These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!
Call Re-cap:
00:00 Introductions
The coaches welcome the large number of callers we have on this week’s call and share general updates. The updates begin with information about the changes to the conference call system coming in the near future due to recent technical difficulties. Tim discusses the rescheduling of special guests, Probate Cash, for next week and urges callers to keep an eye out for emails and announcements regarding the changes to the conference calls. Bruce briefly goes over updates for this month’s training programs and lets everyone know some training series have restarted for those who would like to join.
03:40 Probate Cash is Here!
CEO of Probate Cash, Marc Harris leads the discussion briefly introducing the rest of the team and summarizing what Probate Cash is essentially. Probate Cash, at its core, works with heirs of inheritances and offers cash advances against the value of the inheritance. With all the possible issues that arise during the probate process from claims to delays in court, Probate Cash offers the ability to receive funds within days instead of waiting for the process to completely finish. Probate Cash understands the plethora of reasons a client would need funds sooner rather than later and gives individuals the ability to access the funds of their inheritance to help with whatever is necessary. Referral fees are also paid to realtors and those alike that bring clients to Probate Cash.
06:30 Probate Cash Criteria
Karen discusses the criteria Probate Cash has set in order for an individual to be accepted to receive a cash advance on their inheritance. Most estates are property rich and cash poor but essentially Probate Cash is looking for estates that have value. Certain risks such as claims being made against an estate or property damage is considered in the decision making as well. All in all if the estate has value after everything is deduced, a cash advance is applicable. The value can be in the property as well as liquidity.
09:00 How Does Probate Cash Benefit?
A question was asked by a listener wondering how Probate Cash benefits from giving out cash advances. Probate Cash charges a fee that varies from 10% and up. Since this is a cash advance and not a loan, credit is not considered when determining the fee. The fee is determined by the risk factor and time in which the advance is given in regards to the probate process. Any delays in court during the process is not reflected in the fee.
14:30 How Tax Liens are Handled
A listener asks the Probate Cash team what is done about tax liens if applicable to the estate. Karen briefly details how tax liens on the estate differs from tax liens on the heir where only the heirs portion of the estate is garnished instead of garnishing from the whole estate when the tax lien is for the deceased. Tax liens are reviewed and do not disqualify from the cash advance.
15:30 How Do Referrals Work?
A listener asks for more information about the referral program and its fees. The Probate Cash team briefly discusses the referral program and its benefits. Marc states referral payments are released along with the cash advance to the client which is usually 24 to 48 hours after the completion of the application. Tim talks a bit about why it is important to touch on and embrace this program when talking to potential clients.
19:30 The Opportunities
Tim talks a bit about why it is important to touch on and embrace this program when talking to potential clients. There are a lot of opportunities within the opportunity for both the heir and yourself. Bruce briefly discusses how great the program is for not just realtors but investors and anyone in the probate space.
22:00 Is Probate Cash Exclusive to Probate?
A listener would like to know if the cash advance is only for probate or can inheritors of a trust also benefit from Probate Cash. Karen goes on to discuss what else qualifies for a cash advancement from Probate Cash. Probate Cash works with trusts as well but the process is different and consists of more underwriting, reviewing of the trust,and agreement of trustees.
23:00 How are Fees Calculated?
Marc goes more in depth about the fee for the cash advancement. He goes on to briefly discuss how the timing and risk play a large role in how much the fee will be. The fee percentage increases every 90 to 180 days and caps at 1 year. Delays in the process are not included in the accrued time.
27:45 Are Usury Laws Applicable?
A listener would like to know if the advancement is a flat rate or percentage base and how usury laws are handled if it applies. Marc discusses the difference between their cash advancements and loans and how it is not applicable due to the advances not being loans. In a lending situation it may be applicable but in a cash advancement situation it is not. There is no lawsuit or security to pursue any assets if the cash advancement is not paid back nor does Probate Cash attempt any recourse.
29:00 Are Non Estate Properties Included?
A caller from Philadelphia talks about the older houses in the area with owners that want to sell but do not have the resources to maintain the property and get it ready for the market and would like to know if non estate properties are included in the possibility of cash advancements. Non estate properties are included and worth exploring with Probate Cash.
30:20 Roots of Probate Cash
Marc summarizes the roots of Probate Cash in regards to its parent and sister companies. The parent company 777 Partners based in Miami owns a number of companies ranging from insurance, airlines, soccer teams, and more companies like Probate Cash that the team works with for a larger variety of solutions for clients.
31:40 How Probate Cash can be Beneficial
Tim takes some time to discuss the positive effects that can happen for you and your potential clients by simply adding Probate Cash to your list of resources. The right conversation with people that need this help can go a long way for them and net money for you off the referral.
35:25 Probate Cash Marketing Material
A listener asks for a draft email pertaining to Probate Cash for heirs that like to communicate digitally and through mail. Tim goes on to discuss the number of resources All the Leads will create that includes information on Probate Cash. Sean Driscoll, on the team for marketing at Probate Cash can also help with updating links on websites that lead to help with Probate Cash and lead potential clients in the right directions
39:30 Cash Advance Minimums
A caller would like more information on the cash advancement minimums. Marc states that the soft cap minimum is $3000 with a high being around $500,000. Probate Cash does not generally go under that minimum but understanding relationships are important in business, Probate Cash is not against talking and possibly going lower if necessary.
42:30 Contact Probate Cash
Tim gives a quick summary on how to get in contact with Probate Cash and urges listeners to reach out and let them. Let them know you are from All the Leads to make sure you are receiving all possible benefits.
44:10 What isn’t Approved?
A caller would like to know what would disqualify someone from a cash advancement. The Probate Cash team states that cash advances would not be applicable to people without assets or inheritance or being a beneficiary of a trust. Karen also adds that property other than homes can benefit from cash advances as well. Land deals are more doable as well but difficult due to figuring out the value of the land.
46:45 The Transaction is with the Customer
Marc goes on to discuss the permissions needed if any. There is no need for permission or authorization from the personal representative. The client turns in an Assignment of Inheritance to the court that allows Probate Cash to get paid when inheritance is paid out. The personal representative will have the fiduciary responsibility to pay Probate Cash once everything has been processed but there is no need of authorization for the cash advancement.
49:30 Is Pushing Probate Cash a Viable Form of Income?
A listener would like to know the kind of profit that is possible through referring potential clients to Probate Cash. The team states that referral fee paid out can be a regular source of income with no strings attached. Along with that, as a member of All the Leads as well as continued business with Probate Cash can lead to many benefits including subsidizing website and marketing cost and more. Adding Probate Cash to the list of resources your company offers can be a very viable source of income.