Navigating Probate With Multiple Heirs | Do BBB Ratings Matter? | Hiring Virtual Assistants | + 6 More Q&A | Probate Mastermind Real Estate Podcast #302All The Leads
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!
Episode Topics, Timestamps, and Resources:
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!
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.
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.
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.
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.
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.
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.
Yolanda Asks: Can you have a Google Voice number display as the caller ID? Yes, sure can!
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
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.
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.
Ways To Catch This Episode of Probate Mastermind:
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