you guys keeping it, I have no problem with that either. Ultimately you just, I need more information and maybe even a little bit of help, sort of sorting through them process that you have so far. Um, No, I have some time later this week on, on Friday or possibly next week on Tuesday.

[00:07:51] Uh, either one of those days work to meet for 15, 20 minutes over at the house. Uh, well, both Fridays and Saturdays, I double, um, I wouldn't be able to make any of those days. Okay. How about Tuesday? No, I work in the morning shift. I can do Tuesday evening morning. Okay. How about your brothers? He works the same shift.

[00:08:12] Did you. Um, not all the time though. Um, I don't even know if he'd really want to meet, to be honest, so much just be me. I would have to talk to him for a little bit. Okay. All right. So he, he sounds like he wants to keep the house, right? I would say it's, it's, it's 60, 40, but it's a bit there in here. Yeah.

[00:08:35] Tell you what let's, uh, let's you and I go ahead and pencil in. See if we can plan on meeting there Tuesday, I'd say six o'clock. Um, I'd really like to meet him as well. Cause I want him to feel like he's heard and that his voice has, uh, that he has some pull in what we discuss. Um, ultimately I wouldn't want to be blindsided if I were him.

[00:08:55] How about you do me a favor and, um, Ask him, if he can come at six o'clock and listen, if another day besides Tuesday works better for both of you guys, just give me a call back and say, Hey, let's do it Wednesday instead, or Thursday, something like that. But you and I can go ahead and plan tentatively on six o'clock on Tuesday, if that's cool.

[00:09:14] Does that work? That does work. Great. Thank you. Okay, perfect. Listen, I'm going to call you Tuesday morning. And just confirm that we are still on and, um, and, and if you need, need me in the meantime, just give me a shout. Okay. Alright. Thank you. Alright, thanks, Danny.

[00:09:32]Role Play 1 Break Down: [00:09:32] Okay. What'd you hit me with that. You were hearing. Uh Hmm. Okay. Um, So the, what I've been getting hit with a lot, um, which I tried throwing in there was, we're not even sure if we're going to need in the state. So I've been getting that one quite often, um, uh, trying to decipher, you know, moving out to my questions around that, um, uh, Ashley, you know what I did want to throw in there as well.

[00:10:01] Um, Is the fact like, so the are getting the letter of testamentary. They're either early on it or they just got it and they're not sure their steps move, you know, you know, to get moving and get going. Um, but I mean, I got, I got the gist of like how to pretty much approach that, but, uh, yeah, it was, I think it was definitely the biggest one was not sure on the whole house.

[00:10:23] Possibly I'm getting a lot of relatives might want to move into it. And I'm getting a lot of, uh, um, we don't even think we need to do in this state, so. Okay. And maybe they don't. So I just let, let you go with that. I didn't try to handle that at all with you. Cause I don't know. Um, I don't know until I see the house.

[00:10:47] And we can discuss your best option. So I definitely, if they, if somebody is going to hit me with, with, with that, that's not an objection. That's just something that I don't need to dig into one on our call. I can move on  we can dig in spectrally Bruce. I'll disagree with you on that because it's a great opportunity to show them a go.

[00:11:09] It's a great opportunity to show it as a golden safety net. I would say, use a state sales on one and 51 and 75 deals. However, knowing that you've got their back makes people, it usually spurs them into action. So for me, the way I handled that as, okay, well, listen, that's where most people start. A lot of families attempt this on their own, but just so you know, we have an  entire team of people that can step up if you ever would just want them, someone to write a check or do you want to do a tag sale or an auction sale? And that's something that once we see the property, we can kind of give you our suggestion. We've seen a lot of families struggle and we've seen a lot of families be successful at.

[00:11:47] Clearing the personal property. And you know, it's obviously once we take a look at everything, we can give you our opinion of what we think is best for your situation, but you can, I can provide a little bit of value to them and a little peace of mind before, because you're, you're paving the way, way to setting the appointment.

[00:12:04] So for me, I think way that I can find that I can show them how I can protect them, save them money. I'm stressed. I'm going to do that to try to build up to that appointment. So it's just a different perspective, but I do talk about it before the appointment. I don't get into the details. I just show them how it's kind of like other people felt this way.

[00:12:26] And we had a safety net in place for the ones that needed it, and then we move along and they feel like it just helps reinforce the rapport and trust you're building. Good. Okay. Chad you just fractured my ego? Just kidding. Um, ultimately, um, ultimately. Um, I think that, uh, every SIG, Chad just said is spot on one of the things in our conversation that you did, Danny, as the PR is you touched on the estate sale and then you moved on.

[00:12:57] Um, one of the reasons that I didn't camp on the estate sale is you kind of moved on and started talking about your and your brother's desires. So you can always circle back to an estate sale through the conversation. Um, And, and I don't know Chad, how you feel, but if he moves on into desires of whether they're going to sell or keep the house, would you try to backtrack to an estate sale immediately or later?

[00:13:26]I will. What I noticed is you had trouble setting an appointment, you know, he's a server. So, you know, he works weird hours and he probably sleeps in late. And it's, it's highly unlikely that two brothers that probably don't have a whole lot of money and are struggling with time because they're waiting tables all the time.

[00:13:44] They're probably not going to be successful at getting a property cleared out. And maximizing the value of the personal property are they're very likely to get to a point where they give up and say F it and throw it all away. Like throw a lot of stuff away or donate a lot of stuff. So I would have gone the route of.

[00:14:02] Maximizing the personal property equity and using that as a reason to get there. And then I would, I would have, I would go there without trying to push, nudge him either way, but I would let him know on the phone. Hey, we've got, you know, if you do decide, you want to keep it, uh, we can, you know, we can connect you with, with the right professionals.

[00:14:24] So I'm assuming that if you, if you decide to keep the home, you're going to want paid for your house, right. Because chances are, he's not financially savvy and he's not thinking of that. So I want to paint. I want to trigger that. Oh shit. I can think of that. How am I going to get my house? If he moves in, what do I get?

[00:14:42] And I want, I want to stir that up and get him thinking about that because chances are based on the, when he was in character. He wasn't, he didn't say my perception is he wasn't considering his after the equation, he was subordinating to his brother to move into the house. And a lot of folks don't understand real estate finance at all.

[00:15:01] So I'm going to use a lender suggestion. To bring up that pain. And so, you know, for example, if you're, if you guys do you decide to keep it in, your brother wants to move in, you have to find a way for him to get financing I'm mortgage on this so he can pay you out. If that makes sense and boom that's right.

[00:15:18] It was the red flag. Well, wait, I didn't think of that. His credit sucks. He doesn't have any money. He's never going to qualify for a loan. And then we start, he starts to send you, they start to get clear on okay. What they need. I'm not going to push on that hard. I just know that going to the appointment.

[00:15:33] And I'm using personal property to get there where I'm using a no trespassing posting or something else to get there. And they'll, they'll have to have their own apifany and realize that it's not feasible for them to keep the home, but when they do I'll be there. So that's the way I was. I would've handled it well.

[00:15:53] Okay. We have Nope. We have nobody else in the queue. So keep going guys in Bruce, I'll build your ego back up when we're done. I'll give you, I'll give you a couple of compliments, but go ahead. I interrupted you. Go ahead. So I was using this situation. It was a closest to, you know, what I personally went through.

[00:16:14] So I locked my stepdad two years ago and I didn't realize it at the time, but that was probate, that, that part of the family was going through and I was there for it. Um, so, you know, and not about a couple of weeks ago, I called back, you know, a family over there and I asked them more about, you know, what they were going through.

[00:16:31] So I know talking points. Um, for, you know, when I make my calls and, um, and I use that house as a platform for this, for this role play as well. You know, the, you need the word titling, you know, work, uh, um, no family, family still wanting to kind of stay into it, but they thought about selling it. I'm not too sure what they want to do.

[00:16:55] Um, You know, and it's just, basically, I tried using my own situation in this roleplay and that way I, you know, get gathering information more about it. So I know how to basically it can be more genuine in the call. You're like, look, I've been through the same thing. You know, I was there for my family.

[00:17:11] We've been through probate as well. I know I get messy. Don't always know, always know what to do at the time. My brother and I were serving a, you know, it's hard. We didn't really have any money, et cetera, like that, you know?

[00:17:22]So good. Bruce did a really good Bruce had a really good job reading you and mirroring you. And he matched your energy master your tone of voice. He listened to the things you were saying. And especially when you talked about the repairs needed and he asked a really great question, you know, what would it take to get it up to your standards?

[00:17:42] And that's getting, getting your gears turning on of, you know, well, you've, you've got to put yourself in that position. What, what would it take for me to live there? Or me to spend my paycheck on that. And that, that was a really good tactic. Um, but anyway, so those are, those are some of the things that I think, you know, as you listen to this pay attention to, you know, there's a lot of things, Bruce, isn't telling you why he was doing, but I see a lot of matching and mirroring that he was doing.

[00:18:11] And he, the, the biggest thing is he was a good listener. He was gathering information, no matter how small the pieces were and he brought it all together and you felt like you could trust him then. Right, right, right. I did. And I was going to echo that you go ahead. Oh, another thing, uh, Danny is you, um, as soon as you started expressing and sharing that you just didn't know.

[00:18:38] So I don't know what I need to do at the house. I don't know how much it's going to cost. This is what it would take to get to my standards, but I don't know how much that's going to take. That's the opening to. Really pushed for that appointment. So, um, you'll notice I changed gears really quickly and started going for a time.

[00:18:58] As soon as you started expressing doubts that you're, you're blind to what you're about to face. Okay, go ahead. I was going to say you started off with something I'd never heard before. First of all, you're about as far away from scripted as possible, which I know you could tell. I was totally not scripted.

[00:19:18] It was kind of very conversational, matching and mirroring. I had never heard anybody say, Hey, this is Bruce. Have you ever heard of me? And I, I kind of liked that because it made it sound totally not like a cold call. And it put a question in his mind was. Am I should, I have heard of you, sorry. I like that opening a lot.

[00:19:37] And when you close for the appointment, um, it was almost the opposite of an assumptive close. She said you think maybe we might maybe could get together, but you said it competently and it, I felt like it gave him permission. To say no. So he wasn't afraid to say yes, if that may be such, you, you, you, the way you close there was very low key.

[00:19:59] And it was, I felt like it was, would have been difficult for him to say no, because you gave him permission to so anyway. Excellent, excellent job that make your ego feel better. Oh, I don't need my ego boosted. I know you said, you said Chad, shut it. Shut down there. I thought, ah, I thought it was really cool.

[00:20:17] There was some things I'd never heard before and role-plays so good job. Danny. Here's your action. Step on your very next prospecting call. You have to pick up the phone and say, Hey, this is Danny. I'm kind of a big deal like Bruce Hill. Have you heard that?

[00:20:29]Definitely. Definitely. Well, thank you guys, Matt. And I'll definitely be here for all the other role plays. I'll be here this Thursday as well for the mastermind call and you know, everything so forth. Keep coming back, man. We have two more in the queue.

[00:20:42] Good job guys. Next up is phone number ending in nine zero seven seven.

[00:20:47] Ashley: [00:20:47] You're up next? I don't know. Hello there, Ashley? Hi, this is Ashley.

[00:20:54]Role Play 2: [00:20:54] So, um, I'm a real estate agent also. Before I became an agent, just a quick little background before I became an agent. I tried being the wholesaler in my market and it was very difficult, especially because I didn't have a one single strategy. I was going after like multiple types of leads. Um, here recently I decided to focus in on one thing, which is so bait.

[00:21:25] And I guess my list again, to return to of, um, um, attract the customer somehow. So. Um, someone that I know reached out to me and asked like, Hey, do you know any real estate attorney? I have a friend who's a real estate attorney. I asked her, okay, well, what kind of real estate attorney title probate? Like what type of attorney does he need?

[00:21:53] What she gave him, my number. He called me in, when he called I kind of like. I kind of like what I froze up. I was scared. I wasn't, I didn't necessarily, I didn't know when he probates attorneys really, you know, like I was trying to, so I reached out to some people cause I didn't want to just like refer anybody.

[00:22:15] Right. I wanted someone reputable. Um, I got a few references, uh, as far as the probate attorneys and I got back with him and gave him the information. Right. Well, let me collect them with information, right. I just kind of nervous. I don't, I don't know. I was kind of nervous talking to people on the phone makes me nervous, but being in person it's it's normal for me.

[00:22:42] Right. So yeah, with all that being said, I, um, call them back to followup with them. And then I tried to collect some information like, Hey, I didn't get a bunch of information from you the other day. Um, but was the attorney that are referred, you know, was he helpful? And he was like, yeah. I mean, I submitted some information to him.

[00:23:09] He hasn't called me back yet. Right. So I proceeded to ask him sound wise. All right. Well, what, what what's going on in your case? He like, he's just being very short. He told me that pretty much, um, his mom wrote a wheel and she did not. Um, she handled, I hand wrote it. It was like a holographic will. And, um, apparently, uh, it's not good enough for the court.

[00:23:41] Um, with that being said, he has, she has a mortgage. On her home. So that's how I know that there's real estate involved. Cause he told me she has a mortgage on the home and he can't find out any information about it. Um, because he's not the successor of interest. Um, so I didn't know what any of those things meant at the time.

[00:24:03] Right. And I really didn't know how to respond to it besides to say, okay, well, you know, the person I referred to you, he's great. He'll, you know, he'll get you taken care of on that end. What do you plan on doing with the hell? So you plan on selling it and he kind of just shut me off. Right? It's kind of like, I don't know what I'm going to do with it.

[00:24:21] I'll probably rent it out or something I don't know right now. And so I told them, I'll follow up with him the next time I called him and he didn't answer right. So I'm going to follow up again today, but before I do that, I guess I just want us to role play with you, the guy to make sure I don't sound crazy.

[00:24:39]Go. I first went to, we can role play before that. I want to try to see, I want to see if we can clear your block. So I want you to, I want you to go back and listen to this recording too. And listen to yourself. Talking about your limited beliefs. I'm really good in person. I'm not really, I'm not good at all on the phone.

[00:24:58] Where do you think that comes from and the fear that you referenced? What do you think that fear is? What's the emotion driving that fear. Um, because I wanna, I want to be good at it, you know? And, uh, I want to see what's the fee. Um, the theory is then figuring out that I don't know what I'm talking about.

[00:25:23] Okay. So you have a, you have a fear of being your ignorance being exposed. Yes. When I'm not ignorant, I don't know. You'll you will always be ignorant and something. You'll never know everything. So I'm trying to help you deal with this so you can change your inner dialogue or your monologue. So what's the fear and what's the worst outcome.

[00:25:48]Um, the worst outcome is that he just hang up and not wanting to work with me. Um, I suppose, right. And now he's not calling you back. Yeah, Mike, this might sting a little bit, but this is, this is the learning environment. He's not calling you back because you didn't provide any real value. You gave him a referral.

[00:26:09] You gave him a referral that wouldn't call him back, and then you called back and like there's there's opportunities there and we can role play it, but it's, it's a good gauge of the value you provided. Like, he doesn't feel like you, you were, you know, You want anything to change this situation and that's okay.

[00:26:26] Okay. We all fall on our face. I've done it hundreds of times. Yeah, but I want you to, and you know, after this call really dig into why that, why do you have call reluctance and how will that ever serve you and what, whatever you have to do, whether it's going to fall on your face to prove it to yourself, and it's not going to end your life or ruin your reputation.

[00:26:48] You need to break through that. Because prospecting will always be a struggle. As long as that's present, you will always be ignorant. You'll never know everything. You have to find your way of dealing with that. Right. And for me, you know, we all have imposter syndrome. It's no matter how successful or how, how much of an expert you are.

[00:27:07] Sometimes I feel like I'm full of it, right? It's never going to go away. We just have to find ways to work with it and use it to our advantage and well tactics. Like, you know, that's a really great question. I I've, I've helped a lot of families, but I haven't actually had that one. Let me, uh, be okay if I give you a call back at 4:00 PM, I'll have the answer.

[00:27:28] And just things like that to let yourself off the hook, show yourself some grace, go, go fill your blind spot and come back with real value people. Won't judge you. Like it's not gonna, it's not going to be a, a point against you. If you do things like that and doing it that way. And six weeks you'll know everything there is to know about probate.

[00:27:48] Because you'll be out there gathering. Yeah. And information filling me blind spots, but be confident. I mean, the thing is you found your way to this call because of your heart. Right? You, you, you must be a compassionate, empathetic person because you doing some things that are really uncomfortable, you're facing fears because you want to help these people.

[00:28:09] Right. Is that why you're here? Are you just looking to make some money? No, no. I mean, when I have a purpose behind what I'm doing helps need to get a lot more done. So it's absolutely not just about the money. So show yourself some grace and like, but I really want you to focus on this and understand where that's coming from.

[00:28:33] Maybe it was getting picked on in third grade, when you, you spelled the word wrong or you, you gave the wrong answer. Um, whatever that is, figure out what it is. Think about. What's the worst thing that can happen. If this guy completely cusses me out and hangs up on me, what's the worst thing that can happen.

[00:28:48] But I think what you'll find is you'll you believe in your heart, these people are better off hearing from you than not because they're in good hands because you're done this for the right reason. And that's the kind of confidence I want you to show up with on your next phone call. This person is better off hearing from me than anyone else.

[00:29:05] I'm certainly better off hearing from me than not hearing from me. And it'll change your demeanor and you'll, you'll learn to defer things and say, you know what? That's a really good question, but I don't know the answer to, but I have a mentor in probate and I'm part of a group of thousands of probate professionals.

[00:29:22] And I'm going to go get you the answer right now. Can we talk at four and you've got all of us to lean on. You have a community of 10,000, 11,000 people and all the leads mastermind. You've got Bruce professional real estate coach that you can, you can vary. You know, if you call support, you can talk to one of us and we've got your back.

[00:29:42] Consider this your mentorship. Like, even if you're, you know, maybe there's not like a formal coaching program, it's part of what you're doing here. So just proceed with, with confidence and know that we'll help you through this stuff. Use the resources you have, don't ever feel embarrassed or ignorant or, or when you do reach out to us.

[00:30:03] Okay. For emails you want to play the agent or do you want to play the prospect? Uh, the agent. Okay. And you're going to do an outbound, outbound. Okay. Outbound. Okay. Okay. Okay. So, um, Oh, I guess you can name yourself kin, um, green, green, green. Okay. Hello? Hey Ken, this is Ashley. How are you? Ashley, uh, I spoke to you last week and I connected you with Bob Carter.

[00:30:43]I'll be back. Well, you. Uh, I mean, I know you, you, you gave him my number. I think I haven't heard from him. Um, we've, you know, we, uh, I've got my, my cousin is, is looking for an attorney. I haven't heard from Bob Carter or whatever his name was. Okay. Well, that's unfortunate. I even followed up with him to make sure, uh, he got back with you.

[00:31:10] I'm sorry about that. Can. What I'll do is I will get back in contact with him and find out what the holdup is. Um, but in the meantime, I do want to take a moment to kind of go back to where we were last week. Um, I really want to get some more information from you because I'm sure that this is really, really stressful for you.

[00:31:38] I know you work a full time job. Um, for the state right now and they have you guys doing all kinds of things. So I just kinda want to go back and figure out, like, what are your biggest challenges right now? Because any way that I can help you can, are really wanting to help you. Well, my biggest challenge is that my mother wrote her last will and Testament, and nobody wants to recognize it as hers, just because of the damn thing wasn't notarized.

[00:32:06] We all know what she wants. It's written right there. Right. So how do I carry out my mother's wishes when the state says I have to do something different? Gotcha. Gotcha. That, that, that were frustrating. Me too. That will frustrate me too. So what we'll do is we'll find an attorney to help you deal with the legal aspects of that.

[00:32:29] Okay. I'll hold your hand, walk you through a week. We'll get through it together. I'll see you through to the finish line. Okay. To make sure that your questions get answered and we get you somebody reliable. Okay. Now, in terms of the home itself, right? Because that's. That's a major concern for you. I remember you telling me that, uh, you're thinking about possibly putting a pin it in there.

[00:32:56] Does anyone live in a home right now? No. Okay. So it's vacant. Okay. And, um, just a quick question, is that home? Insured right now with the vacant home insurance policy. Yeah. It's always, we always, the insurance payments are being made. Yes. Yeah. But the home is vacant. So do you have a vacant home insurance policy?

[00:33:28]We have homeowners insurance. I mean, it should cover anything.

[00:33:32]So here's the deal case. If something happens to that house and it burns down while no one is living there, um, you'll be in trouble. So that's one thing that we may need to listen to for you to make sure that's recovered all the way around. Okay. Um, I'm not sure what type of home insurance policy you have, but let's just double check.

[00:33:56] That's one of the things that I'm going to write down right now. For us to look into bank, it vacant home insurance. That's just going to cover you in case something happens because the home is not being occupied right now. Okay.

[00:34:09]Outside, outside of that, um, is there is the home furnished right now. Is there a lot? Well, I mean, it's the same as it always was. It was mom's stuff. I mean, it even has extra furnishings. There's a hospital bed in the living room. Gotcha. Okay. So even, even in that situation, right. Do you plan on keeping those things or you want to give them away so long?

[00:34:37] How do you want to go about handling those? Oh, submissions at home. Actually, I don't know, like, I, I, you know, the will says one thing, the state says another, I haven't gotten that far. Like I I'm worried about everything, everything that my mother wanted to be done, being done differently. And that, that being my responsibility, I don't know how the hell you're supposed to show her that, like, I don't know what I'm going to do with the house.

[00:35:03] Like, is that all, I mean, what is this about? No, it's not just about the house. Can I want you to take a minute to breathe? Okay. These I'm calling you because I care. And I want to see you get through this as stress free as possible. Okay. I really, really do. If you want to sell your home in the process, fun, we can have that conversation.

[00:35:24] If you don't, it will be my pleasure to help you get, just get through the process. I hear the stress all in your voice, right? And my friends thought enough of me to refer you to me. Please allow me to take care of you because you need the help right now. So again, if you're not interested in selling the house, that's not my concern.

[00:35:49] It'll be my pleasure to help you for whatever you need help with. Okay. So let me ask you, do you have any siblings, anybody else who might, uh, Possibly have interest in his home or, or the probate at all? I do. I have three siblings and according to the probate clerk there do a pro then equal percentage of everything.

[00:36:13] But yeah. Two of my sisters, neither me nor my mom talked to for the last 20 years. And they're kind of there. They just want to come in here and cash, grab whatever they can after spending years abusing mom. And I, I don't want to stand for it, but I'm being told I have to. So I think you can appreciate, I don't really give a damn about the hospital bed in, in, in, in, in the living room right now.

[00:36:39] It's not what's top of mind for me. I'm trying to figure out if I even want to do this, if it's all just going to be spread around, why not let somebody else do this? You know, because your mom trusted you. That's why she trusted you. Right. And you are not alone. You have to, you can, you have to remember, you're not alone.

[00:36:59] I'm calling you because I want to help you. Okay. So I understand you don't have a great relationship with your sisters. We all got family drama, you know? So why don't you allow me to arrange something with your sisters, um, for us to have a call and talk about it, what we can do, right. To get us all on the same page.

[00:37:25] Cause that's what we all want. We all want to be on the same page so that we can move forward. So to be difficult to move forward, if everyone can't get aligned, you understand what I'm saying? Yeah. All too. Well, yeah. We're going to face back in this place, you know, and, and I don't want us to stay, so we need to move to step two.

[00:37:45] We're still in step one. Okay. So how about it? You got enough going on? Why don't you give me the names of your sister with whatever contact information you have for them. Okay. And I will give them a call and see, um, if we can all get together. Um, right now, first name is Ima middle initial B, last name, arch.

[00:38:15] Okay. Did you not?

[00:38:17]I'm a B arch. What's the phone number? Five five five

[00:38:22]four four four, four. Easy enough. Okay. And your other sister? Selma middle initial N Louise. Okay. And it's five, five, five cliff.

[00:38:35]Okay. So I have that, um, I thought you told me that one more sibling. I have a brother. Okay. And, um, you're on good terms with him. Yeah. He lives here in town and we see each other at least once a month. Perfect. So what made me have way you call your brother out, get your sisters on the line. Um, and then I'm going to schedule for us to sit down and have a conversation because we're going to move this process forward.

[00:39:08] Um, What is a good time for you on Friday? That's a busy day for me. Okay. But I do have an opening right at about five 15. You good with that? Uh, depending on traffic, I mean, we, we get off at five. Um, I mean, where do you want to meet at the house? So are your sisters actually here in town now? I quite honestly don't know where they are.

[00:39:37] Okay. Well then let's start with, um, do you, are you pretty good with the internet?

[00:39:45]Oh, I think I know my way around. Okay. Well here's what we'll do. There's a Panera bread on Thompson Boulevard. Is that close to you? Yeah, it's 20 minutes away. I could make it there. I mean, if we do five 30, I could make that. I think I can work out five 30, so five 30. It is meet me there. What I'll do is I'll get in contact with your sisters.

[00:40:09] Hopefully we can pull them up on a zoom call. If not, we'll just do it the old traditional way and do a three way call, tell your brother and meet us there. And we are about to get the wheels rolling. You ready? How about to get what the wheels, Rolling, the wheels, the wheels rolling going. Yo, I do fine. Don't worry about it.

[00:40:36] Just meet me there. I thought you were talking about the will that my mother wrote that nobody wants to validate not the wheel. Oh, it's okay. You'll you'll learn to accept my sense of humor. Um, all right, Ken. Well, thank you for taking my call today. I am. Um, I'm looking forward to the actually getting to meet you and your brother in person and, um, and moving us forward in the process.

[00:41:06] Role Play 2 Breakdown: [00:41:06] Okay. Okay. Alright. Well, just know I have you covered, I got your back. So when we get off the phone, don't worry about anything. Okay. Right. Alright, good. Keith CSO. Alright, so what's your objective in that appointment? What do you do to prepare? So what I would do is I would call an attorney, right. And, um, make sure that they are ready to answer questions.

[00:41:42]In the event that I need to call them on Friday as well. Um, I'd also check to take on the vacant home insurance situation, um, and be ready to just find out like what it is they want to do. You know, even if. In all honesty, even if they don't want to sell it, that doesn't bother me because I just want to learn this process.

[00:42:08] Oh no, no, no. That's clear. And it is clear that you're intents. Good. But the way I feel like the way my character feels at the end of that phone call is why the hell am I meeting her? I threw you some slow pitches. I showed you my mental distress over having to deal with knowing that my mother wrote the will.

[00:42:28] I watched her do it. It's yeah. And her handwriting. And because she didn't know enough to get it notarized. Now I'm being told by a government. That I have to do. I have to give it to the sisters that don't in my, in my perception don't deserve it. And you you're like, listen, just you're taking care of let's move on.

[00:42:48] And, you know, we moved on without me, quite frankly. And what I would, the way I would have dealt with that is I would have, I would have taken the whole big conversation and focused it on that one thing that was causing him so much pain at that point. Cause he's not listening to anything else. Right. He's he's in an emotional loop of distress and that's where he stuck.

[00:43:09] So you need to deal with this one domino at a time, if you go to Panera bread, the brother shows up those two, get along. You put the sisters on a zoom call. You're very likely to inflame and old family conflict and make their situation worse. So my advice would be make backtrack. Finding an attorney. And I would go find a different attorney.

[00:43:29] If this attorney had a week to reach out to a qualified referral, the hell with him, go find another one because that's not the right partner for your team. You're holding yourself to yourself to a high standard. And you, you want to provide a high standard of service and you want to help. That's clear that attorney isn't a good fit for you.

[00:43:48] So go find another one. That can meet and set the appointment at the attorney's office and say, you know what? I can, there's a lot of things we need to talk about, but right now, I think there's only, only, um, one. I'm not, not going to give you some more to think about what's the vacant insurance you kept saying, we're going to look into that.

[00:44:09] We're going to put it on the list. He already has an all list. That's overwhelming. I mean, you just put one more thing on it. You need to hand them the solution. And use the, you know, what can I do? I didn't even write this down last time, property address so I can look up the tax record. I'm going to go ahead and get you proper insurance before the sunsets this afternoon.

[00:44:28] Okay. Okay. And get the property address, pull the tax card, go to the insurance broker. I have him quoted through a couple of different companies and then follow up and, and have that agent call him within the hour. And then he feels like he knows what you're doing to help because he has evidence, right?

[00:44:46] You already you've already helped him in the first conversation. The number two priority would be getting him in front of an attorney. So a legal professional and explained to him why the will is. Not valid and why he subject to state succession law. And he's going to have to accept that before he can move forward.

[00:45:04] He's not unacceptance yet. He's in anger or denial. And that's what I was showing you before you finish. Let me, let me, maybe I didn't clarify this the internet. So the attorney that I talked to did call him back, right? Um, he hits the admitted documents to him and he, the client, right. He was, uh, he hadn't received a call back since he had, um, sent the documents over, but it had only been like a day and a half.

[00:45:36] Right. So I don't sit then. I don't know if they've communicated again, because when I called back, he didn't answer. Okay. Either way. The only thing that changes, what, what I've pieced together about the situation, my guess is that that person is stuck in that loop of, this is what my mom wanted. This is what I'm being told otherwise.

[00:46:02] And, and until you can get him to a level of acceptance, it's unlikely that that Will's going to be validated. It probably was not validated because it was not notarized. I'm working off of the assumption that no, my best here, but. My assumption is that he's probably in that loop and he's pissed off or he's in denial and he doesn't know, he's not ready to take the first step because he's not sure which direction he's even going in.

[00:46:27] He doesn't know where his bearing is heading is right. One heading is the last will and Testament. The other heading is state succession law. So. I want to get him over that mental barrier and whether the will becomes valid or not. I need him to accept the outcome of that. And I need the attorney to do that because I can't do that as a, without a boat, without, you know, without, without being an attorney.

[00:46:52] So where I would have moved him was I'd get vacant insurance immediately. And then I would move. I would say, you know what? Listen, I'm going to call the attorney, um, and speak with their office. Let's see where we are. And when you could expect to hear back from them, um, if possible, I'd like to make that a three way call or an in person meeting.

[00:47:13] So what does your, what would be a good time of day to actually meet. With, with the attorney. And I would find like getting a general idea of his schedule, make contact with the attorney's office office. And because you're saying I'm going to be here holding your hand. So show him right at, show him right now.

[00:47:33] How do you hold his hand today during this phone call? Um, you know, because when somebody is distressed like that, like they're not hearing everything you're saying. You're pouring your soul out, but he's stuck. He's stuck back in the beginning of the conversation. So anyways, that was the character I was showing you.

[00:47:50] And, and the way I would have dealt with that, that scenario, um, things you do there, you heard us, have you heard me talk about the exercise of like column a, all the problems, column B all the solutions. No, I have it. Okay. Also an exercise we've talked about in the last couple of, I think it was on the last role play, call it.

[00:48:11] It really helped you understand what value you can provide. So open up a claim, spreadsheet, column a what problems could they have column B, what solutions could I bring? And it completely exhaust your imagination. Sibling rivalries, um, a strange family members, dead family members of hold over tenants or squatters in the house, you know, homes in disrepair, you name it any, no matter how small any and every little solution.

[00:48:42]Okay. And then in the other column say, here's how I deal with that. Here's who helps me. Or maybe there's even a third column, like what I can do, what my team can do, but that extra will really help you get into, into, uh, uh, an empathetic mindset of what they could be going through. And it will force you to kind of premeditate your solution.

[00:49:03] So you'll be quicker on your toes. And it it's, it's the best exercise I've come up with short of experience. And I went out there and fell on my face and felt like, felt ignorant. Like I was warning you not to in the beginning of this. Um, and I know how that feels. That's why I was so passionately. Making sure you, you.

[00:49:22] Understood. It like, kind of, it's a learning, it helps you beat a lot curve, so you can kind of gain experience through imagination and visualization versus having to go out there and fall on your face. So just think about every little scenario that could possibly come up, how you would deal with it. And then the next time you find yourself in a conversation like this, instead of saying, you know what, we're going to look into that you're going to be like, here's the deal.

[00:49:44] Here's how we, here's how we address these situations. And even if you've never done it, you'll have an idea of what you're going to do, what you can do, what you're capable of. And Ashley, I, I just, I just wanted to say you remarked that you get nervous on the calls. Will you just get that in front of almost a hundred people and you did not sound the slightest bit nervous to me, not at all your, I think your empathy and your sincerity came through.

[00:50:11] So clearly I can't imagine there's ever any reason for you to be nervous and you certainly certainly didn't come across nervous. He came across as very, very confident to me. Yeah, I agree. You took kind of the, a matriarchal role. They're almost like you, you kinda comforted me and became, you said, come on, I'm going to leave you.

[00:50:34] I'm going to hold your hand. You're going to get through this. Like you are the opposite of what you're afraid of. And what I loved also the, I actually, I loved it right away. It was, we in us, it wasn't, here's what Ashley's going to do for him. It was we and us. You sort of, even though you may have left him behind a little bit, in some regards, it, you still took him along and you, you just right away kind of, kind of bonded with them in the conversation.

[00:51:00] So you're, you're doing, you're doing an awful lot, right? Man. Don't ever feel nervous or insecure. I think you're going to be very good at this. Okay, thank you very much. And if you need help on, on that specific deal, like please call us and we'll set up a one on one call with you and get all of the details and help, you know, once you know the facts, we can help you steer that one if you need it.

[00:51:24] Perfect. Sounds great. Thank you guys, right. I know Chad has to go, but actually I just want to give you a couple of very, very quick pointers when someone is, um, you can tell someone's stuck in a loop. Um, if you want to be heard and want to build a little bit more rapport so that they will listen to you as you start to lead them, um, a little deeper in that so that you can truly understand, we don't want them camped out in that pain, but you do want to build rapport.

[00:51:51] And so. Uh, statements, like, tell me a little bit more about that. And how long has this been a problem? Um, what have you tried to do about this, those questions? Just take them deeper into rapport with you and give you a greater understanding of their situation and you'll have a clear path leading out.

[00:52:09]Got you. Okay. Thank you very much. All right. Thank you.

[00:52:15] Jim Sullivan: [00:52:15] All right. Thank you. Alright. Alright guys, at other great call, we had, you know, less participation, but we got, we really dug in there. I want to take all a hundred of you that showed up today. I want to challenge each of you. Take one, thought one idea. One thing that inspired you on this call. Go out and put it into practice and come back tomorrow at one o'clock Eastern and share your results with the group.

[00:52:39] Thank you so much, guys. Make it a great day. Stay productive. Stay healthy. We'll talk to you tomorrow. Take care.

[00:52:45]

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Cold Call Tricks for Common Objections | Wholetaling vs Wholesaling and How COVID is Impacting Investment Strategy | PLUS 15 More Real Estate Q&As. Probate Mastermind Real Estate Podcast #298

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Probate Mastermind Episode #298

Recorded Live on October 1st, 2020.  Join Us Live Every Thursday and check out previous episodes

 

In this episode of the Probate Mastermind Podcast, you'll learn new ways to handle cold call objections like "Court's delayed, call me back later!" and "I am not interested."   The coaches break down price options, estimating repair costs and ARVs, and how COVID's impact on the lumber market is affecting investment strategy.  Chad breaks down wholetailing vs. wholesaling.  Other topics covered include optimizing long-term marketing for old leads, partnering with an attorney for creative financing, using Letters of Intent in place of contracts, and real success stories, feedback, and insights from participants.

Shout out to MaryLee for her recent double-side PLUS referral transaction! Hear about it at 12:18. “I have really overcome my fear of making those telephone calls and feeling like I'm not being of service.  Now. I realize what a tremendous success it was and how helpful it was to everyone all around that I no longer feel intimidated that I'm bugging them or I don't have offer any value.”

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country, and can be found at AllTheLeads.com/Blog or in the “All The Leads Mastermind” Facebook Group. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

 

Handling Cold Call Objections: "Court's Delayed; Call Me Back Later!" (0:38)

Caller is getting the “Call Me Back” objection more than ever because of Coronavirus and court backlogs.  The seller is concerned they can’t do anything without their letters of testamentary or until probate is closed.  Chad shares tips for handling this common cold call objection.

See More: “Our Probate Attorney Said We Can’t Sell Until Probate is Closed!” Handling Objections – Mastermind Highlights

Real Estate Contracts vs. Letters of Intent (2:44)

Can you sign paperwork to purchase a house or list a house before a probate lead has their letters of testamentary?  Chad discusses the difference between enforceable real estate contracts and letters of intent.  Even though they’re not legally-binding, letters of intent are extremely powerful and using one has a lot of pros.  

Sales Psychology and Language: Future Pacing (3:37)

Bruce describes a sales technique called ‘Future Pacing,’ and how you can win a commitment by getting the your prospect to picture themselves in the future with their problems solved.  This effective technique will help you win commitment when responding to objections that deal with waiting, procrastinating, and uncertainty about where to start.  

Creative Financing 101: Learn The Different Strategies and When To Use Them (4:54)

Josh (Pennsylvania) has a SUPER motivated seller that’s dealing with a reverse mortgage.  The ARV value would cut out all the equity in the deal.  Jim and Chad breakdown going the Short Sale vs. Sub2 route.  Next, Josh asks how to present this. Chad details how to educate the seller on both options.


See More: Chad’s Book Recommendation - Chris Fontaine: Real Estate On Your Terms

Chad’s Webinar on 7 Different Creative Financing Strategies and the Pro’s and Con’s of Each.

Partnering With A Real Estate Attorney For Creative Financing (8:14)

How can a real estate attorney help you compared to a title company? How can you find attorneys to work with and make sure they are strong partners for real estate investment? What’s the best way to approach an attorney to work with them on creative finance paperwork, deals and closings?

How to Jump Into Probate Real Estate (11:30)

Ken is looking for advice on getting started as a probate real estate agent. 

See More: The Probate Leads System, Probate Mastery course, the All The Leads Facebook Mastermind, and the All The Leads YouTube Channel.

Mary Lee Shares Her Success Story: Trusting the Process and Providing Value (12:18)

Mary Lee describes a phenomenal deal she’s closing.  She initially marketed to the lead back in June through the mail, and they reached out to her via text message two weeks ago.  Mary Lee describes how she navigated the deal by offering three different solutions.  The house was a hoarder house.  She ended up double-siding the transaction on this house, referring the personal representative to an agent in California to help her buy a house with the funds, and the seller is super happy! Mary Lee describes how this deal is expanding her sphere of influence.  Mary Lee was about to throw in the towel on marketing to probate leads, but just like that the ROI came through! 

Chad and Mary Lee reflect on how deals like this make you fearless and solidify confidence in the value of your work.

Cold Call Tips: Follow-Ups and Converting Leads to Clients (17:35)

Dave is interested in using ringless voicemail.  How risky is it to leave automated voicemail drops; can you get sued? Chad explains why the litigation risk of ringless voicemail is growing in 2020 and suggests an opt-in strategy to protect yourself.

See More:

  1. Probate Quicksand and Pulling Personal Representatives Out Of It
  2. David Pannell’s 2020 Case Study: See how David Pannell has built wealth through probate real estate as an agent AN investor.

Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure (23:12)

Caller is looking for clarity on how to price properties out and choose the most profitable deal structure.  Chad and the caller discuss the different price options and the math behind calculating repair costs, after-repair values, and return on different listing, acquisition, or creative finance strategies. Chad also discusses how rising repair costs due to lumber market supply chains make as-is a much safer strategy right now.

See More: Rising Lumber Costs and Real Estate Investment Strategy: Why YOU Should Motivate Sellers To Skip Repairs and Sell AS-IS 

Wholetailing vs. Wholesaling Real Estate (26:28)

Chad and Jim discuss what wholetailing is, how it’s different from wholesaling, and why it’s often a better and more profitable strategy in today’s market.

Steve Shares His Experience with QLS and Chris Fontaine's Coaching (29:36)

Steve has taken Chris Fontaine’s course and is using his QLS (Quality Leads System).  Steve shares his praise for Chris’s work and how well it ties into what Chad teaches as far as creative financing and the probate real estate niche.  Overall, if you understand how to provide options you can carve out an opportunity anywhere.

Tips For Prospecting Unrepresented Probate Leads AND Winning Attorney Referral Relationships (31:09)

Mary is about to send letters out to her first list of probate leads.  She sees a section in one of All The Leads’ letter templates that mentions helping unrepresented petitioners find a qualified probate attorney.  Mary is curious how many probate leads are unrepresented at the time of filing.  Chad breaks down the statistics on pro per and pro se filings in probate. Then, Chad describes how offering to help someone find quality representation is not only a viable prospecting strategy on the lead side, but also for winning B2B relationships with attorneys by bringing them referrals they can’t solicit for themselves.

I'm an Investor. How Can I Find An Investor-Friendly Realtor Partner? (35:14)

Mary is a real estate investor.  Sometimes her prospects want to go the listing route.  Should Mary get her real estate license? Chad discusses how every agent and every investor can make more money by offering both options, whether by getting licensed themselves or working with a strong partner.

See More: Why EVERY Investor and Agent Should Have an Agent/Investor Partner.

How Asking The Right Questions While Prospecting Can Up Your Follow-Up Game  (39:10)

Eddie is sticking to his prospecting schedule and getting his cold calls and follow-up calls made.  He’s trying to find the “Sweet Spot” for making follow-up calls.  He wants to be aggressive without bothering people.  Bruce shares his strategy and conversational language for finding the follow-up sweet spot.  It all comes down to the individual’s ideal situation and adjusting your follow-up strategy to match that individual’s ideal situation.

How To Overcome the "I am not interested" Objection (41:44)

Eddie is looking for tips on handling cold calls that end with “I’m not interested, we have it all handled, *CLICK.*” Bruce explains his technique for responding to this objection before people can hang up.  It works so well, the prospect usually won’t offer any follow-up objection at all.

Old Leads: Tips For Optimizing Your Long-Term Marketing (45:59)

How old is too old? How long are probate leads worth marketing to? Chad gives his magic number at 3 years, and Jim shares a deal he closed yesterday on a two year-old lead.  The coaches offer advice on how to optimize a marketing schedule to maintain followup to old leads.  Bruce also plugs Probate Plus+ as a tool to check who still has property to sell.

Cold Calling Widows/Surviving Spouses in Probate (48:32)

How often should you call widows/surviving spouses? Chad lays out a tentative schedule, and more importantly emphasizes the value you can bring by helping surviving spouses early in the process.  Chad shares how the first widow he helped left a lasting impact. 

See More: Cold Calling Widows/Surviving Spouses in probate

 

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast #298 Transcript

A.I. Narration: [00:00:00] Welcome to the Probate Mastermind Podcast! These episodes feature: live questions, Deal Analysis, and Best-Practice Tips on everything from personal development, sales psychology, creative financing, marketing, and more.  Hundreds of Agents, Investors, and Wholesalers from around the country join the All The Leads Coaches: Chad Corbett, Jim Sullivan, and Bruce Hill , each and every week.

Be sure to subscribe at AllTheLeads.com/Podcast, and join our Free Facebook  Group " All The Leads Mastermind."

Thanks for listening to the Probate Mastermind Podcast!

(Disclaimer: As with any live recording, things happen, this audio has been cleaned up for better listening experience.  Let's go to the first caller)

Handling Cold Call Objections: "Court's Delayed; Call Me Back Later!" [00:00:38]Caller 1: [00:00:38] Hey guys, quick question. During COVID right now it's taken a lot longer to get their letter of testamentary than they'd like. Personal representatives are having trouble, or they don't think they have any authority to do anything and hold off and give you the kind of "call back later".

So my question is in situations where, the letter of testamentary has not been released yet personal representative has basically no power to do anything yet. What can you do to earn their business or get them to commit to you guys and help out?

Chad Corbett: [00:01:09] So until they get the letters. Yeah they can't really do anything as far as selling anything, but you can prepare the real property for sale, including staging personal property. So for example, we could take everything to a storage unit and have it ready to go or get it out to the garage or the outbuildings. Have a plan in place and you can do things like that to help, just get them ahead of the curve.

I like to use it. The metaphor of, everybody's familiar with Disney world. And the lines there. So whenever the gate opens, would you rather be the first person at the gate? Would you rather be just getting off the tram and then you get to stand there for another three hours?

So there's some things that we can do that you know, that don't require the letters testamentary,that we're going to have to do anyway. We're going to have to value the personal property, organized personal property, schedule a sale, get posted, no trespassing sign, get proper insurances in place.

Others. There's a lot of things, not a lot of things. There are some things that you can do that will make them feel like they're making progress and will create a bond with you. there's some service we can give them, even if they don't have the authority to sign contracts and actually convey property.

So things like that, just through asking good questions, find out what their needs are. Just, what's been the toughest thing. If you had the letter of testamentary, what would be the first thing you would do today? What do you feel is most important that you're not allowed to do right now and get them talking, get them telling you what's stressing them out, but.

Basically, other than selling anything, you can do just about everything else. You just don't want to go sell everything before the court actually gives them the authority.

Real Estate Contracts vs. Letters of Intent [00:02:45] Caller 1: [00:02:45] Got it. And are you allowed to sign paperwork to purchase a house or and put it as a closing date of when they're able to sell, as opposed to putting a closing date, like 30 days, is that possible?

It wouldn't be a valid enforceable contract. So just use a letter of intent. So for anyone who's listening, even in brokerage, like you can purchase a letter of intent to list. And, you and your broker could come up with that. It's not worth the paper it's threatened on, but it's very valuable because it creates a mental commitment.

So they know they signed something and they know that emotionally they were serious  when they signed.  And they made the commitment. It just helps insulate you against competition. It's not enforceable. And not that you would ever want to litigate that anyways, but it's something you can do to try to get, get the mental commitment to protect your position.

Okay.

Sales Psychology and Language: Future Pacing [00:03:38]Bruce Hill: [00:03:38] I'll throw in and say a lot of times when you're dealing with, these folks they're not in a position where they have their letters testamentary, they can't sell anything or do that much. It's a really great way to throw in, Hey, look, I completely get it, but in other words, let them off the hook.

I completely get it. There's not a whole lot you can do right now. You don't have to worry. I'm not going to try to sell you on anything. But real quick, tell me a little bit more about the process and I love Chad's, that question you asked If you did have your letters, testamentary, what would be the first thing you do is that how you phrase that?

I thought that was really good.

Chad Corbett: [00:04:13] Yeah. And what I'm trying to do is get them in the mindset. I want to get them in the mindset of okay. If I had it, what I commit to this guy and if I can get them to mentally internally say yes, then I'm good. And then I hand them the blue pen and the letter of intent.

Bruce Hill: [00:04:28] Yep. There's something called future pacing. In sales, you get people to start imagining themselves the results that they get down the road. And that's a really good opportunity to future pace them without them feeling like they have to buy what you're selling and you get them kind of thinking about the future.

And it's a very strong, emotional connection that forms between you and a prospect. When you can ask them about the future.

Caller 1: [00:04:52] Got it. Thanks guys.

Jim Sullivan: [00:04:53] All right. You're very welcome.

Creative Financing 101: Learn The Different Strategies and When To Use Them. [00:04:54]Caller 2: [00:04:54] Hey, what's up guys? Can you all hear me?

Jim Sullivan: [00:04:55] Yes, sir.

Chad Corbett: [00:04:56] Loud and clear.

Caller 2: [00:04:57] Cool. Few questions guys. I was listening to the call you guys put out yesterday, but the gentlemen on there asked about subject to, or actually had asked about a scenario and I think Chad had proposed a subject to, or a wrap or something like that.

Some sort of creative financing I'm trying to learn about. Subject to, and I did buy the book that you suggested Chad, on audio book. d into it yet. Just bought it this morning, but I've also found Propelio, which I guess is a CRM and a data pooling website. But anyway, they have a really good YouTube channel with a guy named Grant Kemp.

And he's supposedly really savvy with the. Subject is, he's one of the, one of the big boys when it comes to creative financing.  But my question was. I'm going to go through those.

And I'm just about to get my realtor's license along with my wife. And, we're just kinda trying to figure out how, really trying to get some value to offer these people when we're calling them, whether it'd be probate or pre-foreclosure vacant homes or whatever, you know, wholesaling a part of that, obviously listing as a, is a part of that as well and brokerage. But the creative financing, where do you guys suggest, I know you said that author of that book did have a program, which grant Kemp does also, I think the, entry-level, mastermind or whatever, it was like five grand a year.

And then he had a big boy when it was like 25 grand. And I spoke with him on the phone actually, obviously we're not trying to go that route now. We just want to learn and bump our heads. But what do you guys suggest as far as getting into creative financing and, just learning all this information I've been in the probate mastery twice. And I've got a pretty good grasp on that, but where do y'all suggest going for the creative financing education?

Chad Corbett: [00:06:30] A good starting point. We did a series back in March called 'Shift Happens' when Covid began. Have you watched episode four?

Caller 2: [00:06:38] I haven't man. I've listened to everything you guys have done except

Chad Corbett: [00:06:40] Episode four of shift happens, seven specific creative techniques that will work in this environment really well,  how to negotiate a free deal. And I've been pushing everybody to Chris Prefontaine. He has the book, 'Real Estate on your Terms.' And then he has a course, I think it's called well now it's his course, but, I think his courses either a thousand bucks or 1500 bucks, we currently don't have any affiliation with him, but he's doing it right.

He's doing creative financing with ethics. And so I've been sending everyone his way. just because I believe in what he's doing. I think he's doing it right. He's doing it ethically. It's good quality education. 1500 bucks is nothing.

Caller 2: [00:07:23] Right. And is he hitting subject to the raps, the, all the different kinds of Creative Financing?

Chad Corbett: [00:07:29] Yep, and then the other thing also my friend Brandon Turner, who does BiggerPockets real estate podcasts. He wrote a book you can go to biggerpockets.com or it's also an Amazon. It is 'Buying Real Estate With Low or No Money down by Brandon Turner.

Caller 2: [00:07:45] Never read it, but I got it.

Chad Corbett: [00:07:47] Okay. That's a good book too. Brandon's a sharp dude.

Caller 2: [00:07:50] Oh, sweet.

Chad Corbett: [00:07:51] Those are the two guys that I send people to. I have creative financing courses in my head, but I haven't gotten them out. Those are the guys that I trust to send folks to. I wouldn't, I would, yeah, I know.

There's some people on this call that have taken, Chris's QLM course and really got a lot from it for a thousand bucks. It's yeah. Honestly, it's not very much money

you know, you'll make that back 10 fold on your first deal.

Partnering With A Real Estate Attorney For Creative Financing [00:08:14] Caller 2: [00:08:14] For sure. And also I heard, you mentioned going to a real estate attorney. Here in Georgia, that's what we have to do. We don't have a title company.

Chad Corbett: [00:08:21] Yeah.

Caller 2: [00:08:22] I heard you propose, going to them and asking them how the paperwork works exactly.

Chad Corbett: [00:08:25] I'm sure you 50 grand to look over your shoulder or they'll split your deals. I don't recommend it man. Like with creative financing, it's so easy to take advantage of people are so easy to make mistakes. I actually liked to have the attorney be the actually mentoring you. And the attorney you want to choose is the one that's representing the investors who is closing deals for the investors who are buying as the courthouse steps that were bought at tax sales by and short sales.

So they have a lot of experience dealing with issues and more, advanced real estate tactics. And that person you're going to have to go to him eventually anyways and make sure that your paperwork's right, the clauses are right. So paying somebody  50 grand to mentor you and tell you how to do that stuff at a very broad level?

Just go local. Even if you have to pay the guy 200 bucks an hour for his time. That's how I did this. Like I basically sit down and wrote all my own contracts and then took them to an attorney and I'm like, alright, shoot holes in this. And they're like, where did you get this? And I'm like, I wrote it, but I trust my paperwork especially now because we did it together, me and the attorney. Hey Jim, are you there?

Jim Sullivan: [00:09:37] Yeah. That's your microphone's cutting in and out significantly. About 80% of the time. You're fine. And the other 20% is you're in a tunnel. I don't know what that music was. That music started playing...

Chad Corbett: [00:09:50] This is my first call with my AirPods Pro.

I trusted them and I shouldn't have

Caller 2: [00:09:54] And Chad, if I'm approaching an attorney like that before I really get started, just trying to get that the nuts and bolts, make sure I know what I'm doing. What do you suggest that I say to that attorney? even if I have to pay him, 250 or whatever, to sit that with him for an hour, how do you suppose

Chad Corbett: [00:10:09] So the way I did it, I found out what attorney that, the more advanced investors were using. I went, introduced myself, "Hey, listen, we'll be doing creative financing, lease options, wraps, sub 2s. and I really would like to, make sure I have my head wrapped around it. And I know exactly how to write a good contract before I start.

Can I bring my paperwork in and sit down with you? And obviously with the intent of you being my kind of exclusive attorney for closings", and they said, "Absolutely, come on over!" And we sat down and.  I think I asked them to throw an invoice at me. They weren't going to charge me because they saw it as an opportunity to earn future business for their closing business, for escrow business. So you probably won't have to pay them. Just say listen, I'm looking for an attorney that - I want to make sure that I'm doing this right. And that I'm mitigating as much risk as possible on my side, obviously, but also on their side. And in exchange, I want to have an exclusive office that I run my creative financing closings through. Am I in the right place?

And they should perk up and be like, absolutely, come on. Let's talk about it. It's so much just like with most of our vendor relationships, usually you don't have to pay or exchange money. It's reciprocal value, goes a long way.

Caller 2: [00:11:26] Never hurts it though. Cool. Thanks so much go enjoy the beach, man.

How To Jump Into Probate Real Estate [00:11:30] Ken Maxwell: [00:11:31] Hi, good morning. My name is Ken Maxwell. I'm in New York in the Bronx and I'm just..

This is my first time call in and I'm just curious to understand what is the process to get started as a probate agent. what would you recommend that we do in the beginning and continuously.

Jim Sullivan: [00:11:52] Kevin, have you spoken to any of our salespeople yet here they walked you through the program or not?

Ken Maxwell: [00:11:58] No.

Jim Sullivan: [00:11:59] Yeah. That would be a good place to start. They'll give you the best practices after the call. I'll have somebody reach out to you at this number if that's okay, but, very simply, you get the leads, we've got a fast track program. You can go through in an hour and then just start learning. We have a ton of information on our website that you can absorb in the meantime.

Mary Lee Shares Her Success Story: Trusting the Process and Providing Value [00:12:18]. Next up is four zero four six. You're up next.

Mary Lee: [00:12:23] Hi, this is MaryLee. I have a success story I want to share,

Jim Sullivan: [00:12:27] Great! We like those!

Mary Lee: [00:12:29] So, I got my first batch of letters sent out to my leads in June. And two weeks ago, I got a text from one of those leads, asking if I could help with the sale of a house. She lived in California and the property was in a different state where I live. And I said, absolutely. So what I ended up doing was giving her three options.

I was going to sell it with all of its contents, I was going to sell it. with all of the contents removed and have an estate cell company manage the interior belongings, personal belongings of the deceased, or I was going to buy it myself and deal with it. And we got a really great offer from a cash buyer who was planning on living in the house, but was also perfectly capable of managing the patient personal belongings inside the house.

It was a hoarder house filled with valuable collectibles. So it was rather interesting. I ended up, double siding the transaction and the seller is pleased. She has her fund and I referred her to an agent in California, that's going to help her buy a house in California.

So I just wanted to say, thank you.

Three months into this. I was starting to get really weary and feeling well, the system's not working for me. I'm not saying the right thing. It's not a good idea for me to invest my money, my marketing money into this program. And then I had that phenomenal success story. I also personally met the attorney at the property so that he knew what I was dealing with and he knew that I was credible.

So it was a win for the neighbors. It was a win for the buyer, the seller, the attorney, and for me. So I wanted to thank you for all the little gems along the way that you pick up, that I picked up by doing the mastery course repeatedly, and by really having faith that the system works if you follow it and do the training.

Sometimes as agents, we spend a lot of time getting ready to do the work, and we forget to take the next step and do the work. So this was a big deal and I just wanted to thank you.

Chad Corbett: [00:14:59] That's such good advice and thank you. Thank you. I'm curious though. Yeah, you should you share the negative emotions with it.

So what are your emotions now, like now? What does it mean to you?

Mary Lee: [00:15:11] I have really overcome my fear of making those telephone calls and feeling like I'm not being of service. Now I realize what a tremendous success it was and how helpful it was to everyone all around that I no longer feel intimidated that I'm bugging them or I don't have offer any value.

Chad Corbett: [00:15:34] Exactly. And you're proud now, aren't you?

Mary Lee: [00:15:37] Yes, I am. Thank you, Chad. I do feel a lot of pride.

Chad Corbett: [00:15:42] That's what probate mastery is about!

Bruce Hill: [00:15:44] Tell us what the attorney said to you.

Mary Lee: [00:15:47] Oh, I called him to let him know the transaction had closed, asked him if he needed anything from me. And then I asked for referral business  and he said, if someone needs a real estate agent, you are by far the top of the list and I absolutely will send business your way.

Chad Corbett: [00:16:03] That's amazing. Thank you so much for sharing. I'm happy. You've got momentum now. So now what? Are you doubling down?

Mary Lee: [00:16:12] I am. And I'm actually considering taking on another County. So like a good sign. and I did speak to my sales rep there and we've talked about it and I'm looking forward to helping more people because now I know people really need this service, even though when you talk to them and they give you all kinds of bits of objections, there's a reason they're giving you objections.

Right? Chad. And so by being - exactly. So I'm just really excited about it and I'm really pleased that it was so smooth. And furthermore, I need to tell you this, Bruce, my transaction coordinator has been in the business for 35 years as a transaction coordinator. She said in all my years in real estate, this is probably the most brilliant transaction I've ever seen.

All The Leads Coaches In Unison: [00:17:04] That's incredible. So thank you. Wow. That's awesome. You said you were credible. I would say you're incredible. So that's a great story. Thank you. Thank you. Good attitude. Great results. you're definitely, in first place for the winner of the week, and I know that's that why you shared it.

Mary Lee: [00:17:23] Yay!!

Jim Sullivan: [00:17:23] I think you probably inspired a lot of other people on the call.

We really appreciate it.

Mary Lee: [00:17:27] Sure. Thank you.

Jim Sullivan: [00:17:30] All right. Next up is phone number ending in one 805 five. You're up next?

Cold Call Tips: Follow-Ups and Converting Leads to Clients [00:17:36] Danny: [00:17:36] Hey guys, it's Danny. Glad to be back on the call and definitely just want to say that, her success story definitely inspired me. And that's a great on her for that. My question, of course. Glad to be back

So I've been doing this now for about a month and almost two weeks. Done a lot of growth and improvement in the way I'm handling calls, staying on calls longer, generating the leads I want, but I'm not getting so much the closes.

And I really feel like I'm at one last hurdle. I guess just the way I'm talking? Or the way I'm presenting my pitch or how I'm just talking to the prospect. And so I don't want to stop. I want to go even harder right now because I know that's when I'll, hit the Green Land.

my only question then is when I'm presenting my pitch and I've started implementing the two to three things that the family struggle with, and the open ended question, and that works really well. They either  don't have the letter of testamentary yet, or, they might feel scared, so they don't want to like fully work with us.

 

Chad Corbett: [00:18:41] Sometimes you just have to relax, Danny and David Pannell is a great example of this. He will just step back and continue to follow up until they're ready. And then sometimes it doesn't matter how much you want it or how aggressive you want to be.

It won't help you move forward.  It's not easy to get out of probate It's a process, right? Rather than looking at this as how can I be more aggressive to get what I want? Just understand that over time you'll build that momentum and you'll have enough come list me business, or come buy this business six to eight months in those start to become regular occurrences.

Understand that with a commitment to this long term comes a momentum that really can't be replaced with more phone calls or more aggressive marketing tactics. Eventually you'll get to a point where you'll have enough letters out there and enough follow up phone calls made.

You'll have Five times the deal flow, and you'll be closing tons of these deals. we can't always force people to do what's in their best interests. We can try to influence them, but some people just go back into their shell and I bring them, but it's what makes them comfortable. So being more aggressive is not always the answer is, I guess my main point is maybe you're not doing anything wrong other than not having enough patience for the process.

For some people it's different area to area areas are yeah. More fast paced cash, conversion cycles, quicker or others. It just happened more slowly. I think you're doing the right things. you show up, you do the work you role play with us. Like you, you really care my caution to you is that if you put too much focus on what more can I do?

What more can I do? What more can I do? And you don't get that result. You might be discouraged and just understand that sometimes we have to wait for them to catch up with us.

Danny: [00:20:31] All right. All right. And that makes complete sense. Yeah, I got ya.

Bruce Hill: [00:20:35] So Danny, I'll go ahead and chime in here.

I've seen you make some incredible incremental steps. Each time you get on these calls and each time we communicate and you're getting better and better each time you were learning how to be more of an influential leader, which is the most important thing. You're still very early in this conversion cycle.

So as Chad mentioned, don't get discouraged because we have typically three to four months conversion cycle in my experience. And, you're early in it. And your pipeline is filling up your rapport that you are continuing to build each time you communicate with these people is only growing. Multiple years ago I had a client of mine that said now a client and one of my best.

Referral partners who blew me off for two years, And about every eight or nine months, she would shoot me a message that just said, Hey, don't, don't give up on us. And that was the only reason I didn't give up on him. And every time she'd sent me that message, she'd say we are so busy or overwhelmed at work.

We can't even think about responding to you. Can't even think about looking at houses in one day, two years later. They call me, we go look at houses and we look every single day for a week, every day for a week. And it was a really nice price point. So I didn't mind and about halfway through, I said, I guess your schedule's lightened up.

And she said, what do you mean? We're busier now than we've ever been before! And she'd forgotten about the busy excuse that she'd been giving me. And what I took from that is she was too busy based on the priority that buying a house was in their life. Not that they were too busy to do it. It's just that it wasn't a priority to them at that point.

And  because I built rapport through the time that business came to me. And, you'd be shocked at the amount of influence that I have in times that I spend with them now because it's easy. I call, they answer the phone and it's because I was there. And had rapport when they were ready. We have to look at these the exact same way. These are our families that might just not be emotionally ready yet. And we can increase our influence over them, but we can also spend time caring about them, loving on them, building rapport so that when they. Emotionally get over that hurdle. You're the only person that's there.

Cause I guarantee almost everybody else is going to drop out. I guarantee it. So keep doing what you're doing. Keep calling and keep building rapport, stay in front of them.

Danny: [00:23:01] Gotcha. Alright. That's great. Thank you for all that information guys. And thank you for talking to me about this. I'll be sure to bring in my success story once it comes in.

Thank you guys.

Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure. [00:23:11] Jim Sullivan: [00:23:11] Sounds great! Alright, next up is so number ending in four six, six, three. You're up next.

Caller 3: [00:23:18] Thank you. I wanted to go back to, something that Chad did a couple of weeks ago and it was, he broke down his, three or four pronged, offer strategy and it was, Briefly, it was a cash sale, which was, he described his contract now cash in seven days.

second was as is, whereas, which I think he described as a contract in seven days and cash in 30 days. And then I think he put in as is, but for a retail price and I'm gathering from that he was proposing no fixes, but still wait for a conventional buyer. and then fourth was, a renovation retail where, the sellers would fix it themselves, take on all that responsibility and then sell for top retail.

What I wanted to know is  how the um, on a percentage of, after repair value basis. If I were doing it, I would think, the cash sale would be 70%. Of after repair value, less repairs or better.

And therefore it's such a good deal. You'd want to keep it for yourself. And then maybe the as is, whereas maybe 80% are, maybe the retail price, maybe 90%. And then of course the renovation retail would be a hundred percent, of retail value. Am I thinking about those percentages approximately correct?

Chad Corbett: [00:24:35] The one you left out would be number five, creative financing. Another option where you could even sell above retail price. I'm assuming the term was long enough. So if you have a house that's slightly underwater or they feel like they don't have enough equity to sell and pay commissions, then the fifth scenario would be a creative financing that would stretch your term out over two to 10 years, or you would have appreciation or principal pay down where it would appraise and they couldn't close. So that would be number five.

As far as the values. You have the traditional ARV times 70% minus repairs equals your cash price.

The problem with that formula is most people don't know how to estimate repairs. And in 2020, the cost of lumber has gone up almost 900% over the last five months, like lumber went from $200, a board foot to $950 a board foot just in the last quarter. So repairs are extremely hard to estimate period, but really this year they're more challenged because of supply like material, Supply chain was just so and easier formula is I find the as-is value. So my definition for as-is, it's kind of intuitive I suppose - but knowing your market, seeing what things sell for what pretty much all but guaranteed go under contract for. And seven days and close in 30 days with no contingencies.

What is that price? If you take that price times 75%, pretty much it comes within half - and I've done this test on spreadsheets. over and over-  It comes down to a few percentage points. It's like single digit percentage points. So that old tried and true 70% minus repairs formula. But the difference is you don't have to become a construction estimation expert to get there.

Wholetailing vs. Wholesaling Real Estate [00:26:28] So if a house would sell for a hundred grand, for sure. If we could get an under contract this week. And we could pay 75 cash and that would be a wholesale price. And that kind of gets you to the cash price and the as is price, the, as is price. I don't really have a formula. Like I don't say ARV minus 80 because every house is different.

One has foundation issues. The other is functionally obsolete. The other just needs cosmetic rehab because it had a shag carpet and pink tile. You just have to look at the neighborhood and it's an intuitive valuation, but that said most of my as is where is sales come in about 80 cents on the dollar of what I would sell them for retail if he did the work.

And they're usually bought by landlords or first time home buyers who have saved up to do their own renovation.

Jim has done a lot of flips and he might have some advice on this as well, but that's how I value my stuff.

Jim Sullivan: [00:27:20] Yeah, I agree. I'll tell you I've become more in favor of what you call wholetailing. And  it seems like the houses that I do a lot of work to, I have a hard time getting the money back out of them.

The most profitable ones are the ones. I just get them looking halfway decent, put them on the market and let somebody else take a little bit of the profits at least recently. So you're right. Chad, it's much harder to estimate the repairs now. I closed on one yesterday morning. I put it on the market this morning and I've got two offers on it already.

This market is crazy right now, okay. Go ahead. No, go ahead.

Caller 3: [00:27:55] And with the whole-tailing. are you white boxing? It, meaning, are you just kinda, if it's got a hole in the roof, obviously you, take care of the major things, but then you leave as much of the interiors to the new homeowner. or to the buyer, to just let them do what they ultimately would want to do anyway. Is that what you're thinking.

Correct.

Jim Sullivan: [00:28:15] We

Caller 3: [00:28:15] met someone

Jim Sullivan: [00:28:15] out there yesterday. He's putting on a new side deck, roof and replacing rotten facial board. And I'm replacing the AC compressor, the bare bones. But the inside of the house, I just gave it a good cleaning, vacuum the carpet and put it back up for sale.

I just find that, like Chad said, it is hard to estimate what you're going to spend on it. And it seems like you always go over and when you do it that way, you're opening it up to an owner occupant that might want to put some money into it. And you're also leaving a little bit on the table for the next investor that comes along.

Caller 3: [00:28:44] ...And that also sounds like you're getting it better than just landlord quality. It seems like a homeowner would not be as scared away if some of those bigger expenses were taken care of, is that. So are you getting 85%, 90, 90%?

Chad Corbett: [00:29:00] A good way to think about this is if I go into this house, what would it take to get it to pass on FHA or VA appraisal?

Caller 3: [00:29:09] Okay. Yep.

Chad Corbett: [00:29:10] So anything, safety, sanitary, major mechanical needs to be replaced, but cosmetic things like if it has a pink bathtub, it has a pink bathtub. It will pass in effect. Like it would pass an FHA appraisal. you can give it to people who you can talk to people who are using financing. Just think of it that way.

Like what does it take to get it to that level?

Okay.

Steve Shares His Experience with QLS and Chris Fontaine's Coaching [00:29:35] Jim Sullivan: [00:29:35] Oh, you're very welcome. Appreciate it. Next up is phone number ending in five nine one six. You're up next.

Steve: [00:29:42] Hey, good afternoon. My name is Steve. Just want to do, piggyback on what Chad said earlier with Chris Prefontaine.

I am in the QLS system, quality leads system, which, Chad recommended. Yeah, it really is a niche for the niche working probate, because now you can provide many other options. Now the shift happens that Chad did back, I think in either March or April was pretty incredible and really planted the seed.

And like Chad said, it's a little over a thousand dollars. And one of the things that Chris talks about is you buy the program, you can do deals immediately, and they fully recommend that you do everything through an attorney, which ties into what Chad said. They do offer other coaching, which you can pay for considerably, provides you with perhaps greater credibility as you start off , but he'll be the first one to tell you don't need to do the coaching, although they count it. And you can purchase the program and you can do it. And Chad, I'm trying to get Chris to contact you for a future podcast and look forward to the listening between the new England accent and the accent from Appalachia.

I'm gonna have you go through and show you guys and show you really share some incredible nuggets.

Yeah, you are. You're one of four people in the last quarter would have said you guys have to get together and do something. So I'm looking forward to meeting Chris.

Thank you, Chad.

Chad Corbett: [00:31:04] Good. I'm sure it'll be magic whenever we find time to get together. So I appreciate you connecting us.

Tips For Prospecting Unrepresented Probate Leads AND Winning Attorney Referral Relationships [00:31:09] Jim Sullivan: [00:31:09] All right next up, we have four more in the queue for seven zero two. You're up next?

Mary: [00:31:15] Yes. Hi, Mary. Hi, so this is the first time with you guys, we just started a couple of weeks back  and I got some on my list. I'm looking, I have two question quick one. So I look at one of our letters that we are, editing, if there's something in the letter that I'm not quite understanding, and if you can just, shine a light in it. So one of that we were looking at said something. yeah.

What is it? I am here to assist in a process of communication between the relevant parties and in the acquisition of an experienced probate attorney. So am I not understanding? So when people go through probate, they already have their own attorney, right? They're working through that process, is it not?

Chad Corbett: [00:32:00] About 80% of the time. So they have a choice and some people make a choice to go pro se. And before that, before the confirmation hearing, which if they go through the confirmation hearing without an attorney, it becomes pro per and so about 20% of the time people think that they can, they, and this is with the exception of central to Western Virginia, everywhere else in the country pretty much it's there to use attorneys, but in those markets where attorneys are pretty much always, very common. Still about 20% of people think, Oh, we're just going to do this on our own. And we're going to save money. Ultimately, they ended up in most cases, they end up costing themselves a considerable amount more because they have to pay for billable hours to clean up the damn mess they made.

So it's usually not in anyone's best interest to go through a bureaucratic, overly complicated process without counsel. It's a great opportunity for us to build attorney relationships by connecting them with those people who have, or would do who do not have attorneys. And that's one of the tactics we use to open the door to new referral, referral partner relationships with probate attorneys.

Mary: [00:33:15] Okay. okay. So I did not realize that 25% would be, they don't have attorney. So obviously I have it in my letter. I should have an attorney that. I have a relationship with just about wait.

Chad Corbett: [00:33:27] One of the ways you can do, one of the things we suggest is you go sit down with an attorney, like your first visit with an attorney is.

Hey, my name's Chad. I have a team of people here in Roanoke that helps families going through probate. As part of that, we need a good attorney on the team for those that don't have representation. And then it's my understanding that you can't direct market for business. So what I'd like to offer is if you and I could sit down and design a checklist or a timeline, your firm name and contact information at the bottom.

And that'll be part of every mailer.  Have I come to the right place? You have a half an hour? And then let them sit there and literally list out every single little, no matter how small every patch it could be done from the time the petition was filed, until probate is closed and then color the legal aspects become one color.

The non-legal aspects become another color. And whatever you think is passed, you can do it as a timeline, or you can do it as a checklist, but it's powerful. Jeez, because even the people who have an attorney probably haven't gotten a piece like that. Like they don't, they're waiting for the attorney to tell them what to do.

So you're giving them like a usable checklist, even if they already have to have, representation, but the ones that don't have representation, they're going to look at it and go. Oh crap. I didn't know where to do all this stuff. Maybe we do need an attorney and there's a good chance. I'll call the attorneys page and usually looking forward at a probate attorney specific.

That's what they do. Usually it's probate or any yeah. Typically attorney and an estate planning attorney are synonymous. They're usually doing both sides of the business.

I'm an Investor. How Can I Find An Investor-Friendly Realtor Partner? [00:35:14] Mary: [00:35:14] Okay, so I've been hearing, I listened to some past calls from you guys and it  seems like a lot of the people are actually real estate agents, I'm not.

I was thinking about doing it, but right now I'm not sure if I am. If my prospects do want to list it with an agent, what kind of ideal or what kind of, how would I offer that? If I'm looking for real estate agents work with me, for those people that really want to list them in the MLS , how would I approach that?

Chad Corbett: [00:35:42] First off, do you like growing your wealth, your personal net worth? And why are you paying real estate agents when you're a real estate expert? You're paying real estate commission. Why?

Mary: [00:35:52] So I don't have, I don't want to pay, but if I'm not real estate agent, and that's what my client wants to do..

Chad Corbett: [00:36:01] So what I'm saying is you're not a real estate agent yet. Are you doing ethical business or are you screwing people knowingly and openly?

Mary: [00:36:10] No,

Chad Corbett: [00:36:10] So, it was a rhetorical question. I would encourage you to get your license. There's a lot of bad advice out there about investors not getting a license. And the reason I say it's bad advice, it's going to cost you hundreds of thousands, if not millions of dollars over your career.

You know your market enough to risk your own capital, which is more than most real estate agents will do. Step up and hold yourself to a higher standard of ethics. It's Easier to compete with other investors and you don't have to refer your business out.

So now I'll get off my soap box. You should have a good brokerage partner. And a good place to find someone who understands your side of the business, if you go to biggerpockets.com and look under, I think it's community. Yeah. And you can search real estate agents who are on the bigger pockets platform. And that's a pretty good first level filter. If they have found bigger pockets, they pretty much know what value they can provide to investors, or they are an investor and they understand the investment side of the business. Either way, they have their license, they're looking to do something with it. So they're probably a good brokerage referral partner, but I would encourage you to stop giving away that 3% chunk on every deal. Cause if you have courage to risk your own money in the marketplace, you obviously know your market and if you're doing business ethically, there's no risk whatsoever in being a licensed investor.

You pay 50 bucks for a separate LLC and run a separate bank account, but it can make a huge difference over the trajectory of your career. It can be millions of dollars difference.

Mary: [00:37:46] All right. I actually did take the class. I just never went. I had some life crises coming, so I never took the test, but I was planning to do that.

I was just wondering since I don't want to wait till I'm going to be. And I'm starting now with the probate. We've been some doing some other real estate investing, but probate is, this is a new one that we always wanted to get in. Okay. So..

Chad Corbett: [00:38:08] What market are you in?

Mary: [00:38:10] I'm in Salt Lake City.

Chad Corbett: [00:38:12] Okay. Yeah. So in most major Metros, you'll have several real estate agents who have created a profile and became active on Bigger Pockets, and that means they're already working with investors.

Mary: [00:38:23] I do know quite a bit of them.  My question was more, okay. Let's say I did give it, what am I gaining? Am I gaining anything?

Chad Corbett: [00:38:30] Oh, sorry. Okay. Oh, I'm sorry if I'm asking. So you can take marketing fees, they can, for example, if you have a good lead flow, if you're giving them a lot of referrals, maybe they pay for your mail, you pay for the leads or vice versa, or they could give you cash marketing fees, they could pay you in Visa, like prepaid visa gift cards, just the marketing fees.  There's ways hat you can do it, where you won't get in trouble, but. obviously I'm pretty solid on my view that every investor should have a license. If they're not taking advantage of people, they have no risk.

Mary: [00:39:07] I absolutely agree with you. Alright, thank you very much. That's answer my question. Thank you!

How Asking The Right Questions While Prospecting Can Up Your Follow-Up Game [00:39:12] Chad Corbett: [00:39:12] Jimmers! Bueller?

Jim Sullivan: [00:39:14] We have a couple more in the queue, Chad. Can you handle a couple minutes over today? Are you good?

Chad Corbett: [00:39:19] Yeah, I'm good.

Jim Sullivan: [00:39:19] Okay. Next up is five, four, six, four.

Eddie V: [00:39:23] It always seems to cut out on you, Jim, when it comes to me! And this is Eddie here in Kansas city.

Jim Sullivan: [00:39:28] It's been the whole call today with Chad's mic, I think, but it's okay. we can understand him.

Eddie V: [00:39:33] Okay. I'm really just trying to figure out what's too much. I answered this in the, in, I think two or three calls ago, but what's too much to be bothering these people?

I know David Pannell, he does every seven days, but I'm like, if I talk to that person on Monday, let's say, do I wait another seven days to call them back? I'm just trying to find out most of the things I have questions about. I can go to YouTube or look it up on All The Leads. They just haven't been able to find it today.

Like a schedule on, if you want to be aggressive, here's how often you would call and send letters. And here's, maybe if you're not as aggressive or don't have as much time, here's what you can do. Cause I have the time to be calling people more. I just don't know. Where's the point where it's too much.

Or what's the, sweet spot.

Bruce Hill: [00:40:22] Eddie, it's Bruce. When you communicate with someone. So let's say you have already spoken with them. Whether it's in the middle or towards the end of the call, you say, Hey, by the way, were you guys going to be keeping your real estate or selling the real estate? And they say selling. Ideally what you want to do is go down a little bit of a funnel with them where you might start.

Mike. Okay. There's lots of ways to start and we don't recommend specific way, it's up to you, but it might start with something like, can you tell me a little bit more about that? Yeah, we're just not there yet. we're a couple of months away. Okay. in a perfect world, when would a couple of months be, are we looking at two or three?

Okay. There they say three months. There's a bunch of family members involved, you just ask questions and they start to share with you what their ideal experience looks like, and you really tailor your followup approach with that person around their ideal experience. So if somebody tells me three months, I'm going to call them in a month and ask if anything has changed.

If they say, yeah, we're probably a month away, I'm going to call him in a week. Hey, just want to make sure that everything was on track. Did you guys run into anything? So I really base that on the information I'm able to gather on the previous call. There's no set formula for what you're asking.

It really depends on what their timeframe is. And if you ask good questions, they will tell you what their ideal experience is going to look like.

How To Overcome the "I am not interested" Objection [00:41:44]Eddie V: [00:41:44] Okay. What if says, we've got this, we've got it taken care of.

Bruce Hill: [00:41:48] We've got it taken care of. So are we talking about the house or are they just say, Hey, we're all good, we've got it taken care of.

Eddie V: [00:41:55] They've got it all good. I think specifically, this is one that somebody just, Hey, we've got it taken care of. Thanks. Click call them back seven days again?

Bruce Hill: [00:42:04] I don't know. What do you think Chad? I would probably do a couple of weeks. It depends on how far, how long into the process they are. If they're a relatively new lead, I might do seven days. If they're a lead from three months ago, I might do a couple of weeks.

And a lot of times, Eddie, so there's a particular sales training that, I'm not allowed to say the name of on online that you and I have talked about Eddie. If you have an appropriate intro it's rare that someone's gonna say, Hey, we got it all handled, click.

I don't experience that a whole lot. But people do tell me that they have it all handled and one approach that you can use if someone says, Hey, no, we're pretty good. Is you can use the approach of letting them off the hook and saying, Hey, I'm really glad to hear that you have no idea how many people I talked to that are overwhelmed.

So I, you're probably pretty organized. And now my particular approach, if we go there is to say, Hey, before I let you go, were you guys planning on keeping the house or were you planning on selling it and just kinda letting them off the hook? it gives them a sigh of relief, Oh God, thank God.

I don't have to come up with another objection. And then you just go into a, another question and start down that line. Normally, if they feel like they're off the hook, they're not going to be as rigid.  Especially if they've said that they, I have it handled. So you might even pair it back to them when you follow up.

Hey, I know a couple of weeks ago you said you had everything handled. Just wanted to see how the process was going for you. Have you guys gotten a little closer to deciding what to do with the house, have you gotten a little further along any struggles and maybe they say the same thing, but. A few times that barrier is going to break down.

It always happens with enough communication and enough times where they hear you and remember, you naturally build some rapport.

Eddie V: [00:43:47] Okay. Okay.

Chad Corbett: [00:43:49] So Eddie, I would split this into two categories, have had dialogue, not had dialogue.  So to the root of his question, how much is too much?  until you've had dialogue with them, meaning you've had a meaningful conversation - not a hang up. Like we've got it handled hang up. That's not a contact. Then you can continue to be as aggressive as you want to be. If it's every day, if it's twice a day until you've actually had a true conversation and had two way dialogue with a person, then you should be aggressive. Once you've had dialogue with them, at that point, everyone becomes a thumbprint.

Some you want to follow up with daily. Some you want to follow up with quarterly because they're in such deep, emotional pain. You don't want to push them on others or just standing in their own damn way and making their situation worse. So you want to call them every day, but the takeaway is it depends on what you know about the situation, how aggressive you should be after you have the dialogue.

So the people who are hanging out who are saying, we've got it handled and hanging up. Call them every day until you have the real conversation. And then you'll know how often to follow up with them. Just use your intuition. once you understand the people and the situation, then it's easy to determine how often you should call them because you understand what they're going through.

You understand the value you bring to that situation and there's no, it all becomes different. And until you have dialogue, just, be as aggressive as you want to be. And that's David, he's hitting the phones every day for the first seven days. So he establishes dialogue and then based on each individual conversation, he spreads them out over a year.

I think some people he's okay, that's a surviving spouse. I'm going to call her back in three months because she'll be in a different state of mind. This guy is out of town. He had no relation to the family member. He was a friend who was appointed. I'm calling him back tomorrow because he's ready to get this behind him.

So each one becomes different once you have dialogue. But I would encourage you to think about it that way: Once you've had a real conversation with them, then you'll know what the right followup sequence is.

Old Leads: Best Way To Maximize Your Marketing Over Time [00:45:59] Jim Sullivan: [00:45:59] All right. And thank you for your patience.  Six, six two eight. You're up next.

Caller 4: [00:46:03] Hey. Yeah, so I've got some older leads. How old would you consider them to not be really useful anymore? Is there a timeframe on that

Chad Corbett: [00:46:12] Three years.

Caller 4: [00:46:14] Three years? Wow.

Chad Corbett: [00:46:17] We've had a lot of success through two year-old lists. I've personally listed them and bought them 25 months in. If you put a number to it, like where you should quit probably three years. A certain number of people, have their act together and they'll proactively move through the process quickly,  but we have a lot of different personality types in the world and a lot of different situations within that. So some people, their heads in the sand and initiate the process, then they pull back and then they just completely shut down.

They don't do anything for months. And then one day they have this breakthrough and they're more motivated than they have ever been because they're ashamed of the lack of progress made. And that happens anywhere from one day to at least two years. two years as you should. And if you had the budget and the bandwidth, I support it.

And they, All The Lead System is designed to make sure you're not spending, you're not marketing to people who have already said, we don't need your help, but we don't want your help. If you can afford it, you should be marketing for two years minimum. And every month our CRM will help you cut your list down.

So you're only marketing to the ones you haven't spoken to. But the people that need our help the most are the ones that put their head in the sand six, eight, 12 months ago. And haven't achieved anything. They're the ones that really need us and you'll find them two years out for sure.

Jim Sullivan: [00:47:39] Hey Chad, the one I closed on yesterday was two years old, had probably it was filed two years ago.

Bruce Hill: [00:47:44] Especially if you're running probate, I'm going to, I'm going to plug probate plus here really quickly. If you have an old list and you don't want to be marketing to a hundred people that are old, run pro probate plus against it. See where CC, who still has real estate. it'll show you who you should be marketing to.

One of my closings contacted me two years after his father had died that the property had been vacant for two years. Contacted me. He pulled back just like Chad just mentioned. He pulled back for another year and a half and then called me to Lish. And so that was three and a half years after the date, his father had died and it had been vacant the whole time.

So some people just take time that their situation, their emotional stability. There's a lot of different reasons to say might take time.

Cold Calling Widows/Surviving Spouses in Probate. [00:48:32] Caller 4: [00:48:32] Okay. Can I ask one more question? I appreciate your input. What would you suggest on the surviving spouse contact schedule?

I get it to where they're kind of a bummer on the first call. You don't want to call them too early, but, is maybe three months or something?

Chad Corbett: [00:48:47] Everyone's different. There's if you go to all the leads.com in the top, Type in surviving spouse. And there's a tips from the trainer video I did, I don't know, four or five years ago. And I kinda tell you the story of what encouraged me to get on the phone early on, often with surviving spouses, because so many people shy away from them. They're the people that most often need our help. The most, they just don't know it yet and they haven't admitted it.

So yes, it's not apparent in their psychology yet. So if you can make contact with them, it's a different tactic. It's low pressures to not talk about real estate. You need to really take my advice, focus on people in situation, let them know there's a service here in the community and help with anything and everything.

And just, if they feel like they're emotionally raw, just back away, listen, I'll call you in a couple months. See if there's anything that you could use help with them, but more as branding and marketing, you want them to be aware that you are you're a safety net for them, because what we know from the nursing home industry, 78.8% of senior citizens plan to die in their homes, there's no contingency plan.

What we know from the federal reserve, the average senior citizen. Yes. $24,000. Oh, an illness hospital of Saul property, just upkeeping a property, having the correct, social security checks on an app because they were getting to now they're only getting mom, their situation changed and it might take them a month or two months or three months to realize that they're not, I think, situation when they do.

I will call who they trust. So if you've made contact and you found some way to make them feel comfortable, even if that's just making them aware that there's a safety net in the community, you will be their first phone call when they need you. So don't shy away from the surviving spouses. Just remember, I'm not calling to list this house.

I'm calling to see how I can help her or help him. And if you can build rapport and that person trusts you, then when they're ready, you'll be okay. The only phone call and I've got dozens and dozens of stories like this, the very first deal I ever did was the one that gave me the courage to always make that call.

And if you search surviving spouse in the top, Of all the leads.com, you can hear the story about it, about Drusilla, or that was Pam.  It's, a softer approach, some will list right now, others will take two to three years, but now they're probably the ones that can benefit the most from our service when they realize it.

Jim Sullivan: [00:51:30] All right, guys, another great call. I want to thank each and every one of you for being here today, we had great participation. We had some really good inspiring stories. I think I know who our winner of the week is. We'll be reaching out to you and I want to challenge each of you. Take one, thought one idea. One thing that inspired you on this call, go out and put it into practice and come back Wednesday, actually for our role play, call and share with the group.

Thank you so much, guys. Stay healthy, stay productive, and we will talk to you next Wednesday at 2:00 PM. Eastern take care, everybody.

A.I. Narration: [00:52:05]  All The Leads hosts Cold Call Role Play trainings the first Wednesday of Every Month. On these calls, agents and investors can jump in the hot seat with our coaches to test their cold call scripts.  To join the Role Plays or Probate Mastermind sessions, join the All The Leads Mastermind Group on Facebook for Free.  Thanks for tuning in to Probate Mastermind!

 

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Preview for Probate Mastermind Real Estate Podcast Episode 297

18 Live Q&A That Will Up Your Real Estate Business Game. PLUS: Free house using Sub2 Financing?! | Probate Mastermind Podcast #297

The Interactive Podcast on Probate Real Estate - Pick Your Podcast Platform

Probate Mastermind Episode #297

Recorded Live on September 24th, 2020 (Join Us Live Every Thursday)

 

In this episode of the Probate Mastermind Podcast, you’ll learn best practice tips for setting a prospecting schedule and sticking to it; scripts for voicemails and callbacks from prospects; and how to write a value proposition/USP for leads vs. attorney prospecting.  The coaches from All The Leads help put transactions together with live deal analysis, breakdown the differences between taking the short sale vs. Subject To route, and help advice an investor on relocating an occupant so the forced sale of a divorce home can proceed.  Other topics include delivering price options during an appointment with a seller, structuring your real estate business for brokerage and investment, how to use Google My Business for Lead Generation, and how to find a property owner for driving for dollars properties when skip tracing doesn’t work.

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country, and can be found at AllTheLeads.com/Blog or in the “All The Leads Mastermind” Facebook Group. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

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Get Certified in Probate Real Estate

 

 

 

Detecting False Positives in Big Data (1:16)

Jim Forsythe (Mobile County, TN) has a lead in his Probate Plus+ file that shows 3 ancillary properties in Colorado.  However, the deceased has no primary property.  What would explain this? Chad and Jim discuss.

Sticks Vs. Carrots: How To Relocate Occupants Before Forced Sale Of Home in Divorce (3:43)

Janie Howard (Colorado Springs) is just getting started with All The Leads.  She already got a call from an attorney offering her a divorce lead because the attorney learned about Janie’s probate training.   The client is in Virginia and the court has ordered that the house in Colorado Springs be sold.  The wife lives in the house with her boyfriend at this time, and has no intention of moving out.  What can Janie do? Chad and Janie discuss approaching this situation with sticks vs carrots.

Chad also recommends ProbateCash as a contingency option. Grab The ProbateCash Summary and Contact Info

How To Find Social Workers For Sensitive Real Estate Relocations? (8:42)

Chad provides tips for finding a social worker that works locally to help with sensitive situations, such as real estate relocations and evictions, and the situations that might make moving difficult for an individual.

See More: Unexpected Places to Find More Listings and Deals – Probate Referrals from Medicaid and Social Workers

Live Deal Analysis: How to Get A Free House with Subject To Financing/Sub2 vs Short Sale (9:24)

Josh (Pennsylvania) has a SUPER motivated seller that’s dealing with a reverse mortgage.  The ARV value would cut out all the equity in the deal.  Jim and Chad breakdown going the Short Sale vs. Sub2 route.  Next, Josh asks how to present this. Chad details how to educate the seller on both options.


Short Sale Help: Pam Sullivan 954-584-0000

Chris Fontaine: Real Estate On Your Terms

4 Price Options You Should Offer Every Seller, Whether You’re in Brokerage or Investment (14:24)

Caller asks for a summary on the different price options Chad laid out on episode #296.  Chad summarizes the four options and how he defines them.

See More:

How to Walk Out of Face-To-Face Appointments With PAPERWORK SIGNED – Whether You’re An Agent, Investor, or Wholesaler. https://alltheleads.com/tips-winning-face-face-appointments-start-finish-probate-real-estate-training-top-plays/

Probate Mastermind Podcast Episode #296 https://alltheleads.com/probate-mastermind-real-estate-podcast-296/

Best Probate Training: Chad Corbett’s Probate Mastery vs MTI’s Probate Course for CPE/CPRES Real Estate Designation (15:16)

Tanya is looking for a probate certification course and is curious what the difference between the CPE and CPRES designation is.  Also, Tanya is trying to learn everything she needs to know about Probate to best help the people in her area that are going through the process.  Chad breaks down how he designed the 3-day Probate Mastery course, and how if you watch it on-demand you can get started full-force in probate in just 3 days time.

Older Leads, Small Estate Exemption, and Texas Muniment of Title (24:54)

Kathy is doing follow-ups with older leads, but some of them are showing “dropped” in the probate case filings. Why is this? Chad describes something unique to Texas probate called Muniment of Title.  With Muniment of Title, real property can be carved out of the estate.  For families where the house is the biggest asset, removing it from the estate often qualifies the estate for the small estate exemption and probate no longer needs to be filed or completed.  Chad and Kathy discuss how these are still great leads to call (especially since nobody else is marketing to them), and that your approach should really be no different.

Ringless Voicemail Risks and Alternatives 2020/2021 (26:51)

Dave is interested in using ringless voicemail.  How risky is it to leave automated voicemail drops; can you get sued? Chad explains why the litigation risk of ringless voicemail is growing in 2020 and suggests an opt-in strategy to protect yourself.

Voicemail Scripts for Probate Real Estate Calls: What if a relative, spouse gets the message? (28:24)

Dave is looking for a voicemail script that can be used for any number he dials.  Some of the numbers belong to a spouse, relative, or household landline associated with the personal representative.  This means the person listening to the voicemail won’t always be the executor of the estate, but a person with a secondary relationship to them.  How can Dave leave a voicemail that works for any recipient? Chad gives a short and simple voicemail script that has always worked for him.  Next, Chad leaves Dave with some advice on handling inbound return calls from people who have received his voicemail.

See More: Should You Leave Voicemails When Calling Probate Leads? What to Say and How Often: https://alltheleads.com/leave-voicemails-cold-calling-probate-real-estate-leads-tips/

Structuring Your Real Estate Business as an Agent-Investor Team: Liability, Subagency, and Disclosure (30:27)

Isaiah is an investor and his wife is a real estate attorney.  His wife is about to get her sales license.  How should Isaiah and his wife structure their business in a way that he can handle most of the day-to-day tasks of prospecting/admin work? Chad breaks down two strategies to reduce her workload down to agency (pricing, listing conversations) and closings, with Isaiah handling the other tasks.  Chad gives critical advice on avoiding subagency and liability issues, as well as a tip for seamless disclosures.

Can I Make Money With Probate Real Estate Investing Part-Time? (35:07)

Yes! Chad breaks down time management for effective prospecting. The goal is always to work smarter, not harder, and you can make a lucrative pillar in your business through probate real estate with just a few productive hours every week.

Success Story: Winning B2B Relationships With Attorneys (36:35)

Isaiah discusses a relationship he’s developed with an attorney, and how he got his foot in the door to start co-marketing and sharing referrals. Chad discusses this strategy all the time: Isaiah put it into practice and now has a great B2B relationship on the books!

Using Google My Business For Local Real Estate Lead Generation (37:50)

Isaiah offers advice on using Google My Business for Inbound Lead Generation. He shares how he set up his business and location and what types of leads are coming in from this channel. Awesome tip!

Your USP for Prospecting Personal Representatives vs. B2B Relationships  (39:34)

How can I leverage my CPE probate certification when prospecting attorneys for B2B business? Should I use the same USP and title when introducing myself to attorneys that I use when speaking with families going through probate? Chad, Bruce, and Jim share tips on crafting a value proposition for attorney prospecting.

Real Estate Scripts: How to Answer A Call-Back From A Prospect (41:56)

Dave from Colorado jumps in.  He might be interested in buying the property Jim Forsythe mentioned at the beginning of the call, and if not, will point him to an agent who can get it sold.  Dave asks a question on handling a call back from a voicemail, where the lead is abrasive and asking why you’re calling them.  Chad runs through his one-line script for handling this objection and what your objective should be for these types of call backs.

Skip Tracing Vacant Probate Homes to Find Heirs, Relatives: Driving For Dollars Tips (43:22)

Derrick is going the extra mile to find the owner of a house he found while driving for dollars.  He found out the owner passed away and was an orphan.  The taxes are being paid, but the grass is incredibly overgrown.  Derrick wants to contact whoever is in charge to discuss buying the property. Chad gives advice.

Prospecting Success Story: How I Got Motivated To Make Phone Calls (46:04)

Eddie jumps back on to share his success with applying the 90-90-1 rule. This was the missing link in his days! 

Prospecting Schedule: Best Time To Prospect Attorneys for Business by Phone? (46:51)

Eddie is trying to set an effective schedule.  What time should he block off and dedicate to cold calling attorneys for B2B relationships? Chad shares his tips.

 

 

 

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Episode Transcript

Probate Mastermind 297 Recording

Episode Intro: [00:00:00] Welcome to the Probate Mastermind Podcast. In this episode, you will learn best practice tips for setting a prospecting schedule,  leaving voicemails, answering callbacks, and prospecting attorneys for B2B relationships.  The coaches from All The Leads help put transactions together with live deal analysis and discuss strategies for relocating occupants, presenting Subject- to as an alternative to a short sale, and presenting price options on appointments.  Other topics include how to structure your real estate business for an agent-investor partnership,  how to use Google My Business for Lead generation,  and how to find a property owner when driving for dollars if skiptracing doesn't work.  These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors all across the country, and can be found at All The Leads.com slash Blog, or in the All The Leads Mastermind Facebook Group.  Thanks for tuning in, and don't forget to subscribe to future episodes.

Jim Sullivan: [00:00:59] Welcome remarkable agents and investors nationwide! Today is Thursday, September 24th, 2020. And this is Mastermind Podcast #297 coming up on 300 times. We've done this guys and we couldn't do it without you.

Jim Forsythe: [00:01:17] I've got two questions

Jim Sullivan: [00:01:18] Perfect. Jim, go ahead.

Jim Forsythe: [00:01:19] Okay.

I think, you know the answer to both of them, Probate Plus questions. Just got some new leads in Mobile County.

And one of the properties has three properties, but they are all in Colorado. And

now the attorney is in mobile, but there's not a primary residence or a secondary home in mobile County. Just wondering. What the reasons for that might be I'm sure I know, but...

Chad Corbett: [00:01:44] It could be an investment property. So they may have sold their primary residence and they were living in a nursing home or renting or living with a family member, but they held the portfolio on Colorado.

So you've got an ancillary probate happening in Colorado where their real assets were

Jim Forsythe: [00:02:00] Well, add a little bit to this. The Colorado primary residence is 2.5 million dollars.  So, would be a hell of a referral.

Chad Corbett: [00:02:08] What part of Colorado? What market?

Jim Forsythe: [00:02:11] Denver.

Chad Corbett: [00:02:12] Okay.

And is it commercial or residential?

Jim Forsythe: [00:02:14] Residential. Yeah, 9,015 square feet. Home built in '62. 10

bedrooms. But get this, one bathroom.

Chad Corbett: [00:02:24] I'm betting....

Jim Forsythe: [00:02:25] ... That doesn't sound as kosher with.... Okay. I that's kinda what I figured, something like that. We'll still be making calls to it. The second one is,

Chad Corbett: [00:02:35] and Jim wants you to remember, we've got a few subscribers in the Denver Metro market, depending on which County it is, I'll introduce you to. Just let me know whenever you make contact with them.  We'll get them set up with the right agent for that property type

Jim Forsythe: [00:02:48] Absolutely

Jim Sullivan: [00:02:49] Obviously that referral fee could, pay for your marketing to leads for years. That'd be great.

 

Jim Forsythe: [00:02:55] I've already put a pen to that one.

Jim Sullivan: [00:02:57] Oh yeah. Good

job, buddy. That's great.

Jim Forsythe: [00:03:00] Yeah.  The second question - this is the second time he's come up in the last couple of weeks - have a property with a same address,  same city, state, everything, but one of the addresses is North and one of the addresses is South and I've not made the call to either one as of yet.

Could that be an accident, or just something across the street from each other?

Chad Corbett: [00:03:21] I would guess that one of them is a false positive.

Jim Forsythe: [00:03:24] That's what I figured.

Okay.

Chad Corbett: [00:03:26] The only way to really know what you want is to give 'em a call

a

Jim Forsythe: [00:03:29] Yup. Yeah. Okay. Very good guys.

Y'all have a wonderful week

Chad Corbett: [00:03:34] You too. Thanks, Jim.

Jim Sullivan: [00:03:35] All right,  Jim.

Good job buddy. And stay healthy, man. Under the

Chad Corbett: [00:03:38] circumstances. Good. Good for you, man.

Jim Sullivan: [00:03:40] All right, next up is phone number ending in zero four, two seven. You're up next.

Janie Howard: [00:03:45] Hi there. This is Janie Howard. I'm in Colorado Springs. I am brand new, and Chad, I need your guidance.

I got a call from my attorney about an hour ago. He knows I'm pursuing probate business and he offered me a divorce lead. He said that his client is in Virginia and the good news, the court ordered that the property here in Colorado Springs, be sold. but the bad news is his wife is still in the house. She's an alcoholic in pretty bad shape and lives with her boyfriend. And I understand that she's not leaving. Apparently there's an agent involved, but nothing's been signed. The agent gave, it sounds like an 80% offer to the.

client who's in Virginia. And he's not very pleased with that. My attorney asked me if I was up for this, and of course I said, I am, this is what I've been trained for!

He's asked the husband to connect with me and I have his number as well now. So I need your coaching on what my first call should look like.

Chad Corbett: [00:04:52] Well, you're thinking you're going to refer this, correct

Janie Howard: [00:04:57] No, I'm in Colorado Springs and the property is in Colorado Springs.

Chad Corbett: [00:05:01] Oh, I misunderstood. I thought the property was in Virginia. Okay. I understand. Okay. So what do you need help with? Like how you get her out of the home?

Janie Howard: [00:05:14] Yeah. How would I approach him suggestions on how I would get her out of the home.

Absolutely.

Chad Corbett: [00:05:20] Sure.  You probably heard me talk about it before. There's the carrot and there's the stick and we always try the carrot first.

So my first question is anyone willing to pay her moving expenses and help her find suitable housing and the family?

Janie Howard: [00:05:33] Okay. So that would be one of my questions for him.

Chad Corbett: [00:05:37] If he's willing to advance her the money, then you can contact a property manager, find her a suitable place to live. He can pay for it. Find a moving company. He can pay for that. If he's unable or unwilling to do that, then the next step would be, can you do it through social services?

Can you contact the housing authority? Can you contact a social worker and can you find suitable housing before you make contact with her? So if she's in that situation, she's probably not in the most stable mindset. So showing up saying, you know, we're gonna, we're going to find a place for you to live is going to scare the hell out of her.

And she's probably behaving erratically anyways. So it could blow up really quickly. I would rather you approach her and say, you know, listen, I spoke to your brother. It's very important to him. And also to me that we know that you have, we improve your situation. So we've actually made contact with a property manager.

We found this house on this street and we've got a HUD voucher to pay for it. and all you would have to do is, you know, make sure you can get your stuff moved by this date. So it's gonna land way more softly on her because she doesn't have - her brain doesn't have to go into that " oh my God, I'm going to be homeless!"

Because you're presenting it to her as a solution, not a possibility.

This is where, you know, this is why you have social workers on your team. You don't get monitored, you don't monetize that partner, but they can do some really difficult, really valuable work that we're just not gonna be able to do.

So I've helped people in these situations. Like sometimes alcoholic can even go into longterm care facilities or rehab facilities as part of a social program. And then when they come out, they'll have, you know, they'll have a HUD voucher and more suitable housing than they had to begin with.

Janie Howard: [00:07:17] Okay.

Chad Corbett: [00:07:17] I would find out if there's a willingness for the family to help and pay for those things. And even they could even take that back in the final accounting for the court. It's not that they have to pay for it. They just need to advance the money.

The other alternative,  is she an heir? The occupant?

Janie Howard: [00:07:33] Well, it's the wife of the husband, who's the client of my attorney. So it's his wife alcoholic living there with her boyfriend.

Chad Corbett: [00:07:43] All right.  This is a 2020 deal if I've ever heard one,

Janie Howard: [00:07:50] ..Right!?

Chad Corbett: [00:07:52] Yeah. So I would say step one, see if there's the wherewithal and the willingness to get her into a more suitable situation to get the house vacant. And if not, then I would go the social services route.

There's also the possibility that you could connect her with ProbateCash. One of our kind of preferred partners, they do a state advanced lending. So if she's due something from the inheritance, let's say she's due a hundred grand they'll loan her as much as 25 grand.

Bruce Hill: [00:08:17] This is not a probate. Is it? This is just strictly divorce

Janie Howard: [00:08:21] No, no, this just a divorce. Yeah.

Chad Corbett: [00:08:22] Okay.  You can also advance people money in the event of a divorce. You could leverage, hard money lenders, real estate investors and pawn shop owners are deal makers. if you can say, you know, listen, here are the assets she'll be due in the divorce.

Can you advance her this cash then that I would say that's your solution C.

Try and be first.

Janie Howard: [00:08:43] Okay. And a real basic question. I just contact, the County here for a social worker

Chad Corbett: [00:08:50] Yeah, you can usually just Google social services, Colorado Springs, and the number will pop up. I got really lucky in the first person I talked to is amazing.

She's helped me with several deals. You may have to bounce through two or three different people, but they tend to be people who gravitate toward that career are very compassionate and very helpful usually. So it's pretty easy to connect with the right one.

Janie Howard: [00:09:13] Well, awesome. Chad, this is really helpful. I didn't expect to have such a challenge before my letters have even gone out.

Jim Sullivan: [00:09:21] No, that's a terrible problem to have! All right. Thank you so much. Next up is phone

number ending in zero four five six.

You're up next.

Josh Schoenly: [00:09:31] This is Josh Schoenly. I'm in central PA, Harrisburg, Mechanicsburg area. I am trying to figure out how to help a seller that I met with earlier this week.

She's super motivated and ready to go. It's a reverse mortgage.

The balance is like 137, 135, somewhere in that neighborhood.

The problem is: To flip it, the amount of renovations it would need, there would be no equity, in the deal. To rent it, it certainly wouldn't need quite as much.

Just I'm racking my brain for if or how I could potentially help

this person. she's already moved on in her mind. She's got a place in Florida. She's been battling illnesses. She just wants to be done with it.

Jim Sullivan: [00:10:16] If I may, let me ask you a couple of questions before we all answer: Is the condition it's in, would it appraise for more or less than what's owed?

Josh Schoenly: [00:10:24] Less.

Jim Sullivan: [00:10:25] Okay. Then that's a reverse mortgage short sale. That's not, we've seen a number of those,

What I would

strongly suggest and you set the executor is cooperative, right? She doesn't want anything out of it.

Josh: [00:10:36] It's not a probate. It's not a probate.

Yeah. It's just a motivated seller, but I knew you guys would bring, bring some great, perspective.

Jim Sullivan: [00:10:46] That's a classic short

sale. And

one of the reasons I jumped in. Before probate, my wife and I started a short sale l company about 15 years ago. She's still doing it. She's done over 2000 of them.

So I'd reach out to Pam. It's probably a coin flip, whether you're going to be able to get it enough under appraisal to make it worth it for you or not. Are you a realtor also or not?

Josh Schoenly: [00:11:06] Yes. Yep.

Jim Sullivan: [00:11:07] Okay, good. Well, either way then, you know, even if you sell it, you have to sell it for market value as a realtor.

You know, if they, if Pam can negotiate enough of a low price, that it's worth it as an investor, then you jump in. If she can't, then at least you get your real estate commission, you know, one way or the other, but she'll handle the whole thing for you and start to finish. Do you have her contact info?

Josh Schoenly: [00:11:27] I don't,

Jim Sullivan: [00:11:27] Give her a call.

It's Pam Sullivan. And the number is ( 954) 584-0000.

And I'll give her just in case you miss each other. I'll give her your number also.

Josh Schoenly: [00:11:39] Perfect.

Chad Corbett: [00:11:40] Josh, If you want the house, there is an equity play. You're familiar with how reverse mortgages work and how the foreclosure process works?

Josh Schoenly: [00:11:47] Yeah, well, I guess somewhat,

Chad Corbett: [00:11:49] So you know the payoff, do you know when the house, when was, what was the date? The house was vacated?

Josh Schoenly: [00:11:55] Well, it's not vacant yet.

Chad Corbett: [00:11:56] Oh, perfect. So you have a six month window to take this as a sub-to, do your rental rehab, stabilize it and refinance it with a community bank. Boom.

You get a free house.

Jim Sullivan: [00:12:06] But with Chad, he said that it would have ...

Chad Corbett: [00:12:08] You HAVE to refinance it within the six month window. After cap X, he's going to have a higher appraisal; it'll appraise at 150, 160, probably.

Josh Schoenly: [00:12:16] I gotcha.

Chad Corbett: [00:12:16] Through a community bank, you'll be able to get 80 to 85 LTV on the commercial side.

So by the time you do your CapEx and put a tenant in there, you'll be able to get your cash out refi and probably come out of it with a little bit of cash. But you'll definitely have a free house

..And a tenant.

Josh Schoenly: [00:12:32] Would you present both options or would you,

how would you personally approach it? Would you try that as option one and that's

Chad Corbett: [00:12:40] I always try to let the consumers outcome decide the strategy and it costs me money sometimes, but I have no trouble sleeping.  In this, you can both win because in my opinion, the best strategy for her is to get out of this quickly.

So the sub-to closing is going to happen in -  I don't know - five to seven business days? And a short sell closing is going to take three to six months.  She can get the house closed, faster and move on with her life.

You can get a free house.

Everybody wins.

Josh Schoenly: [00:13:09] It has been so long since I did a sub-to.  Where would be a

good place to start to figure that out in PA. it has been twelve years.

Chad Corbett: [00:13:15] Chris Prefontaine

wrote a book called Real Estate On Your Terms, about a four and a half hour audio book. And he also sells a creative financing course, if you need more than that.

But if you find that good savvy real estate attorney, who's working with investors, they'll help walk you through the purchase agreement. Before you go on the appointment and just say, you know, what  let's pre-write our sub two clause and make sure it's correct.

But you just need to be well aware, you should close the house into a land trust as well. I think in PA you still have to pay transfer costs, transfer stamps up there, but if you close it in the land trust, the lender sees it. They're going to see it as an estate planning move.

Even if they do call it, due it on sale, you still have whatever your foreclosure process will afford. Probably three months to get your rehab and refi done.

Josh Schoenly: [00:14:00] Yeah. Okay.

Jim Sullivan: [00:14:01] Yeah, I would say too, it depends on how much you're going to put into it. Cause you know, the risk reward, if you're going to put the money into it, just make sure that you're going to be able to get it back out.

That's what I would look at.

Excellent. Did that help?

Josh Schoenly: [00:14:12] That was fantastic. Appreciate it.

Chad Corbett: [00:14:14] One last thing. When you talked to Bob, we needed to get back on the phone and pick up where we left off.

Josh: [00:14:18] Yes. Agreed.

Jim Sullivan: [00:14:21] Alright, next up is phone number ending in two zero seven five. You're up next.

Caller: [00:14:26] Yeah, thank you.

Last week. I think it was, Chad had said that when he went, I went out to meet with a prospect and went out as a real estate agent. He would give them the price of full market value, wholesale, and there was a third option. And what was that third option?

Chad Corbett: [00:14:47] As-is .And my personal definition of as is what can I, what price can I guarantee I'll have a ratified contract in seven days and a closing in 30 days.

Caller: [00:14:57] So As-is, full market value, and then is there a third option?

Chad Corbett: [00:15:01] Cash or wholesale.

And then the fourth option could be, you know, renovated retail. So if you're gonna do a complete renovation and sell it for top dollar.

Caller: [00:15:11] Okay. All right. Thank you.

Jim Sullivan: [00:15:12] Alright, appreciate it. good questions today.

And they're short and we're getting through a lot of people. I love it. Next up is phone number ending in seven six five two. You're up next.

Tanya: [00:15:22] Hey, my name is Tanya and I live in Charlotte, North Carolina, and, I'm new to this, probate real estate way to get leads.

I'm interested in the mastery class. And so my. The certification that you get through that class is, what is it? Certified probate expert.

But then I was looking online. There are other certifications that I see other realtors using CPRES. So I don't know like what the difference is.

And if you use that CPE on documents and marketing materials, does that hold as much weight as the other?

Chad Corbett: [00:15:53] So  it is accredited through us, not through NAR or the state or anyone else. So any pretty much any designation you get is accredited through whoever is offering that coursework.

With probate mastery. I designed it largely around  psychology people in situations.  It's not so much focused on law and logistics because you don't really need to know all that. We give you a basic understanding of the probate timeline and process.

Other courses tend to focus more like they're educating attorneys.

They teach you all about every little intricate detail of probate, but they teach you less about how to deal with the people in the situation.  So probate mastery is it's built to help you learn how to attract business, get engagement, hold engagement, build rapport, and doing the right things in the right order.

Other courses are more laid out to help you understand everything about probate, but it's not as how-to .

So I would say that Probate Mastery's... It's designed to beat the learning curve down to a matter of days or weeks versus learning about probate, everything about probate, and then having to go learn the people's side of it yourself.

So we're very focused on the human side of the probate

Tanya: [00:17:02] I feel like I need those aspects, so does the Probate Mastery offer some technical training too? Because I don't want to sound like a fool going into it.

Chad Corbett: [00:17:10] Yeah. In session one, I'll take you through the overall numbers.

So why this is a big opportunity over the next 45 to 50 years? We'll actually look at the sheer numbers of people that have gone through probate, and will go through,  why that's an opportunity, why it creates so much urgency, how the lack of estate planning and so you'll understand...

If you look at the logos for mastery, that weird symbol is the international symbol for empathy.

So I'll take the logical side of it and then show you the human side of it. And that as a result is an empathetic understanding of why these people need our help and why it's such an urgent situation. From there we go into, from the moment somebody passes away, until probate filed, to the confirmation hearing, until they get the documents, when they have the authority.

I'll walk you through the entire timeline and process and explain to you. I don't need you to be a probate attorney. When you come out of the course, I need you to speak confidently about the process and make those people feel comfortable with you and your level of professionalism.

And you'll absolutely get that.  So that's session one. Session two is more on what is your specific strategy? You hear us talk about the call, we just talk you know, Josh, that's more of an advanced tactic. We teach those things like even to the level where you partner with the estate and you guys split the equity that you build into the property.

So we'll go from basic: Here's how you take a listing

to: Here's, how you do more advanced things to really maximize equity for your business and for the estate.

And then session three is all about people.  So we're focused on how to get the engagement in the beginning of a phone call, how to build rapport, get all the information that you need to offer these options and keep them engaged without wearing them out.

And then also how to handle the appointments. So it ends up being, about two to three hours of instruction and then.

Three to four hours of open Q&A. So the course is running anywhere from typically 12 to 16 hours, over three consecutive days

With other people, you're going to pay twice as much and you'll get about five hours of content.

So I'm as thorough as I can be. I literally teach you everything I've ever learned about it.

Tanya: [00:19:13] Okay. And then let me ask you one more thing. Thank you for that. so in terms of like timing and signing up for the leads and sending the initial letters and doing the initial phone calls, do you recommend, like for someone in my position that doesn't have a lot of experience with this to wait until you take that so that you can position your so that you can be in the best possible position to win and convert the leads

....because I want to get started, but on the other hand, I don't want to... not do right by the people that I'm going to be calling, you know, cause that's gonna make me

Chad Corbett: [00:19:44] best of both worlds. So because the class is only taught live and only once a month, if you sign up today, you'll get the recordings from the previous class.

So you'll have access to you'll have access to the full course, you can listen to the Q and a from last week, month, and then  we'll register you for the last class and you can come back as many times as you'd like. Joyce Morris holds the record 39 months running.

She's been back 39 classes in a row. So you can come back as often as you would like to get a refresher.

You can watch the recording starting right now, today,  and be through that by Monday. You could be, you know, where you needed to be.  And then you'll have the live class coming up on October 6th.

Tanya: [00:20:23] Okay. Okay. So that makes me feel better. So I can go through the archives, learn the basic information. Well learn basically all the information is what you're saying, because we'll have access to all three classes. And then that way, when I start talking to people, I'm sounding more educated.

Chad Corbett: [00:20:38] Yeah.

And it's recorded. I mean for this reason, but also you'll probably have to run through the course of time or two because it's drinking from a fire hose, for sure. I mean, I move very quickly because it's recorded and you can always come back to it. So you'll have the recordings to refer back to as a, you know, your training wheels, but you could be started as soon as Monday for sure.

Jim Sullivan: [00:21:00] And Tanya, I just wanted to add to that.

All three of us are real estate coaches. And I think one of the most common mistakes I think we see people make is they want to know everything before they do anything. And, I would say, as intricate and as detailed as probate mastery is, most of it you're never, you know, on your average transaction.

It's usually relatively pretty

simple. You're reaching out to a motivated absentee owner that needs help. It's not, you know, you don't have to be an, a probate attorney to get started. The probate mastery course will pretty much prepare you for any situation that could ever come up. But, you know, don't.

Oh, the T if you listen to the course, if really, if you just go through the fast track training that we provide, you're pretty much set to start contacting the sellers. And if you do that and mastery, and then order the leads, you know, it usually takes a couple of weeks to get your leads. you'll be more than good to go by the time the leads come.

No, don't, don't be afraid. You're not going to know the answer to a question. You can always tell people, Hey, you know, I've got a great coach.

I'm part of a group of, you know, 11,000 people that specialize in this. Let me find out and I'll get back to you. just a point I thought was worth mentioning.

Okay.

Tanya: [00:22:06] Well maybe you've picked up a little bit of the anxiety that was in my question.

Jim Sullivan: [00:22:10] I did. I did. Yes, I did. Exactly.

Tanya: [00:22:14] I want to do a good job. These people are already going through enough. I don't want to waste their time. You know what I mean? Like I just want to be in the position to. To answer. And even if they don't end up using me, you know, at least it was a valuable conversation, like that's where I'm coming at it from.

Okay. So I'm going to bring to the record, I'm going to sign up and start listening to the recording. So thank you.

Jim Sullivan: [00:22:33] Awesome.

Chad Corbett: [00:22:34] I have a feeling, Go ahead, Bruce.

Bruce Hill: [00:22:36] if I may, I've been doing this as Tanya, this is Bruce I'm in the same state as you are. I'm up in Raleigh.

The very first probate deal that I did, I didn't know anything. And, I called the attorney. Yeah. I just took a regular old listing. And it was probate. And I called the attorney every week and I say, Hey, how's everything going on your end? She'd say, good. I do need this form though. And she'd send it to me.

Yeah. I'd ask her every week through the process, what was going on? I didn't know anything. I was learning the whole time, the whole way through. And at the

end of the deal, the attorney gave me a review that said that I was the most knowledgeable probate real estate agent she'd ever dealt with.

Dave: [00:23:16] And, she would

Bruce Hill: [00:23:18] have no problem

referring future

Tanya: [00:23:20] estate clients to

Eddie V: [00:23:22] me.

Bruce Hill: [00:23:23] the thing was, is

I didn't know anything I called and I asked good questions.

I knew nothing. Chad's class probate mastery didn't even exist at the time. And

What a lot of times I see our subscribers struggle with is they do want to know everything. And in reality, you don't have to know it all.

And you really don't have to know a whole lot when somebody asks you a question, well, how soon can I sell the house? The

answer is; well, how soon do you want to sell the house? That's the answer.

You don't have to give them the legal answer. You find out what

their motivations are and okay.

Well, why don't you connect me with your attorney and I'll ask the attorney. If that's something that can fit in the timeline.

You did give a probate expert answer there. And the overwhelming majority of the questions and conversations you're going to have, will not put you on the spot with something that you don't know.

Tanya: [00:24:14] Okay. That's good to know.

Bruce Hill: [00:24:16] And as you're doing this, and as you become

a subscriber, definitely use, on top of the mastery class use an implementation coaching call with me, it's on the website and the subscriber portal. You just log in and you go to training and schedule a free coaching call, and I'll walk you through a few of these basic things that'll get you started as well. If you're still working through or waiting on mastery.

Tanya: [00:24:38] I appreciate that so much. That makes me feel a lot better. Thank you.

Jim Sullivan: [00:24:41] Alright. Excellent. Well, now all of a sudden we only have three left in the queue. We're just tearing through the queue today. So if anybody else wants to jump in it, star six and hit one in the meantime, next up is phone number ending in three, zero four zero.

Kathy: [00:24:57] Hi, good afternoon. Kathy here in Houston. I'm calling because, What I find on some older leads is that,  I'm able to find out what's going on with the probate case.

And I see some of these cases have a drop order. And I'm not really sure that means that the probate is ended.

However, I do see that there still is property for sale or outstanding in the state and it's still in these d So I'm just wondering how do I handle those?

Chad Corbett: [00:25:30] I think this is a Texas. This came up a couple of calls ago. My best guess at it is you have a specific scenario in your state called muniment of title.

And if the house is the most valuable asset, they may file probate in the beginning. And then they learn later about muniment of title. So then they petitioned for muniment of title. The house is then cut out of the probate.

Which drops the overall estate value. So the estate then meets the small estate exemption.

So they close probate. It becomes a simple estate settlement. So the house is still in the name of the deceased, but it's been released from the probate.

And this is a Texas specific provision that it's your state is the only place I've ever seen this. It pretty much has to be that.

The thing to remember is even if it's a property held in trust that shows up in probate plus, or however you found out about it, the human factors are typically the same, regardless of your level of wealth. you know, we all have the same challenges with losing a family member. How do we get the house empty, cleaned out?

Sold, what's it worth? You know, all the social motivating factors are the same.

It's just a more efficient process.

Kathy: [00:26:37] Alright, well then I guess I'll just keep sending them letters then if that's the case.

Thank you very much. Alright ,

Jim Sullivan: [00:26:45] Next up is phone number ending in zero six nine three. You're up next.

Dave: [00:26:50] Hey, good afternoon. This is Dave and Shelley Coates. Actually have a couple of questions for you guys.

Jim Sullivan: [00:26:55] Sure.

Dave: [00:26:56] One, we have a, lender who uses the ringless voicemail. And we're curious about using

it, but I don't want to violate any laws and get sued

Chad Corbett: [00:27:06] Don't violate any laws and get sued!

Dave: [00:27:09] Yeah,

Chad Corbett: [00:27:09] Literally daily, it's becoming more likely that you will get pinched. And using that - we certainly have a lot of people that have had a lot of success, but they're clearly violating

the telephone consumer protection act.

So you just have to look at it and assess your own risk and decide if it's worth that.

It certainly works, but there is a certain amount of liability with it, especially when attorneys are,

you know, their business is down just like everybody else's. So they're looking to shake people down for quick settlements.

So just know that there's attorneys in some markets running radio commercials, and if they can get one person to forward that to them, then they can They can drag it into a class, subpoena your records and then shake you down for quite a bit of money.

Dave: [00:27:49] Okay. But even if you're like following the guidelines of not calling DNC, and these are just like,

Chad Corbett: [00:27:55] if you read TCPA what it says, i you have to have express written consent, So they have to be opted in and they have to agreed to that.

If you mail them a letter first and you get them to text a number that says, please text for more information, text, you know, 72845, and that has a terms and conditions, and they accept the terms and conditions. Then you can send them ringless voicemail for 90 days.

Dave: [00:28:20] Wow, they really handcuff you to that, huh? Okay.

Chad Corbett: [00:28:23] Yeah.

Dave: [00:28:23] Alright. And then my second question is it seems like there's more secondary people are people that are associated with the personal representative on the list than personal representatives.

Is there a good generic voicemail for those that are associated with a personal representative?

Chad Corbett: [00:28:41] Meaning when the phone number name does not match the PR name?

Dave: [00:28:45] Correct.

Chad Corbett: [00:28:46] Yeah. Just, you know, hi, this is Chad. I'm trying to reach John DOE. could you please pass the message along and have him call me at (540) 999-9999.

Dave: [00:28:56] Okay.

Chad Corbett: [00:28:56] And you don't have to sell anything. You don't have to disclose everything.

The reason you're calling, the only reason to leave a voicemail is to get a call back.

So be vague. Just understand, you know, when you get the inbound call on that, you may have to disarm them because they might be like, you know, you asked this obscure message, who the hell are you? What do you want?

Just be prepared to stand up to that and just know that people might be on guard because you were vague and in your request to collect for them to call you.

Dave: [00:29:25] Okay. So that helps. Thank you.

Bruce Hill: [00:29:27] I don't run into a lot of people that have voicemail set up anymore these days, and if they don't have a voicemail set up, and, you know, you're going to hear me and Chad maybe disagree with each other here, but I would, I would just call and pretend that you're leaving that message and really think that it's the PR .

Jim Sullivan: [00:29:44] Yeah. A lot of times it'll just be thank you for calling and the phone number. I see that also, thank you for calling eight seven five six two eight.

That's more common than it used to be.

Bruce Hill: [00:29:52] If we're working down a list and the person answers, especially if maybe the PR's a male and the person that answers is a female or vice versa.

That person answers and one of my disarming ways of going about it is just

"This doesn't sound like Tom.  And you get a little chuckle and break the ice and then can go in. You could really use that same approach on voicemail, especially if it's a generic voicemail and just pretend like you think that you're really calling Tom.

Jim Sullivan: [00:30:20] Does that help? You got two options?

Dave: [00:30:22] Yeah, it helps.

Jim Sullivan: [00:30:23] Okay. Thank you. All right. We got three more in the queue. Next up is phone number ending in four six, seven four.

Are you there?

Isaiah: [00:30:30] I am . I've got a couple of short questions. I've been really excited to get on the call.  The past couple of weeks. I've missed them. I asked a question about my, existing arrangement. when I initially did probate mastery, my main goal was investing, real estate investing and actually making purchases myself.

And my fiance at a law firm right now.

and she has an interest in real estate. So we basically made the arrangement. She's almost about to get her real estate license and we'll be working in a team. And I don't know if you've seen that before. I don't know if it limits liability in some sense.

I don't know if you'd have any recommendations on that arrangement. And, so my main question is, you know, can I bring a pre-signed listing agreement to the meetings that I go into, and if they sign it's legally binding between them and my fiance, wherever she decides to work?

Whoever she decides to work with whatever brokerage. And then if you have any other tips for that arrangement to make that work.

And then I have a followup unrelated question after this.

Chad Corbett: [00:31:27] Well, I think as far as the pre-sign listing agreement, I think her broker would agree that's subagency and with you not having a license, that's not, it's not legal. And it creates a lot of liability for you. You can take her on the appointment with you and there would be no problem. as far as as far as having investor and brokerage activity under the same brand or the same roof, like. as long as you're an ethical person, when you're just you're properly disclosing there's no liability. There's only upside.  You're retaining all the commissions that you're currently paying. I would recommend that your investment activity is contained in one entity with its own banking and EIN and credit card. And your brokerage activity is in a completely separate entity. So in the event that someone ever would point a finger at you. You have a firewall, because courts oftentimes side with the consumer. And even if you didn't doing anything wrong, so still have that liability firewalls having the entities and the activity separated. I would recommend that you guys reach out as a brand like You know, the Pittsburgh probate team or the Pittsburgh life transitions or whatever that might be. And then in there in the bottom of the letter, you can disclose her license status just on a, you know, I use like a number eight light gray font that has my brokerage name, address, phone number.  And then I add in, asterisk "ethics are about most important to us. If you currently are in a, if you're currently in an agency relationship with a licensed salesperson, please disregard this letter." And that's been enough to protect me. I've done, you know, brokerage and investment activity ever since I moved here and started in residential real estate and I've never had a problem.

Isaiah: [00:33:03] Is there any way to make that work without me? Cause I, you know, I was, I wish I had this well in advance. That's not the answer I was looking or hoping for. but is there any way to make that work? I know she's working basically full time right now , and so I was hoping she could just show up to the closings and I'd be able to do all the other activities. But is there...

Chad Corbett: [00:33:21] You can sit down and talk to her broker and see what they're comfortable with. but, brokers tend to be pretty conservative. I don't think any would. I mean, what you can do is you can, rather than taking it pre signed listing agreement, you can, you know, have the conversation, build rapport, get, you know, And to say, okay, well, listen, it sounds to me like the best way to serve you guys is going to be through our brokerage division.

I want you to check your email within the next hour. You'll see a listing agreement through DocuSign, and you could do that and then just text your wife and be like, Hey, fire. Our DocuSign listing agreement to this couple at this, you know, email address, you can handle it that way. You can still, you can handle it virtually, but she needs to be the one having the pricing conversation, you know,  .Any agency activity, you don't want to be talking about it because if that person, you know, decides that they want to back out of a deal and they point a finger and be like, well, this guy told me he was going to list it and he's not even licensed.

Then you've got to answer to the state. And there are financial and criminal penalties.

So ...

Would I be able Isaiah: [00:34:21] to handle some of the other tasks like taking, you know, or at least just managing the other tasks? As if I could I get hired as an assistant quote unquote for her, you know, from her brokerage and then be able to manage the photo process, any of the other tasks I don't, you know, I don't want her to feel like, you know, obligated to this venture.

Chad Corbett: [00:34:38] Yeah, you can certainly do that. Like she just, as far as the agency, relationship, conversations, price, or strategy, she needs to be the one, having those conversations, not you, once the listing agreement signed, you can be her assistant or you can do whatever, anything like that, which you want, you can help get the homes cleaned out and get them stage.

You get photography done. You have no worry there. It's just the anything that has to do with a contract or a price discussion you want to avoid.

Isaiah: [00:35:06] Okay. That makes sense. My next question.  I was wondering. I've got my tone, a bunch of different things, and I've set up. I like to call them traps because I've got skills. I can help people. And I've got  virtual teams to subcontract, like web development.  But my question is: Can this be successfully executed spending 25 hours a week on  as long as the time spent effectively.

Chad Corbett: [00:35:29] Sure So the beautiful thing about a lot of these, doyou know, how many leads are in your market?

Isaiah: [00:35:35] Yeah, I've got in the two counties that I'll be working at

Chad Corbett: [00:35:38] So you're gonna, like when you're prospecting, you'll hold a call pace of about 12 per hour. And if you have 12 hours a week to prospect and 12 hours a week to handle appointments and admin, absolutely. You can do this. that's more, quite frankly, that's more than most people put in. So you can easily do it.

And what we teach is, you know, you want to appear as a vertically integrated solution, but not be doing all the work. We teach you to build your vendor team. So you get the social credit for bringing a one stop solution, but you don't actually do it, the execution: the home-stager does  his part;  the estate sale company does their part; the social worker does their part. So you're the quarterback, like you're coordinating this, you're not doing this. But you get the credit for it. And from a marketing standpoint, we want it to appear like this giant business under one roof. But from a business standpoint, we want you to work smart, not hard.

So with 25 hours, you can absolutely make this a pillar in your business.

Isaiah: [00:36:35] Okay. That's really helpful to know. Do you mind if I share it in one minute, just some recent success I've had helping people just for the group to hear.

Jim Sullivan: [00:36:44] That'd be great. What's your first name again, sir?

Isaiah: [00:36:46] It's Isaiah. Okay,

Jim Sullivan: [00:36:47] Go ahead.

 

Isaiah: [00:36:48] Yesterday actually I set up an appointment with this attorney I was working with, I took him out to lunch and was like, Hey, would this be, you know, do you see this being able to help families? I told them I was really excited. I was like, do you see this as a solution to help some of the families you've worked with, in unison with your team handled and he was loving it and all that. And so I refer, I've been able to refer a couple of people over to him. And then recently, just two days ago. He had the first really meaningful, really successful "it's really hard for the family" conversation. And I got him on the phone and I told him I couldn't really help them, with the property and that type of stuff, just because of the nature of the property and the situation they were in.

And I said, the only thing I really think that should be your priority is talking to this legal professional to talk about a living trust. And this is why. So they finally came around to it and they had a really successful call and they have a followup call booked. So that's just, you know, an attorney reached out to thank you so much for sending them my

way.

I have some lunch and I'm going to do some co-marketing with him. So I just thought that was great. A big momentum builder,

but

what I was going, I say, how I got this and this might be helpful unless you would recommend otherwise. But, I found Google my business to just be an amazing local tool.

And, I have set up it's, it's actually, just a separate entity, a separate LLC, but it's called Jacksonville buyers, which is the market I'm in. And I set it up as a fictitious name. To be Jacksonville buyers, state, clean outs, liquidations, and, you know, whatever. I don't know whatever the other keyword is.

And the reason I know keyword stuffing, you can't keyword stuff. and I know, you know what, that is that you can't name your Google, my business. Something that it's not legally named, which is why I make the fictitious name, include the keywords and the location. And I've gotten probably 10 or 15 inbound calls so far in the last few weeks.

And. I'd say about half the time. There are these people, you can help them just by giving them some tips on where to go. If you can't directly help them sell the property or connect them with one of your, one of your other, partners. But a lot of the times, like I have a meeting on Friday, it's a woman who's downsizing and she owns the real estate and she's, you know, so we're going to discuss that. I'll, I'm gonna make an offer for everything, but. Half the time. There's like an, either an end of life downsizing transition or a probate type situation. And so I just found it really, it's just like you come right up to the top if you use those keywords in your market. And so anyways, I just wanted to share that as a little bit of a tactic to get inbound stuff. I know outbound is the way to go, but, to set a little trap or a feeder out there.

You know, I found it to be really effective.

Chad Corbett: [00:39:26] That's a GREAT tip. Thanks so much.

Bruce Hill: [00:39:28] Yeah!

Jim Sullivan: [00:39:29] Appreciate it. Hey Chad, that queue is overfilled. Can we go a little bit over or do you, or do we have a hard cut off two today?

Chad Corbett: [00:39:37] No, I'm good though 2:15.

Jim Sullivan: [00:39:39] Okay. We'll get as many of you in as we can. I don't think we'll get you all. If we don't get to you right after the call, feel free to reach out to us directly. Next up is phone number ending in one seven one seven. You're up next.

Caller: [00:39:52] Hi. My question is I didn't get the certificate yet from the class, but can you tell me what it says on this certificate?  Like, do we have a title or what is what we are that we're, now that we took the mastery class, because I want to know how I can represent myself.

Jim Sullivan: [00:40:08] I think it's master of the universe. Yeah, master of the universe. Chad,

just kidding. Go ahead, Chad. I'll let you give a serious answer.

Chad Corbett: [00:40:19] Did you just tell a He-Man joke.

Jim Sullivan: [00:40:21] I think I did. Yes, sir. Go ahead.

Chad Corbett: [00:40:24] it is certified probate expert or CPE.

Caller: [00:40:27] So now when I'm talking to an attorney, I feel uncomfortable saying that because really they're the probate expert, not me!

Chad Corbett: [00:40:35] That's okay! Just, hi, my name's Chad. I have a team of people that help families going through probate, and I'm looking for, you know, some, a good attorney to fit on the team.

Have I called the right place?

Caller: [00:40:46] Okay.

Jim Sullivan: [00:40:46] Pretty simple.

Caller: [00:40:48] Yeah. Cause obviously they always will know more about probate than me.

Bruce Hill: [00:40:52] Attorneys can't call themselves an expert in probate if they haven't taken a class. There are many estate attorneys and probate attorneys who can't call themselves probate expert until they've taken a class that's about as hard as the bar and they don't need you to give a title.

They need you to, tell them what you do and how you do it.

So when you're calling with your certification carries more weight with the family than with the attorney.

Caller: [00:41:20] Yeah.

Yeah. I'm fine saying that I'm a certified probate expert, you know, expert to the families. It was just when I was also soliciting the attorneys

Bruce Hill: [00:41:29] ...and to Chad's point, I agree with that you don't need to tell them that you're an expert. you need to tell them that you work with and help families going through the probate process and then simply follow it up with, do you have a quick second for me to tell you how I do that?

Jim Sullivan: [00:41:46] Attorneys don't tend to have small egos. Let them be the

expert. You know, you just be somebody out there trying to help the executors. All right. Next up is phone number ending in seven four, two eight. You're up next.

Dave: [00:41:58] Oh, Hey guys. This is Dave out here in Colorado and heard  Jim's contribution earlier. Would love to connect with him and help out either, as a buyer or connecting with a good, solid real estate agent in the area. And had a quick question. Bruce reminded me of something I think Chad had said,

Someone has answered the phone and you

ask if it's the person you're looking to contact and they're evasive and just say, well, who's this. And to not assume that it's them or not them.  What's that next kind of follow up suggestion there.

It Chad Corbett: [00:42:33] really depends on the reaction, Dave. I like if typically, you know what, I'm trying to reach Dave. This is Sam, who is this? It's something like that. Well, Sam, listen, I'm glad I caught you. my name is Chad. Yeah, we've got a team of folks here that help families going through probate and I noticed that Dave was the personal representative of an estate. Is there a number you can Give me that I could reach him at?  we can role play it if you'd like. I know, Bruce, we'll have some input here and if you want to jump on his calendar to specifically role play that you can,  If you get a hold of the wrong person, you know, the objective is to try to get the right person on the phone. So I'm asking for their cell phone number or their email address. and I'll briefly explain why I'm reaching out.

Dave: [00:43:13] Sure.

Jim Sullivan: [00:43:14] Does that help? Yeah that's great!

Alright.

Alright. Thank you, sir. Next up is phone number ending in five six, eight

one. You're up next.

Derrick: [00:43:23] Hi, yes, this is there. I had a question. I have a home that I have been driving by quite a bit. grass has grown up over quite a few months now. I actually, we have been trying to research and trying to find it.

Found out that the guy died a

few years ago. yet I still have not been able to, get in contact with anyone. I used to skip tracers and try to find a family found that he was an orphan. You know, so I've been trying to do research, on how to actuallyinquire on who has the property now and how to acquire the property now.

Just wanted to know if you had any tips or what do y'all think on how to go about, still, finding someone that knows more about the property. It's just sitting there.

Have the taxes hasChad Corbett: [00:44:06] been paid?

Derrick: [00:44:07] It has in the mortgage is still, it's still good on it.

Chad Corbett: [00:44:11] There's either a mail forward or somebody checking the mailbox.

Derrick: [00:44:14] Okay.

Chad Corbett: [00:44:15] So direct mail is your best chance here because if they're paying the taxes and they're paying the mortgage, someone's getting the tax bill. Well, it might be escrowed  when was the mortgage originated? Do you know?

Derrick: [00:44:26] Not right off the bat.

Chad Corbett: [00:44:27] The taxes might be paid out of escrow. So it's being paid as their mortgage payment, but chances are, if someone's paying a mortgage, they probably have a mail forward or they're picking the mail up. So direct mail is probably your best shots since skip tracing's not working for you.

Derrick: [00:44:43] Okay. Okay.

I'll try it right there.

Bruce Hill: [00:44:45] Did you say that the heir was, is an orphan and that they're under age?

Is that what you said?

Derrick: [00:44:53] No, he was over age, but I was just researching and trying to find, you know, family members. someone that may be able to get in contact with and found out that he was an orphan, So I did, find, foster parents too, but haven't been able to get in contact with them.

 

Chad Corbett: [00:45:07] The other thing you can do, that's been effective for me because nosy neighbors will help you here. Put your letter and a Manila envelope, throw couple of lifesavers in it. Cause they're light, but they give it some bulk and use four pieces of tape and firmly tape it, ideally inside of a storm door where it won't, you know, it won't get wet or blow away, but tape a Manila envelope where it's visible from the street and that gets attention.

The lawnmower whoever's there mowing. Well, you said nobody's mowing the lawn, but the neighbors probably know you can door knock the neighbors. You can tape a manilla envelope that's visible from the street. And all you need is someone to talk to you about it and connect you with the right person.

So even if it's a neighbor that calls you, typically neighbors know the story. So you might start with door knocking the neighbors and take them, take your letter in a Manila envelope on that trip. And if nobody knows anything, tape it to the window and wait for the call.

Derrick: [00:46:00] Okay. Will do. Alright.

Jim Sullivan: [00:46:02] Phone number ending in eight,

Dave: [00:46:03] two, one three. You're up next.

Eddie V: [00:46:05] Hey guys. Good morning. Well, I think it's morning for you guys. I'm not sure. But good morning or good afternoon.  So I wanted to thank you guys, actually for the, I think it was last week or the week before you guys brought up. I think it was Bruce. The 90, 9 about dedicating the first 90 minutes of every day. for 90 days to the most, the one most important thing, which is lead generation or in our case, reaching out to people that need our help. I noticed that I think that was the missing link in my days, essentially.

I felt extremely lost every day. And I noticed that it's because I didn't have, or was not. respecting my daily schedule and by creating or starting to create a habit of doing it at the same time. I think Chad, you mentioned you prospect, I believe eight to 10 and four to six.

And then you do admin work in between.  So I wanted to thank you guys for that. It's really help my question is, I feel like since I signed up, I have not performed the way I should and that's on me because I wasn't doing it properly. I do want to make sure that, you know, I start being proactive about it.

So what are your thoughts on perhaps using Tuesday, Wednesday, Thursday for probate leads and then Monday, Fridays for attorneys. Cause I remember there was even something in probate mastery I believe that said that the best days to call were Tuesday, Wednesday, Thursday, but I'm just trying to make sure that I use my time effectively, especially since I also do expired calls a lot.

I usually do expireds in the morning, eight to 10, and I usually do probate leads four to six reason for that is because the expireds tend to be a little more aggressive.

So I try to do those. Yeah. When I have a little more energy in the room..  But I'm open to suggestions and truly appreciate you guys.

Chad Corbett: [00:48:10] I would recommend that you set your attorney block from, Tuesday, Wednesday, Thursday, one to four. One Oh four. Okay. Midweek mid day is the best time to catch an attorney is there's no guarantee.

They're busy. They're very busy and out of court at all different times, but typically if you can catch them right after lunch, they're far less likely to be in court.

So I still like the mid week, mid day, because a good attorney has taken some Mondays and Fridays off they're living their life. No. Got it. Okay. They're running their business at a high, you know, if they're successful there, they're probably taking long weekends and you're more likely to catch the midweek midday than ever.

So you could do your eight to 10 block and then do admin work until one. And then one to four is your attorney block. And then you go back into prospecting four to six.

Eddie V: [00:49:03] Okay. Okay.

Chad Corbett: [00:49:05] Mondays, and Fridays. Like for me, it's changed my business. I only went on appointments on Fridays and Mondays, and that made those Tuesday, Wednesday, Thursday become sacred office days.

It also creates a lot of urgency and you, if I didn't expect this . I expected to lose credibility, but I gained credibility by having, by my time being more scarce. So driving and driving the appointments only into Fridays or Mondays, had a really, really great unexpected result for me.

But the biggest thing was what happened in the office. Like it seemed like less fire started and had to be put out It was all blocked out. I knew when I was doing my admin work, I wasn't letting my business control me. I was controlling the business.

So you could try that and, you know, free up your Mondays and Fridays.

It's hard to get people on the phones on those days anyways and make that appointment days

Thank you.Eddie V: [00:49:58] Thank you guys.

Jim Sullivan: [00:49:59] Thank you, sir.

Eddie V: [00:50:00] Thank you. Thank you so much.

Jim Sullivan: [00:50:02] Thank you. We started the call with Jim Forsythe and we're ending the call with Jim Foresythe. This is our Forsythe sandwich. That's hard to say. You're last Jim, go ahead.

Jim Forsythe: [00:50:12] I was just going to say, I heard that, Dave was in Colorado.

I'm sure you will to me, but send me his contact info. And as soon as we make contact

PR or give him a call,

Jim Sullivan: [00:50:25] I already immediately after the call, I'll reach out to you.

Jim Forsythe: [00:50:30] Sounds good. Thanks a lot. Yeah.

Jim Sullivan: [00:50:32] Hey guys. I think it's one of our better calls. I really do a lot of variety, a huge amount of participation.I want to end this like I always do. I want to thank each and every 150 of you for being here. I want to thank the 12 or 13 that actively participated, and I want to challenge each of you. Take one of the great ideas that you heard on today's call, go out and put it into practice and please come back next year and share your results with the group.

Make it a great week. Stay productive, stay healthy. And we will talk to you the same time. Next Thursday. Take care everybody.

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Preview for Ask The Expert Episode on Funding For Investment Deals

Funding Real Estate Investments: Hard Money vs. Conventional Lending and Why You Need a Hybrid Option.

Funding Options For Investment Deals Just Got Better:

“Take everything that you know about conventional loans, FHA, VA, Fannie, Freddie, and throw it out the window.”

Finding real estate funding sources can be a bit tricky. First, conventional lending requires credit-worthiness and paid property appraisals; the slow turnaround time also means a deal could be gone before you get your proof of funds.  While hard money lenders offer quick turnaround, even for investors with low credit scores, the downside is they often require hefty down payments and tack on high interest rates. 

Looking to fill the gap between conventional lending and hard money,  Rick Rall and his team at Navigator Private Capital designed funding options for real estate agents, investors, and wholesalers without high interest rates and bulky application barriers.  

Rick’s team is successfully funding real estate deals for beginners and experienced real estate professionals. With generous terms for fast funding and refinancing in one place, there’s no need to scramble to refinance a buy and hold, submit taxes, wait for proof of funding letters, and risk leaving deals on the table.

For investors you can avoid pre-payment penalties, large down-payments, and high interest rates.

For beginners, you can obtain financing without the traditional barriers to qualification.

For realtors, Rick’s strategy can help you turn those houses that sold in less than 3 days into acquisitions so you can start building out your investment portfolio. 

A lender with an expert understanding of investment, brokerage, and title will also provide you with extra guidance over your acquisition strategy.  You’ll have marketable title when you’re ready to sell properties from your portfolio in the future. 

Best of all, Rick’s platform offers 24/7 access to applications and proof of funds letters.

After this episode, you'll understand why having a real relationship with a lender like Rick, someone can act quickly and provide options and guidance that fit the deals you’re working on, can take your real estate business to the next level.

 

EPISODE TOPICS:

  • Hard Money vs. Conventional Lending and Why You Need A Hybrid Option (0:07)
  • How and Why Did You Get Into This Type of Lending? (2:57)
  • The Product-Market Fit: Enabling You To Make Money Any Time You Provide Good Service. (4:13)
  • Different Funding Options For Different Real Estate Agents, Investors, And Wholesalers. (5:45)
  • Experience, Money Down, Credit Checks, Business Loans? Why Rick’s Program is Different Than Lenders Near You. (12:21)

 

 

 

EPISODE LINKS:

Learn More About Rick's Funding Options

More from the Ask The Expert Series

 

 

 

Episode Transcript

Chad Corbett 0:00
Alright, welcome back to another episode of Ask the Expert guys today we have rick roll from navigator, product capital, this conversations valuable if you're a broker or an agent, this can be valuable to you because it's a difference in getting a deal funded and especially in a tumultuous environment, or in a house with with that needs major repairs. This is a way for you to capitalize investors, even if they're new investors. And we'll talk more about the the way they kind of underwrite based on experience level and, and whatnot. But I think that whether you're an investor or in brokerage on listing this, the Rick and these guys, they have a program for just about anything. As you guys know, in this series, ask the expert, we always look for people outside of our wheelhouse, that are experts in their own space, but can benefit both our company and more importantly, you guys and your business and the consumers you're serving. So Rick has a background in brokerage. He's got investment experience, banking, mortgage banking experience, and private money experience. So Rick, I'll let you tell a little bit more about yourself. And then we'll jump in.

Rick Rall 1:15
Chad, thanks again, for the invite, we greatly appreciate it. We did search you out. We'd like the product, the platform that that you've developed, it's very much of interest to us. And it fits a lot into what we do. So let's start out with who we are and what we are. So we started this in 2005, we were looking for an opportunity to serve primarily our investors and through them, or realtors that we help with to get funding in about two to three weeks, you know, from start to finish on properties that are in disrepair. Really the base of our business is we have an investor that comes to us realtor brings us an investor who has a dream for a property could be a single unit could be multi family could be big apartment building. And they want to go in and make a difference. They want to redo the house, put out a good product. And then they want to sell it where they may want to hold it. But let's say they're going to sell it, and they make a nice profit. And ultimately, there's a family or an individual put the house and it makes a difference in that neighborhood. That's what really makes us tick, we give back that way. We never do any joint ventures, we don't take any of the profits, we just want to make sure that our clients are going to be profitable. And that's really what differentiates us from hard money. We've never had a prepayment penalty, we never will we don't have any adjustable rates and the fixed rates, terms go from 12 to 24 months, whatever the client needs. And we get in the box, that's okay, because that's really what we do. It's our money. We're not answering to a bank or a hedge fund or anything of that nature. We've done thousands of these in the traditional side, our concern is that our investors get out making a profit or get out refinancing and keeping the property. So in a nutshell, let's see I was in the traditional mortgage business for 14 years and on my own lending company and brokerage company. It a lot of FHA loans on a VA Fannie Freddie made it through the crash liked it, but it's good not like all these restrictions that came along with the government loans. There's nothing wrong with them just we saw when I had two other business partners, a need in the marketplace. For reliable, consistent funding that was the wasn't being served by traditional lenders. And a lot of people called hard money. We took about three or four years developing our product, our back end systems and raising capital. So we started the company about five years ago. I'm also a licensed real estate broker, I'm a past president of local board of realtors, in Toronto County, Maryland, we have roughly about 3000. Members, so very familiar with the realtor needs. And I know that that takes a segment of your customer base that I think we could serve very well. We obviously serve investors, but we also had a title company at one time. So really, from the real estate side, the title side and the lending side, we had a long background, upwards of 2530 years of peace between the three of us.

Chad Corbett 4:22
You've got diverse experience in real estate, you've been able to see the challenges and frustrations from the angle of investor a broker and the banker. And now you guys kind of fill in the gaps and all those kind of my perception of what you how you see like your profession now. Right like you can serve all the places you've been you can serve with where you are now. And I think you know, that's something that what I liked about our first conversation, you know, not just anybody get those these calls with us. We try to make sure that you know the companies or the peep and the people are good value fit and You know, just like we teach all you guys, you know, there should never be a time where you can't provide a service and be paid no matter why your phone rings, like if there's a, if you have a junk lead in your business and you ran out of skill set, you it's not a junk lead, you know, they're not going to be as competitive on rates and costs as a community bank might be. But they're also not going to be such a pain in the ass and underwriting. So there's a balance with everything. And there's there's a use, you know, having a good understanding of all the financing available to you and to your clients is really important. And you guys have heard me You know, we've had estate advanced companies we've had, we haven't had any community banks on here, but you've heard me on my soapbox talking about community banks. And this is somewhere in between, right, like or hard money. And this is something different that I think it deserves some some space here. So let's talk about the different programs. I mean, when you explain it to me, I kind of see this as an EQ, like an X axis, a Y axis and the z axis. So x would be the amount of experience you've had, you know, what, how many deals Have you done, y would be your credit score, and z might be you know, the loan amount to kind of settle in on on the, you know, the the origination points and the rate of a particular loan product. That's just like, just the way I kind of digested it as you kind of look at multiple variables and choose and basically customize a loan product for each person skill set and situation. But tell us about what it looks like and how you think brokerage, you know, someone who's in who's dealing with probate sellers who typically have a home and has, they're not, they're not in complete disrepair. Typically, they have you know, functional obsolescence or just, you know, they're just dated. So they need light rehabs. A lot of times, you know, landlords love these, but a lot of times they're great flips, especially in areas like yours, but just kind of give them an understanding of how you would deal with you know, that house that hasn't been updated in 20 years. And some ways they might use your program.

Rick Rall 7:08
Sure, let me let me first start by this, since I am on the broker, and actually in Maryland, glad to have Southern licenses. So I have an associate broker's license with Keller Williams, we do a lot of businesses with realtors. And we're allowed to come in house and a lot of lenders a lot of brokerages will have in house vendors that they don't want to bring in someone else because they're running a desk or space. And that's just part of a business model, which I agree with. And I like we don't compete, I've yet to find any brokerage that we compete with their in house lenders, we just augment their services. So, you know, if you want to talk to a manager, or you know, this is what we can bring, we really help realtors close more deals, and we can do them quickly and efficiently. So let's talk about the hierarchy of what we're looking at for a deal. And you had indicated you know that we are not a community bank. And you know, if we are one thing, we are brutally honest, which is their community bank is going to be cheaper, conventional loan is going to be cheaper, our rates range from eight to 12%, one to three points. But we're always looking to work with our clients, those are fixed rates, just interest in when payments. So it really not, we're not hard and fast. If we need to make a movement on a rate four points to make the deal work, we're going to make it work because we're in the business relationship business, we just happen to lend money. So we want to show that we value our clients. And in doing so the services that we bring, but the cost can we can we work with those numbers with them. And doesn't mean we're going to do every deal, because I'm not going to give every deal. But we're really giving every deal a good look to ensure that it's going to be profitable for the client and that we're protected, and they're protected. So when it comes to the clients, we've been doing this a long time. And we really have a hierarchy of what determines whether someone's going to be successful. And the first thing is experience. So we basically have three experience levels, which is one I have done this before I watched HGTV This is so simple, how can I how am I ever going to lose money. And then we have an honest conversation with them. And while we like that to be the case, you know, oftentimes the realist and every one of us knows who's done this, that is not the case. It actually takes a lot of diligence and a lot of hard work to make this work. But we do first time flippers and so that's that was someone has no experience, then we have a second level, but so that's really zero to one depending on the size and the capacity to deal meeting, you know, within a large rehab, is it a medium rehab, is it a you know, just some lipstick on a pig as we call it, you know, some paint and carpet and then we have so that's that's no experience and then we have moderate experience which is anywhere from two to three deals.

And that's someone Who's got in bomba deals understand that we have four or more deals and these are all within the last three years, because we want to be dealing with individuals, you know, if your real estate, its location, location, location, and it's also location, location, location, contractor permitting, you know, handling all the little things that you're not thinking about. So we want to know that they have been doing this, and they get it 20 years ago, we'll give them some experience. But we want to know that they know what's going on in today's marketplace. So we have experience levels. And with that come different lending capacities that will give them an experienced individual, typically, we're going to land at 5% cost. Meaning that if you had a house for a buck 50, and you wanted to put 50 grand into it's 200,000, we're going to need 30,000 into the deal to make sure it works. And that's really your buy in and make sure that you're going to be successful, because we want to make sure that you have the liquid funds to ensure you're going to be profitable. The second thing is cash, which comes right into your down payment, do you have enough money to get in? And if the deal goes sideways, which we do a lot to handle those type of contingency reserves problems when you open up a wall when you didn't account for termites or bad wiring? And that's another thing that really differentiates us is that we're very concerned with making sure that you're getting paid for the work that you do. And that if you have items in the house that weren't accounted for, how are we going to account for them? How are we going to pay for them, sometimes not all the times we'll rather than that alone, other times, we'll talk to the contractors and see if they will have a workout of getting paid on the end, we're not here to stick you with a deal that's not going to close. We're here to make this deal work and make it efficiently work efficiently as possible, which means getting it done in the quickest time possible. Because time is money. Every day, you have a house out there and it's not finished, it's a chance for pipe to break. enterprise and kid in the neighborhood throw a rock through a window, somebody helped themselves to hv AC. And that's a problem. So getting your repairs done quickly and getting paid for them quickly is paramount to us. Everything we do is 100% automated. So we will work out cash situations and then specific deals. And as I said before, when the business relationship business, the more you do, the more you understand with us that we're here to be your partners, not just somebody who has their hand out for their monthly payment. That's not our business model at all, you'd indicated loan amount to but and I think you'd indicated credit score, what we're looking for, for someone that doesn't have any experience is at least a 680 credit score. And that's a middle score. And we you can take everything that you know about conventional loans, FHA, VA, Fannie, Freddie, you can throw it out the window. conventional loans, if you have two borrowers they want you know, they're going to take the middle score of the lowest of the two. We are if you have three people on an LLC, whoever has the highest middle score, that's what we use. So we're trying to find ways to make the deals work.

If you have experienced, we'll go down to 600.

And if you have a 595, are we going to work with you? The answer is yes. But we want to know why you had an issue. You know, we're not here to continue credit, we're here to help you fix your issues and move on and make money. In regards to loan amounts, you know, our minimum loan size of $75,000. And a lot of people will say, Well, why you're not serving other areas, it's just time for us. We work just as hard on a $75,000 loan as we do on a $750,000 loan. And it's really where our time is best served on we're very upfront that we want to help everybody. It's just we have a demarcation line there. We always get asked, we can do $74,000 based on everything I'm telling you Yes, but I'm not doing $65,000 we want to be here to work. But we need to make sure that we're putting our effort words best, sir. loan amounts go up to $2 million without blinking an eye when we do more than that. Yes, we've done 20 apartment buildings for seven 810 million dollars. You know, so we will do it, you know, we're ultimately concerned with what is our client's goal? And what is there in marketplace. So if it's I'm buying a single family residence and I want to buy it, renovate it and sell it. Fine. That's no issue, because you're going to randomly depending on the marketplace, have buyers and products take them out. For me, Freddie Mac will do up to four years. Same with FHA. So we know that you could do a take out online, whether it's a refinance, or you saw on the mobile you get over four units, you have five unit marketplace. COVID is really hit this market hard. We do have the ability to do as I said, large apartment buildings are over five units. But we want to know what the long term goal is how to get out of the product, and we do have ways to refinance out Have it with, you know, long term financing for over five units. But we want to make sure that we educate our borrowers right up front, it's always about putting a good foundation down. And we know that the road may change some. But knowing what your goals are trying to help be your partner in this, to meet your goals is what's paramount. So we got experience, cache, loan size and credit score, I think we covered that.

Chad Corbett 15:28
And so you like we've we've spent most of our time so far talking about your, your fix and flip product. And I think it's important to, to recognize that there's a lot of opportunities, I'll tell you, you know, when I think back over the hundreds and hundreds of houses that I've represented other people on mainly the ones I've passed to my investors, I think about all the opportunity and all the equity, I sold off into somebody else's balance sheet, right. So the other the other thing that was really interesting to me is you guys have a really attractive long term buy and hold loan. So it's just to get this clear in your in your mind, guys, you know, traditional hard money lender, their their fix and flip quick turn capital. And typically, when we're looking for long term buy and hold, we're going to potentially use hard money, but then we're looking to refinance as quickly as possible. I prefer doing that with community banks. The benefit and working with with Rick is they kind of have it all in house, you don't have to go scramble to refinance because you're getting, you know, acceptable terms on your acquisition. So let's talk a little bit about how you know like a realtor who's who's like, oh, man, I could list this place, but I wouldn't mind owning it. This is in the right schools on the right zip code. And this is, you know, I'm asking you guys like, are you? Are you willing to step out of your comfort zone? If you've got someone that's willing to take that risk with you? Like, are you willing to make more than a 6% Commission on this house and turn it into an annuity? And how do you do that? And I meet so many realtors who and it man, it pisses me off when brokers do this. But so many brokers, you know, they condone everyone buying real estate, because they get paid on commissions, but they don't want their own agents buying real estate and having a portfolio and doing deals. And I have a problem with that. But I think that more realtors should be engaged and we shouldn't be passing these deals on all the time. Like, it's great to say, Oh my god, I sold it in a day. That meant it was probably underpriced. And you maybe you should have bought it right. So what for the folks that are listening that that do want to start building a portfolio and do want to take advantage of some of these deals are finding and probate because a lot of times, we have opportunities to buy these at, you know, 80 cents on the dollar all day long. You know, and then obviously, there's there's opportunity to buy them, way less than that. But most families are okay, taking 80 cents on the dollar. So let's talk about the the kind of the long term buy and hold programs you guys have that might benefit them?

Rick Rall 18:01
Certainly, so there's there's really two paths with that. And you're 100% correct. Now, a lot of the realtors we know, and still a realtor, it's a transactional business and you've got to eat, you got to get paid. And you're looking at, you know, getting a 6% commission or 3% Commission, because it's a big chunk of change versus You know, I'm going to get you know, I'm going to make $200 a month and overage on my rent. So it's really about having an honest conversation with the realtors and saying, you know, you just want to be a transaction guy, what did you do for me last month? Or do you want to have continual passive income coming in to Gilson gives you tax advantages, which is huge. And that's really big to us. So we have really two different paths for this. The first one would be, you know, you buy it, it's in disrepair. And we are the reasons we reached out to you is we love your model. We do a lot of business with Estate Attorneys, but yours is scalable, and it's already scalable. That's where we genuinely appreciate this opportunity. But you know, if grandma lived in the house, okay, two duplexes or single family or an apartment building, but it needs you know, bringing up today, maybe you're going to click on section eight in there, maybe you could use some type of government housing, you have to get a company code. So we could provide the financing. In the first scenario, which would be up to 85%. To do the fix, you know, of the property, maybe up to 24 months to do the repairs. And then you could refinance out and get the money to buy the buy the loan, excuse me buy the house and get the money for the repairs. And then we could look at long term financing for you. And that's the second part of this equation, which is let's say the carpet is okay. It doesn't really need anything, you can go and put some paint on it, maybe a little bit of carpet, do it yourself out of pocket, no problem. That product is going to be 25% down payment, but it just qualifies on the asset itself, which is everything That requalified line. You know, it's one thing I didn't mention in the qualifications part is, we look at your credit, but I don't, we're not looking at your tax returns, we're not looking at your debt to income ratio, we're looking at the asset itself. And on the long term die, what we're looking at is the ability for the property to sustain itself, we're looking for a one to 1.2 ratio. So if you're buying the house, you put 25%, down, you would, let's say you're all in payment was $1,000. And your rents were 1200. dollars, you qualify, I don't care about your car payments, I don't care about your regular mortgage, I don't care about your other investment properties, I'm concerned about this asset, that there is enough money in overage, that you have a profit in it. Pre COVID, we had a one to one ratio, which I thought was very aggressive, and that has not come back, it may come back. But this ensures you're going to have some some spending money, you know, have a little extra money if the water heater breaks, or you need a handrail, things of that nature, we can offer a three year five year seven year and 10 year arm, those rates are very attractive, they are roughly in the mid on the arms, mid fives to low sixes. By the 30 year fixed rate, the yield curve on it is so close that the 30 year fixed rate is in the 6% range. So low sixes to high sixes for 30 year fixed. And that's not conforming rates today, which are in the 3% range, but it's still historically exceptionally good. And it makes the money so affordable, that it really keeps those monthly payments down and your ranks are continuing to rise in most areas. And it helps you be able to afford properties. It's a great avenue we do include on that on that product, you must have your property taxes and homeowners insurance escrowed which is nice. You're not chasing around looking, making sure you made your insurance payment, where your property taxes, everything's included. So it's just like if you have a traditional mortgage through Fannie or Freddie, it's just like that 30 year fixed.

Chad Corbett 22:10
Yep. Yeah. So hopefully, it's clear to you guys, I mean, you've got hard money lending on one side of the spectrum, convention or community bank financing on the other. I think these guys hold a hold a really strong position right in the middle. So you can almost I won't say that it's it's mentorship, but you know, just like with a community bank, you've got somebody that's underwriting you know, asset best asset asset based underwriting, I'm Tongue Tied today, that that's really making sure you don't get yourself into trouble into an unsustainable position. And I will say that, like your your terms are more generous than the community bank right now. I mean, a lot of a lot of community banks went from, like 1.2 to like 1.33, or 1.35, debt coverage ratios, you know, during COVID, and, and everybody seems to be rolling back their ltvs, right, like people were willing to give less and less. A lot of hard money lenders I've spoken to, they've actually rolled back to 65 ltvs. On on everything GSE lenders like Fannie and Freddie, some of the multifamily properties, we were refinancing, they went from an 80%, LTV on a cashout refi to 65, LTV to a 40% loan to cost at the closing table after docs were notarized. So lenders are tightening their belts, it's harder to get your investors qualified through even you know, even sources where we thought we had sound finance strategies, a whole world kind of shifted in the last three months. And I think a lot of banks aren't, aren't admitting just yet, but we've got like over $10 trillion, and basically junk grade corporate debt that these banks have to struggle with over the next two or three years. So having a lender the cat quickly and doesn't have a lot of a lot of distressed assets on their balance sheet can be the difference in getting a deal or not. And I believe we're headed into an environment where it's going to be important to have those those relationships with multiple lenders. Because I think in 12 months, you're going to have more deal flow than you have cash for sure. And you're going to have opportunities. Yeah, even if you're in brokerage, you're going to look at this and go my god if I could have only bought it for that a year ago. And if you don't have your own capital, you should have a relationship with somebody like Rick where you're in a strike position, like you should have lines of credit for your downpayment, you should have money saved up you should have capital reserves in your business for that 25%. So, literally in a matter of a couple of weeks, you could change that the outcome of your career, you know, you can you can grab one of these rental properties instead of passing it along. Take that hundred thousand dollars in equity by stepping up and and it starts with having a good finance strategy in place and having a real relationship with with a lender and Again, we don't invite just anybody to these calls. I think Rick is the kind of person we want to introduce you guys to he's someone who has similar values to you. We all you know, he was attracted to us for the same reasons you were. So, Rick, I'm gonna just instead of trying to take care of it in the video, I'll just say in the show notes guys below the video that you're watching right now we're going to give you a link to with with Rick's contact information, a link to his website and programs. And can we put an application there to Rick, can they? Can we link directly to the application?

Rick Rall 25:37
Yeah, we can. And if I could just real quick. So everything we do is 100% automated, we have a Salesforce, we want to talk to individuals who want to work through these because oftentimes you need to see what the scenarios are. But 24 seven, you can go once you sign up as a member, which gives you access into your account, you can get proof of funds letters, which basically indicate specifics of what you are looking to do with property, you know, ABC lenders wants to buy 123 Main Street for $100,000, your investors can put that information in there. And once we have their signed up and we have their info, it'll come out, they can put you as a realtor, as the context will be immediately out. So if you need to submit an offer, you have a timeframe issue, it'll go directly to them and to you or you could do it yourself at no cost. It's free. Your borrowers and or yourself can go on and do a pre application, the pre application comes over to us. thing our two were contacting you and saying let's talk about your deal. What are the particulars of it? Where do you need help? Is it just straight up or you know where the sticking points, and then we send out what's called a conditional approval. And the conditional approval on a pre application is based off of what you're telling me, this is my score, this is my experience. And we're going off of that we're not pulling your credit, we're just giving you your terms. For those of you that have an investment or or mortgage background, it's like a light do or LP approval, very simple gives you your interest rate, your loan amount, your cost everything soup to nuts, there's a link of documents, which is one thing we didn't talk about, we only link to entities for business purpose ones. So we won't link to an individual. So we need Corporation docs, and purchase contract. And we need insurance. And that's really getting this form, there's a link for that and a link to pay for the appraisal that comes out and you can have it your district

Chad Corbett 27:28
for anyone who doesn't have an entity and if you don't go get one Shame on you, but I know some people don't. And also if you don't want to want to blend, you know if you are in brokerage and you don't want to blend your your rental portfolio with your brokerage business. As far as forming a single member LLC, all you need is five to 10 minutes and 50 to $100 to form your own single member LLC, you don't need an operating agreement, you can just you know, you can send the articles through I mean, that should be all you need, right or just the the formation articles. And now and when I first formed my first LLC on time that it was in Virginia, it took seven minutes. And it took me like a week and a half to get my Ei n number back from the IRS. But so and before I could get a bank account, now you can do it. I've timed myself, I've created companies in under three minutes. And you can have an Ei n within the hour because IRS now they now have a an online system for that. So if you don't have an entity, don't let that be intimidating to you. It's your 50 bucks and 50 minutes from having from form founding, you know, your next company. So for anyone who's like, Oh, don't let that turn you off, you should have an entity I prefer for me saving for real estate, I like single member LLCs taxed as s corpse. And then you you know, buy an umbrella insurance policy to cover for additional liability coverage. But and then within within that I do a lot with land trusts. And that's something I haven't asked you, Rick, are you willing to close into a land trust?

Rick Rall 29:00
We have done them. But I'll be I'll be frank, because each one of them are unique, independent in the states where that you're in. And we are the only states that we do not do at this point would be California, North and South Dakota and Nevada. Everything else we do. So we would need to see the land trust itself and give it to counsel just to make sure that we're protected. So the answer is yes. But it depends. We want counsel to look at it just to make sure that we're protected. And because if it goes sideways, you know, because a lot of times in the Land Trust, there's a lot, maybe a lot of fingers, you know individuals in it. And we want to make sure that what we where we've had problems go in the past is there's disagreements among the individuals who were in that trust, that have caused us some issues. So we just want to make sure that if it's going sideways, we have the ability to remedy it. That's all

Chad Corbett 29:48
but anyone who doesn't have an entity, if they're applying with you today as a person, and you come back and be like, Hey, we need an LLC I mean they're you're literally within an hour of getting that done

Rick Rall 29:59
right? You got it perfectly okay, the only thing that we would tell you is this is after years and years of experiences, when you're buying the properties, you know, a lot of these would be through these states. So you shouldn't have an issue. But if it is, say a bank owned, or Yo, that if you put yourself personally as the buyer, again, take everything you know about traditional lending and throw it out the window, when you give us an event and then put your name on it, we don't care, we're still ready to fund. The problem is if the asset managers say Sage acquisitions, or somebody else handling Fannie or Freddie or VA, and they, they want to change it, they want to change it to your LLC, they may have the problem because they didn't sell it to the LLC, they sold it to the individual. So up front to come in with a contract, it's got your name on it, no problem, but I'm not going to lend you individually just give you a dent in changing it to the LLC, we don't have a problem. Just want to make sure you protect it upfront, you're not doing all this work. And then the seller says no, now we can't sold on LLC because it didn't meet the timeframe, you know, of when it was only offered for primary residence and not to investors. That's the only thing I was saying. And the LLC is your duly pointing out. It's very easy to set up in that corporate umbrella, especially if you get an insurance policy protects you from so much. And really want to make sure you're doing this. If you're trying to buy properties to prove to build generational wealth or passive income from you, you need that protection. And as your indicated you do as an LLC and do it as an S corp taxes. An S corp gives you a lot of confidence. You still

Chad Corbett 31:26
Yeah, so like I do LLC, single member LLC taxes an S corp, you set up payroll and pay yourself a regular, you know, reasonable payroll, and you're saving 7% on fica almost 7% on fica right off the top. And then you know, there's there's many advantages to doing that. So don't don't be intimidated by that if you're anyway, that that was just a thought it was kind of a rabbit hole. But I know a lot of folks don't have entities and we commonly get those questions. And it's not, it shouldn't be a big intimidating thing. Now, if you have partners, if you have more than one person, you do need an operating agreement. And you do need to have counsel, in my opinion, don't go to legal Doom or some online service, when you get more than one person involved in an entity that should be carefully structured. But if it's a single member, and it's just you like most of you guys are probably solopreneurs just you can do this in a matter of minutes. And be and be lendable. So anyways, just wanted to take make make a point that you're not disqualified just because you don't have an entity today.

Rick Rall 32:31
If I could mention one thing, too, we're ultimately concerned, our main goal is that our borrowers are successful. And we've done this for so long in one of the kind of overlooked but very important issues that we deal with is title. We don't allow any general exceptions. So you know, if the utility company comes in, and they have an easement for utilities, or whatever, we want to see that. And we'll see this a lot sometimes on the states, we've definitely seen on foreclosures, where there's all types of exceptions on the Schedule B. And we don't take that we'll take exceptions, but for our protection, and really for our bars, reprojection. We want to make sure that there is not a bunch of garbage in there. When we get unreleased tax liens and things of that nature. I'm like, No, you have to remove these, because we want to ensure that when if you're either going to refinance it, or you're going to sell it, that you have an insurable property, you know, we get a lot of stuff with, you know, survey exceptions. Why are you buying a property that your neighbor's shed isn't one, because when you go to sell it or refinance it, you're gonna have a problem. Let's resolve it. Now, I promise. We're, ultimately I'm very much concerned with your ability to do what you want with the property. And a lot of times the federal conference would say, we're not going to take care of that we're not going to do that. Okay, fine, we'll take it to another title company. And it gets resolved, because they're perfectly willing to sell you a title insurance policy, but it just doesn't insure you for that. And that figure comes in when it's down the road, you've done the project, you're moving on with your life, you're selling it and you never resolve it. And you don't have a policy that you can pass on as an owner's policy. It sounds very much into the weeds here. But this is a very important thing that we do for all of our clients to ensure that you have marketable title. When you move on with this property. It's not just lend you the money and move on. We want to make sure that long term you're protected, which ultimately protects us too. But it really is a lot of legwork up front that we handle most of the time or barbers don't even know it.

 

 

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Real Stories and Expert Advice for Handling Cold Calls, Real Estate Appointments: Probate Mastermind Podcast Episode #296

The Interactive Podcast on Probate Real Estate - Pick Your Podcast Platform

Probate Mastermind Episode #296

Recorded Live on September 17th, 2020 (Join Us Live Every Thursday)

 

In this episode of the Probate Mastermind Podcast, you’ll learn how to qualify out the leads that are most worth your time and how to capture 5-star testimonials to generate quality leads exponentially.  You’ll also learn how to navigate in-person appointments when you’re a realtor and investor.  After this call, you’ll be able to turn common objections about cost and commissions into increased motivation. Lastly, you’ll walk away with a ton of motivation from the real stories shared by agents, investors, and wholesalers just like you who are candidly sharing their questions, issues, and success stories.  Thanks, as always, for tuning into to Probate Mastermind!

 

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EPISODE TIMESTAMPS AND RESOURCES:

How To Win Better Real Estate Listings While Prospecting (1:07)

Rosie shares an update on her prospecting results.  She is blocking off productive call time and building meaningful relationships.  Instead of trying to sell her prospects, she’s qualifying her prospects to see who is the best fit for a stellar testimonial when all is said and done.  Rosie landed 3 solid opportunities from cold calling this week and is starting to get inbound/return inquiries from her marketing efforts.

How To Capture A Testimonial From A Real Estate Client (3:08)

Rebel jumps on the call to share a sale she just closed.  The lead responded to the first probate marketing letter she received via All The Leads’ Direct Mail Service.  Chad and Rebel discuss how Rebel put the deal together and had a cash conversion cycle of less than 60 days.  Chad and Rebel discuss how to capture an awesome testimonial from her client.

Cold Calling Tips: Disrupting Patterns (7:42)

Rebel is looking to have longer conversations with prospects who try to rush her off the phone.  Chad describes the pattern a lot of real estate leads get into when too many realtors/investors are calling them and offers advice for disrupting those patterns.

See More: Chad’s Book Recommendation Never Split The Difference by Chris Voss.

I Messed Up A Cold Call. Should I Call The Lead Back? (11:02)

Rebel and Chad discuss re-engaging with leads that hang up.

The Best Way To Get A Complicated Deal To The Closing Table. (13:11)

Rebecca shares an acquisition deal she’s working on.  She describes her diligence in skiptracing the appropriate contact and working through the necessary steps to help the family move forward.  She is in Colorado, the toughest state for Probate in the country.  Chad and Rebecca discuss why Rebecca’s approach works so well, and is so rewarding intrinsically and extrinsically.

Handling The “How Much Are We Going To Owe You?” Question (19:40)

Rebecca describes how she puts her faith in the value she provides.  Her most recent client asked her “how much are we going to owe you for this?” Chad and Rebecca discuss why people shy away from this objection, and why they shouldn’t.

See More: Handling Cost Objections: How To Ask For the Commission/Compensation You Deserve

The ROI of Providing Real Solutions (21:25)

Chad and Rebecca break down the numbers - What’s Rebecca’s ROI for the work she’s doing, and why does going the extra mile to start pay off exponentially in the end?

How To Go On Listing Appointments as A Realtor that Also Invests (25:24)

Caller got a listing off his first letter! Caller is an investor and licensed real estate agent.  Caller is working with another lead and might want to buy the house himself.  Caller asks how he can wear both hats - Chad says don’t, and he explains why. 

See More:

How Do You Talk To The Seller About a Cash Offer vs. Listing? (30:02)

Caller asks for advice on helping a seller figure out what option is best for them, and how to guide them towards the right decision.  Chad discusses. 

How to Dress For A Listing Appointment With A Motivated Seller (35:29)

Eddie V shares a story about how he took a piece of advice from David Pannell: Show Up Ready and Presentable! Eddie put this into practice and got direct feedback that it made a difference.  

See More:

  • David Pannell’s 2019 Case Study: How David is competing with iBuyers in his Market and making Probate a $1,000,000 pillar in his business through listings, acquistions, and wholesaling/whole-tailing real estate.

Your Seller Thinks Dealing With A Realtor/Commissions is too Much? Offer As-Is, Where-Is Sale (36:51)

Eddie’s prospect wants the highest price he can get - What should Eddie do? Chad suggests Eddie reminds his seller of what an as-is, where-is sale looks like and how to get this deal moving forward. Chad underscores that many investors emphasize that a cash offer means no realtor and no commissions, implying that working with a realtor is complicated.  Chad outlines how to turn that impression around and get the sale. Pay attention to the contingencies and win the deal by offering your seller a guaranteed close.  

See More:

How To Land An Appointment When You Reach The Lead’s Spouse (39:10)

What should you do if you’re calling a lead, but their wife/husband/spouse answers? Chad describes how to handle this conversation to either secure a phone number or an appointment.

I Messed Up A Cold Call BAD - But Might Still Get The Listing! (41:35)

Eddie shares a real foot-in-mouth moment anyone who makes cold calls can relate to.  The message is: Keep going, it happens! But next time, don’t try to deduce too much from the data; pick up the phone, ask, and have a conversation.

 

 

 

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Episode Transcript:

Jim Sullivan: [00:00:37] Welcome extraordinary agents and investors from across the country. Today is Thursday, September 17th, 2020. And this is mastermind call number 296.
[00:01:28] Share wins with us, inspire the rest of this group that comes every week nothing's out of bounds. And, we have two in the queue, so let's go to our first caller. This week is phone number ending in zero three, zero six in Austin, Texas.

Rosie Hayer: [00:01:43] I am so glad to be here.  nothing big question. Just wanted to kind of share with you my experience I'll support your advice from last week,   I implemented and, I would say I have good three,  four days off full work.

[00:01:55] Where we spent, 9,200 minutes on the probate work, which is meaningful work, which means to call out, have meaningful conversations, have meaningful follow-up. And I'm just happy to announce that we got three solid, very nice leads. And we are finally getting call backs from people saying, Hey, it seems like you guys do  power of attorney work and last wills.

[00:02:16] Yeah. So people are starting to call back and it's starting to flow. So I just wanted to  share with you guys. I  implemented rather than 90 minutes, I did a hundred minutes. So at 10 minutes, I can kind of to you guys mastermind calls to warm up my head. then stick to at least good 90 minutes.

[00:02:31]what I was looking for is meaningful relationships. So the conversation is not about setting an appointment. It's actually thinking, is this the person I can serve the best and would it qualify for an ultimate testimonial at the end? So I just want to say thank you. It's working. I'm very happy with my one week results and I will bring more numbers.

Chad Corbett: [00:02:50] That's amazing. You're a heck of an action taker. Thank you for sharing with everybody Rosie that. You're a great example. Thank you, Chad. Thank you. And I did another estate sale interview that I will be posting.  Please know, I just want to take a moment and say I'm openly sharing on the group because I'm really wanting to be open to feedback and kind of helps me get over my own fears too, in one or the other way, you know,   when I get to the, in front of you guys, good, bad, whatever feedback I get, it boosts my confidence.

[00:03:16]So I thank you so much, everyone for participating and giving me the word. it allows me and encourages me to go after more.  I'm looking forward to being some big numbers. Thank you.

Jim Sullivan: [00:03:25] Awesome

Chad Corbett: [00:03:27] She's openly, openly sharing her best work to get better.

[00:03:31] So that's awesome.

Jim Sullivan: [00:03:33] Rosie, you're not lacking in energy and enthusiasm, and it's obvious why , you're doing as well as you do. So please keep coming back and sharing, that's a great way to start the call.

[00:03:42]All right. Next up is another enthusiastic person Rebel you're up next!

Rebel Taylor: [00:03:46] Wow, he just knew that was my number, huh?

Jim Sullivan: [00:03:51] Yup. Got it memorized.

Rebel Taylor: [00:03:52] I wanted to call and say hi and let you know that, We did get a sell and everything off of a letter, actually the mail outs that you do.

Jim Sullivan: [00:04:00] Wonderful!

Rebel Taylor: [00:04:02] Just a little place, you know, actually it was a friend that left it to her  but it was just pretty cool to have one that went all the way through and it was not on the market long. I think it was on there for seven days.  We got it sold and closed on it not too long ago.  The things that you offer do you work.

Chad Corbett: [00:04:16] So what services did you end up providing? Was it a very simple deal? How did it compare to any other listings?

Rebel Taylor: [00:04:22] It was very simple. It was just a little house that really needed to be mowed down. It was an investment property, an investor actually ended up buying it. The house did not have any AC, but I mean, it was a really easy, easy sale. It really was.

Chad Corbett: [00:04:35] Cash conversion cycle was inside of like 60 days, all was done? So you made contact, listed it, sold it probably in a matter of a couple of weeks.

Rebel Taylor: [00:04:43] Yes. Yes.  Their's was a three week close, so that was all in a 30 day.

Chad Corbett: [00:04:48] Yeah.   We get used to looking at what other realtors are doing.  And it's like, Oh man, I mean, who doesn't want the $700,000 listing that needs no improvements whatsoever. It's just ready to go to market. But you know, with those just takes us longer to sell those and you work a lot harder for that commission. With probates a lot of times, like your story is very typical.

[00:05:06] I would say over 90% of mine, went that way.   So you listed as-is, where-is. And you get offers with no contingencies cash closings somewhere within two weeks to 30 days.  For me, it was easier than wholesaling. I was just doing it on MLS was as-is where-is.   You can do  a high volume of them very quickly with a lot less work than it would take on a conventional listing.

[00:05:27]  And I think the reason I'm  highlighting that is a lot of times we talk about more complex things on these calls. And I think some people are  intimidated by some of the more advanced things we discuss, but this is an everyday deal. These are the ones that roll through consistently.  There's deferred maintenance. There's motivation There are people looking for that type of inventory. They're great. I'm betting a landlord bought it. Am I right?

Rebel Taylor: [00:05:47] Oh, yeah,  he wasn't a builder also. So it was more for the land and it was over there in Lakeland. It needed to be mowed down and a new house built,  but I don't know what he did with it.  I haven't went back over there to look, but, yeah, the lady we met out of it, we're hoping to get more clients from her because he ended up turning out almost like family. Every time I went to the lady's house, I was leaving with food and drinks and, Oh my goodness gracious. The sweetest lady I could have ever met during this. Okay.

Chad Corbett: [00:06:15] Now say Rosie, listen and Rebel. I don't know if you were on last week's call, but Rosie was looking for purpose to build prospecting discipline, and her purpose became, getting six amazing video testimonials, and I would encourage you to do the same, especially while that person holds you in such high regard, and while they feel like you relieved a lot of their stress.  Reciprocate, take her a pan of muffin and be like, Hey, let's make a video. or just jump on zoom and do it. But let's capture that story

Rebel Taylor: [00:06:43] She would do it for us. She fell in love with me and my partner. And so that's a great idea. I will definitely go do that.

Chad Corbett: [00:06:51] Don't be afraid to go long form and then edit it down and to, you know, a two minute clip, but you can use the rest for b-reel.

[00:06:59] So over time you can build these kind of customer testimonials mashup videos, right? When you have 50 people just pull snippets from each of those. And just capture everything you can about her experience, like get a great quote from her. And then edit that down into a little, testimonial highlight reel,   Then you've got the whole conversation that you can use in the future and something that I want to underscore guys, I can't emphasize enough how important it is that when you get this right, you need to document that because nobody else is.

[00:07:29]Collette Meyers does a good job of this. So if you go to collettesellshouston.com. She has a great probate website where she captures her testimonials. And I would love to see everybody doing that because you do the work. You build these relationships if you don't capture it and trust me, I'm not nearly as good at it as I should be either because it let's take a commitment and it is uncomfortable sometimes, but it is worth so much when you can document their success as your service   It helps other people identify with you, especially when they're getting your letter, going your website, trying to figure out who you are, because it sounds too good to be true.

[00:08:03]And anyone else who sends a letter I highly doubt that anyone else has gone to that level. So every time you have these success stories, please take the time to capture it.

Rebel Taylor: [00:08:12] I liked how you said that. Cause I think you can take a long video putting in what you need to for certain things and still have it for everything else that you need. I think good is a great idea. Great idea. Awesome. Thank you.

Chad Corbett: [00:08:24] Thank you for sharing Rebel. And what was your question?

Rebel Taylor: [00:08:27] You're going to laugh though.  Alright, I do get some people calling me back and things like that. I have a pretty good ratio of people calling back. I really do, or speaking to people, but I cannot get a lot by a lot of them. I don't know. I think within the last couple of days we've gotten three that were serious that I sent my information to.

[00:08:47] I'm like your girl Rose. I don't go for the appointment. First. I go for the relationship first.  But I can't get past this part of, your line where if I could take something off of your plate, what would it be? I found that to be a great line, but, people are like, look, what do you want?

[00:09:03]And I try to tell them what I'm offering or they just cut me off right there. Am I using it too early or what?

Chad Corbett: [00:09:11] No, there's other people muddying your water. So when- they have an abrasive response like that, I want you to pay attention to the words you use, but say something like, it seems like, it sounds like it feels like - don't be accusatory, but what you want to do is think about what emotion are they feeling that's driving this behavior. And how can I change that emotion? probably what's  happening is somebody's calling with an unskilled self-interested, you know, like rookie wholesaler is calling, hammering them, trying to buy the house for 50 cents on the dollar.

[00:09:44]Which is fine. Maybe that's what they want, but they want to do it on their own terms. Right. So they've learned to run those people off. if you can say, you know, it seems like you've gotten the wrong impression of what we do. And what's crucial is that you shut your mouth, just absolute silence.

[00:10:01] And that's th e tool, that becomes a lever in the conversation. So it seems like you might be upset and misunderstanding what it is our team can do to help you. And let that awkward silence, let the awkward silence hang there and they're gonna, process and it's going to be more uncomfortable for them, the silence than it is for you.

[00:10:20]You've heard me, probably recommend it before Chris Voss and the book, Never Split The Difference he calls this tactical empathy. So you focus on why they're behaving the way they are. And then influence that.  All you're trying to do is short circuit, their nervous system to get them off the pattern that's become comfortable for them because they found a way around people off by being a little abrasive.

[00:10:41] And you're not being accusatory, or you're saying seems like you might've had some bad experiences and don't really understand why I'm calling.

Rebel Taylor: [00:10:48] Right, right, right.

[00:10:49] And

Chad Corbett: [00:10:49] it's almost impossible for them not to engage with you at that point.

Rebel Taylor: [00:10:52] Oh, that's fantastic. Okay. I'll try that now. That sounds good because they would cut me right there and some of them, I mean, it was just like, damn, I'm going to quit using that line, but I know it's a good line!

Chad Corbett: [00:11:02] Here's the great news. If you master this objection, if you find a way through that obstacle,   guess what everyone else is feeling the same way you are right now, they're getting shut down, but they're, they're not on this call. So if you find your way through it, it's fine. Let them muddy the water because it just creates a more impactful contrast when you show up saying the right thing.

Rebel Taylor: [00:11:23] Well, very good. Thank you, Chad. That, that all helped. It helped a lot. I really appreciate that. Cause  was not knowing that to say, to get them, to let me, by that point, you know, and I've lost a few calls that way,  got shut down too quickly. And now let me ask you this, I guess, because they don't know who called and who didn't call except for my name is rebel.

[00:11:44]I could call him again and try it again. Is that something that should be done or not?

Chad Corbett: [00:11:51] Yeah, I don't ever be afraid to reengage. I mean, what happens if you don't call, like, you know that outcome, right?

Rebel Taylor: [00:11:57] Yep. I do. I do. No doesn't hurt. That's what I always say. So. Alright, well then I might just get back with them again and you know, I'll be like now, is there something I can take off your plate?

[00:12:08]And then if they shoot me down again, I know how to come back.

Bruce Hill: [00:12:12] Rebel,  if they start to shut you down or, let's say that there isn't venom in it, but they say nothing or they say, no, everything is taken care of another really great approach. If there's not peace behind their answer is to say, you know what? Rebel. I completely understand. As a matter of fact, I feel the same way, but you know, if there was something that I could take off your plate, what would it be? So they just told you that they didn't need anything, but, but then you follow it up with, I, completely understand.

[00:12:41] most people I talk to have things handled as well, but if there was something I could take off your plate and all of a sudden you'll get to the bottom of it, a lot of people will come out and they'll answer. I use this specifically a lot when it comes to people saying, no, we don't know what we're going to do with the house yet.

[00:12:57] Okay. I completely understand that if you didn't know what you were going to do with the house, which way would you be leaning? And then they'll say, well, we're probably going to sell it next week. Well, you know, why didn't they say that to begin with? But if they're just prepared with an answer, like Chad said, they're accustomed to that approach working to shut people down and they're not ready for the follow up question. That really says the same thing.

Rebel Taylor: [00:13:21] I like that too. Thank you, Bruce. Thank you very much. That was a great idea too I've got that written down now because they do do that.  They go from the, you know, whenever the plate thing right into we've already got everything handled and it's like, Whoa. And so that helped a lot. So thank you.

Jim Sullivan: [00:13:36] Okay. No, I'm just going to say Rebel's the one to beat with her win of the week and we do have eight in the queue. You guys, we're going to have to book to get through y'all.   The next up is phone number ending in two eight, five eight. You're up next.

Rebecca: [00:13:49] Oh Hey! This is Rebecca. I think I was on this call about a month ago. I really don't have a question. I just do, you know, work the probate area I work actually everything, but, I can tell you the one I'm working on right now that nobody else knows about. And it's more about just digging deep. Like that's kind of what I do is I never give up, on a lead and I do call them over and over again, unless they tell me to.

[00:14:15]Go jump off a cliff or something like that. but I have one right now, it's all boarded up. Okay. That's how I found it. I do walking for dollars, not driving for dollars. cause I walk six miles a day and I go to different neighborhoods. So she died seven years ago. It's boarded up.

[00:14:32]there's no will the 23rd person on the skip trace. was her only living son. And so he didn't know where to start with probate. So that's what I'm doing is process. I told him I'm not an attorney. I tried to get a pro bono attorney because they're supposed to do that in Colorado, they're supposed to give her their time, but I didn't have any luck with that with CO

[00:14:56]He doesn't even have his certificate or his mother's death certificate. So he's got to get his birth certificate in Kansas City,  get his mother's death certificate, and then I'm going to go over with them to court and hopefully get him an informal appointment as personal rep.

[00:15:12] It only cost him 199 bucks. Plus I think it's $20 for the letters. And so the house has about $200,000. It's a little small house. I mean, it's quite 1200 square feet, but it's got about $200,000 in equity. I do want to be fair to them. You know, he keeps asking me, cause this got a reverse mortgage on it,  that's a whole other story with a fraud case with Wells Fargo. But anyway, I just don't give up. I just really am strong on the relationships and this is the truth that let's say something happens. And I don't end up with this house. maybe we have to do a short sale and the numbers don't work.

[00:15:50] I don't worry about that because I know that I. Have built a relationship with them when I know that they're already telling me like, no one's taking this time, you know? No, one's really talked to them about the house because I think people give up. That's why, because it took me quite a while to find the person I needed to find.

[00:16:09]And then, so that's all I really have to say. If everything goes well the next three weeks, it should be all done.

Chad Corbett: [00:16:15] That's awesome. So what part of Colorado are you in?

Rebecca: [00:16:17] I work all of Colorado, but I'm in, in basically the Denver Metro area is what I work and then I also work in Oklahoma.

[00:16:27]So I have a home in both places and I come up here for three months then and I rent my house out to nurses while I'm gone. It's not Airbnb, it's nurses that are travel nurses. So that way I don't have to worry about regular renters in here.

[00:16:41]

[00:16:41] I have a criminal justice background also.

[00:16:43]And, the other thing is I've been through this with my family. I lost three family members in a five year period.  I feel like maybe I'm almost over empathetic with people, but, I guess the thing that bugs me about people that bug people that have an inherited house or probate house is they go after it right after they die.

[00:17:04]And I just don't tolerate that. There's all kinds of things. Like my parents had everything organized. It was in a trust. It was simple. It still took us a year and a half

Chad Corbett: [00:17:16] So there's a lot to unpack here. I want to, for the benefit of everybody else, I want to highlight a few things. You are probably the most disadvantaged person on this call because of your market. So Colorado, because so, so many people were so aggressive at pursuing families. They actually seasoned their probate data. So it comes through late, however, People with your mindset, like people who have empathy and compassion, they do really well in Colorado.

[00:17:44] And I want you guys to pay attention to that common thread running through all of these, these motivating stories today.

[00:17:52] It's it's about relationships and letting the consumer's need dictate the service. Not trying to force them into a, you know, an and to your model. So you can hit your numbers and your KPIs. This is about slowing down, providing a real service to your community and getting the result that you want anyways, it's just in a different way.

[00:18:12] Right? So Colorado is the toughest state I've ever coached in. It's the toughest state we've ever had to write a letter we've ever read to write letters for it is, and the cash conversion cycle is longer, but it's because these people get a ton of pressure on the front and there's no compassion whatsoever.

[00:18:29] It's, gimme your house as cheap as I can get it. And this goes on for awhile. Then everyone else just stops and they're out harassing new people. So are folks who think like you do, who act like you do okay. That come through, you know, they're, they're still breaking a 2000% ROI in the toughest market in the country to do probate in, they're still exceeding a 2000% ROI

[00:18:52] So pay attention to what these ladies today have shared with you. What's working for them. It works anywhere and everywhere. If it works in Colorado, it works anywhere. And the other thing is, like your tenacity, like your willingness to follow up. I don't know if you watched, you know, David Pannell's update video we did a few weeks ago, but that's really his X factor.

[00:19:12] The seven digits secret and probate is: Actually care and follow up, follow up, follow up. And if you do, you'll catch them when they need your help, they will respond and, and you don't really have any competition if that's how you're doing business.

Rebecca: [00:19:29] I am a woman on her own Island here. Let me put it that way. I've been doing this. 10 years. And I was in criminal justice for five of those. So kind of doing this on the side. So went into it none of this stuff phases me guys.

[00:19:45] Like I can't even, you know, people say, Oh, that house has unlike, you know, you're, you're scared of a house that has stuff in it. You gotta be kidding me. And so it just doesn't, I don't want to say it doesn't phase me, but nothing surprises me in this business.

[00:20:00] No family situation. I can always figure it out if they just work with me. That's what I'm trying to say. So, I mean, something crazy can happen and another investor might come along, but I just don't worry about it because I know I've done the best I can. And you know, she, the wife kept asking me last night, how much are we gonna owe you?

[00:20:21] You're not paying me anything. I'm just buying the house. She said, like doing all this work for us for, I said, no. I said, you know, you guys like y every month by the city.

Chad Corbett: [00:20:35] A lot of people struggle with the objection of, you know, well, well, how much is this going to cost me?

[00:20:40] How are you getting paid? And I want you, I want everyone to pay attention. That's not a bad objection. That's a good objection because what it shows you it's demonstrating the amount of perceived value you already have in their mind. So when they're like, Holy crap, what is this going to cost me?

[00:20:55] That means you're you're on the right track. you're doing it. don't, and this isn't necessarily for you, but for anyone else who's listening, that's getting this objection. If you're getting a price objection, or how much is this going to cost me? That's a good check end point.

[00:21:09] That means you're on track because they, they, they have a desire to work with you. They have because of their conditioning in a capitalist society, they're thinking, well, this sounds too good to be true. It's going to cost an arm and a leg. And that's a great opportunity for you to drive home another value point.

[00:21:26] We don't get paid at dime until we do what we promise, or if you're the buyer, you know, we'll get paid in six or eight months when we finish this house and turn the keys over to a new homeowner, 'we'll be paid in due time.

[00:21:37] But I learned a long time ago, the best way to get what I want is to help enough other people get what they want. So would it be okay if you don't pay me anything right now?

Rebecca: [00:21:47] It has to be, in your heart and soul. I mean, having been through this myself and, we've got so many lawyers in our family.  That's why I don't flip houses with my brothers, cause we probably couldn't even decide on the color of paint for a living room.

Chad Corbett: [00:22:02] Let me ask you this. Are you, and I'm kind of putting you on the spot here in front of everybody, but are you happy with, the growth in your business?

[00:22:08] Like, is it, growing the way you thought, do you feel good about that?

Rebecca: [00:22:12] I kind of pivoted. I mean, I'll tell you, honestly, I worked the MLS. Pretty hard. I went from doing private sellers into really just full time MLS. I'm not an agent, but I had agents that put in the offers for me. Then as I've moved along, what happens is I have agents that call me with a house that they're struggling with.

[00:22:36] Believe it or not in Denver, or they're saying, you know, can you come in, but X amount, I won't list it, but this is what we need to get for this. And so, you know, it may be a probate house or divorce, or it's usually something going on. I've been focusing on vacant houses. That's my primary thing and code enforcement. And a lot of them are Probate, like nine times out of 10.

[00:23:01] Or it's a tired landlord inherited or they live out of state or they're like this family, you know, and he just, they just didn't know what to do. That's what the whole problem was. I think that, it was overwhelming for them to start.

[00:23:18]And that's why I love helping other investors, you know, that maybe don't understand the process of what it takes, whether it's a divorce or, probate or whatever it might be.

Chad Corbett: [00:23:28] It seems like there's, there's some doubt, like you're going deep and you're building a real relationship and providing very high level of service. The only time that would be bad is if, you're doing going on four hour appointments and you're out there, you know, spending hours and hours and hours to do this, but if we just narrow it down to that one deal you've got $200,000 in equity, I think you said.

[00:23:49] Right?

Rebecca: [00:23:50] Right.

Chad Corbett: [00:23:50] So relative to that outcome, that $200,000 income to you, to your company,   how many hours of work do you think you'll do to get to that, 200 grand?

Rebecca: [00:24:00] Well, to be honest with you, I haven't even met them in person at all. This has just been on the phone. So, I would say I have, maybe about two hours in it right now.

Chad Corbett: [00:24:12] Okay. And then you have all the work to flip it, to get to that.

Rebecca: [00:24:16] Yeah. Yeah. I would like if I call the clerk of court out there and They're all shut down because of COVID. So when I called the clerk, the probate clerk, you know, I said, look, I've called all these lawyers. This family doesn't have the money. And all these clinicals sheets kind of walk me through.

[00:24:32] I said, this is what it is. Can he do this, you know, without going to court? And she said, it sounds like he can, but he's okay. Show up out here and all that. And she'll do it in 30 minutes, you know? So. That was a relief I mean, hopefully he won't have to have a court hearing or anything. It'll just be, his birth certificate, her death certificate to do it.

Chad Corbett: [00:24:51] Well, what I heard was you have a need for validation on, how you're doing this. And I don't hear anything that makes me think this is a bad idea for you. You're out there. You're being true to your core values based on your life experience. And you're going deeper than most people do or will, but look at the net result of that.

[00:25:10] You're making a tremendous amount.

Rebecca: [00:25:12] I'm not the only one that saw this boarded up house.

[00:25:16] I have another one out in Lakewood and I sold that in like two hours.

[00:25:22]so you, you get the ones like this and then the next one you get so easy. So it kind of levels out is what I'm trying to say. You know?

Chad Corbett: [00:25:30] Yeah, it's important to me. Like I love when people like you become part of our community and it's important to me that you don't doubt yourself because it sounds like you're doing great work and you're getting a great result.

[00:25:41]What you're doing is really helpful and you're making a ton of money doing it. So keep doing that.

Jim Sullivan: [00:25:45] Thank you so much. I, it sounds like you'd be a great case study for Chad as far as the motivation and the mindset, man. You've got it.   I really appreciate you sharing. Thank you!

Rebecca: [00:25:55] Thank you.

Jim Sullivan: [00:25:56] All right. Next up is phone number ending in two, four, five zero. You're up next.

Caller: [00:26:02] Hey guys, how are you doing?  Great. I wanted to share. Number one is success story.

[00:26:07] And number two, I have a question for you. So, my, my success story, I, I sent out my first mailings. I know in my second or third month now, something like that, but I got a deal off my first mailings. It's it's a listing agreement. I'm a licensed realtor and an investor. And it's really cool to see that happen as quickly as the first letter, which I did not expect whatsoever.

[00:26:30] So that was cool. And I'm finding a lot of ways to help that particular family navigate the process and the listing we'll, we'll be going live in about one week. So I'm helping them with a lot of things other than just listing the house, which serves them well, because I come from a contracting background,

[00:26:45]anyway, I'm excited. So. I have a question. I'm a licensed realtor.  I'm working with another lead I have a great rapport with them, a good relationship with them.

[00:26:53] I've met with them twice in person and we're down to the nuts and bolts of making an offer on the property or, and they accept that offer or we list it and try to get out a higher dollar amount by listing it. How do you navigate that process where you're trying to wear both hats?

Chad Corbett: [00:27:08] Don't  so I started doing this as an investor and when I saw that I wasn't going to get it for the price that I needed to as an investor, I would try to switch to my realtor hat in the appointment and you can literally hear rapport shatter and fall on the floor.

[00:27:22]I, it just, I never found that a really effective way to do it. And I've worked with other wholesalers who, you know, they send their leads to me and I try to just be the realtor. And they're just the investor. What I ultimately figured out is I just need to focus on being Chad and when I walk through that front door, I don't have an outcome for me in mind.

[00:27:41] The outcome is all about them. So whether I buy it or whether I listed it, it doesn't matter. Because I'm going to monetize that either way. And I will say I've walked away from a lot of houses with signed listing agreements. And I was very disappointed because I wanted to buy them, but always let their needs dictate the strategy.

[00:27:58]From a marketing standpoint, if you're offering brokerage services in your letter, if it says we can list the home,  meet the minimum or compliance requirements  for me that just in a light gray number eight font in the footer of the letter, it has my brokerage name, address, phone number, and then asterisk: "Ethics are of utmost important to us. If you have an agency relationship with a licensed, real estate agent, please disregard this letter. And that's been enough to protect me. I have had complaints when I've, you know, mailed letters to someone who already had their property listed. the board, the state board was like, Nope, you're good.

[00:28:31]And so that covered me.

Caller: [00:28:32] Interesting.

Chad Corbett: [00:28:32] The point where I disclose license status is I focus on people and situation. Even when I get to the house, I don't disclose,  in my state, you're not required to disclose really until you start discussing numbers or, you know, agency issues.

[00:28:48] So if we're talking about the personal property, walking through the house, the only thing I'm focused on is building and reinforcing rapport with the person I was on the phone with and building rapport with everyone else that's present. And then when we get back, I teach in mastery, I'll show you exactly how I do this.

[00:29:05] But when we get back to where we first started in the home, I literally just walk out of the room without saying a word and open the folder and put it on the counter.  And then that's when I'll disclose.   The initial phone call happens, the property tour happens.  I guess them a voice and get all their concerns out or all their expectations out.

[00:29:22] And then I actually will disclose there's there's a chance that, that before we jump into the numbers and other things and make sure. Decisions. I just want to let you guys know. There's a chance that we may be working together in an agency capacity.  I am a licensed real estate agent and four in four different States.

[00:29:38] I'm not sure how we're going to be working together, but all that matters to me is that we're working together. That sound good to everybody and I'll go through it. Something like kind of casually like that.  It happens at the same time in every appointment. So when the investigator called me, I'm like, no, actually this was on the letter.

[00:29:53] We met or, you know, actually in that case, I didn't meet with him. It was another agent that got, bothered that their client got my letter, but I've never had any, any complaint from the clients or the families. But if I ever did I have a pretty clear process, right? So the letter has the  disclosure requirements. The website meets the disclosure requirements.  And before I ever discussed price or strategy, I disclose license status and I do it at the same time every time.  So that's how I found  that to be really fluid. And you're very nimble when you do it that way.  If you remove the title of real realtor or investor and just be you, then you're, very nimble and you can be a transaction engineer on the spot, and it's never been a problem for me once I figured that out, this became a lot more fun and a whole lot easier.

Caller: [00:30:41] Interesting. So after you've built that rapport and you've disclosed this in your conversation and meeting with them, how do you navigate going about what's best for them, whether it be a cash offer on the property to get it sold quickly or listing it do you offer them an option for both Like here's a cash offer price and here's a suggested listing price, for example.

Chad Corbett: [00:31:03] Nearly every appointment I go on has three options, sometimes four or five.

[00:31:08] The three that I can offer pretty much anyone, a cash sale, an as-is, where-is sale. My definition of that, that is at what point can I all but guarantee this will be a ratified agreement in seven days or less and close with And then, retail. So, you know, you use your retail price.

[00:31:25] Now, if the house is in disrepair and they're willing to put money into it, or they're willing to partner with me, then there could be a fourth scenario. So you can, you have cash as is, current retail or renovation retail, like top ARV. But I use a net sheet and you can find it in the All The Leads Mastermind Facebook group in files, or you can find it in subscriber portal.

[00:31:48] There's a net sheet template, and it's just a very simple spreadsheet and it puts the three scenarios side by side. So quite honestly, I rarely ever use it, but it's there in case I need to,  it's a great visual tool show them. So, based on all this information gathering and focusing on people in situation and asking questions, getting them to tell me stories like the rapport building is it's it's Intel, right?

[00:32:12] Like I'm, I'm learning what, their problems are, what their goals are.  And they don't even know it. If it's done correctly, it's just. Organic conversation.  But when we get back to the countertop and I opened the blue folder, all those stories are in my go ahead. And I know what, you know, what their challenges are, what they're capable of, how much money's in the bank account, how much equity is there and the property.

[00:32:31] So, so, you know, guys, listen, based on everything we've talked, talked about, it sounds like there's really no cash. And you guys don't want to go through the stress of a renovation. So this, you know, retail price based on the condition of the home, I just feel like it's really not an option. Wouldn't would you guys agree with that?

[00:32:46] And then I strike through it and I'm like, so that leaves us with two scenarios we haven't as is whereas sale, which means we won't accept any contingencies. It's going to greatly limit the pool of buyers. We'll most likely sell this to a landlord or a first time home buyer that has saved up for a down payment to renovate the home.

[00:33:01] so we can get a higher price. It's going to take longer. We could expect a 45 day window here. based on everything you've told me, it's really important that you guys get this behind you now, so you can move forward. I'm not sure if this one works for you. I think what might be best based on, you know, your level of motivation, is just take the cash price - we'll buy it with everything in it. You don't have to lift a finger. Take what personal property you want and we'll deal with the rest. And within a, probably three to five business days, we could have this close at this price. Which of those two do you think is best for you? Which feels most comfortable?

[00:33:32] And they'll self-select right there.  And the highly, highly motivated ones will always they'll go to the cash. And even though you show them what they have to lose, kind of illustrate it for them, it's like, you know, in order to get this price over here on the right, you're going to have to risk a considerable amount of capital.

[00:33:48] You're going to have to go through, you know, the management of the renovation, and you're going to take risk. We're in a market where, you know, during an election year, during a recession,  something, you know, conditions could change. So there's a significant amount of risk involved to get this number. Are you guys comfortable with that risk?

[00:34:05]Okay. Let's just say that that's not an option. If you don't want that exposure, you don't have to do it. So you just kinda knocked them, you know, through, through deduction, you find out what's best for them and they feel like they chose because you gave them all the options in a very transparent way.  And the net result of that is ultimate trust.

[00:34:22]when I started buying houses, This way versus just going in as an investor and mentioning, Oh yeah, I'm a realtor. If this doesn't work out, I can and help you. Like the people I worked with the sellers were so much more trusting and open. And even when you, wholesale it and they see that someone else is closing and you're getting a 15, $25,000, spread, they don't care because you were straightforward with them.

You were transparent and they know what they could have gotten, but they knew they understood what commitment and risk it would take to get that. So that's how I do it, Bruce. I know you had something to add too.

Bruce Hill: [00:34:58] All my appointments, I take a menu with me. And that menu typically has three or four options. And Chad mentioned sometimes up to five or six. It really reduces the risk of them going with someone else. It reduces the risk of price resistance because ultimately they're the one in control. Many times we get in the way of their buying. So, the old adage says everybody loves to buy, but nobody likes to be sold.

So instead of ..

Caller: [00:35:28] Right.

Bruce Hill: [00:35:28] ..budding into  their buying process, asking questions and presenting options and letting them choose. And then when they say, well, you know what we're thinking about? Maybe this one or that option, instead of saying, okay, let's sign right here. Let me try to sell you on something you say, okay.

[00:35:44] Which, which one is more beneficial or, or why is it that you're leaning toward those and let them start the buying process instead of us diving in and starting the selling process. A good sales pitch is a great way to ruin a relationship.

Caller: [00:36:00] Gotcha. That's really useful and helpful. I appreciate both your input.

Bruce Hill: [00:36:03] Good deal.

Eddie V: [00:36:05] Hey, said I can ask my question. I don't know if Jim's on here.  Okay. just to, just to give people a testimonial I was doing what David Panell said: Look professional and set yourself apart from everybody else.

[00:36:18]So, anyway, I've been dressing more professionally. I wear a button up shirt.

[00:36:22] Nice dress shoes. Nice jeans. Showed up with the flyer that All The Leads made for me and gave it to the guy, walked through. Not sure if the deal is going to work out or not. He's looking for the highest cash offer. and, I gave him a number. I tried to give him a listing number and an owner finance number, but he didn't want to take any of those, but he was like, you know what?

[00:36:45] You weren't this cigar smoking suspender, slapping kind of guy, who's just trying to sell me on something. And he was like, I really appreciate that.

Chad Corbett: [00:36:52] Good good for you and anyone who, I won't recap everything, but David we've talked about that twice now. I usually wear jeans, a button up a sport coat and a pair of really nice leather shoes.  That I know has gotten me deals because people have told me that and it's meeting the expectations of the generation you're serving. So these people didn't come up at a time where they watch Gary V. Well, you know, wear a tee shirt and drop the F bomb every 30 seconds. So they have a certain expectation of what standard of professionalism you should have.

[00:37:20] So whether that's how you dress all the time or not now be authentic to yourself, but out dress your competition because it will make a difference.  The other thing I wanted to say, Eddie is the next time you find yourself in that situation. A lot of times sellers have a perception and a lot of investors are marketing  using that against realtors, that it's complicated. No realtors involved, no commissions paid, yada yada yada it's, it's a big part of their marketing. Right?  So remind him what an as-is where-is sale looks like. You know, most, most investors are going to close on a 30 day timeline if you're selling as is, whereas in a market site, like in the part of the market cycle, we're in, can you close it in 30 days?

[00:38:01] Sure you can. People were falling all over themselves to get inventory right now, investors and consumers. So. Remind him that, but it doesn't have to be painful. Like listen to, you know, either way we can close inside of 30 days this way you get more money, this way I get more money. What do you think is best for you?

[00:38:19] And I've taken a lot of as-is whereas listings, where I was going to be cut out on the cash price, because there's no way in hell I was paying what that person was paying, and they weren't gonna make any money either. They just wouldn't know that for three or four months until they did their final accounting.

[00:38:33]But sometimes. Newer investors will price you out of deals.  And you can take that deal back by pushing on the, as is where is, and showing them that they can close on that same timeline with the same amount of money with no contingencies and without the risk of that person using the weasel clause. So point them to the contingencies in the contract and be like, okay, so they gave you that number, but do you pay attention to the contingencies?

[00:38:59] "What's the contingency?" Well, that's, that's what the, you know, oftentimes they'll write a contract in such a way that if they can't sell it or come up with the money that they don't have right now, they'll pull the rip cord and you're left empty handed. You still have the house. You've got another month of carrying costs and you have no recourse.

[00:39:15]So. if you could have somebody who's held to a standard of professional ethics and state law dictates how they have to, how they serve, can you see how that might be in your best interest? If you get the same amount of money in the same amount of time, but you're working with someone who has a lot more to lose.

[00:39:31]And so you can take that back. If you're getting priced out of your own deal. Just take it back as a listing. And I'm sure investors on this call are cringing, but I've had it done to me too. But if you feel like you're going to lose a deal, that's, that's the beauty of having a license. You're nimble.

Eddie V: [00:39:47] Got it. Okay. Well that's good. Good advice. So I've been shooting for a hundred calls a day or a hundred dials. Not every number works, but a hundred dials a day. I don't quite get there, but I get close. And one of the issues that I've been coming across is like Say I'm calling for Steve and I get Mary  Mary is Steve's wife. And then, Mary's like, well, what's this that's my husband. What's then regards to. And I, I usually just do the exact same thing I would do with Steve. I'd tell him the exact same way. And they not always, sometimes they're like, Hey, here's the number, but more often than not, they're like, no, we're fine.

[00:40:25]When I did Sandler training, I was told, never take no from somebody who can't tell you. Yes. She might influence yes but...

Chad Corbett: [00:40:31] Two things. One try to get his phone number from her if she won't do that, go for the appointment with her and him because, have you ever met a wife that didn't really have social leverage on her husband?

Eddie V: [00:40:44] Yeah, I know that she will be influential.

Chad Corbett: [00:40:48] Yeah. If it's tentative and it probably will be, she'll be like, well, I don't know his schedule. Okay. Fair enough. Well, listen, I'm calling every other family in town today that that's going through what you guys are going through. So just to, to kinda, I'm sure you guys know what we can do to help your family.

[00:41:03] I'm going to give you that spot on Thursday night at six, could you put that on the calendar and just let your husband know? And if it doesn't work out, we can find a different time, but set the tenantative appointment. And then like, as soon as you get that done, you ask, you know, ask her a few more questions and find some way to provide value to her.

[00:41:19] So find some way to show her the benefit of meeting you guys. and chances are he'll be there.  If she won't give you his phone number. Get it on her calendar and then employ her to go make sure he shows up.

Eddie V: [00:41:31] Okay. Okay. That's helpful. And then...

Bruce Hill: [00:41:33] The previous scenario that you laid out, I'm going to give you a resource that I use to get listings priced accurately. And that is a site called Terradatum. It's a Clarus Market Metric resource.

[00:41:45] It costs like a hundred bucks a year. And if you ever need to show someone a clear and concise data and it gets them to accurately priced the house should strive for that. So, Terradatum is T E R R a  D a T U m.com. And anybody there needs pricing strategies and data. It's the best resource I've ever found.

[00:42:10] All right, go ahead.

Eddie V: [00:42:12] I just had a foot in the mouth moments the other day. Like, I just felt like a complete ass, but, so I called him, this lady named Lisa something and the descendant was the same last name. And I was under the impression that it was her, her brother. And she was, she was like, yeah.

[00:42:32] And Monday I'm celebrating my first anniversary. And I was like, congratulations. And she was like, well, he died. And I did not know that it was her husband who died. And I was like, well, I'm an asshole. But, anyway, those happens. I figured I'd share a, not a success story, but something that, I assume other people might find valuable that not everything's perfect.

[00:42:58] I still think it might be a possibility to get the listing.

Chad Corbett: [00:43:02] Thanks. Thanks for sharing because it, show yourself some grace man. Like there's no way you could have known that. Right. And. I'm glad you shared because a lot of people try to deduce too much from the data.

[00:43:14]So they look at the addresses, they look at the names, they look at very limited data points they have, and try to piece together a story. And what's the alternative. Pick up the phone and ask, and that builds a relationship. So the lesson for you here is don't try to deduce the whole story and figure out the whole story through deduction.

[00:43:32]It's rare that that would ever happen. And 90% of people are probating a sibling or a, parent's estate, not their spouse at a young age. So don't be too hard on yourself, but also use it as a lesson. Like, remember this, the next time you call, it's rare, but sometimes we've had kids, you know, the, the decedent was actually a child who had over a hundred thousand dollars net worth. So their estate had to be probated. So you never know who the decedent might be. Don't go into a conversation acting like you already know, or, you know, or we're operating on assumptions.

[00:44:06]go in everyone the same way, focus on people in situation. And when you understand both and you'll, you'll be the perfect solution.

Eddie V: [00:44:14] Okay. Perfect.  Thank you.

Jim Sullivan: [00:44:16] All right, guys. Hopefully you can hear me now. Despite the tech issues, I think this was, you know, we get 150 people on this call.

[00:44:24] It's going to happen. We're going to talk over each other. We're going to have issues with the conference service, muting each other out. But it, I think it's one of our best calls ever, as far as just the, the mindset and the success stories and just some really awesome examples of, the way you should and can approach this amazing niche.

[00:44:43] So as I always do, I want to thank each of you for being here today. I want to particularly thank those that actively participated. We're going to have a real hard time picking of the four success stories a winner of the week, but we will do that and we will let you know. And I want to challenge each of you:

[00:44:58] Take one idea. One thought, one thing that inspired you on this call. Go out and put it into practice and come back next Thursday and share your results with the group. Stay safe, stay healthy, stay productive. Make it a great week. And we will talk to you. Same time. Next Thursday. Take care, everybody.

[00:45:16] Goodbye.

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Blog Post: Why Sellers Should Sell Now, Even as Lumber costs are making repairs more costly.

Rising Lumber Costs and Real Estate Investment Strategy: Why YOU Should Motivate Sellers To Skip Repairs and Sell AS-IS

Blog Post: Why Sellers Should Sell Now, Even as Lumber costs are making repairs more costly.

 

What Does A Changing Lumber Market Mean for Real Estate?

I saw this visualization this morning and keep thinking of ways lumber costs + current events = bigger-than-you-think impacts on the real estate market.

Graphic visualization of rising framing lumber prices during Covid-19 backlogs

From Christopher Schwarz. View original post on LinkedIn.

 

First, I thought about Jim Forsythe discussing a deal he's working on during a Probate Training Call last month.  Jim is helping one of his probate leads sell timberland they inherited.  Because Jim understands the importance of finding the right buyers, he sought out sawmill investors.  As a result, Jim and his seller received competitive offers from buyers who understood the real value of this land.

 

Next, I thought about my contractor friends and the concerns they're expressing about lumber costs.  Because property owners are putting off repairs, contractors are short on income.  With sellers losing motivation to sell, many real estate agents and investors think a shrinking pipeline is inevitable. 

 

Quickly, I remembered Chad's strategy for contracting vendors in advance for bulk work.  The goal here should be two-fold: Build strong relationships with vendor partners (during a time where much of their work is being delayed), AND offer vertically-integrated solutions to sellers.

 

 

Listen Now: Chad's Mastermind Prospecting Strategy, Timestamped at 27:40

 

 

Better Real Estate Training Means You Can Help Sellers Make Better Decisions Now.

Motivated sellers that were ready to list with ARV (after repair value) pricing now face a new obstacle of rising lumber costs.   Many of these sellers think their only (and best) option is to sit back and wait indefinitely to move forward with selling their property.

 

Sellers might not realize that they can net more by minimize holding costs and selling as-is.  Sellers likely don't realize how creative financing options can help them, either.  You play a vital role in educating your sellers.  Are you offering these options, and are you educating your prospects on why they might be good solutions for them?

 

Get Chad Corbett's free Training Webinar and Infographic on 7 Creative Financing Strategies You Should Know

 

 

 

Current events will only kill your pipeline if you let them.  If you make the deal make sense, your sellers will move forward.  Get the training to grow your skill set now so you can offer great solutions in any situation, and surround yourself with real estate masterminds so you can always learn something new.

 

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Probate Real Estate Expert Shares tips and advice for marketing, prospecting, and scaling listings and acquisitions in his business 2020

Million-Dollar Producer Shares Updates on Year 2 Listing and Wholesaling Probate Real Estate.

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Before diving into this interview, it might be worth checking out David's 2019 interview where he and Chad Corbett discuss the roadmap to the Million-Dollar-Club in Probate Real Estate. Also, be sure to subscribe on YouTube, to this blog below, and get in the All The Leads Mastermind group to stay up to date with David's progress.

 

 'There isn’t anybody going through Probate we can’t help, that we can’t monetize.'

 

To start, David Pannell is one of the top-performing Probate Investors/Probate Agents in the country.  As such, we've asked him to share his strategies and insights with the All The Leads community.  David combined the Probate Mastery approach with the dedicated prospecting strategies he developed in a decades worth of converting FSBOs and Expireds.  As a result, he consistently converts probate leads at high rates.  Above all, his skill set has him out-competing iBuyers, Agents, Investors, and Wholesalers in his market with ease.  Meanwhile, David is already finding the financial freedom to "semi-retire," as he calls it.

 

The only way to truly learn a skill is by actually doing what you’ll have to do in the real world.  Without a doubt, David's laying out a roadmap for any real estate agent, investor, or wholesaler looking to up their skillset and make more money with Probate real estate. Best of all, you can Watch or Listen to his Year 2 Case Study however you prefer:

 

 

 

 

 

<script>

  • 0:00 Introductions: See More: David’s 2019 Interview On Year 1 in Probate
  • 1:47 The #1 Thing I Learned About Using an ISA for Investment Deals
  • 3:10 This is Our Best Lead Source: 47 Transactions, Two Producers, 4000 Leads.
  • 3:35 How David Leverages his Probate Book as A Story-telling Piece.
  • 4:44 The Best Way to Hire an ISA for Probate: See More Role Play Playlist David used to design his training.
  • 6:17 EVERY Probate Lead Can Make You Money.
  • 7:15 David and Chad discuss his live follow-up call with a probate lead
  • 9:29 Consumer Psychology: How David designed His Key Marketing Piece.
  • 10:48 The Marketing Sequence of A Top Producer in Probate: David shares his marketing pieces and schedule.
  • 12:26 Segmenting Lists: Social Variables vs. Property Variables. See more: Probate Plus+ Property Fields
  • 14:28 Navigating Listings, Investment, and Wholesale deals . See More: The complete probate leads system
  • 16:00 The 80-20 Rule: How to Leverage Time, Generate Revenue, Reinvest, and Scale.
  • 20:50 Work-Life Balance and How To Retire Early Through Probate Real 
  • 27:47 Building a Real Cash Buyers List and Segmenting It. 
  • 38:41 Building Your List of Attorneys
  • 39:39 Becoming THE Probate Expert In Your Market

 

 

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David Pannell Headshot - Probate Real Estate Investing, Wholesaling, and Listing All The Leads SubscriberAbout David:  David has been in real estate for 12 years.  At first, he worked with buyers through the short sale/REO period between 2007-2010. After that, he switched his focus towards listings in 2011.  Specifically, he generated leads with open houses and SOI leads. David eventually hired a coach and quickly mastered Expireds/FSBO marketing.  As a result, he started to ramp up his acquisitions.  Since then, David has worked directly with ATL, GGMS, and B-School to learn and scale his business. After solidifying Probate as one of the main pillars in his business in 2019, he set forth to build an even better prospecting system.  In mastering the empathetic approach, the team is looking forward to a third of their projected 300 closings in 2020, to come from probate listings/cash deals alone.


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If you are a real estate agent or real estate investor looking for real estate leads and you want to offer a service to your community then you really need to consider becoming a probate expert. Firstly, over the next 40 years over $136 Trillion in assets will pass from one generation to the next.  Secondly, nearly 80% of that wealth is locked up in real estate. As a result, there will be a huge opportunity for you to build a strong pillar in your business while your competition is still out begging for business from the same leads they’ve worked for the past 20 years.  Thirdly, All The Leads provides all the tools you need to become the probate expert in your market in one place. Learn more about our probate leads system.

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