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Preview for Probate Mastermind Real Estate Podcast episode 303

Overcoming Common Probate Objections and Going For the CLOSE | Motivating Sellers With Distressed Property | Live Q&A Probate Mastermind Real Estate Podcast #303

Probate Mastermind Episode #303 | Recorded Live on November 5th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Podcast, you'll learn how to: Overcome common objections like “Our Attorney Says We Can’t Sell;” motivate sellers who want to sell but are procrastinating anyway; improve contact rates for phone prospecting; segment your lead lists more without losing any opportunities; use letters of intent to solidify commitment, and more!

 

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 Real Estate Question: Going For The Close and Getting The Appointment: Cold Calling Tips

Going For The Close and Getting The Appointment: Cold Calling Tips (00:50)

Danny is making good progress with his cold calling: He’s having good conversations and building better rapport; the leads are willing to talk about the real estate.  However, Danny isn’t ready to push for the face-to-face appointment on the same call.  Chad and Bruce share the sales techniques that work for them in closing the call with a listing/acquisition appointment set.

Preview for Real Estate Mastermind Question: Handling Objections: We Want To Sell, But Our Attorney Says....

Handling Objections: We Want To Sell, But Our Attorney Says.... (6:11)

Danny is working with a family that is willing and has the power to sell the property. They’ve gotten their letters of testamentary and selling makes sense to them.  However, they keep defaulting back to their attorney, saying the attorney has told them they shouldn’t sell right now.  How can Danny overcome this objection? Bruce gives advice on combating the objection without making the personal representative feel combatted.

Preview for Real Estate Question: Motivating Sellers With Distressed Property

Motivating Sellers With Distressed Property (9:49)

Christian is working with someone who was initially agreeable to selling for a cash offer or possibly fixing the property and listing it. However, it seems as though she’s gotten cold feet. What can he do to boost her motivation?  Jim and Bruce break down the situation further, probate for some possible pain points, and walk Christian through how he can bring the seller’s motivations/pain points to the surface.

Preview for Real Estate Question: Handling Common Objections In Probate Cold Calls

 Handling Common Objections In Probate Cold Calls (17:52)

Christian is getting hit with the common probate objections: We already have an agent, my attorney’s got it handled, and I’m doing it on my own.  The coaches break down the psychology behind each objection and offer techniques for overcoming them.

See More: 

  1. Our Probate Attorney Said We Can’t Sell Until Probate is Closed!
  2. Call back in ___ days or ___ months.
  3. The Most Common Probate Real Estate Objections and how to handle them.

Preview for Real Estate Question: Kathy asks about leaving voicemails in the instances where a lead doesn’t answer the phone. Bruce discusses call frequency and how to alternate between leaving and not leaving voicemails to get a better chance of callbacks. Kathy and the coaches also discuss if it’s worth calling people who have closed probate and people that keep hanging up the phone.

Voicemails, Contact Rates and Best Time For Real Estate Phone Prospecting (25:47)

Kathy asks about leaving voicemails in the instances where a lead doesn’t answer the phone.  Bruce discusses call frequency and how to alternate between leaving and not leaving voicemails to get a better chance of callbacks.  Kathy and the coaches also discuss if it’s worth calling people who have closed probate and people that keep hanging up the phone.

See More: 3 EASY Ways To Improve Your Cold-Calling Script

Podcast Segment: Pros and Cons of Calling Probate Leads That Don't Show Real Estate

Pros and Cons of Calling Probate Leads That Don't Show Real Estate (31:13)

Tim is an investor using Probate Plus+. Should he be interested in calling probate leads who have no inherited property, or have already listed or sold the property? Bruce discusses how to find opportunities in probate leads without real property as well as how to segment and prioritize your prospecting.

See More: What You Miss by Scrubbing Your Lists: Probate deals that aren’t on probate property lists

Preview for Real Estate Q&A: Book Recommendation: Exactly What To Say

Book Recommendation: Exactly What To Say (38:47)

Caller shares some recommended reading/listening on sales phraseologies. Bruce shares how to get a PDF version free online and notes that you’ll learn about 27 phrases to use in a sales pitch.

See More: Cheryl Pinto shared a PDF of this book on her site

 

Using A Letter Of Intent to Overcome Objections (39:49)

Caller is brainstorming a way to leverage letters of intent to overcome seller objections where the seller wants to sell, but is leaning on their attorney to solidify the decision.  Caller outlines what he would so and Jim shares his experience with doing exactly this with success. 

 

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Episode Transcript

Transcript: Probate Mastermind Real Estate Podcast Episode #303

A.I. Voice 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 each week 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. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

Jim Sullivan (Host/Coach): [00:00:33] Welcome awesome agents and investors nationwide today is Thursday, November 5th, 2020. And this is Mastermind Podcast number 303. We've got a pretty good, representation in the queue now. So let's go to the first caller this week.

Going For The Close and Getting The Appointment
[00:00:50] First up is phone number ending in one eight five five. We got our frequent flyer, Danny, how you been Danny?

Danny: [00:00:57] Hey guys, I'm doing well, man. How you, how are you guys?

Jim Sullivan (Host/Coach): [00:01:00] Awesome. Always good to hear from you, always have good content. What can we do for you?

Danny: [00:01:04] Yes, sir. So I've got, two questions here. Hopefully they're not too long. so my first one is, so what advice could you guys give me for getting some appointments set towards the end of my calls?

I've been finding a lot of, just good progress. I'm getting a lot of people, just talking about the house, all the information I need to know. and then I'll call them back, but I'm not like I'm not setting the appointment on the phone with them right then. So what, like tips or advice can you guys give me make sure I get it done right then?

Jim Sullivan (Host/Coach): [00:01:33] Sure. So Bruce?

Bruce Hill (Coach): [00:01:34] Yeah, Danny, I would say that you really need to look at this two different ways, depending on how the conversation's going. if I feel like I'm driving hard for the appointment, it's going to damage rapport for us for a potential listing or purchase in six months, then I don't drive really hard for it.

I keep that rapport, there are a lot of times when you have rapport, you have a conversation going, and it's just a matter of. making that transition over into the appointment and on something like that, I'll usually just start off by after several, after a little bit I'll give a very brief recap.

I'd say something like, Danny, It sounds like you guys are definitely going to be doing something with the real estate. And I know that there's two or three other family members involved in the decision process. Could you mind if I make a proposal and get a little bit of a yes.

I learned that a long time ago that asking someone for permission to make a proposal or to be direct with them usually, softened the blow when you actually come out. And so they say yes. And then you say, I think that we should, I think we should meet. And talk a little bit more and maybe let me see the house, or if it's a phone appointment that you're driving for.

So do you mind if I make a proposal, they say yes. And then you say, I really think we should talk again, maybe with you and the other family members, preferably sometime next week. Do you have any availability on Wednesday or Thursday night? Okay. So drive, for that appointment by transitioning, using the recap, recap, combined with, the, request or permission to make a proposal.

Danny: [00:03:04] Okay. Gotcha.

Jim Sullivan (Host/Coach): [00:03:06] The only thing I would add to that, what I would add. that's right spot on Bruce. I would also add to that. if you think a lot of people are just afraid of being sold, they don't have a specific reason why they don't want to get together, except they're afraid you're going to talk them into something that they're not really sure they want to do yet.

So if you sense that, give them permission to not hire you when you get together and say, let's go ahead and get together. Hopefully I'll bring some value. you may decide to do something now, but if you're not ready yet, no problem. no harm, no foul. At least we can get started.

And I can give you a few good tips and when you are ready, hopefully you'll call me back. That goes a long way to diffusing that pressure of being afraid of being sold. If you give them permission to say no, when you get together,

Danny: [00:03:48] Yeah, I definitely that, yeah, that makes a lot of sense.

Bruce Hill (Coach): [00:03:51] Yep. That's Danny, that was gold, insight from Jim.

And one thing that you might do in a, if you've given them that permission, you might also come, come out and lay out two or three things that you'd like to cover. So give them a reason for that follow up appointment. If it's on the phone or face to face, give them a reason. there's in the book.

I think it's the book Influence. it talks about how people are much more likely to take you up on what you're asking them to do if you followed up with the word, because, because you don't even have to have a good reason, but just simply giving them a reason for requesting the appointment will increase your conversions.

Danny: [00:04:29] Okay. Okay. I see.

Jim Sullivan (Host/Coach): [00:04:31] Bruce, what would be a good example of that? I think we should get together because there's really nothing to be, there's no risk and there's nothing to be nothing but gain for you to do Or you could almost say anything after the, because,

Bruce Hill (Coach): [00:04:41] Yeah. and, of course you do want to have a good reason, but even if your reason is a little bit weak, simply putting the, because out there. So it would sound something like, Danny, I completely understand you're you guys are probably not going to be ready to sell that house tomorrow, as you mentioned, it was probably going to be a month or two before you were really ready to list.

and you haven't talked with your family members, do you mind if I make a proposal. Yeah, Bruce. Okay. Yeah. So I think that we should maybe all three of us get together on a zoom call next Tuesday or Wednesday, because I think that being able to lay out and make sure that everyone is on the same page with what they want, the timing that you have and what steps you actually need to accomplish before you list the house is going to be a good thing.

Does that make sense? So I just laid out two or three things that we would be accomplishing on that call.

Danny: [00:05:35] Okay. Okay. Gotcha. So you drove them, gave them options, give them all the like different things that you get done. And then yeah.

Bruce Hill (Coach): [00:05:41] If somebody asks me for an appointment, I usually want to know what's the purpose.

Cause there's really, one of my greatest anxieties is showing up to an hour long appointment and my busy schedule and not talking about anything of consequence and a lot of people just want to meet. And so knowing that they might be busy as well, you want to give them a reason, something that you guys are going to accomplish in that followup appointment.

Danny: [00:06:05] Okay. Gotcha.

All right. All right. That was one of them. I had two,

Jim Sullivan (Host/Coach): [00:06:09] Oh, okay, go ahead. no, you're good.

Handling Objections: We Want To Sell, But Our Attorney Says.... [00:06:11] Danny: [00:06:11] This one's kind of a big one for me because it's getting close to doing like my first close here. I have one person here that is, it's a family too. and they're they want to sell, she's got the letter of testamentary and everything and the ability to sell, but the lawyer is like telling them, no, don't sell yet.

No don't sell yet, but they do want to sell and they have the power to, and, I get on the call with Shaya, with them. and, we're convincing them providing the information and value and they're like, Oh wow. Okay. And, and they definitely want to, but they're, they're defaulting to their attorney, that is saying, don't sell right now.

Is there any advice you could give, give me, or give us, about like other ways to approach them or convince them, or, just like different ways to go at it.

Bruce Hill (Coach): [00:06:55] So I think that you need to emotionally subconsciously let them off of the hook a little bit by using the techniques that Jim mentioned a little bit ago, where, where were they don't feel like you're trying to convince them or combat that objection. You can, there are lots of ways to go against or combat an objection like that without the person feeling like it.

So in other words, you're going to give them the opportunity to buy, not the opportunity to be sold, not the opportunity to be convinced that their attorney is wrong. for all we know their attorney might be. So I would say something like, yeah, I completely understand that. Could you, could you help me understand some of the reasoning behind holding on, is that gonna be, is that going to be a benefit to you guys?

So give them a chance to maybe convince themselves that it's not beneficial to hold onto the house. So I would follow up with a question like that.

Danny: [00:07:46] Yeah. And that's exactly what we did do on our very last call. I'm calling them again tomorrow, but on our very last call, that is what, almost verbatim, what we did.

And then that's when they were stuck as well. Cause they're, the attorney didn't really provide them with that much information. They relayed it back to us and it just shouldn't. It just didn't make that much sense just in general. Like why would the attorney not really given much information about why they should just not do anything?

Bruce Hill (Coach): [00:08:12] Would they be willing to do an introduction, maybe an email introduction between you and the attorney so that you could have that conversation with the attorney and see what, what that reason is? I'm assuming that the attorney has a decent reason that even if it's just in his head or her head, I'm assuming that there.

That they have a reason for advising against that. So maybe ask the client for an introduction which really serves multiple purposes. It helps you understand why the attorneys making the recommendation they're making number two, is it helps you build a relationship with another attorney.

Danny: [00:08:43] Yeah,

Bruce Hill (Coach): [00:08:43] It's going to in three, it's going to make that transaction go a lot smoother because you're working as a team and not against the attorney. And you might even tell the prospect that it's, Hey, I don't want to work against the attorney. I don't want to undercut them if they have good reasoning.

Could you introduce me?

Jim Sullivan (Host/Coach): [00:08:59] I was going to preface that Danny, I was going to preface that by saying, you could say to the client, I don't know for sure, but one of the reasons might be he's dealt with realtors in the past and he knows once a realtor gets involved, they're going to be calling them weekly saying, when's it going to close?

When am I going to get my commission check? So he may just be telling you to hold off, to keep realtors, unlike myself from bugging them, mind if I kinda call him and assure him that I'm completely different, I'm going to, I'm going to help him get it done. I'm not gonna harass him to, to close before he can.

Do you mind if I just call them and have that conversation with them and maybe we can, come to an agreement between us.

Danny: [00:09:33] Okay. Gotcha. Oh, I'll definitely try and do that on this call tomorrow. See if I can get in contact with that attorney.

Jim Sullivan (Host/Coach): [00:09:38] Perfect. Awesome. All right, sir. we appreciate you as always.

We got a full queue guys. Good job. Next up is phone number ending in zero three, zero nine. You're up next. Motivating Sellers With Distressed Property [00:09:49]

Christian: [00:09:49] Hey how's it going guys? This Christian here in Chicago. How are you guys?

Jim Sullivan (Host/Coach): [00:09:52] Great. Christian. How about you?

Christian: [00:09:54] Doing great. I started making some phone calls. I started using you guys' service back in September.

And I was able to win on the first list that I received from what 60 leads on a stern, because our Cook County is divided in three different sections. Therefore, when I made a first phone call, when the first few leads, I was able to get an appointment and she came in into my office, we did whatever we had to do.

She's just not moving forward. She wants to keep it, but the property's in distress. I guess my question to you guys is what will be the best way to approach it, to make her kind of sell the property, which she was leaning more towards. And then I don't know where she decided.

Jim Sullivan (Host/Coach): [00:10:25] Let me ask you, what kind of distress is she behind on the payments?

Is it rundown? Is it vacant?

Christian: [00:10:30] So she and her, she pretty much inherited the property because her mom passed away and she passed away from COVID unfortunately. And therefore she's going through probate right now. She's saying, I didn't want to get to involve and advise any legal. Legal aspect on that, but more importantly, she was interested in selling and she was like, I'm looking to get $60,000 for it if I can just cut my losses, that'd be great.

Or if you can get me a better offer in terms of putting on the market, I'm willing to go that route. And just out of nowhere, she just decided not to move forward. So I don't want to push her, but I know the property won't qualify for a mortgage that I do know. It will be because the amount of work and she doesn't have the money to put into it either.

Jim Sullivan (Host/Coach): [00:11:07] Sure. Sure.

Bruce, I'm sure you have good answers. I, Chad always says find the pain point, I completely understand how you feel. let me ask I mean can you afford to have the house sit there and, and get more disrepair and possibly sell it for less later? You could talk about the first thing we do need to do is post to no trespassing. if you, if the squatter comes in there and you have to evict them, you can end up, I'm assuming the place is free and clear, or is there a mortgage on it?

Christian: [00:11:31] There is a mortgage $50,000.  Her daughter lives at the property right now.

Jim Sullivan (Host/Coach): [00:11:36] Oh, okay.

Christian: [00:11:37] Living there at the moment.

Jim Sullivan (Host/Coach): [00:11:38] Gotcha. Okay. I think. You need to probably get that clear. Does her daughter want to remain there? Is that part of the issue or do you know?

Christian: [00:11:45] She wants to hold a property as as an investment, which is weird because this property is, as an investment point of view, it makes no sense because it requires too much work.

Bruce Hill (Coach): [00:11:53] So Christian, has she told you that she does not want to sell, or are you assuming that she's gotten cold feet and decided not to sell?

Christian: [00:12:01] She said she wanted to sell originally depending on I gave her a CMA and would have potentially can sell points. So I gave her kind of two options.

A I have somebody that's looking to buy it the way it is. This is the price, and this is what we think we can get for the property. If we're putting it out in the market, we do say like the wholesale situation. And this is like a two-part question, like in wholesale that I was going to ask next, Is there a disclosure, do you guys use, I know every state is different from where it, as an agent, we don't want to get in trouble by, not looking out for the best interest of our clients, if they decide to take the low offer.

And obviously we end up selling it for more. So another agent, does that make sense or, yep.

Bruce Hill (Coach): [00:12:37] Yeah, it makes sense. Let me go back to part one of the question before I mentioned anything about a disclosure. part one, I think it really, what I was driving at a second ago is whether she has actually told you that she's gotten cold feet and decided not to sell.

Or whether that's just what her actions are saying. If her actions are saying that, then I'm going to have a conversation with her and I'm going to, I'm going to be pretty Frank with her and I'm going to say, Hey, look, you know what? I don't know what is best for you. but. What I do know is a lot of people just out of confusion and overwhelm, they end up just getting stuck and I want to help you not be stuck.

I want to help you make the decision that's best for you. Even if that decision means that you do hold onto the property as an investment, and then walk her through a series of questions where you can begin to number one, understand for yourself, and number two, help her understand what's more painful.

Is it more painful to keep the property, or is it more painful to sell the property? there's pain both ways, but which one is going to cause her the most pain in the long run? Okay. is it because she has a daughter living in the house? Is it because she thinks it's a, is it just because she's sad that might be what it is.

She doesn't want to make the decision yet that she's damaging herself with a mortgage that she's paying and no income coming in on the property. And when you start to, maybe ask her, okay, give me say something like this. Give me. one of the main two reasons that you would want to sell, and maybe she says, we've got this mortgage.

And, and I don't want to keep paying this mortgage and then say, okay, tell me a little bit more about that. So you take her down this funnel of explaining at a deeper level, what that pain is gonna do. Okay. And what, what happens if you. If, how long can you continue to carry that mortgage?

And she tells you, and then say, okay, what happens if you don't get a renter in? Okay. What's the worst thing that could happen to you? Just take her down this funnel, where she begins to enlighten herself because she probably hasn't even asked herself those questions yet. And she needs to be able to ask yourself those questions, but she's in the moment she's wrapped up in it.

So she's not able to separate herself and ask the right questions to really understand her own motivations. But in order to do that, you are going to have to lead into that by saying, Hey, you know what? I want to help you. No matter whether it's good for me or bad for me, I want to help you understand what your next move is because.

Doing nothing is probably the worst thing that you can do.

Christian: [00:15:10] Okay. Okay.

Bruce Hill (Coach): [00:15:11] And Jim, I don't know if we have a disclosure. I haven't seen a disclosure for an agent wholesaling, a property. If I were wholesaling a property, I would just sit down and draft up a simple disclosure saying I am a real estate agent.

I have presented you an option to list. And you feel like the option to, put it in contract with me is the best I am probably going to turn this over to another investor, assign another investor and, and just, it doesn't need to be long. It just needs to be something that's. pretty short and explains that yes, she had an opportunity to list that you didn't twist your arm to, go in contract with you and that you are going to try to flip that contract.

And that should cover you .

Jim Sullivan (Host/Coach): [00:15:51] A very smart attorney years ago, till you told me, make sure everybody's intentions are very clearly stated and it's not ambiguous. Now having said that, whatever you're going to use, please run it by your broker. They should be, that should be your last filter because some brokers have zero risk tolerance and others are, maybe more common sense based.

But in also, I know we've talked about it before it's not absolutely necessary, but it's not a bad idea to have a separate entity just for your flips. And like a single member LLC is a good vehicle for, just for your flips in your wholesale deals where, you probably still are going to disclose that you're the owner of that entity, but it would just really isolate your liability of if anything does happen or something.

It's probably not to do it better to do it, not in your own name. if you can avoid it, use a corporation or an entity.

Christian: [00:16:41] Got it. Cause I know a buddy of mine, he buys a lot of properties from a wholesaler and these properties are in distress. Homeowners are like no foreclosure and they pretty much, buy it as is no contingency is like 20% earnest money and that's not refundable and they have to buy it the way it is.

I'm just trying to link these in the kind of disclosure. I haven't been able to come across it. I just wanted to see if anyone. Here in probate, which, sounds like a lot of people post up to if they ever come across with disclosure like that.

Jim Sullivan (Host/Coach): [00:17:07] Yeah. Yeah. If anybody does, they want to send it to us.

And again, once you get it, run it by your attorney. I'll tell you what. As a wholesaler, I just ran into a situation in the house across the street from my son who's for sale and it got to go. And by the time I called him, he had four written offers from wholesalers. obviously work in death certificates and they were all a hundred dollars deposit.

You know what your strategy there. If I was a full-time wholesaler, I would do exactly what you just said. If you really intend to buy the property for that price, or if you really are confident enough that you can wholesale it, you maybe don't need to put 20% down, but put a thousand dollars down, put enough.

On the offer that it, you look serious, a hundred dollars deposit is too easy to walk away from. So try to be a little bit different than the other wholesalers and will make you stand out for sure.

Christian: [00:17:51] Okay.

Handling Common Objections In Probate Cold Calls [00:17:52] And then can I ask one more question or we're short on time? Sure. No, you're good. Go ahead.

Okay. So one of the leads that I contact yesterday, one of the objections I received was this is the first time I hear this. I've been here, a lot of your podcasts. And he said, what makes you think I can't do it myself when it comes to the probate and the cleaning out the house. And then the other objection I received was they have an agent and then the third one will receive was my attorney is handling everything and I pretty much got stuck on all three.

The agent, I understood. He said it was a family agent. And then the first one was like, I can want me to think I can't do it myself when I. And the way I responded to that was, this is where I see a lot of families, be very successful in, and this is where I hear a lot of families struggle because of the amount of time and effort and everything that comes along with it.

But I didn't know what to say after that, when I mentioned that and then forgot where the conversation went, but, those are the few of them that the biggest objections that I've seen so far.

Bruce Hill (Coach): [00:18:44] Sure. yeah. So what makes you think I can't handle it myself? now I don't think that, I, some people want to handle this on their own and other people want a, a team member to do it alongside.

it depends on whether, whether it's valuable to you to have somebody take that stuff off of your plate. If it's not, by all means, I'm happy to make you an offer on the house or help you sell it. But, but if you don't want help cleaning it out, that's fine now. And then I'd say, I know that, if I want to do business in the real estate world, With someone like you, that I need to offer more services than anyone else, because I want to give you so much value that you almost don't feel like you have a choice, except for, to see what I can offer you.

Okay. Now, in my world, in my introductions, when I'm having conversations with, with PRS, I don't generally get that because I rarely, I rarely tell them what I do. For them. I tell them what I do for other people. So I'll say, look, I don't know if what I do is going to be valuable to you, but the people that do find a value in the service I provide have told me things like Bruce we're struggling with the clean-out.

We don't know who's going to take what property, how we're going to get rid of things. Honestly, it's just an overwhelming job. And they tell me things like. repairs and maintenance or something that I don't have time for in my own life. And, then they might say something like, we don't know what we're going to do with the real estate.

Are we going to sell it? Should we sell it to an investor or should we list it? And then I'll just turn it back on them and say, I don't know if any of that resonates with your experience, but if it does, should we talk a little bit more that at the end of, yup. Go ahead. Go ahead. Finish up. Okay.

All right. So the, that person doesn't feel like I am, I'm selling them, believe me, that's by design and I am selling them with every step of the process, but they don't feel like they're being sold. They feel like I'm describing someone that's in their situation, but I'm not saying you need this and you need that.

I'm saying someone else needs this and that. And if you're like that, should we talk a little bit more?

Tim Yandell: [00:20:52] Yeah, it's also great too. If somebody says something like that, to realize that they may be, subconsciously bragging about their capability. And it's also good to grab on that and turn it back the other way, which is to say, that's great.

It's obvious that, you are very different from a lot of the people that I talk to because most people don't have much experience doing this and do require some help or find it a benefit. If somebody tells you that in a defensive way, compliment them on it as well, it's always easier to compliment somebody who's telling you something negative than the other way around.

Christian: [00:21:25] Gotcha.

Bruce Hill (Coach): [00:21:26] So the attorney question, that was an objection that, that won't be the last time you hear our attorney has taken care of it. What we know is that the attorney probably isn't handling everything. The attorney is most likely only handling the legal side and maybe referring them.

But when I get an objection like that, and this is only one technique you're going to hear multiple different techniques and ways of handling objections. I normally like to use it as an opportunity to number one, reduce someone's guard. Number two, pivot to the real estate conversation because there's a dirty little secret in my business.

I honestly don't really want to go in and clean a house out. I offer it. Because I know that it's a value to them and ultimately if I get them what they want, they'll get me what I want, but I don't want to be and cleaning houses out and cutting grass and cleaning gutters. And so if somebody immediately says, Hey, we've got it all handled or our attorneys taking care of that, I say, okay, that's great.

I do what Tim just mentioned. I praise and validate that objection. It's the complete opposite of what they're expecting. They're expecting you to attack it and try to handle it. But if you praise and validate it drops their guard a little bit and say, obviously you're not going to need help in those areas.

You've probably pretty experienced. Do you mind if I ask you a really quick question before I let you go, though? Were you guys thinking about selling the real estate or were you guys thinking about holding onto it? So you validate to get the guard dropped and then you pivot into real estate question.

Christian: [00:22:50] Okay, that makes sense. And then the agent part, the only reason I imagine I'm w I don't, I didn't want to mention that I'm a real estate broker, but because I was thrown out by so many of these objections, and I'm sure this is common, and I'm just not used to it yet. It's just, I had no choice, but to go, I am a real estate broker, and I like to tell my clients, and this is a resource that I provide, because I know how stressful it is.

And, I'm a connector and this is what I do.

Bruce Hill (Coach): [00:23:12] That's perfect by the way. Yeah. Don't be ashamed to tell people that you're in real estate. The last thing we want is for the people that we're talking to not have any idea what we really do know a lot of times I talked to people and we'll be role-playing at the end of the role-play or halfway through the role-play in my mind, I'm going, they really haven't told me what it is that they do or what's in it for them.

So I don't shy away from telling someone at some point in that conversation that you are in real estate and that you're doing these extra services so that you can provide so much value that you also get a shot to interview for the job of selling their house. Now, if they say I have a real estate agent and I'm sure Jim and probably Tim have an answer to that.

I go. Okay, great. perfect. I'm sure. I'm sure they're experienced in the probate space. And, Would you be open-minded or would you consider interviewing anyone else that might provide a little bit different service? Just see if they're open to it. Most people consider themselves to be open-minded.

And by framing that question in a way that it slightly implies that they're not an open-minded person, if they say no, you'll probably have them say, yeah, I consider it. It doesn't mean you're going to get the job. It means that now at least you've got a foot in the door for the interview.

Jim Sullivan (Host/Coach): [00:24:26] While you were saying that Bruce had occurred to me. If you ask somebody, are you open minded enough to anything? It's like everybody, like you said, something very important that everybody wants to be thought of as being open-minded. So it's pretty, it's hard to say no, to whatever, whatever follows that.

That's a really good way to put it. Yup. Excellent.

Christian: [00:24:44] When they say they're, when they say they're open-minded and try to set the appointment and then and there, or try to follow up later.

Bruce Hill (Coach): [00:24:50] Depends on how far out they are. Okay. preferably before they say that, you found out what their timing is. If they're a ways out, I might say, Oh great. Let's if they're four months out, say why don't we, why don't we do maybe a zoom interview and just have a little preliminary chat.

And talk about some of those services that I could give that your other agent might not be giving you. Could you meet with me in two weeks? we can either do it at the house or do it over zoom. And that's probably the way I would lean if I was getting too much resistance and they were still a long ways out.

obviously, if they're going to list next month or in two weeks, you need to get it, get to the house. It's imperative that you do that. if they say they're open-minded to it, but if they say they're open-minded, you can take the wheel and drive that bus wherever you want it to go.

Christian: [00:25:33] Okay. All right. Cool.

Jim Sullivan (Host/Coach): [00:25:34] We appreciate you. We got eight more in the queue. We're going to try to get to everybody as always, if we don't just contact us right after the call, we'll get back to you.

One-on-one next up is phone number ending in three zero four zero. You're up next.

Voicemails, Contact Rates and Best Time For Real Estate Phone Prospecting [00:25:47] Kathy: [00:25:47] Hi, this is Kathy. I've got several questions. I'm having, some issues. One of is the biggest thing is that when I call people, I very seldom get anyone to answer and I've been trying to call a different time and I get the same results.

And some of them, of course, allows me to leave a message. So should I be leaving messages or not?

Bruce Hill (Coach): [00:26:07] Yeah, this really does go to the, it depends category. If you're calling once a month, leave a message. If you're going to call three to seven times in that first month, you might skip the message the first couple of times.

And then leave it starting on your third call, which, which is generally I try to coach as many people as into calling at least three times a month. Okay. At least. so if you're going to do that, I would probably skip a message on your first two calls. Leave it on the third. Maybe skip the fourth, leave it on the fifth so stagger those. cause there's still a chance that they are going to call you back. If you don't leave a message those first couple of times, the other thing that you're calling, if you call, make note of the time that you called, and if you make a phone call and you're trying to get them at two o'clock in the afternoon, next time you call them in the evening, make sure that you're varying those times.

That's going to increase your likelihood of success. Because if they're working a job, you don't get them during the day. Then you need to call them later and you gotta realize that most PRS are working somewhere. They're generally not at home during the day. So you may have to adjust your calling time to make sure that you reach them.

Kathy: [00:27:13] Okay. That's a good idea to me. Now, do you also suggest I do put the star 76, so they don't see my number or.

Bruce Hill (Coach): [00:27:22] No. you're not leaving a message. You want them to see your number because there's a chance that they will call it back just out of curiosity. Okay.

Kathy: [00:27:29] Now the other thing is I thought, in the training that that a, executor could not sign a contract with them until they received that letter testamentary. Now I was told by another, another person he says, it's not true. They can sign a contract. They just can't close. So I'm wondering which way is correct.

Jim Sullivan (Host/Coach): [00:27:49] I would just say, Hey both are, you can sign a contract any time.

It just might not be valid if it was questioned. If you meet with the PR, doesn't have the letter of testamentary yet you can get a letter of intent or you can have him sign something, but if he tries to get out of it, it's not, it's probably not valid until they get the letter of testamentary.

Would you agree with that, Bruce?

Bruce Hill (Coach): [00:28:08] I would agree. Yeah.

Kathy: [00:28:09] Cause I've seen a lot of agents doing that.

Bruce Hill (Coach): [00:28:11] Yeah. They just don't know better.

Kathy: [00:28:13] Okay. Now I, have found out and I do this, that I can go into, our my court records on the internet and I can pull up the case number and I can see what's going on. So if they take that's what I'm good for that I know they take in a such and such, or that testamentary letter could be following soon.

My question is should I try to in the conversation when I do get ahold of them, I see the testamentary or maybe coming soon or not let them know that. I know that.

Jim Sullivan (Host/Coach): [00:28:40] No. I don't see any reason that you wouldn't want to appear as knowledgeable as possible. Do you Bruce?

Bruce Hill (Coach): [00:28:45] It depends. I hate to keep saying it depends, but it depends. if I have someone that's being resistant to me, I'm probably gonna make statements and give them an opportunity to correct me.

If they're the type of, if they're skeptical person that resists answering questions, that skeptical person, a lot of times will answer a question. If it's phrased as a statement and they have a chance to affirm or correct, you. But if it's someone that is being fairly open and they're reasonable on the phone, then, ask questions.

So instead of making that statement, you already know the answer, say, Hey, do you have any idea when the letters testamentary is going to be coming out? So you'd need to play it off of the personality that you're dealing with.

Kathy: [00:29:23] Okay. I also can see if an account is open or closed.

So I were to know on the ones that are where they dropped the order, would it be worth my time to even try to contact them? Or I'm not? I don't understand why somebody would drop the older

Jim Sullivan (Host/Coach): [00:29:37] They dropped. They dropped the order for the probate. In other words, they dismissed the probate? Yes. Yes. There could be a couple. The only reason I can think of is maybe it's a, some kind of a small state exemption. They found out that they didn't need to file it. It was filed prematurely.

Maybe the owners went down to the courthouse and filed, and the attorney told him, you qualify under the small state exemption. You don't need to file. So they dismiss it. I can't think, I can't think of any other reason. Can you Bruce

Bruce Hill (Coach): [00:30:02] Yeah, the only other reason, and this really depends on the state.

So my state North Carolina for example, is, there are times when, the house is the only thing that keeping you out of the small state exemption, and the court will occasionally allow you to carve the house outside of it. So yes, Jim's answer is correct, with a few caveats because there are times when they opened probate and then they just realized, Hey, we didn't need to do this. that doesn't mean that they're not a good lead anymore. They're probably even a better lead now because you don't have the courts to deal with.

Kathy: [00:30:36] Yeah. Okay. All right. And then of course our, he was, I just came up on me and I'm just wondering, w what would you waste your time on them any more or not?

Bruce Hill (Coach): [00:30:45] On who?

Jim Sullivan (Host/Coach): [00:30:45] People that just hang up,

Kathy: [00:30:46] I say hello. I'm so-and-so the next thing I know, they're off the phones.

Bruce Hill (Coach): [00:30:50] Oh, heck yes. Call them again. you'll say I hang up on people sometimes, when I'm really busy and I'm just not in the mood to deal with it. And then three days later, I don't even remember who it was that called me and I'm in a better mood and I have more time to deal with it.

So by all means call them again.

Kathy: [00:31:06] Okay. All right.

Jim Sullivan (Host/Coach): [00:31:08] Thank you. Next up is phone number ending in four four, two eight. You're up next.

Why You Should Call Probate Leads That Don't Show Real Estate [00:31:13] Tim Madden: [00:31:13] Hey, this is Tim Madden, the Cincinnati. I'm a new subscriber. Hey, Tim. going to quick question on the data I've gotten or state of file for County and, using the mailbox motivator, right?

Probably a plus, I've I was looking through, I'm just getting ready to do some calls. So when I get off of it, call here today, I'll be making my first call. So here, blessed me and wish me luck. A couple of quick questions. So when I was looking through the leads that I was getting ready to call, I did notice, some of them obviously have no real estate and honestly, I'm a real, I'm an investor first.

So I'm not really sure if I'm interested in calling people don't have real estate. any reasons why I should.

Bruce Hill (Coach): [00:31:46] There, I think there are reasons why you should and reasons why you maybe will decide not to, the reasons that you should, our referral opportunities. You're building a team and you call people that need a financial advisor. They need a lender. They need, they still need to clean out crew because I'm sure their loved one lives somewhere.

And so you could turn those into referral opportunities. if you are overwhelmed and not able to really consistently get to the number of leads that you have, then scrub those out. But if you have time and you have the bandwidth, you use it as a chance to refer,

Tim Madden: [00:32:18] Okay. Maybe that would be a secondary, call list.

Then if I have time, I can swing back and work on those.

Jim Sullivan (Host/Coach): [00:32:25] Yeah. And obviously you can still call those. You can still call those attorneys. factor that into, in an activity that being an active attorney, and if you have the bandwidth, you can prospect the attorneys  also.

Tim Madden: [00:32:35] I appreciate that because actually, what's nice about the files is I can actually sort it or filter it by and identify the attorneys that are the most active.

So I've gotten yourself a short list of attorneys by doing that. So FYI everybody else. So that was really helpful. Okay. The other question I have is, Oh, how, what's the best way to really, if I want to get rid of those, no real estate leads. I'm looking at the, the, the tab, the option status tab.

I believe we're where do I best, Filter those out. So if it all ended up on other lists that I, mailed followup letters to.

Bruce Hill (Coach): [00:33:06] So if you're on the options and status tab, exclude from list view. Obviously, you're going to exclude. If you're not going to call them, you're not going to mail them. Let's just assume that you're not going to do that. then you would exclude from mail calls, probate plus, and the list view. and then that way, when you pull your overall your big picture list up, it only shows you those that you haven't scrubbed out.

Tim Madden: [00:33:27] Okay. Great. Great. I got that. I'm looking at it and I see it. the other question I have, I'm a licensed realtor. I'm an investor first, but I happen to have a real estate license. I'm going to start listing some of these probate leads. If I have, when I have the situation, I talked to my broker and he said, this is a plug for you guys, by the way.

he said, if you can identify a front, which ones are already listed and don't mail them. So in a, in a. W when you use probate, plus it actually does identify the MLS listings and that's really helpful by the way. So I just, that's a plug for you guys. If you stay out of trouble, my broker, ah, there you go.

The questions I have was, if the, I'm pretty sold, pending or active, obviously sold it's, it's done. And that's the primary nugget that we're going after. I am anyway. I probably don't want to actually market to those. Correct.

Bruce Hill (Coach): [00:34:12] Most people choose not to market to the ones that have sold. And, Jim, Tim, you guys might want to chime in. So I don't want to, I'll tell you that I don't market to the ones that are sold or don't have, but I don't have the bandwidth to try to dig up the referrals from those people. Basically I'm identifying who's in my strike zone when I go through and I scrubbed my list down for the first time using probate, plus who's in my strike zone and who's not.

And the people in my strike zone I doubled down on and they're going to get a time and Tim can attest to this. They're going to get a ton of mail from me and then everybody else gets scrubbed out. And if I'm going to touch them, it's going to be more for the referrals.

Tim Yandell: [00:34:49] Yeah. One of the things that we're finding more of and it is becoming increasingly important is that there are, there's a higher level of interest from the financial services community, not only in the, financial advisor side, but in the structured settlement and the inheritance and advanced side.

And if you think about beginning to look to significantly, add that to your team. Those are people who very specifically would be quite interested in, at least having their name put forth to the people who have in fact sold, because those are the people that are either been hidden in haircuts or have gotten an inheritance.

So there may be some value in helping with that. And one of the things Bruce often talks about is getting those people to, and potentially help defray some of your costs on mailings. And Bruce was a big proponent as our, we have more mailings rather than less. Because it's doing the work for you. So you may want to think about that as you advance your skillset and you recruit financial people to be part of your game.

Those people pay a lot of money for leads and they would be quite happy to get somebody who just, potentially inherited a, $300,000 windfall to do that with

Tim Madden: [00:36:00] Also with somebody that's sold a house recently. Yep.

Bruce Hill (Coach): [00:36:03] Yup. they probably had life insurance too, there's, there are a lot of people that you could put on your team that would want to have access and want to help prospect to that list as Tim just mentioned, I am a big proponent of having people offset and defray my costs. It costs me very little to, to have probate is a niche in my business because I bring other people in. And, and they pitch in small, sometimes small amounts, sometimes larger amounts to offset some of that cost.

Tim Madden: [00:36:30] Okay. All right. I appreciate that very much.

So the other thing I did notice in the data file, where there a situation where there's corporate owners versus personal versus trust, and personal, I'm going to merket too, but a corporate owners, I was seeking your input on that.

Bruce Hill (Coach): [00:36:43] give me an example of incorporating, like a for example or,

Tim Madden: [00:36:47] like a senior living center. I saw a number of those in the area that I'm in.

Bruce Hill (Coach): [00:36:50] So those are, very untapped opportunity. Somebody who's going to get a lot of business when they crack the nursing home and senior living business and their community.

it does require a separate marketing message and a separate approach that if you could scrub those, those centers out there. Probably not only taking one property over there, probably doing this every month with multiple people. And if you can crack that code and go after them build a relationship, there's a lot of business to be had.

Tim Yandell: [00:37:19] Are you saying that they're showing up as the, in probate, plus it's showing up as the owned residence of that person.

Tim Madden: [00:37:27] No, if I go, I'm actually looking at the file right now. And, let me see if I can find the examples that I was looking at

Tim Yandell: [00:37:33] I'm concerned that you're talking about, the last known address of the deceased?

Bruce Hill (Coach): [00:37:36] No, it shows up in my list as well. It is the actual, current owner of the real estate that used to be in the deceased name. So it will have already transferred. And, so sometimes it a donation sometimes you'll see that the church, churches owns it, a hospital, a senior living center, a nursing home.

It will have transferred about 5% of the time through probate plus I don't want to call it a false positive it'll flag that, the real estate that the deceased owned. But then when you look at the current owner information, you see that last year, it transferred to the nursing home, or it transferred to the senior, senior living.

Tim Yandell: [00:38:14] I wonder if they're doing that to pay, they're doing that to pay the bill. I bet that may be part of it. They may be paying some of that nursing home bill by depleting cash. Instead of trying to sell the property they take needs in the title.

Jim Sullivan (Host/Coach): [00:38:26] That's interesting. Very well could be. Yep. I didn't think about that.

That's a real interesting thing to look at. Hey, I know we've got a lot of huge impact. Maybe we got left, but yeah, go ahead. We've got three, three left. So we may run a few minutes over, but we're three left. We should be fine. Are you good, Tim?

Tim Madden: [00:38:41] Thank you.

Jim Sullivan (Host/Coach): [00:38:41] All right. Thank you, sir. Next up is phone number ending in two five one seven.

You're up next.

Book Recommendation: Exactly What To Say [00:38:47]

Caller 1: [00:38:47] Hi, you too. Hey, I didn't really have a question. I just, in the beginning you were talking about some phraseologies like, because, or things of that nature. And I stumbled across this very short audio book called exactly what to say, by Philip M, M as in Mary, Jones. And he has those things like, the same thing.

I'm not sure if it's for you, but, I just wanted to mention it to the group. I really, I didn't have a question this time, but because you were talking about that, I just, this is such a great. And when you listen to it at one-and-a-half speed, you'll get it done in an hour.

Jim Sullivan (Host/Coach): [00:39:18] Great. Thank you.

Bruce Hill (Coach): [00:39:19] And for everyone listening to this, I've read that book about five times.

it doesn't take any time at all and, there's a paid audio book. It's cheap, but there's also a free PDF version online. If you Google exactly what to say, book, it will show up. And that's a really powerful book with about 27 phrases that you could use in a sales and a sales pitch that builds rapport.

Jim Sullivan (Host/Coach): [00:39:40] Awesome. Appreciate it too. Thank you so much. Good advice. All right. last is phone number ending in four, six 63. You're up last. Using Letter Of Intent to Overcome "My Attorney" Objections [00:39:49]

Caller 2: [00:39:49] Hey, I was thinking back to Danny's first situation there with the attorney. and he was saying, the, the owner or the PR was hesitant to deal with him because of the, the attorney wasn't giving him permission to sell or something like that.

And I thought, is there another way to maybe use a letter of intent and, in the letter of intent, if the owner is willing. Or the PR is willing to just say, if not objected to by the, attorney, we agreed to, XYZ. That way, it puts something in writing. It gets you the conversation going a bit further.

and it, it does give the PR the opportunity, the comfort that, the attorney can object to something, if there's something to object to. But of course, anything else that follows that statement, would hold if the attorney doesn't have any real matter of fact. Objection.

You see where I'm going with the question? Yeah. Yup. For, of course the attorney not forced the attorney to say what's wrong. and if there is nothing wrong, you've got something moving forward.

Jim Sullivan (Host/Coach): [00:40:44] We used to do that all the time.

We wrote a letter. Yeah, I think so too. We used to do that with real estate contracts with the seller. I'm going to run it by my attorney. Okay. Let's put, let's go ahead and put it into contract contingent upon attorney's approval as to terms and conditions, they can't come back and say, my attorney didn't agree with the price.

very similar tactic. that's a great idea.

Caller 2: [00:41:03] Okay. Okay. Thank you

Jim Sullivan (Host/Coach): [00:41:04] All right, guys, good call and we end right on time, which never happens. I want to thank each of you for being here today. We actually had a pretty good attendance considering what's going on in the world. And I want to particularly thank those that actively participated.

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 please come back next Thursday and share your results with the group. Have a great week. Stay healthy, stay productive, and we will talk to you. Same time. Next Thursday.

Take care of everybody.

 

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Thumbnail preview for Probate Mastermind Real Estate Podcast Episode #302

Navigating Probate With Multiple Heirs | Do BBB Ratings Matter? | Hiring Virtual Assistants | + 6 More Q&A | Probate Mastermind Real Estate Podcast #302

Probate Mastermind Episode #302 | Recorded Live on October 29th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Real Estate Podcast, you'll learn how to: Find comps and buyers for land deals; get BBB accreditation and ratings; help international clients set up international trusts; navigate succession laws when homicide is involved; engage leads during Covid-19; find and interview virtual assistants for help with Facebook marketing; and more. Plus, Federico shares two success stories, White applies personal experience to help a personal representative deal with probate quicksand, and DeVaunte masterminds an 8-heir deal with Chad, Jim, and Bruce.

 

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 Real Estate Q&A: Engaging Real Estate Leads During Coronavirus?

Engaging Real Estate Leads During Coronavirus (00:56)

Aline’s probate court is still closed, and although she is working in nearby markets she is still running into a lot of hesitation and procrastination from the leads she is making contact with.  Aline and Chad brainstorm ways to increase engagement and lead flow during Covid-19. Remember, the longer a potential seller holds onto a property without doing something with it, the more they pay in holding costs!  

 

Preview for Real Estate Q&A: Can Personal Judgements Be Garnished From Inheritance/Estate Proceeds?

Can Personal Judgements Be Garnished From Inheritance/Estate Proceeds (13:55)

Danny came across a lead while prospecting who is concerned that proceeds from the estate might be garnished for workman’s comp owed. Chad discusses the scenarios in which funds may or may not be accessible.  Bruce gives suggestions on how to turn this into a referral opportunity and build his B2B network, all while helping the prospect move towards the best solution.

Preview for Real Estate Q&A: Six Siblings Want To Sell; Two Want To Donate The Property To The Church. What To Do?

Six Siblings Want To Sell; Two Want To Donate The Property To The Church. What To Do? (16:45)

DeVaunte is working with a family who inherited a property.  Six siblings want to sell the property, but two others don’t want to.  The two that don’t want to sell won’t answer DeVaunte’s calls, but he’s gathered from the other siblings that they want the property to be a donation for their church. Some of the six siblings have urgency for cash because their own properties are going into foreclosure.  The church also will not accept the donation unless it is agreed to by all 8 siblings. The Church wants to bulldoze the house and make it a lot, and the neighborhood is dealing with some gentrification. Chad, Bruce, Jim, and DeVaunte engineer a solution.

 

Preview for Real Estate Tip: Comps for Land Sales and Finding Buyers for Parcels

Comps for Land Sales and Finding Buyers for Parcels (23:22)

Fed Shares Two Success Stories! He is working with a prospect who wants to sell a parcel of land as soon as they get their letters of testamentary.  How can he price the parcel, find buyers, and get this done? Chad advises how to put this deal together and double end it. Chad walks Fed through getting the land outside of the probate case by getting it into a land trust, quit claiming the asset into it to save on the transfer tax, and then bring the deal to builders in the area as an owner-finance parcel with a commercial rate.

Preview For Real Estate Marketing Tips: International Trusts: Networking With High Net-Worth Prospects

International Trusts: Networking With High Net-Worth Prospects (26:45)

Fed took Chad’s advice to reach out to his sphere of influence, find anyone with $100k or more in assets, and help them get an estate plan/trust in place; this serves the purpose of touching base with old prospects and clients AND building B2B relationships with estate planning attorneys.  Fed came across a high-net prospect with international assets. Chad describes how to make the most out of this.

 

Preview for Real Estate Q&A: How Does Homicide/Murder Affect Inheritance?

How Does Homicide/Murder Affect Inheritance? (30:07)

Diamond is helping an heir navigate a tricky situation; there were three heirs to the property, but one brother died and the sister was killed by her husband.  This is in Arizona, where the sister’s husband has a right to the wife he killed’s stake. The surviving brother lives in another state and would like to sell the property off. Chad guides Diamond on how to navigate this scenario.

 

Real Estate Question and Answer: How Do I Get A Testimonial/Review From Someone I Helped?

How Do I Get A Testimonial/Review From Someone I Helped? (34:07)

Yolanda is helping someone find financial assistance for medical care.  There are no real estate needs, but she’s using this as an opportunity to help someone and network with new professionals in the area.  Can this be captured as a testimonial? Yes, and capturing the testimonial of someone you helped without making any money out of it can be extremely powerful for building trust, value, and credibility in future marketing.  Bruce gives one key piece of advice here.

 

Real Estate Question and Answer: Using Google Voice Number As Your Caller ID

 

Using Google Voice Number As Your Caller ID (35:16)

Yolanda Asks: Can you have a Google Voice number display as the caller ID? Yes, sure can!

 

Real Estate Questions and Answers: Best Way To Find Virtual Assistants For Real Estate Marketing?

Best Way To Find Virtual Assistants For Real Estate Marketing? (36:03)

Caller is looking to hire some help for real estate admin and marketing tasks.  Who do we recommend? Chad gives his recommendations and some advice for setting expectations.

Chad’s Recommendation: Daniel Ramsey’s My Out Desk Service

 

Real Estate Tips: Following Up With Probate Leads: Beating Objections With Value

 

Following Up With Probate Leads: Beating Objections With Value (40:04)

White broke through to a probate lead who didn’t want to keep getting his letters (She called him an Ambulance Chaser!).  Well, he called her and followed up with her and got her to open up about what she’s dealing with. White found out she isn’t stressing the probate at all - She isn’t even thinking about it! She’s really caught up in the emotional part of losing her mother.  What can he do from here?  Chad recalls how White got started in Probate Real Estate in the First Place; he has a personal story of his own. Chad and White mastermind on how to move forward in conversation with her.

Real Estate Questions and Answers: Is It Worth Getting A BBB Accreditation? What Are Some Ways To Get A+ Ratings?

Is It Worth Getting A BBB Accreditation? What Are Some Ways To Get A+ Ratings? (43:33)

Caller is an investor and is looking for advice on obtaining a Better Business Bureau rating.  Is a BBB rating worth it? How do you get a BBB rating? Chad answers.

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast Episode #302

A.I. Voice 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 each week 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. Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community: https://facebook.com/groups/AllTheLeadsMastermind

Jim Sullivan (Host/Coach): [00:00:33] Welcome phenomenal agents and investors nationwide today is Thursday, October 29th, 2020. And this is mastermind podcast, number 302, and we do have a very full queue right now. So let's get to our first caller. First up this week is phone number ending in four eight zero zero. You're up first.

 

Engaging Real Estate Leads During Coronavirus [00:00:56]

Aline: [00:00:56] Hi there. It's Aline and, I just wanted to get some advice. I primarily use probate as my main lead source and, unfortunately I'm in a County that still hasn't opened up yet. And I have, gotten a lot of historical leads, gone into some other counties, but I'm starting to get like further and further away from, my main area, which is making it a bit more difficult.

and I've followed up on leads that I've had and gone back to them numerous times. So just reaching out to see if there's any. Something that I haven't maybe thought of, trying to stay in the world of,  my probate leads, while I'm still waiting for the County to open.

Chad Corbett (Coach): [00:01:42] And are you making contacts or you're just, you've made multiple follow-up attempts and haven't made contact? Are you asking how to make more contacts or how to serve those contacts?

Aline: [00:01:52] Oh, I see. That's a good question to my question. I have made some contacts,  while I'm going back.

So meaning if I've called and I haven't gotten answers and I still, I'm still trying to reach out to the same person, so I go back and reach out to them again. And then there's some that I guess to answer your question, both.

Chad Corbett (Coach): [00:02:11] Okay. And on the ones that you're making contact with, help me understand their objections or apprehensions,

Aline: [00:02:17] Just still not ready, or, I've come across quite a few that are holding onto the property.

And just, even if it's not a primary residence, they're holding onto it for a while using it. Other family members utilizing it, but it doesn't sound to me like it's a long-term type of thing.

Chad Corbett (Coach): [00:02:35] Usually not. Okay. So what I really wants you to listen for when you make a contact anytime. but especially in these times, any little chink in the armor that allow you to serve them can be the opening to you, motivating them to do what they know they need to do.

They just, haven't gotten to the breakthrough point where they're comfortable doing it. And oftentimes that's the case when people say, Oh, we're going to keep it in the family. They don't realize that, all the pitfalls that can come with that. So one of the ways you can keep yourself in the loop and have a good reason to follow up.

Often is get them a lawn care service, get them landscaping, get them gutter, cleaning, prep, power, washing property management services. anything that you can think of, anything that any need that you can uncover that the fan, the family member moving in, or, maintenance issues that are required before that family member moves in, it creates a lasting impression, right?

So when they do have a breakthrough, you're the first and the only person they think of. So there are little things like that we might not always be doing that can make a big difference. And it usually comes back to you in the form of a come list, me call because they think, Oh, our cousin Joey's gonna move in.

He's got a good job. And he'll be a good boy to have in the house. He'll take care of it. And then cousin Joey, doesn't pay rent the first month and then he doesn't pay it the second month. And then they realize all of a sudden, wait, we're subject to landlord tenant. we don't have a lease to uphold in court, so we have to go and then the pain really starts.

It just understand that a lot of times when families hold homes, it doesn't go as they planned, whether they're leasing it or letting a family member live in it. Oftentimes if they do sign a 12 month lease, we want to be there at month 10 because that's usually when the pressure has gotten so great.

They realize they're not really making money. It's just, one more headache and one, one single family home is not an investment. When you get to 10, then you've got a portfolio and it's an investment, but one single family home rental is just a pain in the ass, frankly. So a lot of times they feel that.

After they've already put themselves in that situation. So it's just the way you can put business out in front of you by making a lasting impression on them. how many of them are, how many objections are you hearing that are? Court-related like our attorney told us not to do anything just to wait or, w we have a court date, but it's in four months.

Are you hearing that in your market?

Aline: [00:04:52] Yeah. I'm actually, I'm not hearing that so much. surprisingly, because, we can't access into the surrogate court, not so easily, but I'm not hearing that so much. I  often hear. more like the stress, the stuff in the house.

So I do have pretty good solutions and resources for that, and good reasons to follow up with it, in ways to help people. And I find, I find that quite often where people are just stuck because of their stuff or the stuff in the house.

Chad Corbett (Coach): [00:05:21] I want to give you a statistic. And I would like to see you craft your own language to wrap around us and use the way fit.

But the average family in the United States spends three to 8% of the gross estate value on probate. And a lot of times the range is dependent on how long probate remains open and how high the legal costs and the carrying costs become. So you might phrase that in a question as oil and tell me, knowing that it can be anywhere from three to 8%, would you rather be closer to three or closer to eight?

It's an obvious rhetorical question, but I want to get an emotional response from them. What the hell? My attorney didn't tell me that, because now we're having a conversation, right? Excuse me, another statistic that you can use, even if they don't know what they're going to do with anything, they know they will eventually get a distribution.

And on average, an American family will spend not invest. I'm carefully choosing my words. We'll spend 100% of the inheritance within an 18 month window. So they don't, they didn't have, the family didn't have a plan. So they ended up in probate and they likely don't have a plan for how to preserve it, generational wealth versus spending in a way and transitioning that to someone else's family.

So you can use some of these statistics to nudge people to think about it from a different perspective, because they're probably like. If they're a typical American, they don't have a very high level of financial education. They don't think about the world that way. So if we can get them to view it through that lens altruistically, we're making a difference, right?

We're helping retain generational wealth for the clients we serve, but it also a nice side effect is it really gets people's attention. when you create fear of loss, you're activating the amygdala and you're speaking to that person. Like they can't help, but like they can't hide that.

So see if there's a way you can use those statistics or just, just fear of loss to break through and get them to talk. Because when they start talking, you get the real story and it's we told you we weren't going to do anything, but it's because cousin, Joey. Set up a meth lab on the back porch, and we don't know what to do.

We don't want him to go to jail, but, and you get these, you get the real story. so that's what I would say is when you're making contacts really focus on how can I serve this person, whereas a chink in the armor that will allow me to get through and trigger a desire or fear response. So I have a more direct, more, engaging communication with this person and.

Not everyone. You're not going to find that opportunity with every single one. But if you're thinking about that, if that's what's front of mind, when you pick up the phone and take that deep breath, you'll find more opportunities. Cause you'll find more, you'll find more opportunities to serve them, which will result in them, trusting you more and reaching out to you when they're ready.

Maybe that's today. Maybe that's next week. Maybe it's when cousin Joey actually blows up the back porch.

Aline: [00:08:07] Yeah. So I guess with the resources that I have, the second quick, second part of my question, which that's for the people that I'm actually making contact with, and it's not necessarily now business. I've had success with probate as now business meaning obviously when there's, when I'm reaching more people and maybe I'm just, thinking this in my mind and that's not reality, but when there's fresh new leads, I have more of a chance of that happening as opposed to just constantly help going back to the same old leads.

And that it's not feeling like I'm able to get now business from it. Like I've exhausted that. And so that was part of my question. Is that, am I, is that true or is that thought correct? Or am I, if there's something that I'm not tapping into to create it into now business,

Chad Corbett (Coach): [00:08:59] It's absolutely true, but I don't want you to focus on it.

So I don't want you to think, Oh, I'm missing tons of opportunity. Cause my courthouse is closed. I want you to think, how do I optimize my campaign to get a higher engagement rate, to get an ROI on what I do have control of because we can, I can't change it and neither can you, So as far as optimizing.

And your current efforts. a friend of mine, who's probably on this call grant Cox is a subscriber of ours, and I have been mentoring him and challenging him because he responds well to that. He's an action taker. He probably has done the best job that any of our subscribers have ever done it, making an introductory video for his service.

And he posted it yesterday asking for criticism and the Facebook community and A;l The Leads Mastermind. And the beautiful thing about that group is even when you ask for criticism, you get support and reinforcement, but I encourage you to go look at Grant's videos. And I challenged him to go stand in front of the County courthouse on a quiet day, because in their mind they have a familiar image.

They've been there. So it's in their reticular activating system, right? They it's snaps when their brains, so he's out there Oh shit, I was there last week. So that's the yeah. Interruption piece. It works on. If you want to run that as a Facebook ad, it can work. If you want to send it to the attorneys and just say, Hey, I don't want to harass you.

Clients, but please, if there's anybody who's procrastinating or anyone that could use some help, please let them know that there's a vertically integrated solution here in the community that picks up exactly where your service leaves off. We don't have it. We consider you a member of our legal team.

And we will handle everything from the service side and try to, if you don't have the skillset or the ability to sell up as a social media campaign, email it to the attorneys and say, Hey, could you please spread this around with people that you think needed to hear? Yeah. Most, but it's, this is, a quieter time for you.

You've got probably have the mental space and the calendar space to get out there and do that. It's uncomfortable. That's why. Most people don't ever do it, or they don't do it well. And just, try not to script it, give yourself some bullet points and be sincere, look into the camera and talk to them like you would,  if your sister just said, Hey, my friend just lost her mom, can you please help her?

Whatever you would say to that person is what you say to the camera. No different. Yeah, that they're more casual and authentic the better, but you can use that video on these calls. We've talked about before. if you take your existing probate leads, upload them into Facebook as a custom audience, and you're going to match on first name, last name, email address, mailing address, and all five phone numbers.

You'll get about 90% match rates and you could either figure it out or find someone to help you run that Facebook video campaign for. Four, if you do it as a video watch campaign, you can get results. You can get, as many as 25 daily impressions for pennies. It's just a way to put something out there.

That's not high pressure that builds awareness about your brand. And just we all like to laugh about and make fun of the personal injury attorney billboards all up and down the interstate. But when your car. Piled up against the Jersey barrier. It's pretty damn handy that you can see it right there.

Because you're like, all right, I gotta call this guy and make sure I'm protected. So yeah, when they feel they need help, the most, that's a way to be yeah. In front of them at that moment on every device they own. And we all are. now more than ever attached to those 20 hours a day. So that's another suggestion is think about the different ways that you can market to the leads that you already have through attorneys, through nursing, home employees, through registered investment advisors, through senior moving companies, through estate, sale companies, anyone who has.

Contact with folks and the end of life phase and the transition phase. if you don't or if you, if the people, you, if the other business owners in your community, don't have a clear understanding of everything you're capable of that is your priority until your lead flow comes back. So instead of feeling frustrated, work on.

Plan B, which is building your long-term referral network and making sure that you have good content that educates them on what you do. So they don't have to forward the content to your prospects. All they have to do is remember that they watched it and they got value from it and go, Oh, you know what?

there's a lady here in town. I actually got an email from her a couple of weeks ago. She does everything that you need. you could make one phone call. let me find her info and I'll send it to you. Like you get the endorsement, So I think that's my best idea for a good use of your time right now, while you've got some quiet time and can really think that through those are the two things I would suggest.

Aline: [00:13:29] I appreciate it. Thank you. Thanks so much, Chad.

Jim Sullivan (Host/Coach): [00:13:31] All right. Love your positive attitude. Aline New Jersey is starting New York and New Jersey are  coming back. hopefully you'll be back soon. I will tell you, when you come back, you're going to have a backing. You're going to have a large number of leads. We found that in most of our markets, so hopefully you'll make up for lost time.

But thanks for participating. We appreciate it. Next up is phone number ending in one eight five, five. You're up next.

 

Can Personal Judgements Be Garnished From Inheritance/Estate Proceeds? [00:13:55]

 

Danny: [00:13:55] Hey guys this is, Danny how you doing

Bruce Hill (Coach): [00:13:57] Doing good, Danny how about you?

Danny: [00:13:59] I am doing well, guys, I just have a quick question for y'all. So I came across the area lady yesterday that hit me with a question I have not heard before.

I dunno if it so much relates to the probate process she's  going through right now, but it might.   She asked me if she has to pay back her workman's comp after the settlement or the process is over. I've never heard that question before. I figured I'd shoot it to you guys.

Chad Corbett (Coach): [00:14:23] Does she have  a summary judgment against her?

Danny: [00:14:25] I don't know, to behonest, I'm not too sure. I tried to getting as much information about it as I could but she didn't give me that much information besides that general statement.

Chad Corbett (Coach): [00:14:34] If she has a judgment recorded against her then the state has the right to garnish your wages or access any income that she has. So it's very likely they could have access to it.

Danny: [00:14:43] Okay. Okay.

Chad Corbett (Coach): [00:14:44] If it, the only protection to that would be, if it were in a QRP, a qualified retirement plan, such as a 401k or a solo K or a SEP IRA.

I think that's the only protection, like if she inherited the IRA and left it in that entity, Then it would probably, it would be protected under retirement account protections. But if it comes to her as cash in her bank account and they have a judgment against her, then they can likely take that money.

Danny: [00:15:11] Okay. Gotcha. All right.

Bruce Hill (Coach): [00:15:13] Danny I'll throw in say that, this is kinda, I've never heard that question before either. but, this is a good opportunity to go out and use that relationship as bait to catch yourself, A good workman's comp attorney. They're not probably not going to refer you probate leads, but every good attorney that I have a relationship with always leverages into some business somewhere.

So use this example, in the future on future calls, even with the same person, find out, see if you can gather a little bit more information by just. Asking a series of good questions or directing her to explain a little bit more, especially in an area that you don't have any expertise or experience in, a simple follow up to, tell me a little bit more about your situation or tell me more about that.

We'll usually let them open up and you'll learn a whole lot without having to reveal your ignorance on the subject, by just saying, Hey, tell me a little bit more about that or how does that make you feel or what do you think that they're trying to do? get them to open up and share a little bit more.

And then I just take the relationship, ask if it's okay. You'd like to connect her with a good, workman's comp attorney and, and go find one. so you use her as bait. Get yourself a good another attorney relationship. I guarantee they probably know estate and probate attorneys too, that they could introduce you to.

So you can leverage your relationships into additional relationships for yourself and your business.

Danny: [00:16:33] Gotcha. Awesome. Great I just wrote all that down too. So I'll be sure to do that.

Jim Sullivan (Host/Coach): [00:16:36] All right. Thank you, Danny. Appreciate you as always next up is so number ending in two, two, five, seven. You're up next.

 

Six Siblings Want To Sell; Two Want To Donate The Property To The Church. What To Do? [00:16:45]

 

DeVaunte: [00:16:45] Hey, how's it going everyone? My name is DeVaunte Martin. I am in the Greenville South Carolina market.

Jim Sullivan (Host/Coach): [00:16:50] Yes, sir!

Bruce Hill (Coach): [00:16:51] Hey DeVaunte!.

DeVaunte: [00:16:51] Yeah. I have a pretty difficult situation on my hands. This particular property is post-probate, it already went to probate. There's about eight people on the deed and, six of them want to sell.

But the last two don't want to tell because they have bad blood with the six other relatives. Is there a way I can, get them off the deed of the property or I'm pretty much a, it's a dead end for the most part.

Chad Corbett (Coach): [00:17:17] Did they inherit it through a will or through state succession law? Do you know if there was a will.

DeVaunte: [00:17:22] That was no will,

Chad Corbett (Coach): [00:17:23] Okay then you're pretty much stuck unless you can get them agree to sell. other than litigation there's, you can't make somebody, so an asset, you can Sue them and try to force them to, but that's costly and expensive and will probably exacerbate the problems that are causing them not to want to sell anyway.

DeVaunte: [00:17:40] Okay. I was hoping I do an adverse possession or something, but,

Bruce Hill (Coach): [00:17:43] Oh, Devante, have you spoken with the two that don't want to sell? No, I was going to knock on their door and try to talk to them cause they will not answer my phone call. I got it a lot of times. it's a simple third party and it's not always, but many times it's simple third party.

If, especially if you can get the two that agree with each other, the two that don't like the others. On the phone or face to face together and just ask them what's going on, ask them what their experience has been like. They'll open up and create a lot of rapport with you. If you can get in front of them.

And many times, they.  are doing this despite themselves, either they're hurting themselves and, by asking them if the relationship was good with their other siblings,  what would they like to do? So let's assume let's pretend that your relationship hadn't gone South with your other family members.

What would you guys be doing with this property and kind of bringing them back into that alternate reality will reveal what they would really like to do. And if the answer is we. We'd like to sell, then you say, okay, are you willing to hurt yourselves by holding onto this? Just despite the other relatives.

And, and normally the answer that's going to be no, but you really need to get on the phone or face to face with them. And preferably the two of them you'd like to meet the two of them together at the same time. cause they already have rapport with one another. They like each other, at least we hope.

Chad Corbett (Coach): [00:19:05] All that is good advice and exactly where I would have. I would go with it too. I use a little bit different tactic though, just to give you a different perspective on it. So the only thing linking them to probably the most painful relationships in their life. Is the house and their ego is using that as leverage, right?

Bruce said to spite them and a question that someone asked me once it was a broken, we were in a pissing match over principle and a buyer's agent had done the wrong thing and I was in the right. And I did not want to let, I didn't want to go of that. And my broker looked at me and said, Chad, do you want to, do you want to get paid?

Or do you want to be right? And that hit me, hit me like a ton of bricks. I'm like, damn it. You're right. Such a concise, powerful point. So you can connect the negative emotions and the pain that they're going through to the asset and say, would you rather have cash or would you rather have control?

Because this is the only thing allowing you to control your siblings. And from where I stand, that doesn't look like healthy behavior. Wouldn't you agree? Okay. From where I'm from where I said it looks like that's the source of your unhappiness right now. Am I right? And then they connect the house with a negative emotion.

And it's if I could show you guys a way where you, I could mediate this, you didn't ever have to speak to the other parties. We would do remote closings, all signing, separate documents, and I could put cash in your pocket that you can turn into whatever legacy you want for your loved for the ones you lost.

Wouldn't that feel better? Then holding this hostage, just because it gives you a little bit of control. Is it time? Is it time to move on and then move the blue pen across the table? But same exact thing. Bruce was same exact gang or just a little different language and tactics.

Something to think about.

DeVaunte: [00:20:48] I will kinda, man, I'm driving. I need to take notes.

Chad Corbett (Coach): [00:20:51] These are all recorded just, if you haven't subscribed to the podcast, that'll be on your phone whenever you park.

So jump on iTunes and download the podcast. So you'll have it on your phone later.

DeVaunte: [00:21:02] Yeah. Okay. I have it on podcast as well. Thank you all. I, when I talked to the six other relatives, they said they are mad because they wanted to donate the property to the church. And the other relatives needs the money extremely bad, because two of them are going to pre-foreclosure and the church said they don't want to, they don't want the property unless every single child agrees to sell it to them.

And the church just wants to bulldoze the house down. Makes it a lot. When that builds the neighborhoods being gentrified really bad, they're building million dollar homes all around the house. So that's the situation

Chad Corbett (Coach): [00:21:35] I want to make sure I understood. I want to make sure I understand that last part, the two people that are holding the deal hostage would like to donate it to the church and everybody else would like to sell it to cover their own financial needs.

Is that right?

DeVaunte: [00:21:46] Yeah.

Jim Sullivan (Host/Coach): [00:21:47] No, an obvious solution and obvious solution, they could sell it and donate their share to the church. something's better than nothing.

DeVaunte: [00:21:53] Yeah. Okay. I didn't think about-

Bruce Hill (Coach): [00:21:55] Makes sense to me.

Chad Corbett (Coach): [00:21:56] Yeah. That's what I was thinking. I'm quietly thinking through the logistics of it. If they could, they could donate their shares or they could quit claim their shares and take a tax benefit for donating to a nonprofit.

So they would have the altruistic value that they're looking for, but they would also have a tax advantage because they're donating the assets so they would get. basically 30% of that is cash value on income tax. so potentially having them quit claim their position and then selling the property.

I don't know. It's, that's what I would suggest that sounds like your opening. That's the way you're going to put this deal together. So they they want to do, they want to do what they believe is right based on their values. Just find a way to get them all what they want get, get.

Give them a tax benefit and for their donation and get the church, the equity, and then get the rest of them some cash. So every it's a bit of a compromise, but everybody gets somewhat of what they're looking for.

Bruce Hill (Coach): [00:22:51] And I assume that the church in this case, the probably wants the land. I wonder if the church would be willing to buy it for less than market value and just have the two that want to donate it, donate their portion and have the church come in and buy out the other heirs if they really want the land for a parking lot.

DeVaunte: [00:23:08] Okay. Alright alright.

Jim Sullivan (Host/Coach): [00:23:09] A lot of options.

DeVaunte: [00:23:10] Yes, there is. I didn't think about none of this. This is awesome. Okay. Thank you.

Jim Sullivan (Host/Coach): [00:23:14] All right. You're very welcome, sir. All right. We got a full queue. Let's move along to using phone number ending in eight, two one three. You're up next.

 

Comps for Land Sales and Finding Buyers for Parcels [00:23:22]

 

Fed: [00:23:22] Hey gentlemen, it's Fed. Hope you're all well.

I have a few items for you. Item number one is two success stories, off of the calls I made, two nights ago, one will be a house with a PR that lives in Miami. I live in Los Angeles. She'll be flying in about a month. So I'm meeting with her. So thank you guys for, obviously all the help, I'll look into, seeing how I can help her.

Second one will be a parcel of land and condo, the slightly tricky part for the land part is the PR asked me, look, we're going to want to sell the land as soon as we get the letters of testamentary, can you get us, as much information as possible as to how that works and, and what we can do.

So would that mean me going to like department of building and safety? What would you guys suggest? I've never been hit with that question. I haven't seen the parcel of land yet, and she didn't have much information. She just told me what street it's on, but she didn't give me an address for that not yet.

I would think it's residential. I believe keyword pretty certain. It's going to be, residential.

Chad Corbett (Coach): [00:24:30] At this point and I'm afraid we're nearing the end of it and LA, the highest and best use is probably a new development parcel, right? So there's a massive inventory shortage. Your most likely buyer is probably a home builder who's frantically trying to take advantage of the rally. So that's probably your highest and best use. I don't know what the value is, but that's how I would comp it. If it's zoned residential, look at the last six months of land sales and, say, listen, I've taken a look at this.

I drove by the property. I think that our buyer is a builder. So what I would like to do is go ahead and get it on the market and start talking to, I'll personally go visit, half a dozen builders that I'm aware of, or I have relationships with. And I think we can probably move it off, just by going straight to the builders and having those conversations and you can probably double end it.

Fed: [00:25:15] Oh, fair enough. Yeah. Awesome. Okay, I'll do that.

Then, last week you had suggested

Chad Corbett (Coach): [00:25:20] Fed, before we move on, I had another idea.

Fed: [00:25:23] Yeah?

Chad Corbett (Coach): [00:25:23] One of the problems that builders are facing in any recession, this is usually the case because our financial markets are really stirred up on the backend.

If they own the land free and clear, do they have full authority?

Fed: [00:25:35] Yes.

Chad Corbett (Coach): [00:25:35] Okay. So if they can quit claim the land out using their full authority, they issue they'll be able to do that. So if they can quit, can't quit claim the land outside of the probate and get it into a family member's name. Or I would recommend a land trust.

So establish a California land trust, quick claim the asset into it that saves you from having to pay transfer tax, and it gives you anonymity. And then I would tell, I would list it and I would take it out to the builders. And as an owner, finance parcel. And they're going to be willing to pay a commercial rate because they're getting a free piece of land to build their house on.

And if they screw up, you know what you're saying, you're set your seller gets a house. So it's a way for them to, it's a way for them to make a significant amount more equity. because they can sell it, with owner financing at a premium price, but also have an interest rate throughout the build process, which is probably I'm guessing six to nine months in your market.

Fed: [00:26:30] Yeah. Roughly. Okay. Yeah.

Chad Corbett (Coach): [00:26:32] That way get even more attractive for the potential buyers and more attractive for the seller.

Fed: [00:26:37] Yeah, I think it would facilitate it for her a lot since she, she seemed a little concerned about the situation. So thank you for that. Yep.

 

International Trusts [00:26:45]

 

I wanted to follow up with you on a suggestion you made last week, which was, reaching out to all clients who may have more than $100K in equity, and to make sure that they reach out to an estate planning attorney and, get a trust and all that stuff.

Do you guys, by any chance know where I could go to find out. About things like that for European clients who may have most of their assets in Europe, but also have some things in the United States. I hope that's not a curve, too much of a curve ball.

Chad Corbett (Coach): [00:27:17] You want to find out what they own in the States?

Fed: [00:27:19] No. So essentially, some of the clients I reached out to are not us studies, but they live in the US and I reached them out to them and said, Hey, look, if you have, assets, you want to make sure that you protect your equity and your family, and you avoid the cost of probate by,  opening a trust for your family and all that stuff.

So they were saying, are the rules the same in Europe? And obviously I would think that's. The answer is no. So I was seeing if maybe you guys have works or no, a reliable source for me to look into probate in Europe. But if that was not even probate in Europe,

Chad Corbett (Coach): [00:27:55] What would you estimate their net worth at Fed?

Fed: [00:27:57] 3.5 million.

Chad Corbett (Coach): [00:27:59] Yeah. So they're in the territory where they can actually benefit from having an international trust. So most people in that net worth range, they're going to gravitate towards believe cook islands or, I can't think of the third one right now. It's slipping me. there are, I don't, I'm not aware of what the equivalent of the IRS and France requires, but an international trust oftentimes comes with.

Four to $10,000 a year and maintenance because you have to pay your Sherry's fiduciary as custodians and attorneys. I don't know how this works rendering in reverse, but you can establish an Arizona limited partnership as an asset protection trust. And you can actually bridge that out.

If you're an American citizen, you can bridge that out to a cook islands trust in case something, whatever happens. So you have the asset protection, and the probate protection of a domestic trust. But if any, if you ever, if you would ever get sued or get in a terrible car accident or something, you can trigger that and cross the bridge.

And it. Automatically converts into an international trust and only then start doing the complicated reporting too. To the IRS. So it's far easier and far more affordable to maintain. but that might be the right vehicle. Since they're international citizens, you may look into a bridge trust. nevus is the other jurisdiction.

So any V I S. Cook islands or, believes are the three most common places wealthy international will establish trust. And that that is the ultimate level of protection. Now those trusts scrutinized. But as long as they're doing their annual reporting to the French government and to the IRS, they don't have anything to worry about.

It's I'm not insane. I'm not. Encouraging them to hide assets and not pay taxes. I'm encouraging-

Fed: [00:29:42] yeah. Yeah.

Chad Corbett (Coach): [00:29:43] Move assets to protect them.

Fed: [00:29:44] Okay. Perfect. Thank you. Now. Thanks so much because I've been trying to figure out how, where to even start. So I'll definitely dig deeper into this. Thank you guys so much.

I really appreciate it.

Jim Sullivan (Host/Coach): [00:29:54] Oh, congrats. Congrats on the deals. Let us know, please. When you actually put them together when you get the contract.

Fed: [00:29:59] Oh, will do. Absolutely. Yeah. Thank you so much.

Jim Sullivan (Host/Coach): [00:30:02] Thank you. All right. Next up is phone number ending in two five, one seven. You're up next.

 

How Does Homicide Affect Inheritance? [00:30:07]

 

Diamond: [00:30:08] Hey, it's Diamond.

I have two questions. One is, you said earlier that, somebody had put their video on your Facebook page. I was just wondering if it was the Facebook Mastermind or I was looking for it.

Chad Corbett (Coach): [00:30:20] it's an, all the leads mastermind and the post, the original poster was Grant,

Diamond: [00:30:25] Grant Cox. Okay. I'll look that up later.

My other question is, I mentioned this. I think last time I was on, but, there's a number of probates in our community. And, one of them has been a little unusual that the, of course they had no direction, but there had been three siblings on the property. The one the sister was killed by her husband, and the one brother died.

And so now the third sibling, the brother, according to Arizona state law, has to fight the fact that, the ex-husband who killed his sister is a 50-50 sharer of the property. Apparently, and I haven't talked to the man personally, but from someone else who had talked to him, he's got something to file with lawyers and he doesn't want to spend the money.

And I'm. Under the impression that the murderous ex brother-in-law is not in the picture of the scenario, but, but it seems to me like filing with a lawyer to sell your property would not be a big deal. And I wanted to reach out to him, but I feel like a novice to ask him what he needs to file.

I don't know if that gives, I don't know if I have enough information even ask us good questions.

Chad Corbett (Coach): [00:31:29] And there's no other siblings left? So we have the incarcerated ex-husband who killed the wife and her brother, correct?

Diamond: [00:31:36] He didn't kill the brother, but he died. And then there's a third. Yeah, there's a third sibling. Who's alive who ultimately should own the property, but he doesn't want it because he lives in another state.

Chad Corbett (Coach): [00:31:47] When the title holder of the property passed away, was there a will?

Diamond: [00:31:51] I don't know.

Chad Corbett (Coach): [00:31:52] So that's the first step. If there was a will, it could make this simple, because that is your roadmap. If there was not a will, then you're subject to Arizona succession law. And that says that the other sibling has a share the husband who, even though he murdered them has a share, and the other brother has a share and you need to get a release, from anyone who like, if you could sell it and just.

you know, I don't. I don't know where an incarcerated person, he may or may not have a bank account. But you can release the funds to an attorney's escrow and forget about it. But, if everybody wants to sell, it seems foolish that he's not willing to pay an attorney to help him.

If that's, if he does want to sell or is he holding back because he doesn't want that person to benefit at all.

Diamond: [00:32:37] Maybe that's where I'll have to dig in and find out. I was, again, don't know the absolute facts, but I was under the impression that somehow they were, the ex husband was going to be out of the picture, but he didn't want to pay the attorney fees for the finished, the filing, which kind of seems silly in itself.

Chad Corbett (Coach): [00:32:54] Yeah, I'm not sure what that document would be. If there was no will, even though he killed her, I think he's still an, if they were married, he was in the line of succession. What they could do is file a civil suit against him to strip him of that asset. But that would have to be, they would be filing a civil suit against them.

Very similar to what happened in the, after the criminal case with OJ Simpson, he was sued civilly by her family. So that's really the only way to get to take it from him. You can't just take assets, even if he did commit a crime, he's still in the line of succession. And there was no will saying he wasn't entitled to it in the case of a murder.

Diamond: [00:33:32] Okay. Okay. That helps me better understand it. Thank you.

Jim Sullivan (Host/Coach): [00:33:34] All right. The good news is you could do this for the rest of your career, and you'll probably never run into that situation. Again,

Chad Corbett (Coach): [00:33:40] This is another one of those advanced calls.

Jim Sullivan (Host/Coach): [00:33:42] Yeah, it really is the 5.0 call. Anybody if it's the first time of your call, don't worry. These are not normal usual situations, but I think that's why the people are asking for help. So we always appreciate you sharing. We have two more in the queue that should take us nicely up to the top of the hour. We probably can squeeze in another one. just hit star six and then hit one Next up is so number ending in five five, two, two. You're up next.

 

How Do I Get A Testimonial/Review From Someone I Helped? [00:34:07]

 

Yolanda: [00:34:07] Hello, this is Yolanda. And I wanted to talk to someone yesterday that doesn't have a house for sale if they need a financial medical assistance. So I found some resources, but when I talked to her, no, I won't have any financial gain, but I figured that she could be the start of me establishing, Presence in the community.

How would I go about, getting a review from her or, some type of response from her that I could perhaps include in my repertoire, I guess of satisfied people.

Bruce Hill (Coach): [00:34:38] Yeah, I don't mean, I don't mean it to sound smart Alec-y but ask, that's the biggest thing that I've found is, Hey, if, if you've been satisfied, if you feel like I've, met your needs, one way that you could repay me is, is that provide a review, letting other people know that I'm not just in it for the money. I'm in it to actually help you.

Yolanda: [00:34:57] Okay. Oh, So I guess send an email or

Bruce Hill (Coach): [00:35:00] That's a phone conversation. That's a phone conversation I'm saying as far, or are you saying her response doesn't have to be in writing.

Her response put, yeah, it could be in writing, but when you ask for the review, you're going to do that over the phone.

We're going to ask you over the phone. Yeah.

 

Using Google Voice For Prospecting [00:35:16]

 

Yolanda: [00:35:16] Yes. Yeah. Alrighty. And one last thing for the Google Voice, that Chad was talking about in class. Can you have the Google voice number display shown as the caller ID or is that not possible?

Chad Corbett (Coach): [00:35:29] Yes, you can. you can, if you dial directly from the Google voice app, then it will display your Google voice number on the other phone.

Oh, okay. So call from the App.

Yolanda: [00:35:39] Yeah. So he just opened the app and the Dialpad looks just like your regular phone Dialpad, but it will be outbound from that number.

Chad Corbett (Coach): [00:35:46] Okay. All right. Thanks.

Jim Sullivan (Host/Coach): [00:35:48] Jim, you there? Yeah, I'm here. we've had six people jump in the queue in the last minute. We may not get to all of you if we don't get to all of you, please reach out directly after the call. In the meantime, next up is phone number ending in six, two, three, one. You're up next.

 

Best Way To Find Virtual Assistants For Real Estate Marketing? [00:36:03]

 

Caller 1: [00:36:03] Hey, how are you? Thanks for taking my call. I've got two questions. One is, about any recommendations for virtual assistants to do some legwork and things behind the scenes and two, which may be the same person.  You  talking about cool techniques about the, Facebook uploading,  to the, Facebook and from there. I could use some help with the technology of, not just getting it up to Facebook, that's not problem, but just what is the sequence of ads and videos and do you guys have people that can help us not so great techies with that?

Chad Corbett (Coach): [00:36:38] Not yet. we're certainly looking for an agency that. That we trust to fulfill without just taking your money. not all agencies are created equal and it's we had a system where we were fulfilling it for you, but our conversion rates weren't as good because we didn't have highly customized creative.

So having you and your video, having you and the photos and like having local landmarks and you're in there makes a big difference. So that's why we suggest as far as finding help for that, you can go to fiverr.com or upwork.com. Those are international platforms where virtual assistants and other creative professionals will, they compete for jobs.

If you want more of a longer-term relationship, like a full-time staff position, I would recommend looking at MyOutDesk.com  and cat can link this in the show notes, but we did a, an ask the expert series with the founder and CEO of MyOutDesk, Daniel Ramsey. Where we talk about how that looks and what the relationship is like.

And, I think Daniel's personal cell phone number is actually posted in that post. So he would be happy to hear from me, but it's more of a longer term solution. So they're going to handpick and train a virtual assistant to work directly for you. For X number hours of week, it won't be on a job basis.

and you commit to as much time as you need them for, but you'll be able to build a long-term relationship as if they worked in your office and desk gets out of the way. They're basically a temp agency for international employees. So they make sure to control the quality and that this person is trained and handpicked to fit your needs.

And then they step out of the way, unless you need them. And let you take the relationship from there and they handle all the, all the accounting and payroll and the logistics of it. So you're not. you don't have to manage the employee. If you go with Upwork or Fiverr, then you're going to, the platforms will also help manage paying them tricky, keeping track of their time.

It's just a, a done for you versus a do it yourself. but that's a couple of options for where you can find those talented people. And then on Facebook fulfillment, you may find people there that would be, that have the skill set. I will say, it's a shot in the dark.

some agencies are amazing and most of them aren't, just be careful and make sure you ask them what accountability that they have because oftentimes agencies, they want you to spend, because they're making 15% of your ad spend. And if I were you, I would suggest that you. I have them make them accountable to some result.

So if it has not working, you don't want them to keep fueling a bad ad with good money. You want them to test a B test and prove why that one's bad and what actually performs better and then optimize your campaign. So you're going to waste some money. That's the nature of digital advertising. But make sure you have a firm that's willing to do AB testing until they get the ROI that you expect.

And then they can go, they've earned the right to go into maintenance mode and collect their 15%. But those are the things to be like when you're starting a relationship with an agency, most of them aren't willing to be held accountable for results. They just want to burn through ad spend and see how much they can raise your budget, because that raises the revenue.

And that's one of the reasons it's so hard for us to find the right agency to suggest to you guys, because we haven't found one that can do it at scale.

Caller 1: [00:39:54] I appreciate it. Very great info. Thanks so much.

Jim Sullivan (Host/Coach): [00:39:57] All right. Appreciate you. Thank you for participating. Next up is phone number ending in one eight nine, nine. You're up next.

 

Following Up With Probate Leads: Beating Objections With Value [00:40:04]

 

White Simpson: [00:40:04] Hey Guys, White Simpson. And how are y'all?

Jim Sullivan (Host/Coach): [00:40:06] Doing great.

White Simpson: [00:40:07] Just real quick question. I sent out some letters and I got this lady called me back and she said I was in the obituary chaser, and I just had to laugh and blew it off. But she told me not to ma she said, don't send any more mail. She didn't say thing about my not calling her back.  I talked to her and you can tell she just over point, because when I asked her what her biggest issue was or concern or problem, and she immediately goes into the death of her mom, it had nothing to do with the handling the estate. So how would y'all handle that?

Chad Corbett (Coach): [00:40:43] Have you been through this? I'm trying to remember. Have you didn't you probate one of your family members estates?

White Simpson: [00:40:48] I did. My Chad actually got started with pro, with doing these probates cause my dad passed away and my mom didn't get bombarded with a bunch of calls, but the letters and I just realize that there was a need for people to do

what we're doing, is how I got start.

Chad Corbett (Coach): [00:41:06] I thought I remembered you had a personal story. So I would use that because you want, what you want is she already feels threatened and like she's on defense, right? And it's because she's emotionally raw. So if I were you, I would draw from the power of that story and show that you are empathetic and compassionate and that.

As while you're not an obituary chaser, that is why you wait until families send a signal that they're ready to move forward. And that is probate, not an obituary. So the way I got your number was actually by meeting with the County clerk, figuring out who needs my help the most in the community right now.

So at the risk of being judged, like you've already judged me. I'm willing to reach out because I know what a big difference I was able to make for my mom when she felt the way you feel, which is somewhere around hopeless and just absolutely devastated. Am I right? And then shut up.

White Simpson: [00:41:58] All right. So I tried that, so here's my question is how long would you wait to call her back?

Chad Corbett (Coach): [00:42:05] How much information did you get? Did you get any little tidbits of that indicates she might need help with anything?

White Simpson: [00:42:11] I think the house is probably vacant and I told her to make sure that her house was insured properly. And then she kinda cut me off. she needs help. And that's what she was screaming to me.

She just, I don't think she quite know she needs help.

Chad Corbett (Coach): [00:42:27] Did that big storm hit you last night, White?.

White Simpson: [00:42:30] Yes.

Chad Corbett (Coach): [00:42:30] There's your opening. So did you have high wind?

White Simpson: [00:42:34] Yes.

Chad Corbett (Coach): [00:42:34] Okay. So I would call and say, you know what, listen, I've seen some damage to some properties in the area. You're the first person I thought of because you're the last person I think should have to be dealing with this.

One, one thing I forgot to clear up with you is do you, first of all, did the house sustain any damage or do you know? And would you like me to go check second of all, have you made sure that your attorney has, or someone has helped you get a vacant insurance policy on that home? Because, this hurricane season has been insane.

we may have gotten lucky with, you may have gotten lucky last night. Let's make sure that we're not relying on luck in case it happens again. And it might be, a timely reason to touch base with her with a legitimate reason for your call. That's only serving her. There's no way you can profit from that call.

White Simpson: [00:43:18] Okay. All right. That's a good, that's a good point. I appreciate it.

Chad Corbett (Coach): [00:43:21] Yep.

Jim Sullivan (Host/Coach): [00:43:22] Awesome. Good job, buddy.

We got one more. So that'll bring it from the queue. That'll bring us nicely up to the top of the hour.  Next up is phone number ending in five nine one six. You're up last.

 

Get an A+ Rating on BBB [00:43:33]

 

Caller 2: [00:43:33] Hey, good afternoon, gentlemen.

Thanks for the opportunity to be able to ask a question. I know it's been a 500 level class again for Chad and for Bruce. So my question for you is I know we talk about all the leads providing value, as a new investor, is there any merit  or is there any way that AllTheLeads could assist someone with a obtaining like a Better Business Bureau rating?

Is that something you guys do? I just figured I'd ask a question.

Chad Corbett (Coach): [00:43:59] So when you register your LLC, typically they'll pull the FCC records and bring that in and give you an A rating to try to attract you as a paid customer. So you may already have a BBB listing if you have a registered entity, if not, you can, I would recommend just calling the Better Business Bureau and, forget what you pay,  it's not a whole lot of money, but you actually pay to get, if you don't have any negative reviews against you, but you don't have any reviews, period, as long as there aren't any complaints, they'll move you up to A+  and then you can ask people to start leaving your reviews there, to to strengthen that.

Caller 2: [00:44:34] And I just figured that'd be something like on a website to be able to put that on. Typically people start looking for you and your brand spanking new. You don't have anything to really go off of that. It might help to establish some credibility. Obviously you got to follow through. And my intent is to serve others.

Chad Corbett (Coach): [00:44:50] You have, they are, have you built relationships with other investors, a real estate attorney, title people?

Caller 2: [00:44:57] Yes, I have. So are you suggesting that I get some input from them on the website?

Chad Corbett (Coach): [00:45:02] I would get,  call BBB, pay your subscription price, put the badge on your website. They give you the widget and then reach out to your vendors and say, Hey guys, listen.

if you believe I'm an ethical professional person, could you please say so publicly on my better business page? Because, I know people are looking for ways to underwrite me. And, a vendor referral is sometimes more powerful than a client referral. So can you please just talk about your experience and knowing me and working with me as a professional, and if you don't have clients or, or customers that can leave you reviews, go to your vendors.

If an attorney is willing to put his name on the line and endorse you, that's stronger than someone who sold their house for 50 cents on the dollar.

Caller 2: [00:45:43] And particularly if you're providing a referral to them, for people who may need their services, whether they know it or not,

Chad Corbett (Coach): [00:45:49] That's right.

Great. thanks so much, Chad.

I very much appreciate your considered response

Caller 2: [00:45:54] For sure. Thanks for the question.

Jim Sullivan (Host/Coach): [00:45:55] Wow guys, great call. And this may be the first time ever we started and we ended exactly on time. I want to thank each and every one of you for being here. I want to particularly thank those who actively participated. And I want to challenge each of you.

Take one idea. One thing you heard today that inspired you. The loud and put it into practice. And please come back next Thursday and share your results with the group. Stay productive, stay healthy. And we look forward to talking to you. Same time. Next Thursday. Take care

 

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Thumbnail preview for Probate Mastermind Real Estate Podcast Episode #301. Topics include real estate lead generation, referrals, quitclaim deeds, wills and inherited property, and more.

Turning Real Estate Clients Into Private Lenders | Going From Referral Agent To Lead Generation Rockstar | + 9 More Q&A | Probate Mastermind Real Estate Podcast Episode 301

Probate Mastermind Episode #301 | Recorded Live on October 22nd, 2020.  Join Us Live Every Thursday | Previous Episodes

 

Episode Summary:

In this episode of the Probate Mastermind Podcast, you'll learn: How get started with lead generation in probate real estate as referrals slow down; how to navigate sale of a probate home that’s in foreclosure; how to segment your probate lead lists for different call and mail marketing campaigns; what the DNC means for Probates vs. Expired Leads; what to do when heirs can’t agree on selling inherited property.

 

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!

 

Get Certified in Probate Real Estate

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Episode Topics, Timestamps, and Resources:

 

Preview for Real Estate Podcast Segement Pre-Foreclosure and Probate Properties: How To Motivate Personal Representatives To Sell

Pre-Foreclosure and Probate Properties: How To Motivate Personal Representatives To Sell (0:49)

Rosie is working with a personal representative who has bad blood with his parents and family. He has a bit of resentment towards his parents for leaving debts behind, and ultimately just wants nothing to do with the pending foreclosure.  However, he has kids and there’s opportunity here to save the equity that’s in the house, turn it into an investment, and pay for his kids’ future college tuition expenses.  Chad and Rosie mastermind through the conversation that needs to be had with the probate seller, as well as what needs to be done to build confidence through legal opinion.

 

Preview for Podcast Segment: Common Names and Skip Tracing: Finding the Real Heir to Inherited Property

Common Names and Skip Tracing: Finding the Real Heir to Inherited Property (8:04)

Rosie has a lead that’s really excited to speak with her about selling inherited property - But he’s asking all kinds of questions! Something seems off.  Chad suspects this ‘personal representative’ might have a common name and not be the real personal representative at all! Chad advises on how to confirm you’ve got the right person and discusses the nature of skip tracing probate administrators with very common names.

Preview for Episode Segment on: Real Estate Text and Video Marketing - Lion Desk, BombBomb, and Mojo

Real Estate Text and Video Marketing - Lion Desk, BombBomb, and Mojo (10:05)

Rosie mentioned the inbound call backs and responses she’s getting are coming from Video Messages she is texting out to her leads as a follow-up.  Chad asks her to break this down in more detail.  Rosie outlines how she uses both Mojo and Lion Desk in her comprehensive real estate lead generation and qualification process.  Bruce and Rosie also discuss BombBomb.  Overall, using text and video messaging for follow-ups to outbound calls with positive dispositions is a simple but powerful strategy.

 

Best Way to Customize the All The Leads Probate CRM For Real Estate Prospecting (12:12/19:40)

Danny has his hands full trying to manage lead generation and follow-ups to likely sellers. Chad walks him through some of the features of the All The Leads CRM that are designed to make prospecting organized and efficient. Chad gives example short codes and dispositions that can be used to rank and segment leads to optimize time spent prospecting. Bruce and Chad also discuss how setting up this system with consistency means a team of prospectors can call work together and stay on the same page.

Chad also walks Kim through a quick demo of the CRM’s short code feature, step-by-step at 19:40.

Preview for Probate Mastermind Episode 301 segment: DNC and Real Estate Calls

DNC and Real Estate Calls (17:04)

Mike is wondering what to do with probate leads that are on the DNC list.  Chad discusses how to weigh your own risks and shares the one story he’s heard in over 7 million cold call dials.  Jim adds how FSBO DNC or other types of real estate DNC calls are different than calling a probate administrator who agreed to be a public representative on public record.

 

Quitclaim Deeds, Heirship, and Medicaid Liens (21:47)

Kim is working with a client that has power of attorney over his mother’s affairs.  His mother is currently in a nursing home and has willed her property to her son.  They are interested in a quitclaim deed transfer, but Kim is curious if this is a good idea and if there are any repercussions.  Does the son have the authority to make a decision on deed transfer, sale of home? Chad describes it’s normally fine unless Medicaid is in the picture. Chad describes the possible scenarios if Medicaid is involved here. He also describes how the homeowner can pay off Medicaid liens at really low interest rates with a HELOC in this market.

 

Preview for Probate Mastermind Segment: Lead Segmentation For Custom Mail and Calling Campaigns

Lead Segmentation For Custom Mail and Calling Campaigns (28:41)

Scott is looking to segment his leads and export them to use in his dialers in different calling campaigns.  In particular, he wants to get letters out to widows/surviving spouses first instead of calling them right away.  Chad walks him through how to do this.

 

 

How To Get Started In Probate Real Estate (31:32)

Ron is ready to dive into probate real estate - he wants to start fast and efficiently.  Where should he start? Chad discusses the 3-day Probate Mastery Course.  Jim and Ron discuss staying accountable.

See More: The top-rated Probate Real Estate Certification Course according to fitsmallbusiness.com
Accountability Coaching Included With ATL Probate Leads

 

Preview for Segment: Turning Real Estate Clients Into Private Lenders

Turning Real Estate Clients Into Private Lenders (37:15)

Thurmon recently asked a client if she was interested in becoming a private lender.  He successfully sold the property she inherited from her mother, and she said she would be interested in becoming a private lender.  However, Thurmon got stuck

 

Preview for episode segment: What To Do When Heirs Play Tug-Of-War with Inherited Property

 

What To Do When Heirs Play Tug-Of-War with Inherited Property (43:22)

Dan is trying to either buy or help sell a house a family inherited, but the siblings have no idea what they want to do.  What should you do in a situation like this?

 

Preview For Episode Segment: Going From Referrals To Lead Generation

Going From Referrals To Lead Generation (47:38)

Yolanda has been licensed since 2006.  She’s primarily worked off of referrals but is looking to get started with lead generation to fill her pipeline.  What should she do to get started?

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast - Episode #301 Transcript

AI 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.  Be sure to catch show notes at alltheleads.com/podcast and join our free Facebook mastermind community, "All The Leads Mastermind."

Jim Sullivan: [00:00:33] Welcome thriving agents and investors nationwide. Today is Thursday, October 22nd, 2020. And this is Mastermind Podcast number 301. We have four people in the queue, so let's get right to our first caller.

Pre-Foreclosure and Probate Properties: How To Motivate Personal Representatives To SellRosie Hayer: [00:00:49] Hi, everyone can y'all hear me?  This is Rosie here from Austin, Texas.

Jim Sullivan: [00:00:52] Hey Rosie, glad you could join us!

Rosie Hayer: [00:00:55] Awesome! So guys, I am actually calling with two scenarios. Okay. Number one. So I'm working with a lot of investors and, lucky day, they're starting to send me some probate business. This particular investor was working with this pre-foreclosure lead, who has inherited this property just recently.

but apparently the property has been in pre-foreclosure. The foreclosure is not until December. We got all the details. It seems like the investor cannot handle the deal at all because there is no margin there, but clearly the property can be easily sold, as is online and the seller can still walk away with 20, 30K in their pocket.

Now, the problem is the seller, the person who inherited the property had bad blood with his parents and family. And he just literally doesn't want anything to do with it. No involvement. And I'm speaking with the attorney directly. And the, this is like I have attorney's email in front of me where he said that,  Les Cruz is afraid of his shadow when it comes to business and family interactions.

So I feel like, I don't want to ruffle any feathers and be too assertive and, in my ask, so I wanted to ask. What should be one work around in here? this guy clearly can sell the property in a timely manner. She'll walk away with equity, even with all the behind payments and stuff like that.

And just because he has bad blood, I feel if it's made aware of what is possible, it seems like he would cooperate. But when I reached out to our attorney to find solutions that can attorney do a POA or there's somebody who can be their POA and I can just move forward with the process.  I'm getting a pushback from the attorney.

Is there something I'm missing, or is there a different way to handle it, to get them to see things differently?

Chad Corbett: [00:02:30] So the person you're referencing that had a bad relationship, are they the representative? They're the administrator?

Rosie Hayer: [00:02:36] Yes.

Chad Corbett: [00:02:37] Unless they give up that authority, then there's really nothing you can do.

And if he's unwilling to do that. I would say, you're talking to his ego and I think the only way that you can resolve this in the best interest of everybody is to just have a really candid conversation with him. And listen, we have resources with investment advisors and other real estate investors.

I can take that $30,000 and turn it into a legacy for you.

Rosie Hayer: [00:03:02] Yeah.

Chad Corbett: [00:03:02] And is this really, is costing yourself that financial opportunity going to make your relationship with your dead parents, any better?  Let's start over fresh today and let's get this out of your life and let's start with a positive, like we'll get the equity in the home.

We'll get that home gone. You never have to look at it again. And then we'll grow that into something you can be happy about having, if you do this, the rest of your life, you're going to think about it. And you, we both know. You're hurt. You're in pain and your ego is what's driving the bus here. So let me do what's right for the community.

Let me do what's right for you. And let me do what's right for your family. And what I do best is maximize the equity for families, and then continue to help you grow that over the rest of my career. And that would be my approach because he's, if he's in that defensive ego loop, he's never going to subordinate because he feels like he's getting one over on his old man.

And just remember we're all big children. That at some point, our spirit of play was replaced with these formal rules and beliefs. And talk to him, talk to the traumatized seven year old or however old he was when whatever happened, that's who you need to get through to. So I would take the emotional approach.

Over the legal approach, because if the attorney's already showing apprehension and he is obviously, he's made up his mind, you're probably not going to get anywhere using that. So I would try to show him how that money can actually help his emotional state. And over time it can really help because you have the connections, like you can connect them up with the other players on your team and turn them into a lender, even if he never wants to spend that money were like, okay, but does he have kids?

Rosie Hayer: [00:04:37] Yeah, he's got kids and the most I was able to get to all the education, this is a handoff from an investor to me. So there was a leadership in the conversation. The little I got out of him, Chad was that his fear is I asked him, I said, what is your main concern? It seems like some concerning you and I'm not able to address it.

He said, one of the concerns I have Rosie is that I don't want my parents debt to come upon me. If I. Sign anything on their property. So he's in a big misconception of how this is all going to go about.  That's where I left, but I'm definitely willing to take the emotional route approach and really talk to, bigger children, like a doctor, the seven year old in him when he really got mad with his parents or where he lost relationship to see if he can start fresh.

Chad Corbett: [00:05:17] You remember that probate attorney, you were so proud to come tell us about three or four weeks ago. Yeah, this is where you ask him for a favor. And this is where you say, listen, we're I know we're just building our relationship, but I do need to ask, can you help me help somebody else? Can you send me an email explaining from a lawyer standpoint, can you send me an email?

You don't have to use any names and your name will not be passed along. So you're not, you're not bound to this as legal advice, but can you give me a legal opinion on why a family is protected? And when representing an estate and you could also pull the state law. If you go to Texas, if you go to the statuettes, you can actually pull the law and send that to him.

But you might also get, just say, listen, because we don't want to establish an attorney, client relationship. I have taken his name off of this email. But you trust me. So trust me, this is an attorney that we work with. One of the people on our team, the only reason I'm not giving you his name is because there's a conflict of interest.

You have an attorney, but something I can offer you is as proof from my legal team, that this is exactly why you have no liability in this situation. Yeah, his own attorney should be telling him that, but who knows what's going on there, but if you can get your attorney to give you that opinion and then just make a PDF of that section of the code and send it to him.

I mean he's clearly has no liability, and it's clearly as well. It's written in the law, but it's written at like a 14th grade level. That's why I'm suggesting having an attorney. Do you a favor, bring that down in the layman's terms and pass it along and maybe that's that'll create enough of a breakthrough.

Maybe that is his real hangup. I would almost say you, based on the way you told the story, I would almost bet that it's more emotional than legal.

Rosie Hayer: [00:07:00] It's been very emotional.  It just he's afraid of his shadow when it comes down to business and family interactions had bad blood because his mom and dad apparently.

Yeah, so I'm definitely, I think this is really good.

Chad Corbett: [00:07:12] So because he has kids, Rosie, turn his own gun on him. he's trying to do something to spite his father. And what he's going to do is spite his own children. So you need to paint a picture for him. You can turn $30,000 into a college education in 18 years.

Easily, I mean on accident, right? So what happens if you don't touch the money, you don't have to be part of it, but so your kids feel the opposite of how you felt with your parents. Let's put this into a 529 plan with my registered investment advisor. And when they graduate high school, you can let them know.

They never have to go into student loan debt. Let's make this a positive for your family for once. let's make you feel good about this.

Rosie Hayer: [00:07:53] Very nice. Very nice. I love it. I love it. I love it. Okay, perfect. I'm going to definitely do that. And I like that attorney advice as well to get their opinion and, open up another leg of conversation.

Common Names and Skip Tracing: Finding the Real Heir to Inherited PropertyYeah. Okay. Thank you. Thank you so much. I have one more real quick. so the second one I have is a probate lead. I'm getting called back guys! You know how good it feels. So those two dispositions are calling back. They're emailing back. And this guy, first of all, acted very suspicious. Long story short.

We sent some video text messages and he's back and engaged. What I'm surprised by is that he just got into probate in September. It's a beautiful $350,000 home he inherited. But he on the phone, he was like, Rosie, can I call you back? Which property? They're very acting oblivious to the fact that they inherited a property.

And then I asked him, I said, would you please share with me, like, how are you related to, the person's the deceased person's name? Like I asked it in the, as a part of the conversation to make sure that,  it is him, that I'm talking to the right person and he's aware of somebody by that name.  And he's like, let me step out.

And then he calls me back. I only want to know, because I haven't had these kinds of conversations with probates yet. What could be possibly happening that he doesn't want to really acknowledge the person that he inherited the property from, or he is, he's acting the way he is. let me step out and let me call you back.

Who is it again? What property it is again? Do you think -

Chad Corbett: [00:09:16] Does he have a common name, Rosie,

Rosie Hayer: [00:09:18] Huh? Yeah.

Chad Corbett: [00:09:19] Does he have a common name, like John Smith?

Rosie Hayer: [00:09:22] It's no, it's William Taylor.

Chad Corbett: [00:09:24] What could be happening is in the skip trace, we grabbed somebody in that same zip code with the same name and he could be thinking, huh, Ooh, this is I just won the lottery.

And it's obviously like I would test them. Hey, we've got an item in lost and found. If you can come tell us what it is, give us a brief description. We'll return it to you and treat it like that. So call back and say, listen, we really want to make sure we're protecting the families we serve.

So just so I'm clear,  what month did mr. Jones die? And if he can't tell you what month it was, and he's probably trying to find a way to profit from this, and you probably got the wrong John DOE.

Rosie Hayer: [00:09:59] I see. I see. Okay. So that's possible too. Good to know that, Chad, thank you so much for enlightening me on that.

Real Estate Text and Video Marketing - Lion Desk, BombBomb, and Mojo Perfect.  these were the two questions I have. And one more question. Tiana, what are you doing? I haven't forgotten about my challenge yet. Was I supposed to collect the six testimonials of the probate closings or any client closings that are successful ones.

Well,

Chad Corbett: [00:10:20] you should take that idea and run with it and every aspect of your business, but it's the six, the challenge issued were six probate testimonials.

So we can build that into your marketing.

Rosie Hayer: [00:10:30] Got it. Perfect. Perfect. Awesome. I thought so, but I just wanted to double check and I'm already starting to ask people for that. And so I just want you to know, I haven't forgotten about it and I will definitely share my progress as I make it. Thank you guys.

Chad Corbett: [00:10:44] Yeah. Thanks for being here Rosie! Oh, Hey Rosie one, one question I'm betting. Some other people. Have you mentioned the video texting, are you just using the message app on your phone or do you have something that you do your video texting through that you would recommend to others?

Rosie Hayer: [00:10:58] Yes, definitely do.

I'm actually using Lion Desk. So the system we have set up is that, my husband and I will work together. So we have multiple dialers: Mojo allows us to make the dial out of the phone number that we like. So Lion Desk is a CRM. You can have your leads in there. You can do video texts, you can do an email video as well from the system.

It allows you to record it right in the CRM and send it right away. So what we do is to keep things consistent. We use the same number from Lion Desk to make our outbound calls in Mojo. And as people come back with positive dispositions, I personally follow up with the video text on the positive dispositions.

Only the people who are like, yeah, follow up with me. And I do a little intro text with them and, just normal follow-up after that.

Chad Corbett: [00:11:40] Okay. Perfect. Thank you.

Bruce Hill: [00:11:41] When you use Lion Desk, is that using like a BombBomb extension or anything like that? Or does Lion Desk literally in their software do video texts?

Rosie Hayer: [00:11:49] The Lion Desk is literally in their CRM has a video text without any BombBomb integration.

Bruce Hill: [00:11:55] Okay. Okay. Got it. Awesome. Perfect. Those of you that do not those of you, that don't have a CRM that does video integration, you can plug BombBomb in for video texting as well.

Rosie Hayer: [00:12:06] Yep. That's true.

Jim Sullivan: [00:12:07] Great stuff, Rosie. Thank you.

As always keep coming back and sharing, we appreciate you.

Rosie Hayer: [00:12:11] Alright.

Best Way to Customize the All The Leads Probate CRM For Real Estate Prospecting Jim Sullivan: [00:12:12] All right Danny You're up next.

Danny: [00:12:14] Hey guys!

Jim Sullivan: [00:12:15] Hey Danny.

Danny: [00:12:15] How's everyone doing

Bruce Hill: [00:12:16] Danny! What's up?

Danny: [00:12:17] All right. so my questions is a bit short. I don't know if it's a too crazy but I'll just run right into this now.

I was wondering like how you guys in your own ways, how do you like rank your callbacks? Or is there a certain way you prioritize getting back to certain people or, just like some, something like that, because I've called quite a few hundred people now. And there's some people that like, I try and get back to you at ASAP and there's people that I just, didn't answer and I try and call them back well, within the next week or two weeks.

I just want to know if there's a, if there's a certain way that you guys, like prioritize how you call back,

Chad Corbett: [00:12:54] I want to be clear, Danny. So callbacks you're referencing followup calls, not returning, like calling someone back from a return call.

Danny: [00:13:01] Yes. Yes. Like me. Yeah. Just calling them back.

Chad Corbett: [00:13:04] So are you using on the option status tab? Are you using the rating like the lead rating?

Danny: [00:13:10] No, I haven't used that.

Chad Corbett: [00:13:11] Okay. So that would be the first step is when you make a phone call, book it at the bottom of the lead record, you'll see four tabs. The third one is option status, and that's where you opt them out, but you can also apply rating to them.

So you could rate them as follow-up. And, one of the ways that I've done I've helped people customize their prioritization is make sure that anyone who you intend to follow up with has a lead rating of follow-up. And then make sure that on the other tab you put in the date that you want to follow up with them. And an additional step in case something falls through the cracks.

Let's go back to the first tab. And use the short code field and that's there for your customization. So you could use a, like a one, two, three, four, five system. So your short code would be one. And then you go to the next lead that maybe that's a short code for, because it's a hotter one. And then maybe this next person's flying in three days and you rate them follow up a shortcode five.

And then that way you can add the short code to your column headers in the list view. And you can actually sort by ascending or descending. So in that scenario, you would, follow ups, you could filter it down to just follow ups and then call five, four, three, two, one. there's many different ways to customize that using shortcodes.

You could say, just for example, you could say the shortcode could be land or condo. Or, commercial real estate or residential, you can, you can put in their motivation level, you can say, desperate, disengaged, estranged from family, whatever it might be, but that the followup rating is there for everyone.

The short code field is how you can further customize that for your exact needs.

Danny: [00:14:46] Okay. Okay. Got it.

Bruce Hill: [00:14:47] I'll throw in. that's assuming that you have gotten the person and had a good conversation. If you've not been able to touch base with them or have a conversation yet, In my personal business, but we're going after for a minimum of three calls per month to everyone that we have not, touch base with.

And that's a minimum. if you can do more, because I know that you're hitting the phones,  almost like an ISA would,  do more, every two weeks is the, it's the aim for people that you haven't reached yet. Haven't connected with yet.

Chad Corbett: [00:15:18] And that's a good point thanks for catching that, Bruce. So Danny, the way that we manage that for the ones you don't speak to, you would rate them as, follow up. and the short code you could put, call number one, call number two, call number three, call number four. So once you've laid out your sequence, so that way, when you look at all the followups, some of them will have, a rating of just the number one.

The others will have call one and you'll know that you haven't hit them with call two. So they'd help. It's just a way to use the short codes to keep track of where you are in the sequence. And that's how I set it up. We've got a subscriber in Richmond, Virginia. that's, he's a very aggressive prospector, a very successful investor in broker.

And that's how we've set his up. So when he has VA's making calls and he has his wife making calls and he's making calls, it creates a consistency across all the lists where everybody knows what call one means and if they see call three, they know that call four hasn't been made because when someone makes call four, they changed the short code to call for.

Does that make sense?

Bruce Hill: [00:16:18] Yeah. Yeah, it does.

Chad Corbett: [00:16:19] So whatever your sequence is, if you say, all right, I'm going to call, at least 12 times, I'm going to call this list and you would create short codes, call 1 through 12, and then every time you looked at it, regardless of where you left off, or when you come back to it, you'll be able to see the last activity was called three for that lead. And you can also sort by that. So that's why I'm recommending shortcode because it makes it just a sortable list that will help make you more efficient.

Danny: [00:16:46] Yeah. that sounds like that's going to drastically help move the organization there.

Okay. Great. that pretty much answers my question. Thank you guys so much. I'll be sure to put that into effect like they said,

Jim Sullivan: [00:16:56] All right, come back. Let us know how it's working out, please. Next up is phone number ending in nine three seven nine.

You're up next.

DNC and Real Estate CallsMike: [00:17:04] Hi, this is Mike  and a brand new to your system.  The question I've got is looking over some of the leads when they're on the do not call list and there's no email. What is your guys' suggestions about the best way reaching these people?

Chad Corbett: [00:17:18] Most people are assessing their NLP. So you have to assess your own risk, but most of most people who are seasoned prospectors are making the calls.  If you're a solo practitioner, you don't have a call center, you have some liability, but most people are comfortable with that. We do it, we do indicate it.

but we've never had a problem with it. Our subscribers haven't.

Mike: [00:17:38] Okay. I just wanted to kinda. Run that by. Cause that's the way I was feeling, but. It's better to ask and then play dumb later.

Chad Corbett: [00:17:46] In nearly $7 million dials, one occurrence of anyone being approached about that.

And it was in the Southern district of New York, which is, a relentless litigation territory. but they didn't even file a written complaint. It was just simply a phone call, from that office saying, Hey, we got a report in this office that you've called someone on DNC, just don't be doing that.

And they didn't, there was nothing even formal about it. So that's the only indicator. That's the only. Literally the only one I'm aware of in seven years of doing this. So most people look at it as an individual color. Most people look at it and say, ah, it's, an apology goes a long ways. if you get somebody like that, I did hear last week, actually.

somebody also in New York, they, I was coaching some, I can't remember who it was, but they, got a call from a lady like they called and then this person called them back and tried to interrogate them and ask, w what's your name? What's your brokerage name? trying to gather information.

And he's smart. And he just said, thanks for your call back. You obviously don't need my help. And he wrapped up the call. So just if you ever do find yourself in that situation, just thank them for their time and quickly move on.

Jim Sullivan: [00:18:51] Okay. Perfect. I was just going to add to that. Chad, you answered it.

Great. Very diplomatically. We are. we would never, attempt to give you legal advice. Remember though, that the person you're speaking to has agreed to be the executor of the estate, and they've agreed to put their information into the public record. So it's pretty difficult to take a hard and fast line after they agreed to do that.

I just, I didn't want anybody to call me.  And we've had attorneys tell us that, but like Chad said, you gotta weigh the risk reward ratio. I think it's one is, it's probably one of the safer categories where you can,  go ahead and stick your neck out a little bit and make calls.

Mike: [00:19:25] Okay. Perfect. All right. Appreciate it. Thank you. Thank you. We have two more in the queue guys. We have room for more, just hit star six and hit one. And the meantime next up is phone number ending in eight six two eight. You're up next.

Finding the Short Codes Feature in the ATL CRMKim: [00:19:40] Hello, this is Kim I'm in the Atlanta area. I am new as well.

getting started. I have a question, but I wanted to. Go back to, the previous caller when they were talking about shortcodes. So in setting up my calling put check, could you elaborate a little bit more on, cause I signed into my, while you were talking, I signed into my portal, but I don't see where about short codes.

Chad Corbett: [00:20:10] Okay. So you get on the list view where you can see all of the leads. Is that where you are right now? I can choose a list, choose your September list. Okay. Now you have a list for you and the top, right? You'll see. Customized columns, click on that. Now click on short code. Okay. I'm sorry. In the top. In the top, right?

Kim: [00:20:28] It's over. Hold on. Is it the. Oh, okay. Okay. Okay. So I see customize columns and I do see short code.

Chad Corbett: [00:20:34] Okay. Click shortcodes and then it will show up in the header on the right. You now see that in the list view, right? So now you click into any lead, just pick one and click on the personal rep's name.

Kim: [00:20:45] Okay.

Chad Corbett: [00:20:46] At the very bottom of that lead record, you'll have four tabs tab. Number three is option status. And that's where you can apply a rating. Like I was suggesting you, Follow up tab. Number one is where you put the input where you input the shortcode. So that lead that you have open, just type test where it says short code type in the word test.

Kim: [00:21:04] Okay. Okay.

Chad Corbett: [00:21:06] Now click save and go back out to the list view. So just go to the top and click the five little lines, and that'll take you back to your list view where we started.  I'm here and now click where it says on the far right column header, where it says code, click on that and it'll sort ascending or descending test will show up.

Kim: [00:21:24] I see it. Okay.

Chad Corbett: [00:21:25] Where are you put test, you can put anything like you. I've, I have people that drop off gifts, they are, they send premium mail pieces, so you could drop in there, shock box or premium package. And so that way you can use that. If there's something very specific to your methodology, that's why that's there.

You can customize CRMs without having to beg a development team to make changes that will affect everybody.

Quitclaim Deeds, Heirship, and Medicaid LiensKim: [00:21:47] Gotcha. Okay. Okay. Perfect. Thank you. So my question,  it comes from, this is actually a previous client and his grandmother is she's in a nursing home now. She had signed everything over to him.

So as far as the home, as far as her will, she's still living as far as her will. She is giving him the home in the will. He has power of attorney right now for anything, any business that needs to be handled on her behalf. So on a call with him yesterday, he was saying that she wanted to do a quit claim deed to deed the house from her to him.

So that he wouldn't have to go through probate or something and it didn't make sense to me, but what did resonate with me is that it could have, or have a look of, impropriety because. Here he is the power of attorney signing on behalf of his grandmother. And then he is basically signing the house over to him.

So I'm just looking for some wisdom on how he should handle this, especially the fact that she is still living. And he is named in the will, receiving the property if she were to pass.

Chad Corbett: [00:23:07] Yep. So she should have done that five years ago, not now, but now is better than never. There's nothing wrong with that.

It's a smart move. Very like very many wealthy people are doing that this week. They're giving their assets to their kids in case they don't get the election result they want. So a lot of folks are re are hitting their advisors right now, moving assets out of the way, own names.

So it's a smart move that many people do. Most people will think like you're like, I don't know if this is right, cause it's not common, but it is common among people who are financially savvy. So it's just smart. The biggest question I have is who is paying for her health care and are there Medicaid liens against the asset?

Kim: [00:23:46] Okay.

Chad Corbett: [00:23:47] That's the only place where this is going to get complicated. If she doesn't have medical debt or Medicaid liens attached to the house, this is simple. It'll take a day or two and she's good. Now, if she later needs Medicaid payments, then Medicaid is going to come back and say, listen, you sold this house within the last five years.

Somebody needs to step up and give us 60% of that. Otherwise we're going to slap liens on it. You can alleviate that and this situation let's, I'm just going to hypothetically say there's no Medicaid lanes on it. Currently you can do the quit claim, the heir owns the home.

And later she runs out of cash and needs Medicaid to pick up her nursing. Medicaid, it comes back to the power of attorney who is now the owner of the house and says, Hey, listen, you've got to, you've got to give us this money. Otherwise we're going to attach a lien to that. He has a couple of choices he can and let them attach the lien.

If he never plans on selling it. Just if they can, it attaches and no big deal, or he could go pull a home equity line of credit on, up to an 80 LTV and pay them out. He only needed to pull it probably to a 60 LTV. So if he can refinance the house in this low rate environment, He can pay Medicaid the 60,000, the 60%.

And then he buys a life insurance policy against his mother to give him that money back to pay the loan off when she passes. So he's not profiting off of his mother's death, but he's allowing her to get her Medicaid payments paid and to get the house to him, not going to the government as she wished.

So he, you, if that's. It's a complicated scenario. It may be way simpler than that. If there is no medicaid, if she has cash or she had long-term care insurance, that's covering the bills. None of that will really matter. It'll be a really clean transfer and it's totally above board.

Kim: [00:25:30] So here's the, I guess the tricky in it, one, she goes in and out of dementia.

And he was saying that he would sign as a power of attorney. He would be signing the quitclaim deed. So you're saying that if we can catch her in one of these phases where she's operating in her pool,

Chad Corbett: [00:25:50] I don't believe it even matters if he has a full power of attorney. And if she was of sound mind, and that will is notarized.

And especially if it's recorded, but if it's a valid will, that demonstrates her intent. So she has demonstrated intent by saying, I want him to have this in the will. She's also demonstrated intent by saying, I am currently of sound mind. And I feel comfortable with this per person being my power of attorney.

So I think any attorney is going to look at that and go, she obviously wants him to have the house, like they're only carrying out her wishes.

Kim: [00:26:25] Okay. and then the second slight twist, and it may not be an issue. Is that the house that the, that the house doesn't have. He's gonna tear the house down and rebuild.

So would that even matter? as far as you talking to match force the lien, cause it wouldn't be a piece of property. They can put a lien on if he tears it down.

Chad Corbett: [00:26:44] The lien will technically attach to the parcel ID. So if let's say it's a hundred thousand dollar house and they put a, $60,000 lien, he tears the house down and the land's worth 40 he's under water, but it doesn't sound like it matters if he's going to rebuild.

Kim: [00:26:59] He has money. I know, I don't think, I don't think there's an issue there. Okay. So what I can do in this as a recap in this situation, because he doesn't have a probate attorney, so I can air quote, peel two birds with one stone. Let him know that it's okay to go ahead and do the, quick claim, deed it over, and then maybe refer him to a probate attorney, reach out to a probate attorney and say,

Chad Corbett: [00:27:20] Hey, are there any other heirs?

Kim: [00:27:22] No. He don't, there was one other, his sister, but she passed away. So it's just him now. Okay. You're probably okay. Doing that. if there were even one more heir, I would say the first thing you do in this case was get, a probate attorney attached to the case, but nobody's going to dispute whatever is done because the will clearly states that she trusted them enough to give a PLA and they may not need a probate attorney.

Okay. And would you suggest that we, that she, records the will or that he records the will?

Chad Corbett: [00:27:53] Yeah.  obviously whoever wrote the will, should have it on file. I would go ahead and as long as he doesn't care, if the world knows I would go ahead and record it, that's the easiest way to validate one is to have it notarized and recorded.

But you can also, if he's okay with, if he, you probably, he probably should have an attorney because if you make some mistake, it's going to cost a lot more than the legal fees to do it. Correctly the first time, but that attorney could basically hold that as a trustee. And then you know, that there's a valid copy of the will there.

It's probably not going to be an issue because he's the only heir and he's the POA, but,

Kim: [00:28:25] And then what, I can take this also as an opportunity to build a relationship, introduce him to a probate attorney and build a relationship with them as well,

Chad Corbett: [00:28:35] In case he needs help. Yeah.

Kim: [00:28:36] Yes. Okay. All right.

That is it. I appreciate it.

Lead Segmentation For Custom Mail and Calling CampaignsJim Sullivan: [00:28:41] All right, everybody. the next step is phone number ending in six six, two eight.

You're up next.

Scott: [00:28:47] Hey guys, how are you today?

Jim Sullivan: [00:28:48] Great, Scott. How about you?

Scott: [00:28:50] Hey, all good, all good   , Hey, I'm looking to, segment my last batch of leads,  one with the spouse and the other non spouse,  and looking to download two things, looking to download it for mailing on it for the non-spouse and then looking to download the.

Other to my dialer that I use any suggestions. you can use a short code and put in your spouse, non spouse, and then that'll give you a sortable column and delete the lines that you don't want for either export the other alternative. How do you tag the ones that are a non spouse to download?

Chad Corbett: [00:29:25] Anyway, you want to, you can just put non hyphen spouse as your short code that you were listening when I explained how to use those to do that right?

Scott: [00:29:33] I was so like,

Jim Sullivan: [00:29:35] Are we doing your mail? Are you doing it yourself?

Scott: [00:29:37] You're doing the mail.

Jim Sullivan: [00:29:38] Okay. Cause we can certainly help you with that. I'm sure. one of our customer support, people could have a chat. If you want to briefly explain it.

Chad Corbett: [00:29:44] Yeah. the same way I was talking about earlier is using phone call one or two. Okay. you would just, if there's a matching address and matching last name, that's likely a spouse. So you had the short code on that. One will be spouse. If there's an out of town person, that's the PR with a non-matching name, then it's probably non-spouse.

So you would Mark that one non-spouse then when you export that will be in your CSV file and you can sort, and just delete the ones that are non-spouse. For that order. Are you going to ma are you looking to your, you're going to mail everybody? You just want to do it with two different letters.

Is that what, you're your objective?

Scott: [00:30:21] Yes. Yeah, I don't wanna, I w my primary thing is I don't want to call the spouses immediately, so now I just want to separate them out on my, from a dialer calls.

Chad Corbett: [00:30:31] So that's the most efficient way I see to do it is just using the shortcode as a sortable column.

Understand, when you do this, you're going to have to upload a custom list in the mail order form. So you'll, you'll export it, then you'll delete the spouses. And then you'll re upload that into the mail order form as a custom list. So that way we know where we're only mailing the ones you want us to.

And this is alternatively, if you want to do it, if you want to automate this, you would use the option status tab on the spouses and you would opt them out of mail. And, but you need to remember at the point you do want to mail them. You would have to go back in there and opt each of them back in.

So they come back up on the mailing list. Yeah, I think that's what I was like. That seems like way more wording to me than what I'm suggesting.

Scott: [00:31:16] I like less, more

Jim Sullivan: [00:31:17] Great does that help? And again, please contact customer support our mailbox people be glad to help you if you need help.

Scott: [00:31:23] All right. Appreciate you guys.

Jim Sullivan: [00:31:24] All right, now we got five in the queue. What did I tell you? That's a good thing. Next up is  in six, three, eight, eight. You're up next.

How To Get Started In Probate Real EstateRon: [00:31:32] Hi. Can you hear me?

Jim Sullivan: [00:31:33] Yes, sir.

Ron: [00:31:34] Okay. this is Ron Crane. I'm in Arizona. And I'm new. I started with you guys, like about a week ago, I had a phone call with, I think it was Bruce Hill. And, then I had to finish up a couple of other projects that I've been working on. I feel like I've forgotten everything that I learned from that valuable phone call with Bruce Hill.

And I'm, I feel like I'm beginning from scratch. And I just want to ask a couple of questions about, training with you guys. I watched the initial fast track training. but I wanna, I want to hit the ground running as much as I can with letters and phone calls and all that. But I'm wondering if I feel like I need some additional training.

What would you recommend?

Chad Corbett: [00:32:18] So you sound like you have the appetite or. You, I think you would greatly benefit from mastery. So in mastery we build on why probates and opportunity, look at the demographics and the statistics behind it. Then we move into strategy, like exactly what are you going to do?

And in what order, like how. How wide is your offer going to be how you know, attract a little bit. And then we move into how you make the calls, get engagement, handle objections, and deal with the appointment. So literally everything end to end is an it's. It's all, it's a very it's linear. So it builds upon itself.

But all in all like the October class, I think is the best one I've ever done, because we had an audience that they had really good questions. We talked about advanced tactics, a lot in the Q and a. if you sign up for mastery, you can get that recording of the October file today.  and then you'll be in the live class in November and you can come back as many times as you would.

We have one of our subscribers, just finished her 40th class consecutively. So you can come back and get as much knowledge as you need, as often as you need it. But that's the, the space where we take everything slows down and we take a lot of time and do a very deep dive into all the possibilities of this.

that's your best bet I think, to get what you're looking for

Ron: [00:33:31] And how many hours total hours of video is the video training for mastery?

Chad Corbett: [00:33:36] The October class was about 16 hours.

Ron: [00:33:39] Okay. And. Is it set up so that I, if I watched an hour or two, whatever, I could then go and do something, take some positive step forward and then come back and watch additional hours.

Chad Corbett: [00:33:51] Sure. I don't have it in LMS because I do it as a live class. So it's not like a digital course, but you do have the recordings. They're on go-to webinars, so you can pause it and leave the tab open and come back anytime or just, write down what the timer was when you stopped.

But yeah, you can watch it as many times as you'd you can skip and, they're always there for your reference. and each month, you can get a new set of recordings. If you registered for the class as alumni, then you'll get the recordings for all the subsequent classes.

So there's three sessions and the sessions run two to three hours. But, that kind of go just freestyle until everybody's questions. Guys are exhausted. So you're going to have a couple hours of actual course material. And then a couple of hours, each episode, or each session you'll have two or three hours of open Q and a.

Jim Sullivan: [00:34:38] Okay. And then what I was going to add, we try to give you everything you could possibly need included with the leads and that includes Bruce's, great monthly coaching. a lot of people aren't aware though, Bruce's a. Highly successful realtor and a very experienced coach. If you want additional accountability coaching and you'll want more than what we offer with the leads he is available for that, just reach out to him.

He'll tailor something that fits both your needs and your budget. Okay. All right. It sounds to me like, it's, it sounds to me like you're looking for some kind of accountability coaching in addition to everything else that's available. Is that accurate?

and want to be held accountable for doing what you're supposed to do.

Ron: [00:35:15] I want to have time to do what I learned to do before I learn more stuff and forget the stuff that I was supposed to do before. I wanted, I went to some chance to do something cause I really feel like it gets cemented in. In my business if I'm doing that thing, Then I can go and learn some more and then go back and apply that.

But if I just sit down and try to do 16 hours, I'll have a good big picture, but I'll not know how to do what it is I want to accomplish. I'm afraid.

Jim Sullivan: [00:35:45] Gotcha. Bruce, do you want to chime in? You want to have a private conversation with them afterwards?

Bruce Hill: [00:35:50] Yeah, Ron, I sent you a, I sent you an email a couple of minutes ago.

We can have another chat next week. grab, grab my calendar, link my Calendly link and jumped back on my schedule. We'll get you on the right, on the right path, whether it's advanced and paid or whether it stays free, either one of those are fine, but I sent you an email a couple of minutes ago.

Ron: [00:36:08] Okay, great. Thank you, Bruce. Appreciate it.

Jim Sullivan: [00:36:10] All right, sir. We appreciate you. Anything else? You good.

Ron: [00:36:13] I'm good for now. Thank you.

Jim Sullivan: [00:36:15] All right. Great. Three more in the queue guys. That should take us nicely up to the top of the hour. So good job in signing in early. next up is phone number ending in eight five, six, four.

You're up next.

Thurmon: [00:36:26] Yes. It's afternoon. Thurmon Cohen here from New Jersey. How you guys doing today?

Jim Sullivan: [00:36:31] Doing good. We are glad to have New Jersey back. Welcome back.

Thurmon: [00:36:34] Yeah. I just got my mailbox motivater. So I guess you guys were able to get into the County records

Jim Sullivan: [00:36:39] Finally. Yes. In not all of New Jersey, but much of it is slowly coming back.

Thurmon: [00:36:44] Two questions. One is, have you ever thought about getting your course, certified by the national association of realtors?

Chad Corbett: [00:36:51] I have spoken to them about it and I don't like the, they expect a split on it that I believe is unreasonable. So I feel like I can, without having to pump the price way up to please them, I can reach more people with it.

Non-certified.

Thurmon: [00:37:06] Okay. But I just had an update my profile on my MLS and I'm wanting to add it to there, but it wasn't one of the things that I would be able to do. Just curious about that.

Turning Real Estate Clients Into Private LendersSecond question I have is I have a client that I sold her mother's property and recently asked her if she was interested in becoming a private lender.

And she said, yes. And then I got stuck. So do you have any okay  formats performance for three letters. What a money mortgage would look like, that kind of stuff that you could have?

Chad Corbett: [00:37:35] I usually do it at the closing table while the attorney who writes my notes and deeds the trustor is sitting there to enter any of the questions.

you may just set up a meeting. Do you have the attorney that you would use if she came to you today and said, Hey, let's do this. Here's a hundred grand. do you know what your attorney, you would direct it to?

Thurmon: [00:37:52] Cause the ones that I took a useful our real estate business does not don't really do that kind of work.

Chad Corbett: [00:37:56] Yeah. So what's the best way to find that attorney in my, and my experience is figure out who, the investors that are buying foreclosures or short sales or tax deeds, figure out who they're using to manage their closings. What attorney's office is doing. that means they have dealt with. With tricky title issues, I've done creative, creative, real estate law.

Those are usually well-versed and subject to and wholesale and  private notes and things like that. So I would say step one is make sure you have the right team member, meaning a good real estate attorney who is used to doing creative things. And doesn't think just because he didn't do it last week, it's illegal.

And trust me, even attorneys think that they can't write mortgages. Some of them. But once you have an attorney you're comfortable with, I would recommend just set up a call with all three of you and just talk it through. I wouldn't really, I don't really publish anything. I just have conversations with people and I'll let them know that, they'll, we'll certainly give them an opportunity of every question I answered, but every loan looks a little different based on their needs.

Like what happens if the loan goes out a term, or if somebody misses a payment, maybe you want a penalty. Maybe you want the interest rate to increase as the penalty? so it's, I presented as, each one is customized, so we know that your needs are met and you're comfortable with the investment you're making, let's jump on a call with the attorney and we'll figure out what the, and then I can send you a summary of what we discussed and what our strategy will be.

but I don't have any marketing pieces. I really. I don't want to issue marketing pieces saying here's an investment I'm offering because if the, if it doesn't go as planned and they go to the sec or to somebody, the state board or something, I just don't want something like that to say, you're out here marketing this, like a security, where if it's a conversation and they understand that it's a commercial loan, then it's unregulated.

Then. I just keep it at that. And I've never had any trouble, in doing it that way. And people usually feel really special because you're like, Oh, actually let's get the guy down the line. It actually is going to represent your side of the deal and write the note and deed of trust. And we'll ask him everything you want to know.

And that's really well-received and all it takes, but I would go ahead and get you get the right attorney on deck and ask them if they've written private notes before, if they're working with investors, chances are they've dealt with, they've done a lot of them. it's not that complicated. it's way simpler than a conventional loan because it's not regulated.

As, as conventional lending is. So it's pretty simple instruments. gosh, in Florida, Jim, what is it like two pages we signed or something here in Virginia. It's more than that, but like in some States that's ridiculously simple.

Jim Sullivan: [00:40:31] We have a one-page mortgage, Chad and I know looking at yours, like Virginia figures out everything that could possibly go wrong ahead of time and include it in the board.

Chad Corbett: [00:40:38] Huge contrast between the two States, for sure.

Thurmon: [00:40:41] Yep. Thank you.

Jim Sullivan: [00:40:42] All right. Thank you two more in the queue. second to last up is phone number ending in seven two two five. You're up next.

Where To Sign Up For Probate MasteryJerry: [00:40:50] Thank you. Hey, this is Jerry at Remax in Denver. And we'd been in the program for about three months. Now, our mailings have been going out on time.

I haven't made one phone call yet. I really need to get motivated to make these phone calls. And, I feel like I need to take the mastery training and re restart. start with a phone call and because we have a normal real estate business with this. But I really enjoyed this program cause it seems like it can produce some steady flow of listings.

So there was all about three callers back. You suggested doing the mastery, What do I need to do next? I need your help.

Chad Corbett: [00:41:26] So if you just go to all the leads.com look under the complete system and it's the first or second one down, it says a probate certification.

Jim Sullivan: [00:41:36] Okay. Jerry question for you.

Do you, have you called other lead sources? Have you called FSBOs and expired?

Jerry: [00:41:41] Yes, but not for a long time. Our business has been by referral. For the last, mostly by referral for the last 10 years. But that seems to be tapering off. So no, I did not do much. I just cold, not much cold calling for sure.

Jim Sullivan: [00:41:55] Okay. I'm just going to assure you, these are vastly easier than almost any other source out there. The conversations are easier. You got less competition, so don't, be apprehensive that it's going to be difficult. It really isn't. Once you start making the calls.

Jerry: [00:42:08] Okay.

Bruce Hill: [00:42:09] And, Jerry, this is Bruce in addition to the mastery class that Chad can fill you in on, you should also be jumping on my schedule, so logging into your portal and, clicking on the training dropdown and then schedule a free coaching call. in that they're called accountability calls, which it sounds like you're wanting a little bit more of you guys hear me.

Okay. Or w okay. Jerry, you're still there.  so it sounds like you want a little bit more of that. I will go, whether it's a strategy call with you or an accountability call, whichever type of format you need. Get on that schedule. It's free every single month you get a free coaching call.

jump on there. I'll help you get started on those calls.

Jerry: [00:42:44] Awesome. I've got to pull it up here right now. Thank you very much. I really appreciate it.

We start adding, when did Bruce suck and you need us to, help you get caught up on all the phone calls. We have an ISA service that can reach out and do some of that initial bowel work for you and get you caught up.

And then if you want to take it over yourself, you can, but we can certainly help you with that. And that's also available to you. Just let us know you need that help, and we'll be happy to talk to you about it. So where do, how do I let you know, I would need that help. just drop a request to support at, all the leads.com and say, have somebody call me about the ISA program.

Okay. Okay, great. Thank you so much. I really appreciate the help today.

What To Do When Heirs Play Tug-Of-War with Inherited PropertyJim Sullivan: [00:43:22] All right, thank you, sir. Next up is phone number ending in two eight six zero. You're up next.

Dan: [00:43:28] Hi guys. so this is Dan in Boston. Quick question. I've got a, a neighbor, actually the mother died.

She's 103. The two sisters are 70. They cannot agree on anything. I know they both need to punch out of the property. so I was going to step in and try to. See, what I could do in terms of helping them get on the same page, make a decision on whether they want to sell it to me for cash, or they want to  list it with me.

Chad Corbett: [00:43:53] Are they co-executixes or is one in charge?

Dan: [00:43:56] I'm not sure. sure about that yet. Chad, so Chad.

Chad Corbett: [00:43:59] I would, yeah, this is Chad. I would try to get them all,  get the three of you on the phone. Or if you, if they're comfortable meeting you in person, ideally in person and figure out why they can't agree, because that's what matters the most.

So you'll hear me say it often focus on people in situation and the rest of it becomes apparent. Like it's easy to really impress them once you understand why they're behaving the way they're behaving. I would first want to hear from each of them, I like to get people in the same room, and give each of them a voice independently and then watch how they watch the interaction between them.

And,  if it's it, who knows it could be anything that's we're humans. So find out what's bothering them and why they can't agree. And you might find that one is just, that they're in too much pain thinking about selling his mom's house and they're just not ready. And that's one that you'd probably back off of.

or you might find out they're just pissed off at each other because she broke her cake carrier. 30 years ago and she still hasn't gotten over it. And that's that one's an easy to overcome, right? Yeah. but I first would want to understand why there's inconsistent. Like why are they, why can they not be, why are they not aligned and what can I do to help them get there?

So the best way I know to do that as, and, maybe it's just a phone call, if they're that age, they may not use zoom and they may not be comfortable meeting in person. So I would suggest, see if you can do a FaceTime call or if they have cell phones or see if you can just do a conference call and talk it through with them.

Dan: [00:45:25] I know one of them pretty well. and I do not know the other sister, the only thing I know according to the first sister is that, she's just kinda. Agonizing over every little thing that the mother owned and just dragging your feet. I'm sure I could talk with the first sister because I've known her for about 15 years.

She lives next door. and I've always helped them out. I'm sure she would start to share a little information with me, but I guess I have to see what's going on to, figure out a tactic.

Chad Corbett: [00:45:50] It gets tough when you have that situation. And my grandmother's house has been empty since 1988 or 1998.

my dad just can't like, and it's part of the family farm, so we wouldn't sell it anyways, but he can't even really bring himself to rent it. And it's because he just, he just hasn't completely dealt with it. And so some people were just like that. Some people never let go. It just takes them literally a lifetime.

And if they're doing that, you can remind them how much money it's actually costing the family and how that's going to cost the next generation. and they'll sometimes get out of their own way, but if she's just really raw and can't process the loss, you sometimes just have to give them their space.

Dan: [00:46:31] Is there any way, if the woman I know is a little close is, then I'm a little closer to, is she the, if she's the executor of the estate, is there any way for her to just force the other one's hand?

Chad Corbett: [00:46:42] It depends on what the will says, but. Very it's very likely yes. Unless the will restricts our power or gives the other sister equal power as a co-executrix, then yes, it is her job and her duty and she has a few, she has a fiduciary responsibility to the estate to get it done.

it would depend on what the will says.  first is there a will?

Dan: [00:47:04] I'm not sure. I remember. Yeah.

Chad Corbett: [00:47:06] So find out if there's a will, if there's not. And she has all the power in that the state gives her if she's the sole executor tricks and there is no will then subject to state succession law.

And if she wants to sell the house, she certainly has the authority to do She just knows her sister has. Nope.

Dan: [00:47:22] Okay, great. I'll begin.

Jim Sullivan: [00:47:24] All right. we have two more people. We have two people that jumped in the queue last minute. So we're going to go a little bit over time here. Let's see if possible.

Let's try to make the last two brief, next up is phone number ending in five five, two, two. You're up next.

Going From Referrals To Lead GenerationYolanda: [00:47:38] Okay. My name is Yolanda and I am in Georgia. I've been a licensed agent and since Oh six, I haven't been very active. I used to work on site and by referral. So I think I got spoiled. I never had to go after it in Italy, but, so I took the introductory, what I thought would be introductory.

and I told her, like Chad said, it's been advanced. So a lot of it was over my head. I am motivated, but I just feel that I'm not quite ready for leads. I guess I need signs a lot boxes cards, website, the website, the brochures, I just might need, the coaching calls. But, and I even thought about looking for an introductory class that I could put it.

What I learned in October with Chad with. I'm guessing. I'm just trying to see

Chad Corbett: [00:48:23] Getting you on Bruce's calendar for just a monthly coaching call, just so you guys can talk. Bruce's he's built his own real estate company and in different markets. So I think he can help you understand what you should be doing.

What's your priority should be right now. and lay out like your launch strategy. Cause it sounded like you're starting from the very beginning. and Bruce has trained several agents. So I think he'd be really good. Just take some time and take good notes and he'll give you some homework when you get that done then I would suggest you go ahead and get your first set of leads. It's easier to steer a moving truck, right? When we have real people to talk to and real opportunities, everything else falls together, way more easily. You get to a point where you have the basics in place to have a foundation for your business and then get your leads and just start one step at a time.

From there you'll have probate fast track. As soon as you get your subscriber portal access. You're going to have probate fast track, which is the basic training. And then also don't forget, all of these calls are archived. All of our role-play calls are archived on the blog section of all the leads.com.

We have a series called ask the expert. We have a series called,  tips from the trainer. So there's a lot of ancillary training too, that kind of lives outside of what we teach in fast track and mastery. But so you've got a ton of resources here. It sounds like more than anything right now you need to focus on the best place to start is just a quick initial coaching call with Bruce.

Jim Sullivan: [00:49:47] Yeah. And Yolanda. I was going to,  if I may also, I was a real estate coach for years. One of the biggest mistakes I think I see people make is they want to know everything before they do anything. it's honestly, it's, you're really just dealing with a motivated absentee owner. It's not. As complicated as we can make it sound on these calls because we get into everything that could ever happen.

And if you get the leads and you start prospecting, you don't know an answer to a question. People are okay with saying, Hey, you know what, let me check. I'm part of a group of 10,000 people. And to give you an answer and call right back. So don't, I guess I just don't let a paralysis by analysis, stop you from getting started.

it's great to have the knowledge, but you don't need to know everything before you do anything. And Bruce, I think he wants to say something too, right?

Bruce Hill: [00:50:29] I was just going to tell her that if she's not already a subscriber, if she's not getting leads, then she won't see my calendar link. So she should email me, want to email me at bruce at alltheleads.com and just ask for my Calendly link and I'll send it to you.

Yolanda: [00:50:45] Okay. Thank you.

Jim Sullivan: [00:50:47] All right. Does that help?

Yolanda: [00:50:48] It does. It does. Cause I was trying to jump in. Yeah, probably. Trying to get a real estate investor and social search. So I've made some calls, but I just feel that I need to probably back rewind. Sure.

Jim Sullivan: [00:50:59] All right. thank you. Our last caller just disappeared Yolanda.

So you are the last one this week, but make sure you get a hold of him and talk to Bruce and he'll coach you through it and get it the comfidence you need to get started. So thank you.

Like I always do. I want to thank each and every one of you for being here, I want to particularly thank the eight or nine of you that actively participated.

And I want to challenge each of you today. One thought one idea, one thing that inspired you on this call, go out and put it into practice. And please come back next Thursday and share your results with the group. Stay productive, stay healthy, and we will talk to you. Same time next Thursday guys. Take care.

Yolanda: [00:51:34] Thank you.

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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.

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!

 

Get Probate Leads

Get Certified in Probate Real Estate

 

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

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

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

 

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.

 

We recommend following SearchEngine Journal on your favorite channels:

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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Preview for Probate Mastermind Real Estate Podcast Episode 298

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

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

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!

 

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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!

 

Get Probate Leads

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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