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3 Ways To Monetize Leads That Already Sold; SQUATTERS! Winning With A Lower Offer | Probate Mastermind #289

Recorded Live on July 30, 2020

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!

Call Re-cap:

Preventing Squatters: Win Appointments With THIS Strategy (1:34)

Eddie and Chad Discuss how to find the relevant statuetttes regarding possession of property and post them at the property of interest to reduce and prevent squatting issues.  Chad discusses how this is a service you can offer prospects to win their business and get out to see the property in person.

INVESTOR BEST PRACTICES: Winning Multiple Offer Situations WITHOUT Raising Your Offer (4:30)

Eddie’s interested in a property and the seller was amenable to the deal.  However, the attorney seems to be playing ring leader.  Chad advises Eddie to control his offer and how to use a cover letter as an addendum to make sure the attorney conveys the offer to the sellers. Another tip is to increase your earnest money offer.  Don’t let an attorney’s opinion of value sway your valuation of the property. 

Take This Probate Course As Many Times As You’d Like: Probate Mastery (9:07)

Joyce has sat through multiple sessions of Probate Mastery and notes that the squatter strategy was something brand new she learned. 

Squatters and Vacant Insurance Policy: Two Ways To Win Appointments With Sellers While Cold Calling (9:45)

Chad and Joyce discuss strategies for winning deals from prospects with vacant property.  This involves getting a vacant insurance policy in place and placing a No-Trespassing Sign and copy of the relevant statutes over to the property.  This protects the seller from losing the ability to take possession of their own property if a squatter enters the property.  You are likely offering a scenario and solution nobody else has offered this seller.

Finding Real Estate In Trusts/Entities Outside of Probate (11:59)

Joyce is prospecting with Probate Plus+.  The prospect told her he doesn’t plan to sell the deceased’s property, but Joyce can see the deceased also owned 5 other properties.  How can she lead into this conversation?

Overcoming Objections: “How Much Does This Cost?” Objection [Role Play] (16:34)

Rich is running into resistance over cost while cold calling his probate leads.  Chad and Rich jump into a roleplay so Rich can demonstrate what he’s running into. Chad listens, addresses the concern, explains how it works.  An important thing to note is the way Chad uses emotion and questions to keep the prospect on the phone.

Deal Structuring: Medicaid Liens, Special vs. General Warranty Deeds, and Mitigating Risk (23:03)

Rebecca is working with a family who inherited a property from their mother.  The property was titled to the mother, and even though the mother was on Medicaid the daughter isn’t sure the Oklahoma State Department of Health filed for the Medicaid lien.  Probate has not been opened and they are looking to establish heirship through a simple administrative hearing.  If probate has to be opened, is it possible this will trigger Medicaid to file for the lien?  The property is in poor condition and worth about $40k as-is; could become a rental property with about $20k in work.  Rebecca wants to buy the property, but probate needs to be opened so someone has the authority to sell.  There will be a 4-month creditor period, but once the funds are in escrow Rebecca will be protected by title insurance.  The seller has a 50/50 chance at either $40k or $5k in cash.  The ARV (after repair value) would be about $95k. Chad and Rebecca brainstorm how to structure this deal – and why it’s a GREAT deal for her.

The 70% Rule in House Flipping: How To Find The Deals Cash Buyers Are Looking For (34:15)

Federico asks for clarification on what investors are looking for when they say something like “Bring me deals with 75% ARV.” Chad describes what this means and how pitching your inventory with the proper ARV percentage can build strong and efficient relationships with fix and flip/wholesale cash buyers.

The BEST Referrals: Out-of-State Personal Representatives (35:49)

Sue is using Probate Plus+ and finding many personal representatives who have inherited properties outside of the market she handles (ancillary probate).  Chad offers tips for streamlining the segmentation/prospecting process and how to turn these into warm referrals.  Chad describes a feature development is building out to add a .PDF referral agreement to fire off for each of these opportunities. 

Remember: You can use the All The Leads Mastermind Group to find agent/investors to send out-of-market deals to!

Small Market or Big Market: How To Succeed With Probate Real Estate (43:40)

Sherry just got leads and is ready to dive in.  She is in a smaller county and is curious about lead counts and possibly expanding into neighboring counties.  Chad describes the opportunities in both small and large markets, what the learning curve is for each, and how Sherry can start weighing her options and paving her path.

Reminder: In the subscriber portal, hit education and training and click “Schedule my next coaching call” to book your monthly accountability coaching call with Bruce – These calls are meant to help you get organized and keep evolving!

Nurturing Probate Leads Before Letters of Testamentary are Issued (49:04)

Thomas and his partner are working on a few deals. A temporary administrator has been appointed for now.  What can Thomas do now? Bruce and Chad discuss using a letter of intent and offering property preservation services for now and building a relationship up with the attorney on the case. 

How To Find and Fund Fix and Flip Properties: Probate Wholesaling and Investing (52:14)

Thomas is interested in leveraging cash advance and other strategies to build his pipeline with fix and flip deals.  Chad and Thomas brainstorm how to structure deals while courts are processing backlogs so he can do a full flip key-to-key in under 75 days.

Probate Expert Rodger Lecy Shares Advice For Making BIG MONEY in SMALL MARKETS with Probate Real Estate (59:05)

Rodger is our famous case study for being very successful with just above a dozen leads a month in his small market.  His business has only grown since sharing his 574% ROI with probate real estate in 2016.  He shares his advance and motivating words for others interested in making money with probate leads.

Phone Script For Executors Who Have No Property To Sell: THREE WAYS You Can Make Money From Probate Leads Without Real Estate (1:03:52)

Patti is calling leads who filed back in February, so she is speaking with people who may have closed probate and sold the property already.  Instead of leaving the lead on the table, what can she do to generate business? Chad discusses three ways to turn these leads into referrals and describes how Patti can keep these leads in her sphere of influence for future business. 

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