Adjusting Your Script For Older Leads; Seller Financing With A Mortgage? Probate Mastermind Podcast #320Katt Wagner
Probate Mastermind Episode #320 | Recorded Live on March 25th, 2021.
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!
00:00 General Updates
Jim and Bruce share general updates.
1:20 Adjusting Your Pitch For Older Leads
William is looking to skip new leads and call older leads, where most of the competition has already dropped off. He is comfortable cold calling but is looking for tips on adjusting his script for older leads. Bruce and William also discuss Probate Mastery vs Probate Foundations.
17:04 Finding Financial Advisor Partners
Federico has been looking for financial advisors to add to his vendor wheel. However, many of his colleagues that were trying to help him asked “What kind of financial advisor?” What should Federico be looking for, and what questions should he ask the financial advisors he meets with?
Norm’s client is interested in purchasing a home that is part of an estate. The decedent was preparing to sell Norm’s client the home before they passed away. Can they still purchase the property without it going through probate? The property is in Missouri. Bruce responds.
31:17 Handling Objections: “I’m not interested at this time.”
Blake is running into the “I’m not looking for help right now” objection. Bruce offers advice on breaking down the barrier and getting some productive discovery questions into the conversation.
39:53 Seller-Finance and Mortgage Due On Sale
Mike is interested in seller-financing for a home that has a mortgage. Jim and Bruce discuss how to make this work.
48:57 Handling Objections: “We’re going to wait.”
Erik is running into the same “we’re just waiting” objection over and over, either because their attorney is advising them to do so or because they know there are dozens of other agents, investors, and buyers in line waiting in this market. What can Erik do to win some commitment? Bruce advises.
Looking to hear prospecting tips in action? Check out our live role play series.
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Probate Mastermind Real Estate Podcast Episode #320
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
Welcome to all of our illustrious agents and investors from across the country. Today is Thursday, March 25th, 2021. And this is mastermind podcast, number 320. No new, real news items to share with you this week. Other than look for an email from Bruce about the upcoming foundations program.
And there's good chance that everybody will be eligible to participate in that one. So it looks for that email in the next few days, and we have two in the queue guys. We've got plenty of room for more, so hit star six and hit one too many things you want to say before we get started, those are not a word.
All right, let's go to the first caller. First up is phone number ending in one five, five, six Europe first.
Marker [00:01:20]Hello, everyone. This is what you may with century 21 out here in Los Angeles, California. How's everybody doing today? Great. William, how are things in LA? You guys are you're back open for business.
I hope completely yeah, pretty much is just crazy out here, but we're slowly opening up and just about, it seemed like just about everybody got the vaccinations. It's more easier to get the vaccine now. So that's great for you in the next couple months. Yeah, Florida just went to 18 and over, so that's good news.
If you can get one, we don't want to take a, we don't have to get political here, but boy, if you don't have any problem with them and you can get one, go get it. It's good for you. And it's for the most part. Good for everybody. So what can we do for you, William? I'm been in real estate for a minute.
Basically Coke. I love making calls but I want to great my business into the probate field because I like helping people. And one thing I I just started in the probate and everybody and their mama they're like, Oh, new leads. And bill gross he kinda like in a way Hey, check out all the leads.
So I was like checking a couple of videos. So basically I'm not going to go after the new probates, I like going after Less competition, the low hanging fruit, the older ones. So one of my first questions is what is the script you would use for the older probates at six months to two years out or more.
And then my second question is what is the difference between the foundations class and the probate mastery class? Maybe I could take those to learn more about probate, basically know the mechanics, but I wanna dive real deep into the prospecting part, the mechanics of contacting the clients and the thank you card, call them a week later.
A, this is what you may with century 21. Did you receive my thank you card? I'm pretty good with the regular version of prospecting, but I would like to get the process of the probate version. Sure. And I'm going to defer you to bruise for these, for the script and the role-play portion. One thing I would say, William I couldn't, I agree with you more, the value of the older leads.
I still invest and I work one to two year old and I do extremely well. If you're investing and you're an agent, I would encourage you don't do one or the other do both because you will the six month year old leads, you'll have zero competition, but you are going to miss the ones that are ready to do something right away.
That would just be, I would say you've got that initial script down. So use that but, don't I, is there a reason, or do you have such a volume of leads? That's why you don't, you want to wait and work them, or what's the reason for waiting on the new ones? I don't know if I should say that.
I'm subscribed to probate data, so just just this morning we had 350 something leads and LA County is pretty big not to mention Riverside and orange County. That was another couple of hundred. So I don't know if that was like basically a backup because of everything was shut down and then everything's starting to come across.
But that, I'm like, Hey, if I go back, it's probably less competition. And then whatever issues they had in the beginning, maybe they worked it out because I know from listening to some of the calls, it's Hey, provide value, clean up crew, this, that, and that and the other, but I haven't set those people in place yet.
So until I do work, the older leads, but also I still. Since I'm in the business, have investors in my pocket if they need to sell now for quick cash. But my fiduciary duty is for the estate to get the most money possible. Yep. Hey William. So Bruce here they say Bruce w Hey, how's it going? What are the things that I'm going to, I'm going to say is don't don't necessarily feel bad or feel like you you can't go after newer leads without your team put together.
A lot of times the offer means a whole lot. It I'll work with probably nine nine out of 10 people without them taking me up on the services that my, my full team offers, then that 10th person might need those services. So if you don't have your entire team put together I wouldn't necessarily let it hold you back from pursuing the newer leads, just because most of them are, it's just simply a value.
Add that a lot of people aren't ready to take, mainly because they're dealing with their own stuff. They're busy, they've got a lot of personal items in the house and they might not want a stranger helping them haul stuff off or clean the house up. It's still good to offer though. The other thing that that I'm going to say is I'll repeat what what Jim said.
It's the older leads. Yes, absolutely. Go after those. There's really no competition. I've found that what, so let me say it this way. What I consider to be a short term real estate transaction in the probate spaces, less than 18 months. Okay. It doesn't mean that you're going to guess less than 18 months.
Yeah, definitely. And by short term, what I mean are people, families that are planning to sell real estate? A lot of times I call it under 18 months because if they have a plan to sell real estate, they're definitely going to do something inside of 18 months. And 18 months is on the outside of that short term window.
The median for the short term window, it's really four to eight months. Between four and eight months, by the time you get to the end of eight months, maybe nine, maybe. You're really only going to have 20, 25% of anyone that was planning to sell that hasn't sold yet. So yes you're, we're calling them low hanging fruit, but really you've brought in a lot of it is in the follow-up you've burned through if you're going after people that are older than nine months old, no competition, but it's only about a quarter of the people that that we're going to sell that are left in that window.
So I would probably not go quite as far out as a year. I know Jim goes after those. I certainly get business from leads that are older than a year old. Hunter, I want you to hear me clear. I'm not saying don't go after old leads that are a year plus old, but just know that there's not as many less by the time you get to a year.
Oh, okay. So like the prime timeline is probably like four to eight months after they get their letters attempted mentoree. When you're calling through them, you see exactly where they are at the process. And if they have any issues that you can help because as a real estate agent or an investor, you're there to help and build that rapport.
Yep, exactly. Build the rapport. This is the reason that I love the probate space so much is the majority of competition. And I'm doing my best as a coach and trainer to change this in the industry, at least with our subscribers, that the majority of your competition, when you are prospecting, a probate list is going to quit at two to three months marks.
And and my, as a, as an investor and as a realtor I like that because I'm in it for that four to eight month window. And if my competition hits them just as hard as I do for two months, and then they drop out, then I'm going to be the only person that's left standing at the foot of the four to eight months timeframe.
So that's when the majority of your close version is going to come right. I just closed the deal that I've been from a cold call that I've been following up with for four years. You have systems in place and just follow up, every three months or, have an email or a letter or something like that, contact them different times in your database.
It just, sometimes it's just hard to keep up with the follow-up, but the money's in the follow-up the money is absolutely. And the follow-up and families, if you call them on month one, they might have a conversation with you. But a lot of times they're not necessarily ready to open up to you yet.
This is still a fairly emotionally or they're emotionally raw. There's challenging situations and circumstances, and they're a little bit overwhelmed or at least they will be, and we need to keep touching them and using those initial months to build a rapport. Now you mentioned you're finding plenty right quick, what I would say on role-play is see if you can jump to if it's coming out for everyone, cause you're not a subscriber right now for everyone. And two, two weeks, we're gonna make it available to join our role-play call. This call is normally going to be Q and a related with that said, I would like to give you some dialogue that you might want to use on these probates.
Cause I know that's one of the things that you were looking for, right? Yes, sir. Okay. So you had introduced yourself just in the sample greeting that you gave. You'd introduced yourself as William with, I think it was century 21. So you put the name of the real estate company in with probate.
I'm normally going to encourage people to just call you. Just call is William. I just call him Bruce. Obviously we have, as agents, we do have to disclose that we're agents and especially if you're a realtor, you've got some disclosure rules, but I don't disclose that at the beginning because I don't want them to draw a conclusion about what I can and can't help with until I've had more of a conversation with them.
So I'm Bruce and I'm calling because I work with families. Who've inherited real estate. Or Bruce and I'm calling because I help families go through the probate process. So quick summary, and then you want to give them this feeling of control by essentially saying, look what I do might not be relevant to you.
Could I take a quick second, quick minute, tell you a couple of things I offer, and then I'll let you decide if what I do, it's going to benefit you or completely be irrelevant. Okay. They feel a lot of control because what we want to get to, we want to get to the elevator pitch and to get there. I believe that you have to summarize what you do in a really short sentence.
So that's the words that come after, because, and then you need to let them know that you're not there to lay a heavy handed sales pitch on there, on them. And that's why I say, I'm not sure if what I do is going to be irrelevant to you or beneficial. At that point, I'm just simply asking for a little bit of time of their time.
Maybe a quick minute just to see if what we do might benefit them. And I tell them, look, if it doesn't at the end of that, just tell me I'll respect it. And I have no problem. And normally you're going to get someone who's pretty open to hear what you have to say, what you offer. And they're normally going to at least give you some follow-up at the end of your elevator pitch.
That comes next. Okay. Now, I'm not doing this dialogue justice because yesterday I literally took two hours to teach what I just gave you in about two minutes. So when the role play call comes out and it's available for everybody, that's listening, please jump in on one of those, because I think it would really help.
But that's essentially the way that I create myself. And if you do it that way if it's an old lead, I'd say I'm, I call I'm calling because I help families that have inherited real estate. If they're a new lead, I'm going to say I'm calling because I help families through probate. So those are the, that's the only variation that I'm going to give.
How can I help a phone call? It's the greeting. Yep. Okay. And then that add to the end of that, it was like, how can I help. Yeah, really. You want to get to the elevator pitch at that point because they don't know what they don't know. They don't know what you do. So I'm going to ask, how can I help after I've, after they've given me permission to explain what I do.
So what I gave you is everything up to the point of explaining what you do. So you really want to have a, maybe a minute long summary of what you do and then ask the, how can I help afterward? Okay. Okay. But like a system. Yep. Okay. Now my, my second question was what is the difference between the foundations class and the probate mastery class?
Mastery was our original with our original class. It takes you through and I'm going to have Jim or Tim chime in here after this mastery takes you through a longer process where you start to really understand, not just dialogue, but you understand the probate process, you understand your which team members exactly you need.
It goes into detail and I think the last mastery class was something like 16 hours long. So you can imagine it goes into great detail. Foundations is really meant for those people that don't have 16 hours take that class and they need a couple of hours to get the basics down. So it's essentially the communication and the follow, or basically the foundation of what is probate, because I pretty much cut that back cover.
Yeah. It's not what is probated all. We go over how to market to a probate lead, how to communicate with the probate lead. So the dialogue and and how to build your team. So those are the categories that we cover in foundations. Okay. And then that one has a a price to it or is that free or how that one for our subscribers, if you're a subscriber of our leads, we give it for free.
We haven't offered it to non-subscribers until probably starting in about two weeks. We'll offer it and there's going to be a really small fee for it. If you're a non-subscriber really irritable. Yep. Okay. Look forward to that. Love the, and get that. And William, I was just going to say just the fact that you'd like to cold call foundations is what you need probate mastery.
It was a course that was much more. Graduate degree level and it was, yeah, but it was more for the people that want to know everything before they do anything. The people that are very have very high analytical I honestly, foundations is going to be more than sufficient for 95% of our subscribers.
And then, so I would take that first. I think you'll be a better fit there. The other thing I was going to say to you, I know you're not a subscriber right now, you and I understand what you're trying to do by waiting six months when you're getting four or 500 leads, you're trying to call the herd, before you, it contact the survivors.
You might want to take a look at our probate plus product because that would allow you to right away, see what real estate is owned. And you might, if it's a $5 million listing, you might not want to wait six months. You might want to call them right away. It gives you options. It also. You could eliminate the ones that don't appear to have real estate.
So you could probably accomplish the same thing and reduce the number of potential people to call. And then you'd be maybe in a better position to decide which ones you want to call right away. And which ones you might want to wait on. Just an option. It's on the, all the leads.com on the top of our page, top right-hand corner.
There's a tab that really explains probate. Plus you might want to take a look at that. Okay. Yeah. That was another question. Because I know you offer leads and stuff. If you had an olive cart system where you can because I like your custom website and maybe upgrade to the marketing to the leads.
And that sounded like the, like the probate plus where it filters the leads and then you can like market to them as well. Is that correct? Yeah, absolutely. What I'll do. Cause we have our queue starting fill up. I'll have one of our salespeople reach out to you right after this call and kind of walk you through all the options, all the, the foundation and all the cart options.
But yeah, as far as the website in the mail, that's something we can definitely do for you. And Dell explained probate plus to you also. Oh, okay. Hey, thanks a lot. Really appreciate it. Y'all bring very much value to the community. Thank you. Thank you. You very much, sir. All of a sudden we got a full queue.
Next up is fed you're on board. What's up. Hey guys one update and a question update is regarding the PR that we've been discussing on the last couple of calls. Much to my surprise. This is the same PR that I then took the approach you suggested, which was, I may have come off too strong and there's no pressure and all that stuff.
And she communicated, no, it's just about getting my brother to meet with us. So we don't have to meet more than once. Long story short. I went to, I drove by the house the other day, just to get an idea of what its value would be, took a picture so that I could send her an email. And then when I checked tax record, it shows that on February 19th, which was about 10 days after she and I had started interacting.
But before. She told me, Hey, it's just about getting my brother to get to the property. They sold the house to an investor. I saw that there was a transfer of title yeah. On February 19th. Now the strange thing is that the seller name on tax record is not the PR. And in addition to that it's really unfortunate.
I ran comps. They sold for about a hundred, I would say 125 grand under what market value is. How do you know that it wasn't just a just a transfer inside of maybe a trust or something? Was it a definitely an investor name? Yeah. It's it shows like investment company. See, I'm actually have it in front of me.
So the here let's see, it says, yeah, it's called a, it's a management company, LLC. And so yeah, the only strange thing is that then when you look at the actual lead once it arrives on all the leads she doesn't, she already communicated to me. She does not have an attorney, so I'm just a little confused, cause wouldn't, she have to go through probate prior to making this sale.
Depends. Whether she has full authority or partial. Yeah. gotcha. Gotcha. Sure. Yeah. If she had full authority, then she could, but honestly, I still am. I'm going to encourage you to still communicate with her. She may have just been lying to you and dragging you out the whole time it's possible, but it's also possible that this was an inner probate transfer where it's being set up and it's into a an LLC or a company that she still has ownership or influence over.
So we don't know exactly what it is. It does sound like it's likely that she just puts you off. Cause she didn't want to tell you that they were selling it. I found it's very likely that's the case, but just because you see a transfer, doesn't always mean that it's a transfer to an unrelated third party.
It might've been a transfer to a related person or entity. Got it. Okay. Okay. Corporation up, go look. The corporation up on the state of California is a commerce site.
Yeah. Okay. I'll do that. And then just question about financial advisors. I went ahead and as you suggested just went on social media platforms and just, through my sphere just said, Hey, looking for financial advisor here in reputable or reliable financial advisor.
And I got a lot of answers. Now, the only thing is. Most people ask what kind of financial advisor are you looking for? There's so many that come in different shapes and sizes. Are you talking retirement planning, stock investment in option trading strategies or real estate management? As far as the financial advisor that we would want on our team?
What are we looking for? Specific one too? Cause I have some I've called set up with a few of them and I'm just trying to understand maybe what questions I should be asking them to see if they're the right fit for the team. Does that make sense? I think you're probably looking for the the real estate.
What was the option with real estate? Oh, those are just a few options that people who are not financial advisors wrote down, I think they wrote theirs, summer stock market, investment, summer options, option trading strategies, which obviously would say no real estate management or retirement planning, like real estate management go with real estate management and retirement planning.
Retirement planning is probably a little bit of a better fit for us, but the real estate management planners, those you could really. Make a lot of headway with those relationships. And then what you're just going to ask, honestly, you just want to understand their business. Look, this is not for my money.
But I work in the real estate space and I have a lot of people who have either inherited money or they ask me for connections with financial planners and advisors. Could I ask you to tell me a little bit about your business and if you feel like it's a good fit and you'd want to go into probate details with them, go into probate details and ask if they'd be interested in your referral.
They're always going to say yes. And then you say, and as I'm building this out I could really use a connection with a good estate planning attorney or two who do you know. I think that, I think you're, I think you're going to find that a good percentage of the estate planning attorneys also do probate.
They try to set up if an attorney is doing trusts, living trusts and that kind of thing. He's probably doing probate also, and he's encouraging people to set it, to set up the trust. But if he, if they don't do it and don't have the trustees, he's willing to handle the probate, it, those two kind of go well together.
So even if they're not doing probate, it's pretty easy. It's pretty easy transition. I have, yeah, go ahead. Sorry. The only thing I was going to say is that you should define, with them when you're on the phone with them say, so let me first tell you a little bit about what the average person is going to look like that might be seeking financial advice and come up with a story in your own mind about what your average person is going to potentially met out of a probate transaction.
And if you said to them, this is somebody, my, my average customer that we're looking for to deal with is somebody who may come out of a financial transaction with maybe a hundred thousand dollars that they didn't have, and may not have any financial planning at all in place, because typically that's a lot of what you're going to run into.
It's a first time person who may not have ever had any kind of financial planning. So describe your client and let them tell you what they would propose to service a client like that. Got it. Okay. Yeah. No, that's that's smart. Okay. Thanks guys again. All right, sir. I appreciate it. Thanks as always.
Thanks so much. You're very welcome. All right. Three more in the queue. Next step is phone number ending in four, two, five, six. You're up next. Hey, how are you doing? Hopefully, if you hear me, this is norm. I'm fairly new subscriber, I guess I've been since September I have a client that is interested in purchasing a home from from an estate.
However, it has not gone through probate yet. Is it possible for us to buy that that home before it actually goes through probate and and the money or the proceeds for the home go into an escrow account norm, which which state are you in? It's probably going to make a difference. Yeah, Missouri.
Okay. I don't happen to know exactly what the laws are. There. There are there are a lot of States that real estate does not have to go through probate. And I do not, I don't know about your state. And I was hoping that maybe it would be one that I was familiar with the law is, but I want you to know.
And other people listening that sometimes real estate does not have to pass through probate. And normally if it doesn't pass through probate is normally going to at least need to be open. And then you take the real estate out of probate. So you open probate, you you're essentially having them apply to not put the real estate into the probate.
And they can take it out now. It's going to be a better question for an estate planning or a probate specific attorney in your state, but but there's a good likelihood that you could go ahead and sell that. And the majority of States around the country, you can go ahead and sell the proceeds, go into the estate, and then they settle probate separately.
So the heirs aren't going to get their money until probate is settled. But at least norm, have you made contact with one of the years or with the likely personal representative, if you, do you have any contact on the seller side, there has been contact made as a matter of this. This is a client of mine and they actually were going to buy the property before the person passed away.
They had actually signed a letter of intent and actually started to do some work on the property. And then the attorney came in and said you can't have it now because it's now going to go through probate. I see. And so do you have direct contact with the errors or are you just dealing through the attorney?
We ha we do have direct contact with the ears. Yes. Okay. Because the good news is they have an attorney and it sounds like they've determined that they need to file probate. So you could have your buyer write up a contract, submit it to the seller and or the attorney, and just put closing to occur within 30 days of completion of probate or the property being removed from probate, you could still execute and submit a contract to get the process started and show them that you're serious.
And I think I would probably, if you haven't done that already, have you had a conversation with the attorney and he knows that they have an intention to buy it? No, it's matter of fact, I just heard about this the other day and I was dying you guys on this call, so I could talk to you. That'd be my first step because that attorney is going to have a fiduciary to, like a realtor present, all offers.
He's going to have an obligation to pass that interest on to the seller and let them know. And it might it, and at that point, I think you could ask the question that Bruce posed, just ask him, do we have to complete the probate process or can we get the court to release the sale prior? But either way I would submit the contract.
And when I'm making an offer on a probate, I just put in there. I know in Florida the real estate can be carved out. I don't know whether the seller is willing to do it or not often, or whether the attorney is gonna go along with it. So I just put a clause in there to that effect closing within 30 days of completion of probate or.
30 days of receiving court approval for the sale, but put that contingency and leave the closing. Open-ended that way you don't, if it does take six months, you don't have to go keep going back and getting the contract extended. It's just, it's ongoing until one of those two events occur, but there are some other things that you probably need to find out as well.
One of them is was there a will in this case, there was not. Okay. And is it the will of all of the potential air to sell the house? Do they all want to sell it? Only one air and the answer is yes. Okay. And are they willing to sell it for what you were your client originally offered as the letter of intent?
I don't know the answer to that question. That's a great question to ask. That's a great place to start because if there not, then if there, do you have a copy of that original letter of intent? Not in my hands. Okay. You should probably put the letter of intent, the attorney and the only heir together, and at least to a conference call and say, look, here's the deal.
I've got to got my buyer. They actually did some work here and we're not trying to put a mechanic's lien on it. And I would leave that in the air when I said that. But laying out the fact that already work has been performed and, they had tacit approval to do this, and we're not trying to do anything other than the healthier, we still like to buy the house.
Let the attorney tell you what the next steps are, because if the air that wants to sell the house is appointed as the PR, then all you have to do is wait, whatever process is necessary to get that done. Let the attorney answer your question. If they're willing to sell it for the dollars that was originally offered on the letter of intent, and there's nothing else to tie up funds in the probate, then eventually they'll get the house anyway.
But the attorney and the buyer, the owner together in a conference call and get your answers before you spin your wheels any further. I think a good scenario in here will also be for me to consult with my personal probate attorney, to make sure that I'm asking the right questions here in Missouri.
Yep. Sure. Yeah, that'd be good too, as well. And as you're doing that, it's more for future deals. But as you're doing that make sure that you really understand the process of cause this is truly the case in several States. Some States will not let real estate title transfer until probate is closed.
So you need to understand whether your state is one of those States. Other States will let you sell the real estate during probate and other States let you carve it out all together. And the heirs get their money, whether probate is still open or not. So ask the attorney which one of those three scenarios Missouri fits into and that'll help you structure not only this deal, but any future deal that you're running into.
Yeah. Unfortunately, I wasn't involved in this in the very beginning I got pulled into it just because they found out what I was doing and I want to help them if I possibly can. Because it's just, a better business as we move forward. So I appreciate all your feedback. Hey, norm, you said something real quick there.
How did they find out what you were doing? Did you, obviously, you made that known somehow, but how did they find out that you were doing probate? If you guys follow grant Cardone, it's called promote. I tell everybody what I do. Good. See, that's a classic case.
We've said that before on the calls, don't be a secret agent. You let your serve influence on everybody, know what you're doing. They, they may just think of you as grant who sold my house and they may think of this situation is completely different. So I just wanted to point out good job doing that.
Congrats. And one of the things that I just learned is, I follow a lot of acronyms, OPM. We all know what that means. Other people's money. I found one the other day, it's called OPC other people's content. And if you want to get known for things, you don't have to use your own content.
You can just create other people's content, but I'll tell you the one I found that yesterday, that I think is probably the best that I've heard of ever it's ops. Other people stages get involved with every opportunity that you can to get in front of a group of people and somebody else, and let them build a promotion and you come in and then share what you do.
And so by using other people's stages, you can really go a long way. So you're essentially photo bombing, other people's presentations. You just sneak it in there. And I liked that. It gives you permission to do it.
When you're very forceful. You usually get invited on stage. That's great. Norm. Good stuff, buddy. Thank you. We appreciate you. All right. Next up. Next up is phone number ending in seven three six nine. You're up next? This is Blake from wheel County. Yes, sir. Yeah, we're going with the first question is use of justice a couple of times in the call, but I want to make sure that I understand correctly.
I was looking for the Wednesday night call yesterday. I've done program mastery has gotten historical leads in the past, but I'm not a monthly subscriber. So what I have had to been a monthly subscriber to be invited to the previous Wednesday foundations class. Yeah. If you were a current subscriber, you can attend those classes.
I don't normally send the recordings of those foundations classes, anyone who hasn't registered for that particular class if you aren't currently a subscriber the next class that comes out in about two weeks, I'm expecting that anyone who's not getting our leads can register for it for a very reasonable fee.
It's not going to be expensive at all. And of course, if you sign up and want to get some leads, then we'll give it to you for free. Gotcha. Okay. I have two, two scenarios that I wanted to just make sure that I'm, my doc practices, you know what's worked historically. The first one is I call the PR The other day she was at word, but she had mentioned that she was essentially in quicksand.
You said, I gave her a quick rundown of the list of services and value that our team could provide. And she said she wasn't interested at this time. So my brother of course, is the car back in the evening when she's not at work, but I wanted to hear from you guys. Just, I know we've been over this type of scenario numerous times, but I like to jog my memory about what would be the best approach to, to get her out of that quicksand.
And thinking about meeting with me or choosing to meet with me to further along the process. And then, of course reduce her stress in the long run. Jim, you want to go first? Or do you want me to, you want me to go second, please? The the ultimate thing is working someone through a psychological process of getting ready to meet with you or being open to meeting with you.
And you could always just say, Hey, I completely get it. Talk to you later. Maybe I'll follow up, click and then call them again in a month and hope they answer. And I've certainly done that, but the best thing to do, and those of you who came to the foundation's role-play yesterday are probably like crawling out of your skin, hoping that you can answer.
The best thing to do is go ahead and start working her through that process on the call, where she just gave you that big fat objection. I'm not ready to do anything yet. And that's a great objection. I have no problem with it. The truth is she's not saying I'm never gonna sell the house. So in her mind, it's just a way of getting you off of the phone.
So what I teach you to do is go ahead and validate it and repeat back to her what she's really saying, not what she said, but what she's really saying. And what she's really saying is that I'm not looking for help right now. She didn't, she's not saying I don't need help right now. I'm never going to need help.
She's just saying I'm not looking for help right now. So I would just say it sounds to me like you're not looking for help right now. Get her to affirm that now you've validated it and you've positioned yourself on the same side as her. And I, and at that point, I just follow up with a quick if that ever changes in the future do you think we could keep in touch?
Would you mind taking my name and number down? She's going to say yes. I want everybody to know, she's probably not really writing your name and number down. At least she's pretending to though. And before you give your name and number, say, if you don't mind my asking before I give you my number, are you leaning toward holding onto the real estate long-term or is that something you guys are eventually going to be selling now, where where you stand or where she stands with regard to real estate, on that initial call, what your followup plan needs to be.
Cause there's really, if there's, there is a point in calling everyone whether they have real estate or not, and helping people, whether they have real estate or not, but at least now you can decide what your followup plan is going to be based on the potential business that you will or won't get out of that lead.
Okay. Another way that you could do it is to simply say, do you mind after you've gotten real estate information and after you found out just a little bit more, you've worked her further in that phone conversation just a little bit more, you want to say, do you mind if I make a proposal, I know that you're not looking for help right now.
I know that you're not ready to sell real estate right now. But I think it would probably be very beneficial and help you in the long run. You'd probably save you many hours, dozens of hours of time. If I could just take a look at the property and give you a list of things that you can do, and in what order you should be doing them.
And if you decide that you want me to handle some of that, great, if not, no problem. And then say, I've got some time next week. Could we meet? Okay? She said, no, don't push it any further, but you've got to get to the point where you're making that appointment proposal. And I was going to add, Bruce, I've heard you say before that this might not be your first response, but it might, if you get stonewalled with that same response, a couple of times I've heard Bruce teach before.
Hey, I understand. You're not ready, but if you were ready, what would you most need to help with or what would you, what would be the first thing that you would do? Just because it's acknowledging your objection, but ignoring it politely and asking her to identify the one thing that she most needs help with.
If she were ready, I love that because it was very disarming way to handle it. So try that also. Yep. Hopefully that helped. All right, sir. That's that? I have one more, but I think you were just hitting on it versus just hitting on it at the end there. This other PR she's ready. She is ready to start.
She has a niece. Who's an air. Who's not emotionally ready to go through the house yet. And so my plan was to get her, get the PR to think about, okay even though the niece is not ready, let's go ahead and get your plan together with the real estate so that when she does finally go through and get collect her, her valuable that you'll have everything ready to go in.
You'll have to, wasting the extra time is that, to me, that sounds good. I'm that? I'm sure that's a pretty good approach, but what I'm curious what you guys would think about or do in that scenario as well. So exactly what you just said what I want to steer away from for the most part.
And there are people that do this masterfully well. And so you might be one of those people you said, let's get your plan together. Generally. I'm not going to use language like that. If somebody is resisting you already and you take an assertive position, I love assertion, but if you take that assertive position with language, let's do this and you need to do that.
They'll resist you even more. So what I want to ask leading into that that statement and that value proposition that you just made is would you be open-minded to. Getting your plan together now so that you can save time and money when you are ready. And who's going to say no to that. A couple of people I've had people say no to that, but we as a human race, consider ourselves open-minded whether we are or not.
And if you ask someone, if they're open-minded to something 90% of the time, they're going to say yes, because saying no they're admitting to themselves that they're closed minded individual. Okay. So instead of let's do this, let's ask if they are open-minded to doing it and then add a benefit to going through with your proposal, if they say yes.
Gotcha. Like such as maximize the, the value of the state and maximize the, total normal, normally things come down to stress. And the money. Can I ask you a quick question? Would you be open-minded to to maybe meeting in a week or two and just creating a plan?
I know you're not ready. I'm not going to ask you to be ready, but creating a plan so that you can number one make sure that you and your your sister, I can't remember if his sister, cousin are say keep more money out of the estate. And number two, it would probably save you many dozens of hours of time in the long run.
And so I just listed the benefits and and the open-minded question it's tied to a meeting. Now I haven't written that down. I'm the type of person that needs to sit down and write out. A lot of people are, write out a dialogue kind of bullet points. So I'm just going to encourage you to sit down and start with open-minded number two, move to what you're asking them to do.
And number three, with the two or three benefits of doing that taking that action that you've asked them to take. Sounds great. That's perfect. All right. Thank you, sir. We have two more in the queue that should take us up nicely to the top of the hour. Next up is phone number ending in two, five, three, one.
You're up next?
I just had a question on a seller finance a second one this week. I had Bruce on the call. If they, Oh, okay. Do you have a mortgage on the property? And I'm wanting to see if they want to sell or finance. Is that work the same way? We just make the offer. They, if they accept, they would pay the bank up and then sell seller finance, the remainder.
Is that how that goes? Yeah, Bruce, go ahead and jump in. I was going to jump in. It depends, again, it may depend on your state and how cooperative your or their attorney is. The mortgage probably has to do on sale clause, but if they had the money to pay it off. Sure. But you could do a wraparound mortgage.
That's probably the best way to do it. You execute a new mortgage between you and the seller. It, it starts today. And within that, you pay off the existing mortgage and there's some benefits to you doing that because an older mortgage, more of it is going towards principal. You could buy that house subject to the first mortgage and do a second.
In either case get a real good CYA letter. If you're going to do either of those, you want to see why a letter in the very, very unlikely event that the lender calls the note. Do you want to make sure they understand that's a very remote possibility? And in, for example, Mike, I buy those still to this day.
I do subject to, and my title company will do it because first of all, my sister owns the company, but she, they will do it for any and they'll do it for, and in the sophisticated industry, they don't like to do it for a homeowner that might not understand what they're getting themselves into. So in Bruce, I hope that's the logistics of it.
Did you have another answer for that, Bruce? It's not another answer. It's actually a pretty much in line with that. Let's assume that you're doing a subject too. And you were leaving that, that first mortgage in place. Just as Jim said, every, everybody needs to know what happens in the unlikely event that the mortgage or calls the note to to, I don't want to get way into the weeds on this but let's say you're leaving the first mortgage in place.
A way to do that would probably be to set up something like a land trust, move the property and ownership over to the land trust, and then assign yourself as the beneficiary of that land trust you take over payments. You actually would pay a third party mortgage servicer. Who then make sure that the owner, the former owner is paid there too.
And that the original lien holder mortgage company has paid what they're owed. And then you just make payments to the land trust, and they divvy up the money from there. That's the way to do it. If the mortgage is not getting paid off I would say it's best to try to pay that mortgage off that a lot of times it's just not possible.
They might have $60,000 and all you're giving them is a $15,000 down payment or something. In which case they would need to do a subject to where you set up a land trust, or some type of trust, and then pay a third party servicer. So let me ask this question. So there's a little bit of rehab. Would I be better off getting a private lender, given her offer price?
I don't know how if I was to do that and just buy it, buy it outright. Or from a private lender, how would the mortgage get paid off in that scenario? And then she would be paid off right after the mortgage was paid. Is that correct? Yeah, the way I would answer that, it depends on the seller.
That's certainly a cleaner deal. It might be more appealing to the seller and you might get a better price if you've got a seller that doesn't care, often with appropriate property, the person on the mortgage is deceased. So they may not care. The seller financing is more, the terms are going to be more favorable to you.
Are you going to keep the property? You're going to turn around and flip it? I would probably flip it. Yeah. If you're going to flip it, then, the first two options are pretty complicated. You would save a little bit on the short term interest and it depends on how many points your hard money lender is going to charge you.
Your hard money lender is going to charge you three points, but maybe. You can get 5% knocked off the price because it's a cleaner deal to the seller. That might make the most sense. The creative financing, in most cases, it's going to make more sense that you're keeping the property.
So if it was me, I probably would try to negotiate a slightly better price and just use hard money. If you have access to it, it's just a simpler, cleaner way. And it'd probably be more appealing to the seller. Okay. So for future reference seller financing is typically done. If we were planning on keeping it buy and hold type thing.
Yeah. Or for the most part, not always. Go ahead, Bruce. Just, I just made an offer recently and and I have hard money available and I know that hard money is going to cost me two points upfront. And 12% interest over the year. Now this is a flip property. So knowing that it was going to cost me two points right out of the gate and 12% over the year I proposed to the owner and I'm going to make some numbers up here.
These aren't my actual numbers, but I proposed to the owner that I'll offer you 185,000 cash closing in a month. And that's with the hard money that I'd be getting or I'll give you one 90, if you would finance the property to me for up to two years at 7% interest. So I'm giving her the extra money.
I was going to be paying that extra in points with a hard money lender anyway. So I'm giving her the extra. And then I know overall that she's looking at that amatorization schedule with the accrued interest and that's going to be a big determining factor. She's looking at all the interests that she had earned over two years with.
If she owned her finance to me, which is gonna make her like $14,000 extra or more, if she owned her finances. The second thing that I proposed to her is if you own or finance, and if I sell it early and cut you out of all that interest, I'll give you a $5,000 prepayment penalty.
yeah. I'm essentially structuring it to her in a way that when I flip it she'll make basically what the what the hard money lender would have made. And then I don't have to go through the loan and approval process. Now, a lot depends on your. I was going to say a lot. Depends on your timeframe too.
I try to get in and out in one or two months, if it's going to be a two year deal, then yeah. That deal makes more sense. Yeah, go ahead, Bruce. A lot of it depends on whether the mortgage can be paid off. There are ways to work that mortgage, but the owner has to be comfortable with the risk.
You have to be comfortable with the risk and the the title company or the attorney needs to know how to set it off. And a lot of them just won't set it up. So that's one of the first people that you need to find. If you're going to do deals like this is an attorney or a title company that knows how to structure a subject to deal and it's comfortable to you.
Okay. All right. We appreciate it. Thank you, sir. Bruce, we have two more in the queue. Can you go a little bit over or do you have another appointment? Know, I can go a little bit over. I probably only 10 minutes though. Okay, next up is phone number ending in three nine, nine two. You're up next. Hi.
Can you hear me okay? Yes, sir. Yes, sir. Okay. I haven't joined up yet or subscribed yet, but is there a sample of the probate plus information that is supplied? If I choose to go with that, I don't know exactly what it provides you in addition to the normal subscription. Yeah, it's very complicated. I'm just kidding.
Go to all the leads.com in the upper right hand. Part of the page, put, hit click the little button that says probably plus sample it's right there. It's right on our main website. Yeah. And if you I can have one of our sales people walk out and just, call you and give you the options of, walk you through the process.
Also, if you have additional questions, I'm going to have someone reach out to you. I'd like to look at it first, so I should take then do that. And I'm an experienced real estate party, but heaven entered the probate era. There was that second caller talked about a deed getting transferred from a management company.
I think that was in the state of California. Was that the second guy in second color? I believe so. Yes, sir. I think so. Okay. Some States, have a transfer on death deed and the person that's ill initially scientists deed, and upon death, that deed automatically transfers. And somebody like the management company could have gotten to that person, whether they know him or didn't know him or a relative or whatever, and had him sign that.
And that's a great point. Yeah. I have property in West Virginia, and we've already got that signed. So yeah, you're right. There are some States that do, that's a great point. Yeah. And it seems like every deal is going to be a little different. No doubt. And you got to figure it out and, but no deal things have been just cut and dry though.
Got something that you've got to figure out is that right? Probate is like a box of chocolates. You never know what you're going to get. They're all just a little different that's for sure. Yep. All right. Thanks. No, thank you for that input. You're exactly right. It's another reason why that gentleman should call and find out what's going on.
Don't just make assumptions. Thank you. All right. Last up this week, his phone number ending in three seven, four five. You're up last. Hey guys. Thank you so much for squeezing me in. I know you guys are busy. We're already over time. I don't know what I can work. We're just starting to get hit with so many objections and it's all we're just waiting.
We keep hearing this, like we are hearing this more than we're hearing. We've got it covered at this point. So many people are telling us we're just waiting or we've been told to wait, or we're not doing anything until we hear from the attorney. What kind of responses can we're generally the first person through the door.
So I'm always a little hesitant on being the first to go there and book an appointment and give them an offer in which they usually shop it around. But it gives us the opportunity to provide relief and be a good support system to them, with the resources that we offer. What can we say to combat that?
And, let them know that. Sure. You can wait to hear these answers, but you don't have to wait to meet to sell the property. Are you hearing that we're just waiting at the appointment or on the phone? It sounds like it's on the following. On the phone. Okay. Yep. Yep. They won't even need a dust because they're like, we've been told to wait,
I get that a lot too. And the the weird. The weird thing is they'll tell me we're just waiting. And then then they'll sell the house a months later, if someone else pushed it to that pushed a little bit more or were like and a fed case caller, number two, we're just waiting.
I'm not there yet. And then you find out that it's all two weeks ago. The we're just waiting, honestly, this kind of goes back to the objection, validation that I do. I want to recognize it for what it is. And what it is we're just not quite comfortable doing an appointment yet. We don't want to be sold, so they have this fear of being sold.
So I'm usually just going to validate and then pivot right into that real estate question of once you're a, once you guys get a little further into the process, your attorney gives you the go ahead. Were you thinking about were you thinking about selling or are you leaning more toward keeping the property at least get that answer?
And I'm just going to use that to drag them a little bit further into an unthreatening conversation where at that point I can make a proposal. Hey, you were just waiting. I just, so we're on the same page when you are finished waiting, do you think I could swing by the property, take a quick glance at it so that I know what I'll be able to help with in the future?
And they'll usually say yes, especially if you haven't asked them to meet you there. And then I say, would it be beneficial for you to meet me there? Or should I just go, I'll leave the choice up to them. And at least that way I've gotten to see the property. And a lot of times they're gonna say I'll meet you there.
I'll have my family member meet you there. And if they don't, it's no problem. I'm not here to push you. I'm here to subconsciously guide them through different levels of relationship with me. And then I'm customarily going to go ahead and put on a single page, a letter of intent style page.
I'm normally going to put up price range that I think I could get them for the house and I'm going to send it to them because someone is going to get a number in front of them. And I personally, I think it's, whoever gets the number in front of them first, it's the most likely to get the deal. Oh man, they've been shopping my aunt.
I would definitely say we are the first people in the door to meet with them. We are there literally I'm to the point now where I'm telling I'm literally going to start telling my next appointments. When I come to give you an offer, it's good for that moment. If I leave and it's not signed, it's not valid anymore.
And the downside is that they don't care. They've got 15 more people, but they're shopping my offer every time. And I'm just getting beat out by, thousand, 2000. And these other people are just making promises that are so absurd that I won't make because I'm, I can't promise I know what the numbers are and I can't promise them the numbers that other people are giving them.
So I'm always hesitant to be the first in the door and they're taking my offer and shopping every time in this case. I'm in the same type of market, man. What if they get, if they give you an appointment, if you call them and they say, yeah, I'll meet you. Come out to the house. We're going to sell.
I can guarantee you they've told the same thing to 10 or 15 other people. So what I'm talking about are the people that sh that are shutting you down that are saying, we're just waiting. We're not ready yet. We're not meeting with anyone yet putting an offer in front of them. Because if they're saying that to you, that's what they're saying to everyone else.
So this strategy probably doesn't work with the person that is volunteering and appointment with you, but it does work with the person that is not sitting on the fence. They're on the other side of the fence, on the we're waiting side of the fence. And if they're there for everybody else.
And your number has a higher likelihood of getting accepted because they're not giving anybody a meeting. Okay. And tier for an appointment then you probably go with your strategy. Okay. So I would assume we're probably wrong. Cause we've attempted to ask a couple of different ways, are you waiting on, to be appointed by the courts?
Are you waiting on the attorney to do something for you? And many times they don't know what they're waiting for. And the common responses we get is that's none of your business. So yeah that's what a lot of people, that's what they've told me is that it's none of your business while we're waiting on now to say, I'm not trying to pry, I'm trying to tell all without you telling me anything, I don't have any, I don't have anything I can provide for you.
So yeah, it goes back to the old adage that nobody cares how much, until they know how much you care. And we're really doing all we can to let them know that we're not just here for the house, but they are shutting us down so quick. But I will definitely use that and let you guys know how it works.
Sound alright. Appreciate it guys. Thank you all for being here brings us to the conclusion of another call. I want to thank each of you for being here. I want to particularly thank those who actively participated and I want to challenge each and every one of you take one idea that inspired you on this call.
Go out and put it into practice and please come back next Thursday and share the results. Have a great week. Everybody talk to you. Same time. Next Thursday. Take care.