A Teacher, Mike Ferry Coach, and Texas Wholesaler Share Their Probate Success Stories | Probate Mastermind Podcast #310Katt Wagner
Probate Mastermind Episode #310 | Recorded Live on January 14th, 2021.
In this episode of the Probate Mastermind Podcast, you'll learn how to use foreclosure timelines to your advantage, offer brokerage, investment, and wholesale options, and how to build a pillar with probate leads no matter if your background is in brokerage, investment, or a field completely unrelated to real estate!
***Most importantly, we hear more incredible success stories from rookies and veterans that are turning probate leads into listings, acquisitions, and wholesale deals!
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!
Chris Ryan Shares His Experience Working Probate Leads (1:11)
Coach Chris Ryan with the Mike Ferry Organization joins the Masterminds to share his journey working in probate real estate. Tracing his process getting started to scaling up to team operations and focusing on dollar-productive activity, he’s made probate real estate a pillar in his business. He offers insight on cold calling probates and how probate scripts have greatly impacted his success prospecting fsbos and expireds.
David Pannell: $110,000 in Assignment Fees in One Month (14:25)
David Pannell joins the conversation! He’s looking at $110,000 in assignment fees for February 2021. David shares how he and Chris are working together to hold each other accountable. He shares how he is still getting consistent listings from leads from 2018, both through direct mail and phone prospecting. David also builds on a live video he shared on 1/13/2021 in All The Leads Mastermind, where he discusses adding emotional story branding to his marketing.
Rosie and A Reverse Mortgage Timeline (25:08)
Rosie is working with a probate client that would like to clean up the house to prepare for sale, but there is a reverse mortgage timeline to pay attention to. Chad and Rosie discuss this timeline and how to maximize equity in the home.
Richard Eaton: Retired Teacher, Successful Probate Agent (28:01)
Richard Eaton shares an update on deals, business development, and personal growth. Richard shares why he calls every single lead instead of scrubbing his lists, and how that’s become a core principle in his business philosophy.
Becoming A Real Estate Trifecta: Agent, Investor, Wholesaler (41:02)
Mike shares how he is winning more appointments and more deals the more he learns to offer multiple options. Now that he’s been successful making investment and listing offers, he is interested in wholesaling and wholesaling. How can he bridge this gap? Chad and Mike mastermind.
Looking to hear prospecting tips in action? Check out our live role play series.
Ways To Listen To The Probate Mastermind Podcast:
(Note: Some podcast platforms take a little bit longer to process uploads, but should all be available within 24 hours of this post publishing).
Probate Mastermind Real Estate Podcast Episode #310
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 dynamic agents and investors from across the country. Today is January 14th, 2021. And this is mastermind podcast. Number 310. We do have one person in the queue.
I always liked calls like this. He is a national real estate coach with one of the major coaches who you would recognize. I'm not sure I spoke to him since he joined maybe in 2019, but he shared some remarkable success stories with me. So I asked him to come on the call today and share with you. And I'm going to go ahead and go to you first, Chris Ryan, you're up, sir.
Chris Ryan Shares His Experience Working Probate Leads [00:01:11]
Chris Ryan: [00:01:11] How are you? Good, Jim. I appreciate the intro. My name is Chris Ryan. I work for Coldwell banker in East Brunswick, New Jersey, and I'm also a coach for Mike ferry organization.
I met Jim. Boy, probably we didn't speak for years. I haven't ran into Jim. And then I found somebody had mentioned all the leads as a source for probate. And and I saw Jim was one of the owners and I was excited to talk to him cause I heard a lot of good things about all the leads.
It's kinda if you look at all the lead generation sources in probate, it's probably like the Porsche. A version of the list that is given for probate. So I just wanted to, say, Hey, I, I appreciate the the opportunity to get the list after my area what happened was I've been doing prob I've been in real estate for 33 years doing probate for 15 years.
So we basically, we were doing our own research. And like I said we found all the leads and know that you're real happy about that. I got my list too two days ago and. Pretty much once through the whole thing. We, I was talking to Dave Pinel too. Jim was was nice enough to have us connect and I thought I did pretty well with probate and kinda like my system, but then when I w I watched Dave's system and what he does, I'm like, wow, I'm doing like.
I thought I was doing well with it, but I was like, wow, I need some work. Everybody needs to improve. So I guess, Jim, do you want me to go into what I do with probate? Yeah please take. Yeah. It's whatever we got a couple hundred people on the call. I think they can benefit from your experience.
So please do. Go ahead. Okay. Okay. So like my approach too. So my approach to probate right now it's, probate's probably not probably it's 30% of our business. I do have a team. We did, we actually did a 35. Transactions probate. We're, we want to improve on that.
So what are the, so basically what we do is, we don't, I don't do mailers. I don't do emails. I don't do texting. It's basically strictly, phone, phone calls. We do send some sort of letters, but I watching Dave on Facebook, I think yesterday for a couple of minutes, I'm like, wow, we're really, we really got to step up with what we send out that's for sure.
So basically Jim, the one thing that we do I kinda, from what I do talk to clients executive, executors one of the things I do hear from them is that yes, we, obviously we get a lot of letters. We get texting. Very rarely do you hear that they get phone calls? And which is surprising to me, is that the way this market is right now.
And if you're in probate, either as an investor or an agent I'm sure some people are very successful with mailing and texting and all that. But I'm just kinda surprised that there's not more people that are when there's so much money on the line that they, actually don't contact them by phone.
I think people do appreciate it. Mike ferry. I know, probably. Yeah, I would say so if you look out or your sphere of influence and you'll see why it's so difficult, you don't have much competition on the phone call. Call reluctance is still real, yeah. And I guess once you see the results from it though, just talking probate it's just talk probate once you see the results that you do get, I think, you know that if you're like tinkering on, Hey, she's, I don't know if I could do it once you do find success in that.
I think, then you'll start, people will start doing it more, but I get it. Hey, if it's good, if it works with mailers and all that, all that stuff. That's great. But yeah. So just basically, I guess the. The point is that, we are aggressive on the phones. We do have let's face like when you're cause I, and unfortunately I don't listen to a lot of your, which I'm starting to do.
And my time is very limited, but I'm trying to watch, watch podcasts and, get more involved because I think you're like what you guys do is, far superior with probate, Let's, I can't get in trouble with Mike. I don't wanna get in trouble with Mike. More of a, with the probate, you guys do provide a great service.
But one of the things I wanted to talk to just bring up too, is that because the inventory is so tight right now. If somebody, you like have you have a li like, I guess the. The major thing too, is lead follow up. Like when you do get a contact right now and you're looking to do something, I think that speed is so important right now.
Like you can't have anything linger. If somebody says, Hey, great, Chris, you know what, give me a call back in a month. I think one of the things that we've really have to start doing is asking more like one of the things I do with my coaching clients and Mike and I get this from Mike ferry is that we have to ask more questions.
Like you have to ask these, the executors more questions obviously what's holding you back from doing it now. We have the items in the house great. Obviously the typical would you sell it with the audience? Like you really have to ask a lot more questions right now because the person that calls behind you or males behind you or knocks on the door they're going to be aggressive and they're going to get that client from you.
So I think if anything, if there's realtors on the line I think you just have to be more aggressive right now because our market for example I'll talk out of probate for a minute on expired call yesterday eight 30 in the morning. I had an appointment with the guy within 30 minutes. He had 20 phone calls already from other agents.
So it tells me that there's not a lot of agents being aggressive out there. So I think we're probate. I just think that we have to be, more aggressive when somebody says that they want to do something like, if you're at the house and you're an investor, you have to make the deal right then.
And there, you can't say, you're going to obviously you have to know your numbers. You can't say I'll get back to you in a couple of days because the investor right behind, they're going to say, listen, I'm going to give you this and I'll close it in two weeks. Boom done. Yeah, I just really wanted to talk to you about, yeah.
Chad Corbett (Coach): [00:06:34] Yeah, sorry, this is Chad, by the way, I have a million questions want first, I'll start with a suggestion. If your team isn't listening to the role-play archive, I think that's going to be hugely beneficial to you guys. So you can hear all the variations of what we, what you just spoke about. So w I call that probate quicksand, and sometimes you need to throw them a rope and pull their ass out because they them waiting is not actually in their best interest as a fiduciary of the estate.
And part of that is, exactly fiscally responsible. So if a family member and for anyone who's, if your mindset is challenging, that statement, think about it this way. They are a legal fiduciary. That represents the financial interest of that estate. If one of the heirs disagrees with how they're acting, they actually have personal legal liability for sitting and procrastinating and it usually doesn't come up.
You don't see it. It's more prevalent in California than almost anywhere else because you have big valuations on the estate. But when, if you're, if the little voice in your head says, I'm a terrible person. If I put pressure on them, just to remember. They have legal liability if they just sit and do nothing.
So for you to ethically influence them to do what's in their best interest, it's always the best thing to do the exception where I'll back up and get a little more space as surviving spouse or loss of young children. Sometimes people are just so raw, they're just not ready, but I would say 98% of the time when someone doesn't want to commit it's because they're just trying to get back in their comfort zone and they're afraid, and it's our job to be leaders, not salespeople in that case, but that's my opinion.
And I think Chris, your team could do benefit from hearing. That's a lot of the discussions we have, especially in the role-play environment. Really gives you tactics for how to do that. And what's been effective across the country. So if you're not doing that already, I think that's something you guys should put on the list for know, maybe this quarter, we're going to go through these role plays and then start doing some on our own.
I appreciate that. I'm also really interested in your evolution and your story. I love stories. So I'd like to hear what got you into probate in the first place, how you did it, why you stuck with it and what has changed since you became an all to lead subscriber, what has, what, what really stands out to you?
What habits changed? And what was the business result? How did that change? Sure. Sure. I'll get real quick into that. So what is the reason why we got into probate in the first place is that we have one, one of our locations, I own my own company. I sold like 15 years ago. But one of the locations was like right into a 55 and over eight communities.
Chris Ryan: [00:09:10] So one of the things that we realized was on the expireds when these one of the estates were expiring now, on the MLS, let's clarify that. So when they were expiring, we were able to get the numbers. Through our research with probate, we would go to the County, get the expireds, and nobody had those numbers that we had, because even if you're subscribed to a service nobody had those numbers.
So that's how we actually originally got into probate. And that's, we never even looked at any other probate, but besides expireds. So that was probably for five years, we just did that. And then I was like, you know what, maybe we should look into a little bit further and, Do our own research and start looking at, so we went down every two, two months and got her own research.
So we started getting into that. So what's that, did you really enjoy doing that? Wasn't it fun? I've never, no, I've never been down there personally. I've I sent my, so my assistant, he knows it well. So that's how we did the research. Originally for the actual we had originally we had a title company, so our searchers that we're doing our title for purchases.
Actually just, they were down to the courthouse. I said, can you just go over and do this? So that's how that's how actually we started that. And then what happened was then we started, trying to get more research and, we did that. We did that for a while getting our own research.
I would say like when Jim had so like 2019, so we were doing our research for the last, like probably eight years. On her own. It takes, yeah, it takes a lot of time. So then we joined up with you guys and we still we still hate this we still do our own research.
But it's very limited right now. But we don't we do it in a different County. We, our main County, we subscribed to you guys. So what's changed though, is that since we have everything in front, your numbers are great. Your scripture, like how your numbers are fantastic. The information that you guys provide, right?
And what's great about it too, is that, so you have the executor, but not only that you obviously provide the attorney. So that's, obviously if there's any advice I can give anybody especially that if you're, new and start at start aligning, and I know you guys bring this up, so I don't know, I'll probably repeat myself, but align yourself with these probate attorneys.
Because that's the best connection obviously. Cause they don't give you the, you don't have to like, stay on the phone or, Whatever, obviously that's the best connection that you can have. So the results that we've had previous, so we did 35 transactions. I was telling Jim on the phone a couple of days ago now, again, we're.
We double ended if I list it, we do have, I do have an investor that I deal with personally that will buy the properties because if they, typical app, I don't want to list it. I just want to sell it outright. So then I'll still go over there and obviously we'll buy the property. Or, if they say, no, we want top dollar we'll list it.
So that's pretty simple. So one of, so we so are, so getting back to so 35 transactions the year before we probably did. I don't know, probably I think we did 18, so we probably, we've not probably we've doubled our transaction. So obviously all the weeds has helped out tremendously. Yeah. The fact is you have everything aligned.
That's a great portal. Excellent. And you have the, just as a coach. I know you, you already see this, but I think it's a teachable moment, right? Like the differences. Hundred, yeah, 1% increase in business just by doing more dollar productive activity, less research, more prospecting has that. A fair summary.
Yeah. Oh, absolutely. Absolutely. Cause you're still we're yeah. We're trying to get phone numbers before we were, we're getting phone numbers from whatever source we were getting from now those numbers now, when what happens is now we get your numbers and your numbers are tremendous and, there's costs to that and, That's why we, for your cost factors whatever people pay for that.
Geez. And I'm sure you guys bring this up. Like one, one trip like yesterday. Yeah. So I got my new list two days ago and I got 350 people. So my contacts yesterday, I made 40 contacts yesterday, just probate, strictly probate. So 40 contacts met with somebody today. We're going to buy the property.
The deal already actually fell through. There was a foot of water in the base. And I fell through the stairs and I caught myself my phone fell and landed on the steps. Thank God. So I didn't lose it. So anyhow, we bought that property and I got three other people. I got a listing appointment next week.
So you know, this now that's not a regular current. So it just happens. We were, we were pretty honest yesterday. So obviously, the, for what you guys provide at works. Yeah, that's thanks man. And being really transparent. One of the big struggles we see is, people step over dollars to pick up dimes.
Chad Corbett (Coach): [00:13:40] And I just appreciate having someone with this much experience in the industry, be so transparent and let people see under the hood of what you have. Thanks so much for being here and contributing. I'll give other people a chance to to talk no problem. And by no means on perfect. I make a lot of make, I make mistakes like anybody else and, there's, I would say that just from listening to Dave and just listening to your stuff, I have so much to learn and I'm looking to learn it with you guys.
We're probate. I appreciate you guys' time. And thank you for the time to have me my talk today on the phone here. So appreciate it. Thank you very much.
Jim Sullivan (Host/Coach): [00:14:12] Chris, I'm sure you inspired a lot of people and I know you got to go, but it's totally coincidentally, the next person up in the queue is Dave Panell.
So if you want to hang in there. All right. He's up next? Thank you so much, Chris. We appreciate you. Take care,
David Pannell: $110,000 in Assignment Fees in One Month [00:14:25] David. You're up next or we didn't plan this. Did we?
David Pannell: [00:14:28] Oh no, thanks. I just, I had a good conversation with with Chris yesterday and it was enlightening and it just reminds me that the people that are coming from expired and for sale by owner prospecting, circle, prospecting, any kind of prospecting, this just increases your skill.
And when you adapt and change to what you guys are teaching. You're just unstoppable. And I honestly, I haven't prospected probate probably since August last year. I just, things happened in life. I got a remodel going, I just, and we, blessings, man, it's praying that things will go right.
And assignment fees are at one 10 right now off of a, about five probate leads. So it's $110,000 that we're making an assignment piece in February. Wow. And D David, I suspect you say you haven't prospected in some time, but with your tenacious lead follow-up system, you probably are still getting deals from previous prospecting, even though you put the brakes on it temporarily, you still have deals coming in.
Obviously. Absolutely. And that's what I was on. Yeah. Thank you guys for letting me do that video on the mastermind because it's, you got the letters do work, but we can't be so generic that we don't. It's like I told people yesterday, you can't be so generic that. They're just going to throw your letter way.
It'd be like all the investors, all the other realtors Chad speaks of is just the USP. How can we turn that USP into a emotional tie down just like we're taught in expireds for sale by owner prospect and you got to tie them to something and that's either good questions, good motivations. So it's just a matter of.
Tweaking those letters that we're sending out to be more emotionally driven so that they hang on to them. And that's exactly what happened to us. We had a lady call Liz out of the blue. I was driving down the street and she held onto our letter for two years. And I'm of respectful that since she's the only female on the letter and the lady was just trusting a woman.
So we w we tested me, sending me to, and as a woman on the letter too, and she held onto it. So that's a $45,000 assignment fee that we got. That's amazing. We haven't sold it yet, or we're showing it in a week, but we got such a good price. It's amazing. David, did I hear him? Can I hear you say you have 110,000 in fees this month coming in from probate.
Yeah. Wow. Yeah. It's just, there's a couple not sold yet, but I know the value I got it for. And And we still have to close them, but the projection or is there, I want to make one other comment. You said something it's very interesting. We, it frustrates me. How many of our clients. Just send the letters and maybe they get a 50% ROI and they're happy with that.
Jim Sullivan (Host/Coach): [00:17:16] They'll do a deal now and then from the letters, but what a difference between sending the letters, they, they do work. They're very effective, but difference between that and doing what yeah. And doing what you're doing follow up, you can increase your ROI, a hundred fold. What have you ever figured out what your ROI for money spent versus return is on probate.
David Pannell: [00:17:35] 100000000%, actually, I'm not the best tracker of numbers. I can tell you that right now I can make a hundred dials and talk to 40 people a day. I just don't track it, but I know that the money. We and I'm, and I say, every year I'm gonna get better at tracking everything, but I don't, but man, we are 100% probate.
Now, if I pick up a regular listing, I will do it, but the money is so good on the wholesale stuff. And the time freedom that we've created and the money we spent to learn how to do it. And we wasted a lot of money. That one guy said he made $500,000 and then he got too big. We did too. We went out and hired eight callers and we had a fancy office for five grand a month.
And we got crazy in 2019 in August. It just, the whole year was good, but it bit us in the long run. So we had to scale it down a little bit, get back on the phones, get the letters out, make sure that they have some kind of story to them. Chad says. And, it's a beautiful thing.
Chad Corbett (Coach): [00:18:35] Yup. Dave, I want to go back to your open self criticism about not keeping track of your numbers and stuff and challenge you to help Chris gain the knowledge he wants from you. And I know he can help you with that. Like the way he coaches people. I think you guys. Can really help each other at ton.
So keep that relationship going, have him hold you accountable for knowing your numbers and you hold him accountable for having an open mind to innovate more toward your process to get your results. And so what this community is about, right? And that's the one thing I did write down when he was on the phone is it's intelligent phone calls now.
It's not just, we're making calls to these people were. It's intelligent phone calls it we're learning y'all's process, but adapting to what we've been taught since I was in real estate and I've gotten a few, actually, I still call expireds for sale by owners but just what I've learned through offering cash, I've gotten deals through for sell butters.
David Pannell: [00:19:31] I don't even list. I just buy their house now. It's they're all over the place. It's funny. When you open your mind up to all this stuff. There's little nuggets of gold everywhere in our market that I was just going after listings and buyers. And I was trying to get those trophies and awards. And now it's all about wealth building.
Oh, that is great. Hey, Bruce, I didn't give you a chance to comment on either. Do you have any questions or comments for Dave or Chris? Oh God. Tried to butt in and interrupt Chad a couple of times, but that wouldn't happen in, so
Bruce Hill (Coach): [00:20:00] you're good. I was holding everything back. Watched Dave's video yesterday. Great job, by the way, buddy. I'll tell you one of the biggest things that that I notice a lot of agents do that I thought Dave spoke directly to in the video. And if you guys haven't watched it. Go on our Facebook group and watch that is they do stick with their generic sequence of mail after they've had a conversation with someone and there's no better time to almost guarantee that whatever message you put in front of them next in their mailbox is going to get opened and read then after you've had a conversation.
So I really do encourage you guys to have a. A couple of letters, even if you don't want to do them, we can do them for you. I have a couple of letters that go out to people that you've had an open dialogue with. And do tell a story with those. Cause they're going to get read. It's almost sometimes a little bit embarrassing to have a conversation with someone and it goes really good.
And then a week or two later, they get a. A letter in their mailbox that says, Oh, hi, my name's Bruce. I wanted to introduce myself. So create yourself, even if it's just a short letter that has a little bit of a story and is a little bit more personal and send it out after your conversation. So I thought Dave, that, that video was great.
And the message was spot on now. What haven't read the book StoryBrand and go get it. It's probably buying books from Amazon, download the audio and you're going to change the way that you market to people for life and also YouTube Donald Miller who wrote that book. Yeah. Amazing content on telling a story.
David Pannell: [00:21:30] I don't know why I didn't see it before. Yeah. Thank you guys. Good. Thank you so much. Bruce. Are you done? Any other comments? I wanna kinda beat up on myself a little bit in our team. But it's going to fit really well with with what Chris said before is don't be afraid to sometimes push for that appointment.
Bruce Hill (Coach): [00:21:47] There are a lot of people that plan on using us, even if we've had two or three conversations with them or and my team's case. Last week seven or eight conversations with someone who said, Hey, don't worry. We're definitely using you guys. And you just kinda don't push for the appointment.
We had a situation where we called someone back that had all but guaranteed that they were going to sell the house directly to us. And they said, Hey, no we ended up getting a call last week from someone that we spoke with for the first time. And they made us an offer on the spot and we couldn't turn it down.
Don't a Brie me calling by the way. Yeah, it probably was. You don't except I know you didn't call since August, so nevermind. But don't be scared to go ahead and close that. Close the deal. Because just because someone thinks that they're going to use you doesn't mean that someone with a stronger close isn't going to come in on your coattails and close it.
There are times to go soft. God knows. Coach a lot of people on how to set up the next call, but there are other times when you've got to read someone and know that they're ready and they're just in quicksand and someone might get them out of quick sand, no matter how good the relationship is built is if they get, get them out of quick sand and you're not on the phone with them that day closing, then you're going to miss out on the deal.
Jim Sullivan (Host/Coach): [00:23:02] Awesome guys. Thank you. Hey David, we thank you as always man, come back every week. You've always got some great nuggets to share and thank you, Chris. Both of you guys, you complemented each other very well. And we expect to hear great things from you. Keep it, keep up the good work we've got five others in the queue guys, so we should have time to get to everyone.
If anybody else wants to jump in we now have seven. Good. So that should take us up nicely to the top of the hour. Next up is phone number ending in five, four, six for Europe. Hey daddy in Kansas city. I'm sure I tried. I tried to get on the call. I think on new year's, I don't know, somewhere around there.
Bunch of people were, we didn't have it obviously, or the new year's Eve, but I got a few updates today. I'm actually picking up, I'm going to go to the guy's house that I'm getting for $40,000. We had a few staff who's in the title, got those third up. I had to call the air of somebody who died in the eighties to sign an affidavit stating the marital status.
But now I have to, I'm picking up stellar at three 30 to take them to closing today so that It's all finally coming to a close. Thankfully, you've been talking about that. You've been talking about that one for awhile. How long have you been working on it? Oh, I've been working on that deal for since August of 19, probably.
Yeah. Yeah, I got it under contract that they liked the beginning part of December. And we were supposed to close before the end of the year, but we're close enough in my mind. I'm sure. Good job. I have a question. I don't know if anybody else has had this problem. I sent this to my core Eddie. We lost you. You still there.
Eddie. Chad, you can't hear him either, correct? No. He just slowly faded out before he get out. Eddie. Yeah. Eddie jumped back into queue, man. If I see I'll reconnect you. I think his cell went dead. All right. I can't answer your question because you didn't finish it, but hopefully we'll talk again.
Chad. Can you hear me? I can hear you fine, Bruce. Can you hear Gemini? I can hear you. Maybe three of us hanging out on the line together. Okay. Okay. Somebody is there now. Zero three, zero six. Are you there? Can you hear me okay? Yes, you were. I think you were muted. Go
Rosie and A Reverse Mortgage Timeline [00:25:08] Rosie Hayer: [00:25:08] ahead. Awesome. Hi everyone. I'm Austin, Texas.
I got a quick question. Can you hear me? Yes. Go ahead. Yeah, that was awesome. All right. So my question is I'm working with this probate lead that I got an appointment for. And it seems pretty promising, ready to go deal, but to my surprise, they were reverse mortgage on the house and The house is pretty, what the loan balance was.
Conversation was over the phone and what the market value is they can sell, but I haven't never the house with a reverse mortgage. Is there anything I should know about that? I should be guiding them for added holding costs because they were thinking about cleaning it up and all that cool stuff when the market is too hot and I think we can move really quickly.
So I would love to know the reverse mortgage details on you're watching out for. And it could be a motivating factor conversation we can have for where if you hold onto a reverse mortgage, there's added cost per month. The biggest thing you need to be aware of is the timeline Rosie. Most of the fine print, usually the fine print.
And the note will say, when the mortgagee moves out whether that's death, downsizing whatever, the reason when the home becomes vacated by them, that starts 180 day clock. So typically you have 180 days before the lender will send you a notice of default. So the first question is how long has the home been vacant?
Chad Corbett (Coach): [00:26:30] Has anyone notified the lender or it has been two months, two months. And they have notified the lender. Yeah, so you have a very comfortable four month window to do whatever you need to do to sell the home. At the point, you pass that 180 day Mark. They could call the note due and started the fault, but that's going to take, who knows how long.
So if they're looking at, you say they're looking to renovate and resell or renovate and sell? No. They just clean up. There's a lot of personal stuff that you want to make sure they sell and distribute. They seem to be very emotional and sensitive family. Have recommended them how they can just sell the real estate without probate, but it seems like there's emotional sentiments, so they want to do it right by their mom.
Rosie Hayer: [00:27:10] So they cleaning it up and it probably will take another month or so. But it seems like you have time from your conversation with reverse mortgage. That was the main thing. Yeah. Yeah. I think your window of time is plenty, especially considering the market. You don't have any an unusual expenses to worry about, no one's drawing down, that's essentially a line of credit and it's probably already drawn to the 80% LTV.
So yeah. Nobody's drawing on that likely there aren't going to be any other costs or anything you just need to satisfy the note at closing. It seems like you've got a pretty straightforward, just more of a conventional sale, nothing to worry about. Okay. Very good. That's all I need to ask.
Jim Sullivan (Host/Coach): [00:27:46] Thank you very much. All right, we appreciate it. We got two more in the queue guys. We probably have time for more, including the person we lost. If you want to get you, get your phone charging, jump back in. Next up is phone number ending in four or five, one two. You're up next.Richard Eaton: Retired Teacher, Successful Probate Agent [00:28:01]Richard Eaton: [00:28:01]
this is Richard and Birmingham.
How are y'all doing today? Great, Richard. How about you? I'm doing great. It's been a while since I spoke to you guys, but just want to give you enough data. She was my first full years with you guys. Of course I've been with you, I think now for about a year and a half. And Chad told me the first time course I did everything pretty much followed everything you guys debt lined out for me and everything with the mastery before I ever did anything on my first weekend.
So I finished last year with 54 55 deals and two to three a month. Those were from probates. Wow. That is great. Yeah, it's amazing. Yeah. We only have one more in the queue. So if you don't mind, Richard, we'll spend a little time asking some questions and energy. Can you, if you, yeah, go ahead and tell us little bit about what you did wrong and then what you did right.
To do that many deals. I did my first few months of everybody, of course, in Chad and I, we first talked when I first talked with him the very first time in mastery, I'm an old timer, so I've always done expireds and for sale by owners. And he told me the first day, he said hashtag you'll have your best year ever.
And of course it did, with fighting through the pandemic And then I also had from October through not the middle, I talk about what I didn't take. It didn't have, did I had surgery. So I was out for about six or seven weeks in that time also. But that one, that's one thing I just of course I'm an ex educator and the ex bowel coach and everything.
So I learned early on in life to listen to what your coaches tell you to do. And, but I still do everything. Like I did from day one. No, a lot of people say that they don't call their spouse. That's still in the house. I picked up a $300,000 lease call alcohol labor by it. Don't try to go to the outer state people first.
And then I go with the end state. And then of course the spouses are, but they're a third on my On my list, but I do call every one of those. And but I just I've kept on doing what I did from day one and haven't changed. And of course a lot of them is some of these are follow-ups and so I think the most I've had I've still got about 20 something that's I'm still working with, I give them a call about every.
Seven to 12 days and still following up with those. And I think one of the months I had four listings from probate, so just pretty much I still do what I did from day one and stayed consistent with it. And but I call even I'll run some of the properties through my three to taxes off of our MLS and just to see what it was.
And at one time I will have to say at one time, When I saw those 20 and $30,000 properties that one day I said no, I'm not going to call them. I don't want that. And then I started to make two or three other calls. It bothered me so much. I said, hell no, you're going to call everybody. Yeah.
Jim Sullivan (Host/Coach): [00:30:44] And Richard, you, it, I may have missed this, but obviously you've really got some momentum going. How long did it take you from the time you started to start putting deals together? Was it instantaneous or did it. Did it take awhile? No like I said, I've been I've been cold calling ever since I retired from education.
Richard Eaton: [00:31:02] Of course I've been in real estate now for seven years. And I had been, I was just had to use a little bit, a different approach, kinda softer and not as. Go get 'em for sale bounders and expires and just kinda show compassion toward them and everything. I had to change that.
And but pretty much I think within the second month I'd already had a listing and I'll do these two to three listings I get every month. I always get I think I've told you guys before I at least get it one or two come list me off of pretty much off of every month. Wow.
Good for you. That's great. Chad, any questions?
Jim Sullivan (Host/Coach): [00:31:36] Any questions for Richard? No. Okay. I'm going to let Bruce go since I took his time last time. Go ahead, Chad, go ahead, Chad. I'll interrupt. I don't want to have anything right now. No, I listen. I really appreciate you sharing all that. We had, multi decade producer on here in the probate space who did 35 deals with that much experience.
Chad Corbett (Coach): [00:31:56] So you really need to be proud of yourself for doing the same amount. And as you're just getting this started, And you guys, that we can all learn from each other. It's not to downplay what he's done, but you've got a lot to be proud of. It means you're doing something right. You're providing real value to the world.
So it's you I think as an educator, like you're compassionate and empathetic by nature. And for anyone on these calls, sometimes people are really aggressive and they just say, the hell with all that feel good stuff. I just want to, I want to scale my business, pay close attention to the common denominator.
The men that come to these calls and contribute the demeanor they have the, the. Confidence, but not cocky confidence. Like what they have, they're approaching these, this they're embracing that provide value first mindset. They're doing whatever they can to get real value to the consumer.
I love that you held yourself accountable and went back to that $30,000 house. And if you haven't figured it out already, you can make bigger. Commissions on those. And then you can on the higher price or the median price stuff, oftentimes those people need your help more than anything. And they'll pay a flat $10,000, $5,000 commission because they just need rid of the problem today.
And you can take it on a flat fee. They sell it in 24 hours cash, no contingencies as is, whereas, and make a $10,000 commission on a $30,000 house. It's. Not that much different than wholesaling when people feel that level of motivation. So what I love is that you fully embrace, make every phone call.
There's only one way to know where the opportunity is in this list. And that's the speak to every person and offer to provide value to them in any way you can, if you don't directly monetize that you will eventually indirectly monetize it. They'll call back. They'll list something with you. They'll have you, they'll refer somebody to you.
That's the common thread that I see through all of our top subscribers is that mindset. And that's the most important thing if you're just getting started and you're, this is your first call, like focus on that more than anything is believing in the methodology. And, there's, this is a carefully curated group of people and we've got, people that, that embrace this and live it and come back and share that.
So pay close attention to success leaves clues. So thank you for sharing Richard. Yeah, go ahead, Richard, go ahead.
Richard Eaton: [00:34:15] I was going to say, and then one thing that I did I have started and I have started calling on attorneys and I did get one and he handles quite a few probates. He's probably sent me.
Four or five maybe listings from just meeting with them. And so now he sends me all of his if they don't already have someone friends and a family, but you're right on those 30th 20, 30 and $40,000 deals. Chad, what I do, I list those four, 7%. And then what I do now, some of the times other agents don't like it, but like I tell them, I say, I said, Hey, I've worked on these to get these listings.
And I On that 7%, then I normally do four and a half on my side and then I paid them two and a half. And so I really I'm making good money on those. And then, as you're, know a lot of those that, I get, I end up getting both sides of them. So if you've got a $50,000 home, you're sitting there with with 3,500, but I have done a hundred thousand dollar homes at 7% and still get the whole condition of it.
Jim Sullivan (Host/Coach): [00:35:12] That's great. I was going to add to what you said, chatted, obviously, if you have the right approach and the right mindset, but the three of you so far today are such an incredible example of how this will work anywhere. From. David Pinel doing $500,000 houses in Texas. And he's a little bit more of a fast talker.
Like I am to, to you rich do a $20,000 deals at the deep South that you talk a little bit slower. It, it works in any environment because people are people and in this niche they need help. So you guys gave us some really inspiring stories. We really appreciate it. Anything else you want to add?
Richard Eaton: [00:35:48] Richard? Yes. The only thing I can tell for even if you're old or new to the pro program is call everybody don't don't like I did. I only did it that one time. And like I said, it bothered me so much. I said no, you're not going to want to start doing that. And I broke my bad habit right off the bat.
And but you just gotta do that and be consistent and call everybody. I don't care if it's a spouse or who it is. Like I said, I've picked up that $300,000 listing. College, the wife had just passed away and it was early. I think she had passed away. He had filed probate within the first 30 days and boom, he was ready to be off to California to live with his daughter.
And I came in and, I was the first one to call him and I was the first, so it's Yeah, call everybody. Don't. I don't spring anything on any of my lists. I'll call everybody. And I just put the seed in their head, hey, you might not make me now, but keep, hold on to my letter, put it back.
Don't throw it away. And then later on down the road, if you do ever need me, then you've got my information, the call. Yeah. Great lesson. Don't prejudge your leads. We very much appreciate you. Thank you, rich. Thank you, buddy. Thank you guys. All right, you too. We got two more in the queue. Next up is phone number ending in nine six zero seven.
Paul: [00:36:55] You're up next? Good morning or afternoon wherever you're at gentlemen. Yeah, there you go.
So the last I really looked at any of this was March. I actually had a call with Chad and then COVID hit and kids are out of school and just just a myriad of excuses. All of them are just that they're excuses. Really want to get back into picking up the ball. And before I forget Bruce mentioned something about story branding which book is that?
Because I see on audible, there are at least a few different. StoryBrand names. Who's the office of the brand. Yep. Yep, exactly. Okay. All right. And then as far as the mastery calls, I do remember later into the fall, I heard Chad talking about math recalls and him thinking that perhaps his October one, I believe was the.
Chad Corbett (Coach): [00:37:45] Probably the most robust call that you've done in a while. Is that still stand or how does that look? December may have been better. We, that was the biggest class ever. And the last live class, if you want, I can send you the recordings. I it's, I can send you both if you'd like, but would say that October had more.
Advanced like wealth creation and asset protection and business structure and the Q and a, like the more advanced things, people who are further along. So they had seven to seven digits of revenue to protect, and they were starting to look at how to optimize taxes and protect assets so that it was the most advanced course.
December was definitely the longest we've ever done. Whatever you feel like is there, there's more advanced, more investor conversation, more advanced business strategies and asset protection in October. Okay. Yeah. I'll reach out to you with an email and just ask for probably both those recordings and sit back through it.
And then, a starting point to just basically start from scratch on this whole thing. I did sit through mastery. But again, I'm just I'm going to start from the base and work my way up instead of trying to build from the roof down. Yep. You have you been getting leads since March or did you turn everything off?
No, I haven't. I've gotten any leads or anything like that. In fact, I never turned it on. And then I believe there might even be one person that has recently entered the market here in Colorado Springs. And I can certainly talk to one of your sales folks or something like that. That was one of my other questions is what is the policy for more than one person in a market.
And how does that tend to shake out? Yeah, go ahead.
We definitely limit it. But some of the guys that we're talking, you're hearing from they're in markets that are sold out. We have over guys don't over a million dollars a year in GCI alone that are then sold out markets with 30 leads.
So it's the methodology that we're discussing here and what we teach the approach, nobody's doing the same exact thing. And we have this different personalities, different writing styles. We appeal to different people. So I wouldn't let it discourage. You don't feel like there's not enough to go around.
That's where we're very careful here. See, I didn't know if the market was sold out here and that there would be nothing available. That was mostly my concern. I'm not worried. Barely about other people in the market, as long as there's leads available through the system. Yeah. You're good.
Jim Sullivan (Host/Coach): [00:39:58] Paul I'll have one of our sales people reach out to you right after the call. Okay. Appreciate it. All right. Awesome. On a starting over point, where would you start with all of this? Is it a mastery class and relistening to that? Or is it how do I, where do I go to, to set the foundation for this and get this thing off the ground?
Chad Corbett (Coach): [00:40:15] Whenever we get
Jim Sullivan (Host/Coach): [00:40:15] started Bruce will, we'll
Chad Corbett (Coach): [00:40:17] do a, a, an intro coaching call with you to see where you are, where you want to be and make some suggestions on how to do the right things in the right order. And along with that, as I would suggest, you've already made the investment. I would, go back through mastery and just refresh that.
And you should be lit up and very clear on what you're going to do after that. You're two or three days from running at full speed. Wow. Okay. That's awesome. I really appreciate your time you're in and what you guys do here is really just awesome stuff. Thank you. Paul Darci will be reaching out to you shortly.
Jim Sullivan (Host/Coach): [00:40:46] She's your sales rep. I'll have her call you as soon as the call is over. All right. Excellent. Last up, it should take us nicely to the top of the hour. Is phone number ending in six, two, three one. You're up last. Hey, can you hear me? Yes, sir. Loud and clear. Hey, so I was looking for some direction on something.
Becoming A Real Estate Trifecta: Agent, Investor, Wholesaler [00:41:02] Mike: [00:41:02] If there's enough time went on an appointment earlier I spoke with this executor yesterday, set up an appointment today. Boy, it was tough. Every everything she had covered, the cleanup crew, the new about the insurance. Just about everything it was and then yeah, just hit about every roadblock.
I could never even considering using a friend as a realtor, the charge charging 3%. Boy, this is a tough one, but I still got an, I got an appointment together. And after looking at it. I actually brought, and I'm an agent too, but I'm mostly an investor and I definitely thought it would be better serving her to somebody.
I sure. I, if he listed, I can get a referral, but this is the experts expert on waterfront homes and he was telling her things about this property and she didn't even know. So I hope that impressed her or my approach and I appreciate. The education you guys are providing me and how I'm slowly learning some of the techniques and how I was able to, demonstrate to her clearly is that, when I spoke with you last night, I mentioned that was an agent.
And I told you, maybe I'll list it. Maybe I'll buy it, make an offer. But I wanted to bring Ken to provide you more value. It just feels so good saying that coming across that. It's a tricky situation. And because it's, I wouldn't say it's a total wreck, but she's asking for, a lot more than an investor.
Would want, and even my associate Ken thought the house would even be listed at. However, it's a crazy market. It's absolutely insane. So if the number is somewhat. Reasonable. I was thinking of wholesaling. It, I'm wondering how you guys and I haven't done much wholesale and I've really mostly done we having recently, but how do you guys approach that?
How does Dave Pannell just who's doing assignments left and right. So impressed to hear that and so encouraged by it. How do you guys approach that? When, so I'll shut up and let you guys tell me how you guys do it. Yeah, Chad, before you answer listen to last week's mastermind call. We had a guy named Earon that made a half a million dollars last year wholesaling.
Jim Sullivan (Host/Coach): [00:43:09] He was probably one of our most successful wholesalers, but Yeah, the recording, you can go to our website or you can go into iTunes and listen to last week's call chat. Anytime Eric had
the steps he was doing. Yeah, exactly. Okay. Good. Okay. Chat versus the basics of it. You want to get the home under contract on a purchase agreement with a of your, if your intent is to wholesale, it, give yourself a large enough window to find the buyer. Typically, most people are doing 30 days and you can double close that if you don't want to disclose your margin.
Or are you going to assign the contract? And that's what most people choose to do because they're being upfront and transparent in the negotiation. So you can simply assign the deal the other way that you can make much larger than normal. Revenues off of this is what I suggested earlier from a brokerage standpoint, if you're worried about liability and your broker, doesn't like that wholesaling and take a flat fee, the listing for $10,000, and then don't offer a cooperating broker commission and you just need to be prepared and, to, to address that with the other agents in your market, if they don't pay attention to the listing and they go show it.
Okay. But you can get paid multiple ways. It really depends on what your business is, what your goals are and how transparent you want to be with those sellers. Sure. And I have no problem with being transparent because I feel like it always works out in the end. You got nothing to hide.
Just sleep better at night. Can you tell me because the brokerage I belong to definitely does flat fees. Cause I often use a flat fee, myself when I, and I just pay out the two and a half or 3% when I'm rehabbing and flipping a home. So how would it work would I would with $10,000 as a flat fee.
So would I be splitting that with the other realtor or how does it work? That's your choice. What I suggested was that you don't offer a cooperating broker commission. So you would be the listing agent. There would not be a cooperating broker commission. If they w if they brought you a contract, you don't owe them a commission.
You could decide to give them one, but you're clearly saying this has, 0% cooperating broker commission as offered. So you're not obligated to pay them anything. And, what I tend to do, I don't believe in dual agency, I don't think you can ride two horses with one ass. And I don't think you can fairly represent two people objectively.
So what I do is if I'm going to do that, I'll do a flat fee as a number, not a percentage. And then when the buyer I'll run it through my buyers list and when the buyer comes back, I'll present the offer to them with the first page, being an unrepresented party at the end, them that clearly indicates that I represent the seller and the seller only offer that as a benefit to them.
I've listened. You don't need to pay me a commission. The sellers taken care of me. You're a sophisticated investor. You don't really need an agency at 3%. Do you? Okay. Perfect. Here's the blue pen. And that's been a really smooth way for me to do it. I've done assignments. I've done the flat fee. It's really just what works best for you and your broker.
Mike: [00:46:10] Okay, you would the concept of doing a flat fee because I'm not going to have, I'm not going to find them a buyer and I'd like to cast as big of a net. And I'm going to tell you if I'm a realtor or many of them will read the print, they'll see that there's no money in it for them.
And I won't be able to serve the seller. So I would rather do a flat fee, maybe charge a separate consulting fee say it's a 500 CDs, a thousand say whatever it is, and then just assist the seller with the flat fee, paying a two and a half percent out of the seller. Would do, and I'm getting that way.
I'm getting it's, it may not be as cheap or it may be just as cheap. It depends on how much the, the half a percent differences. But she, as I mentioned, she had him at 3%. So if I do a half a percent and and do a let them pay out two and a half percent. Did you ever hear that?
Concept, is that something that would ever fly? If I said, Hey costs $500 to a flat fee, but I'm going to help you out here. And I'm going to charge you this consulting fee. Other than that, here's, you're going to pay out two and a half percent because these people do seem like they may, since they threw out a 3% and even throughout the possibility of inputting it on Zillow few weeks.
So whenever I hear that, I'm thinking, It's an, it's a nickel and dime fight. And so I'm trying to think, what can I do to maybe get the D get something out of it? Sure. A couple of things here. One, the advice I gave you earlier was assuming you had your own buyers list because you're talking about wholesaling.
Chad Corbett (Coach): [00:47:42] So if you are trying to retail a deal using that method, don't do that. It doesn't make any sense. If you're selling at a discounted price as is, where is then that makes sense on this particular deal that you're talking about. It doesn't sound like it is a wholesale. It's not a distress sell in any way.
That's going to be a different approach, right? So if you list something at $300,000 and it appraises for, 302,000, you're not going to have a ton of people that are going to step up and, buy as is, whereas without an agent. So if it's more of a conventional deal, that's not the same advice.
In that case, what I would recommend is find an agent that, you know, and trust, give them, have them give you a referral fee and don't do the work you're not good at, or you don't want to do, but get compensated for connecting them to the deal. Sounds good. All right. Excellent. Ending to our call guys. I want to thank everybody for showing up to down a particularly.
Thank the awesome. Chris and Dave and Richard success stories. I think everybody learned a lot from it, and I want to challenge each of you. Take one. Thing that inspired you the most on this call. Go out and put it into practice and come back and share the results with the group. Next week. Stay healthy, stay safe, stay productive.
And we will talk to you. Same time. Next Thursday. Take care, everybody.