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Probate Mastermind #276

Recorded Live on April 30, 2020

Call Re-cap:

Rehab Projects, Jumbo Loans, and the Current Market (6:08)

Joyce is working on a deal where the house is worth about $500k, but should be worth around $700k after repairs.  She wants to go half with the sellers on repairs.  How can she structure this deal to protect her right to sell and protect her own assets? What role will jumbo loans play here? Do we have a contingency plan for what to do if we can’t sell?  Be ready to sell As-Is, or find them a lender so the sellers can buy the risk.

How to Refer One Attorney, But Win Good Relations With All (12:51)

Arshi is reaching out to attorneys who are active in her market.  There are two attorneys and since she can only choose one for her client, how can she maintain a good relationship with the other? Chad discusses how to navigate this. Chad and Bruce discuss how to win business while interviewing attorneys, as well as suggestions for marketing through email and Facebook video tools.

Escrow, Invoicing the Estate, and Commissions (20:10)

Renee asks: If a seller/personal representative doesn’t have money to pay for services that need to be done now (changing locks), should I pay for it? How can I invoice the estate and ensure I get reimbursed? What should I know about my commission split?

Securing Vacant Property (22:25)

Renee asks: What should I do to help my clients protect vacant property from squatters?  Chad gives some strategies and describes why this is a huge opportunity to get face-to-face.

Historical Leads – Insights On Conversion (27:24)

Mike is trying to get back into the probate space. He wants to work historical probate leads.  What is the best timeframe to go back and start working?  Chad discusses insights he just pulled on Historical Leads in Virginia.

Structuring Follow-Up For Your Probate Leads (30:10)

Caroline just got her first set of leads and has two appointments set! WOOHOO!! Caroline is looking for advice on follow-ups.  What should I do with leads that don’t have phone numbers, say they have already sold the real estate or don’t plan to sell, etc..  Should I keep them in my pipeline and how? Chad goes through each situation, how to respond, and how to turn “junk” leads into income and referrals.

See More: HOW TO HANDLE THE MOST COMMON PROBATE REAL ESTATE OBJECTIONS

The Importance of A Good Probate Attorney (39:15)

Erin shares her advice to follow-up even if a personal representative says they aren’t selling – She has gotten many opportunities from following up with leads that seemed like dead-ends. Erin asks about attorneys who seem unwilling to bill services to the estate.  Chad describes how to vet an attorney partner better.

Is Vacant Insurance Important If A Property Is Listed? (41:36)

Yes. Chad explains why it’s actually more important to secure a property, even if it is listed and has people going in and out for showings frequently.

Assets, LLCs, and Personal Liability (43:05)

Federico is looking to help a landlord client protect their assets.  Chad discusses how to structure this under a master LLC with individual properties in land trusts, as well as the benefits offered by land trusts more broadly.

Quit-Claim, Rehab, and Owner-Financing (48:50)

John is putting together a deal.  He is going to partner with the seller and rehab a property. The seller will quit-claim the property to him and they will split the proceeds.  Is this a good idea in this market?  John is in Richmond.  The house is way below median price.  Chad discusses timeframes and how this is a safe deal.  Chad also suggests owner-financing as a contingency plan, where both could make a lot more money over time.

Demographics, Notes, and Contract for Deed (52:42)

John also got his first BPO after our Shift Happens session with Frank Patrick! WooHoo!! John and Chad discuss how to have a revolving door of transactions from buyers who are not ordinarily in a position to purchase homes, by having sellers leverage creative options.

Maria has TWO Closings!! Success Stories (56:06)

Maria just closed on one transaction, and is closing on a second this Tuesday, from probate leads!

Medical Debt, Medicaid Liens, and Winning a Signed Listing (56:06)

Maria is working with a personal representative who is hesitant to sign a listing agreement.  There is medical debt against the estate. Chad describes how to leverage this lien by negotiating with the hospital on the seller’s behalf.  Hit the hospital at 25%, pay it down at a huge discount.

How To Get Started with Probate Leads (59:54)

Ben seeks advice on cold calling, navigating attorney relationships, and understanding the probate process fully.

How to Turn Probate Leads into Motivated Sellers? (1:05:10)

I can’t break through the objection about courts being closed right now.  How can I break through to them and get the process started?  How much authority do they have in the beginning to even do anything?

See More: “Our Probate Attorney Said We Can’t Sell Until Probate is Closed!

Should I List Attorneys on My Website? (1:11:15)

Dennis grabbed a credibility website. Should I put probate attorneys on here?  Chad says no. This will look bad to the other probate attorneys, and it also cuts Denis out as the referring middleman.  You should use referral attorneys as a lead-capture – Make people inquire about the highly-qualified attorneys you know.

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