Preview for Probate Real Estate Scripts Role Play 62

Cold Call Role Play #62 | Probate Real Estate Scripts

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Real Estate Scripts Role Play Training #62 

Recorded Live on January 13th, 2021 (Join Us Live Next Time | Previous Episodes)

 

Welcome to All The Leads Role Play Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett and Bruce Hill.  Be sure to join our Facebook Group, All The Leads Mastermind, to find role play partners and more!

 

 

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WHAT YOU'LL LEARN:

What Objections To Expect

How to Overcome Objections

Conversational Language for Introductions, Discovery, Rapport Building

How to Offer Value and Improve Your USP

How to Win Follow-Ups, Appointments, and Referrals for B2B networking.

How to Rebound from Rejection and Turn One Success Story Into Many.

 

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Episode Transcript

Cold Call Training For Probate Real Estate - Role Play 62

A.I. Narration: Welcome to All The Leads Cold Call Training, a special series recorded once a month for the Probate Mastermind Podcast.  These episodes feature agents, investors and wholesalers from across the country role playing their real estate cold-calling scripts with coaches Chad Corbett Bruce Hill.  The role play portions of the call are completely un-edited, so listeners can experience how these calls would sound if they were real conversations.  Be sure to join our Facebook Group " All The Leads Mastermind"   to find role play partners and more.  For previous episodes, visit AllTheLeads.com/podcast

 

 

Welcome to our powerful agents and investors from across the country. Today is Wednesday, January 13th, 2020. And this is role-play podcast number 62, and we do have a number of people in the queue. Chad Bruce. Hi, we're all here today. Let's go to our first caller. First up this week is phone number ending in one, one, one zero.

You're up first. Hi, this is cliff. I've I just got my first set of leads this week, actually. And I, I was all gung ho started into it and I the first person, the first one I looked at didn't have all the things were X out, start out for being able to call them, but they had an email.

So I sent an email and I took the, one of the letters and I hacked that up and it seemed to go, okay. But then a part of my thing was okay, when I get into this thing of if I have to leave messages and  I forget who my trainer person might help my coach was. And he had suggested that I make the calls first.

So I looked at Chad's script there a little bit to see what his was.  I sent you this letter last week and send them a letter last week. So right away, I, we look like a knucklehead, so I adjusted and I just went, hi, this is cliff Castillano. I'd like a chance to speak with you concerning your role as a personal administrator.

Give me a call when you get five minutes to chat. And is that accessible? Does that seem okay to do.  So it's something that I wouldn't lean towards saying it exactly like that. A lot of times whether you're leaving a message or you're getting someone on the phone I've personally found that it's okay to say, did you happen to get a.

A letter for me in the last couple of weeks.  You're not saying I sent you a letter, but did you happen to get one and you'd be surprised how many people will say yeah, I think I did. And it just really opens the conversation up for you to be able to to start to talk and ask them about their experience.

So I haven't said you could do the same thing on a message as well. A lot of our subscribers, don't leave a message on the first call.  That's up to you. I'd say test, test it and try maybe without a message on your first call and then with a message and see what kind of response rate you get back.

Oh, okay.  I know we're not supposed to ask a lot of questions on this, but I have one, I struggled in to sound strange with what to put in the subject line for the email. That sounds, I know it's my sound stupid, but I did. I struggled as to what actually to  put there. Do you have any suggestions for that?

I'll put it. I'm taking a shot. I'm sure Bruce has advice on that too. I prefer questions. So when you're coming from a place of empathy and really truly understanding the situation they're in, if you really want to get their attention, ask a question that takes their mind to the place you want them to be thinking.

So whatever the purpose of your message is. If you're early on in the process and somebody's just starting, it could be something like. You know that, did you know that this exists in the community or did you know that you already have a team. And what you're trying to do is not sell anything with email.

And again, I would suggest that you keep your copy short. There are copywriting techniques where you go long form, but this is a cold email introduction. So I would keep it short and try to drive it to the phone because these folks are in an emotional, in a very emotional situation. And it's much easier to sell this over the phone.

So something like, did you know that you already have a team here in Roanoke? And then when they click, it's I'm my name's cliff. I've got a team of people put together specifically to help families going through probate. Anytime I can find an email, I always try to reach out because most people don't know this exist and they don't understand how much value we can bring to the situation.

Click the link below to jump on my calendar. Can't wait to see how we can help you. And you didn't have a clear call to action. Don't try to sell your service. Don't try to tell them everything you can do for them. That's what the phone calls for. Okay. Because we, in the point of that, just for everybody listening, the reason I say that is.

There are literally dozens upon dozens of ways we can provide value to these families until we get the answers to a few basic questions and understood Stan what their pain points are, what their challenges are.  You don't want to try to sell clean-out services. And to someone who does, who has an empty house it was, if it was a fully furnished vacation condo  so try and just trying to sell them.

Everything is overwhelming picking things randomly is it may not apply to them. So just try to speak broadly and, have a clear call to action. Just a few sentences of copy and get them on the calendar or have them. You can say give them to you, give them a choice. So you can call me at this number right now, or you can schedule my calendar here.

Okay, thank you. Yep. Yep. Yeah, I would add maybe speaking to the pain that they might be experiencing not the pain of grief or the pain of loss, but the the pain or the potential pain of not working with you. So a subject line might be something like the greatest mistake that a PR will ever make.

And then your copy is  the greatest mistake. I work with a lot of personal representatives and families, and the biggest mistake is trying to do everything on your own. You may have an attorney that's doing the legal side of your project, that everything surrounding real estate from property clean out to property sale.

I can help you with, if you want to hear more, call this number. Okay. But get the ultimately the goal is to get your email opened and so to keep it short  and mix it. Yeah. The one person called me and emailed back lines. She emailed me back and she said that she has an attorney to take care of this.

So I emailed her back. Cause nowhere near that, I really tell her I was a realtor.  So I emailed her back that, I understand your attorney for that stuff, but I'm here to anything else you can do with selling the house or whatever. And, I did give her my number and she had that originally first email and all that.

And I asked her, if she has few minutes to give me a call, but we'll see how that goes. Thank you. Yep. Thanks, Glenn, perfect personality. I'll like something you said just to give you an idea, if that's often the mentality is, our attorney has handled it and something, this is a disruptive move.

So you have to have the personality to support it on when the phone call comes. But you can say things like, did you, can you believe your attorney missed this? Is that the email subject line and your body copy is talks about how 99.9% of attorneys overlooked telling them how to protect for the asset protection piece.

So if you have real estate and that real estate is vacant, you have exposure from an insurance standpoint, but also from an adverse possession standpoint.  One of the, one of the many things that are on our checklist is to make sure that we help families get the proper insurance in place. And to secure that assets, if you don't have real estate, this is obviously not, yada, yada, but you can do really well disruptive things like that.

Just understand it may get forwarded to an attorney and that attorney may or may not be your best friend when you hear from them. But if you have the personality to stand up to that type of a conversation, That's still engagement. Yep. So as you learn the, as you learn the assumptions, like when you hear these objections, you should have an email subject line for every objection you hear on the phone, and that will eventually become part of your drip campaign.

Did you know your attorney? Did you know your attorney missed this? Can you believe this person lost everything? Because they didn't have the right insurance, like things like that to help move them because they don't know what they don't know. But every time you hear, every time you get stumped by an objection, challenge yourself to write a really good subject line, ideally five words or less  with the question as a question and use an emoji.

And that's the kind of the techniques I use to keep, above 50% open rates. So Chad, what your probate attorney might not have told you subject line? What your probate attorney didn't tell you or might not have? No, I would still stick with the question. Can you believe the attorney missed this? Or you could say w what did your journey tell you?

Or what did your attorney forget to tell you if you want to keep it in the question for form, something like that? Yeah. It's anything that's concise and question form, and I find that proper use limited, but proper use of emojis either on the very first character or the very last character and emoji will really help especially on mobile devices.

Oh, okay. I really, I didn't think I would use those at all. Okay. All right. Okay.  It's like anything else to do an ABC test, try a few different things work in different markets, but don't be afraid to play with it a little bit and see what works for you. Okay. So I want to go back just something really fast.

I know you're sending emails cause there were a lot of, do not call numbers on your list.  And. Email  is primarily used as customer service.  It's hard to sell over email. So if you're using email throughout the majority of your list and you are not calling all the numbers, then you need to make that, that email subject line and the copy drive.

Back to some kind of an offset, some kind of an engagement. I'm a big believer in content and education in email, but you've got to get them actively engaged by texting you, emailing you or calling you as soon as possible. If you're not calling all those numbers. Okay. Alrighty. All right, appreciate it.

We've got five more in the queue. Good participation this week, guys. Next up is phone number ending in eight eight three one. You're up next?

Yes, sir. Okay, perfect. Hi, my name is Andrew I'm from New Jersey.  I was on the call last week, I guess there were some technical problems. What have you. So I just kinda wanted to  try out my opening script. Sure. Who do you want to, which who wants to role-play with them? Or do you want to just open and let us all comment on it?

Whatever you prefer. Yeah. You know what, let me just open it and then okay guys give feedback. I've been, I've had so many different variations and I'm really just trying to narrow it down. So the opening goes on, right? Hello. My name is Andrew, my team and I, we work with families and we go down to the courthouse about every 30 days.

To see who may be going through probate and we reach out to families that may need our help. We do all the non legal things that attorneys really don't handle. We help families with things like real estate services or clean house as well with handyman service.  Have there been any challenges that you think we might be able to help out with?

So that's the open.  Did and maybe I missed it. I didn't hear you reference the fact that they have that they're going through probate. Did I just miss that? No, I don't. I say that we go down to the courthouse to help out families that are going through probate. Okay. Forgive me.

I just missed that. I'm good. Good simple explanation for what you do.  I would probably be looking for a little bit more engagement from them earlier in that introduction. So instead of just diving into it and running for I'm going to speculate like 45 seconds  I would probably throw in a summary of what you're calling for.

And then ask if they got your letter ask if they recognize your name, something like that. And when you get a little bit of engagement back from them, then you go into kind of the elevator pitch. So you jumped right into the elevator pitch where I would put a really short summary in front of that.

So I help families through the probate process  something along those lines. Jen, what do you think? So when you listen to this recording, I think you'll see your entry point. And I heard I kinda Mark that point in the conversation because you started because you didn't initiate with, I sent you a letter last week.

Do you remember seeing that you skipped that engagement point that we usually have in the first few seconds? You ran, like Bruce said probably 45 seconds before you re you reached for him. And that felt way too long. The point where it made the most sense for you is when you said we help families go going through probate, and then you had a slight pause and then you launched right into examples of how you could help.

That's your entry point, right there. You can say, have you ever heard of you ever, have you heard of our team or did you know that we existed? The answer is going to be no most likely,  we have we have a service that helps families going through probate  that did you know, something like that existed in the community.

Okay. Yeah, most people don't, that's why we try to reach out to every family. And honestly, like we can help with anything and everything. It starts with us understanding what your challenges are. A lot of families, they need you help with getting homes, cleaned out with getting proper insurance to protect assets.

They don't realize as a fiduciary, that's really important. And for some reason, the attorneys fail to, to remind them of that. So it really just starts with a simple conversation with the family. And then we can give you options on, on, give you things we could do to help  what's been the toughest thing, single thing so far that you can think of.

Something along those lines, I went a little longer with the examples and I probably would have, but the, that pause point, if you're calling ahead of your letters, that was an assumption I was making, because you didn't say anything. If you're calling ahead of your letters, just make sure you get some pause point with a question like where you get it.

Yeah. They have some opportunity for engagement in the first few seconds. Otherwise they're going to feel an urgency to speak and they're not going to be listening. Up and you know what? I was going to add what I was going to add. Also, if you do get to that point, or if you do ask that question, what's been the most difficult part for you so far B be prepared that they might just come back and say what do you mean?

What are you talking about? And have a couple examples for them? A lot of the people we deal with. I find that it's a personal property. Do you have a lot of personal property in the house? Just be prepared to ask another question. Keep questions are always better than statements and keeping people engaged and the longer you can get them talking the better chance you're going to have them listening to your USP.

When you get to it makes sense. Yeah, it does. Thank you. All right. Thank you. Just being appreciated. We got a full queue guys. Great job. Did you want to add something, Bruce? No, I don't. I just said thanks Andrew. Oh, okay. Perfect. All right. Next up is phone number ending in two five, one seven Europe, X.

Okay. Ready to role play? All right. Who do you want? You got Bruce or or Chad? We'll let you choose.  Ashley, I don't care. This is the script that Bruce gave me. I actually want to get back to ordering my leads again. I just wasn't comfortable for awhile, so I'm ready to go. So I don't know.

Bruce, you want to take her? Sure. Let's do it. Okay, go ahead. Okay. It sounds like Joyce, by the way. I'll hold on. No, it's Sue.  So sorry. Sounded like Joyce on my headset. Okay. All right. So let's go for it. Okay. Ring.  Hello. Hey, Bruce.  Yeah. Yeah, it's just Simon. Do you have to remember who I am?

SU no, I, not off the top of my head. I'm sorry. Oh, that's okay. I didn't think so. The reason I'm calling is because I shot you a few letters recently and I help families go through the probate process. I don't really know if the ways that I help are going to be relevant to you or not. Do you need to have a minute to chat and see if what I offer is relevant?

Yeah, sure. I'm a little squeezed on time but I can take a minute. Okay. This will be brief.  The families that I typically help and, I don't know if you need this, but the same can I typically help out or in three areas, either someone has real estate that they know that they're going to sell or just inherited and they don't want to get taken advantage of and being in the real estate business, I can help with that.

The next theory that I helped with is dealing with personal property. A lot of people are just bogged down and busy in their regular day to day and don't have parental range for state tails or make trips, the dump or those types of things. That's why I've got a team that can handle any disregarding to house out or selling personal property.

The last thing that I do is I help with repairs and maintenance.  No, a lot of Visy are the way our lives are, but then all of a sudden you have to go over and  trim weeds or kick some leaking things or something that can just be too much in one day. And so I've got a team of handyman contractors that if you needed anyone  just let me know and I could get them over there pretty quick.

Okay.  Go ahead. Go ahead.  I was just assuming that so far, you guys probably had everything happen.

Not exactly. We're just so early in the process. We haven't even been over to the house yet, so  I don't know what we need to do, what we don't need to do. I have no idea. Just lost mom a couple of weeks ago, and I'm sure we'll get over there sometime in the next couple of months.

Okay.   Can certainly appreciate, you're going through a lot right now. And  it's, I tell you what you think you could take down my name and number and let me know if you need some help in the future  when you finally get to the point where you can start looking out and in the things that you're going to have to go through  Yeah. Yeah. Why not? Okay.  My name is diamond.

Do you have a pen? I'm sorry? Do you have a pen?  Yeah. Yeah, I got a pen. Okay.  My name is Simon and my phone number is five two zero two six one five zero zero. Okay. So got it.  Okay.  Want to be respectful of your time, but I just have one last question. Do you think your family is leaning toward holding onto the real estate long term?

Or are you thinking about selling it?

I don't know. I want to hold onto it, but I got a little bit of a fight on my hands with my siblings. I don't know. We're probably going to sell, I don't want to though. Oh, no. What would you prefer to do? Keep it? Would you like rent it out or something? Yeah, no, it would definitely be a long-term SU I'm running a little tight on time.

I don't know. I can certainly let you know if I need anything in the future though. Okay. I appreciate that. I don't want to take a few time. I'll probably just give you a call back in a month or so. And. When I call it change, please feel free to answer the phone and say, Sue nothing's changed.

But on the flip side, if you feel like you need some help early on in possibly clean out or maintenance or anything of that manner, I have a team event I can help.  Does that sound

yeah, sure. That works. Okay. All right. You have a great day. All right. Thanks. Okay. Great. Perfect. Okay. Good job. I could tell that I could tell you'd practice that that dialogue I would say that you should probably work on shortening the elevator pitch. So where you just described some of the some of the things that families are going through.

I would work on getting that out a little sooner, summarizing it a little bit quicker.  And and then just be prepared.  Gave I gave you an opening. You said, should I assume you have everything handled so far? And I basically said we don't know. What we don't know is a summary of what I said.

I ha I have no idea what we're going to do. We haven't been over to the house. We probably won't go for a few months. And that was a really big opening for you to dig for some information. You went for a, you pretended, like I objected to you and like I resisted you and I was not resisting you at all.

So you could have. You're good. Just ask if I just ask a question. Oh yeah. So what what is going on over at the house who's taking care of it? That would be a good question. There's, there are other questions. So what I'm going to encourage you to do is sit down and write out some questions where if somebody opens up and they give you they give you an opening.

You, you have a handful of questions that you could just ask.  Otherwise, it was conversational. I could tell that you got stumped a little bit, but but all in all a good job. Okay. So I get a lot of the questions they open up.  One thing that struck me and it might sound a little bit picky, but I stayed at things differently than I'd ever heard anybody state them before, which is good.

It definitely sounded, it seemed like you, at one point after you stated everything, you said it was almost the opposite of an assumptive close, you said you probably don't need help with any of those things. I think I would state that a little bit differently. Are there any of those things you need help with or you could eat, you can either be, even be a little more presumptive and say, there's probably at least one of those things you need help with.

Because when you say you probably don't, it's just really easy for the person to auto answer. No, I don't need help. So I would maybe make that neutral or. What's that  you're allowed to, you're allowed to roll me under the bus right now, if you want. So I was waiting on my response because I hear a lot of Bruce's items in your language.

And I think the reason you're using negatives so heavily is because he suggested am I right? Oh, yeah, but I liked it cause I felt like it was a disarming approach, but but it will take more phone calls to build the relationship. So I'm going to say this respectfully, your delivery is weak and it's making you look weak.

So until you can get that to a point where it elicits a positive response, like my, in the first five sentences of the call. It felt to me like you had no self-confidence in your own service. And then I was like, Oh, wait a minute. I think Bruce has been coaching her on negatives and a few things like, so I've I get the methodology, I see what you're going, but your delivery is not confident.

And until it is, it's probably going to work against you. Because if you're, if you say, you probably don't need help with any of that. If I'm not in rapport with you, I'm going to be like, yep, thanks for the call. And I'm off. And so with, without, and Bruce was not like you didn't get to a level of engagement where those are safe statements.

I didn't feel like  I'd like for you to listen to the concert, listen to the recording of this and hear how you're delivering those negatives. And then work on that. I think it's a good tactic and it's good advice. It's some of us are subject to our personalities though, and I don't think that it's serving you to go that negative that early and.

Just before you have rapport. So what I would say is rapport is built heavily while you're presenting the issues that you work through and the longer you, it takes you to get that out and present it. The less rapport you're getting. Cause I was almost feeling like, could you just get to the point.

And I know those are the three points that I hit and the three points that I gave you, but they took so long that by the time you even went to a negative, I didn't feel like you, I felt like you were completely unconfident. And  and it had just taken too long for a negative to really work in my opinion.

I do believe in the power of asking a negative question though. And Bruce deliver your like the have you ever heard of me and your response to that, deliver that so other people can hear it. Like you have a humorous, let me throw myself on, let me fall on my sword approach to that.

So deliver that back to her.   Do you happen to recognize my name by any chance? No. Is that, what you're is that the one you're talking about yet? Do you happen to recognize my name? I don't. I'm not no, you don't. Oh gosh. I that's totally fine. I just shot you a couple of letters a few days ago.

I'm going to guess that you haven't gotten around to reading those is there. So you hear he has a little, okay. No. Bruce's down right. Jolly about that. And when you present it, you were sheepish about it. So there a little things like this, when you're going, just like I talked about with the email subject lines, with certain techniques, you gotta be prepared for, for the setup.

And that was where I first picked up on where it just seemed like you weren't confident and you started to lose me.  So I would, I think. Keep working with what Bruce's is suggesting you do just work on your delivery and be a little more confident in it. And a little more certain where your conversation going, because it was also really clear when your mind I got off track,  you were trying to regain control and that's fine.

This is a safe place. Nobody's making fun of you. But  and thanks for stepping up to do it, but it was clear when you didn't know where the conversation was going. So just pay a little bit more attention to what is my like, think two-step two steps down the road in the conversation.

Okay. Okay. Thank you. All right. Good job. So thank you.  Next up is phone number ending in seven three, six eight. You're up next, can you hear me? Yes, ma'am loud and clear. This is Christina I'm in I'm in Austin and I am a deer in the headlights. I'm so excited about this. And  Bruce knows I have not made one call yet.

So I just wanted to like,  stumble my way through this opening phone call as if I'm calling one of my leads. And I don't know, I really have any agenda. Like I don't really have any tenants to say what I just heard on the other call. So it's going to be really rough.

All right. Who wants to take her? You want to take another one, Bruce or Chad? Do you want to take a turn?  I may Christina, if you've been coaching with Bruce, do you want to do it with them or would you rather me go?  It doesn't. However you guys, whatever energy you have is fine with me. But I say I'm not going to be some that Bruce told me to say, probably.

So it's going to be really rough. So I'll take this. I'll do the role-play. So your coach can listen and give you advice. How's that? Okay. All right.  So ring. Hello. Hey, Chad, this is Christina .  I sent you a letter Oh, probably got it over the last week. Do you remember getting a letter from me?

No, I have a stack of what was it about. How can I help you? I know you've probably just gotten so much so much information in the mail.  Help, I have a team of people. We help people go through probate and I,  got your name and number from the County. County records. Know you've had a loss in the family.

I'm really sorry to hear about that for your family. I know this is a lot to tackle. So I, I just wanted to check in with you and see what you're struggling with, that I can possibly help with.  What is it that, that you do specifically? I don't understand. Yeah, I know it's a little bit of a different service.

So I have a team of people that can help pick up where the attorney has left off in the probate process. So your attorney to be probably doing a great job, handling all the legal, the legal processions of the probate. But there's the real estate and the personal property, which is often a burden for a personal representative, like you to  to handle.

So I have a team of people that,  we help with state sales organizing personal property. We can help you fix up a home. Just a variety of services. What are you struggling with that I can help you out with?

Time, finding time to do everything that I need to do time. That's definitely where I can help you out. Tell me, is is the, is there real estate in the us? Is there real estate as part of the estate?

Okay. And has there been anyone who has  is it being managed currently or being lived in.  It's no nobody's living there right now. My, my brother there was, but when dad passed, he couldn't even afford to pay the utility. So he's moved on. Okay. All right. And Chad, I can hear it in your voice.

I can tell that, this is just a really heavy time for you. And I just want to give you my condolences and tell you that I'm so sorry you're going through this. It is a really hard time I've experienced it myself.  So your brother left, the home is vacant. Is there anyone who is  Let's see, I don't know what to ask guys.

I know I'm trying to get to the insurance question. Okay. Break, break there. So first of all, your tone is awesome. Even when I was being an asshole to you, you didn't let it shake you. And you're like, I am no, no worries.  So your tone is really good.  I think you were trying to make the conversation fits so much that you're actually missing points that you wouldn't have otherwise.

My you're set up. You're doing a good job on the setup. And as soon as you found out, my brother moved out. And that the utilities might not be on. And it's the reason I said that is because I know it snowed in your neighborhood last week and the house is probably not winterized.

So I was giving you a slow pitch that was circumstantial. But I was giving you a slow pitch to find the reason to get over there today, to get that house winterized and get proper insurance on it. There's the things like that. So I think you were looking to guide the conversation so much, you were missing opportunities that you wouldn't have with another type of client.

Okay. And so I wrote down great empathy. You really sounded empathetic. You sounded sincerely interested and. Yeah. And you did a good job of restating what he was saying also. So you could tell that you were listening and paying attention. Yeah, I'm glad you said that because Christina, I would love to see you back that empathy statement up.

You just dropped it in I'm at a place where it didn't fit nearly as good as it would have back in the beginning of the conversation. So we actually visit the courthouse once a month and reach out to all families going through this because I've been through it and I know how hard it can be without help.

And that's why, a service in the community exists that most people have never heard of because I'm now taking this, I'm now taking this on as my community service or social enterprise  something like that. But get that empathy statement in the front because you it's most of us on this call or never to have gone through, had to have been an executor, but if you have, then it can be really powerful.

I would encourage you to move that up and your intro. Okay. Cool.  So my input, and this is a really small thing. You did say County records. I would prefer that you say the County clerk or the courthouse over County records. It sounds really just records. Doesn't. It sounds robotic. Okay.

And you probably don't do that normally, but that makes sure that you don't the other thing that, where you got stuck and you were trying to stick to a specific narrative. And a lot of times that narrative is going to work for you, but when Chad left you an opening that didn't fit the narrative or didn't fit.

The the insurance  statement that you wanted to get to, then that's where you did get a little bit stuck. And I feel like he said time, and you provided an empathetic statement,  that I can definitely help. And you started looking for how to help, where just simply asked a deeper question on that and it doesn't need to be.

It could be as simple as  what are you running out of time with what you, if you had an extra eight hours today, if you had an extra eight hours today, how would you use it? Yep, exactly. Okay. They're going to, they're going to tell you how you can help you made the statement. I can help, but you still didn't know exactly what they needed help with yet.

Yeah. Yeah. Cool.  Y'all call I've ever made. Good job. I have one other kind of silly observation. You came out asking questions. I've never heard anybody ask a question with the ring. You said ring. You bet. That's I like a question

that just struck me, boy, this lady is really taking this seriously. She started with the question, the way the boat rigs  I had to ride to break that up. It was noticeable. It was funny, but she did follow up with some good legitimate questions. Also. Good job.

Very welcome. We have three more in the queue. Perfect timing.  Next up is phone number ending in 2,600. You're up next.

Are you there? Two six zero zero. You're up next?

Unmute yourself to six zero, zero. Okay.  go ahead. You're good. Yes, sir. We got somebody. Yeah. Hi, this is Richard McDonough. I sent you a little last week in a colored envelope, so I'm just following up to explain why I sent it. Am I correct? That you're the personal representative for the Smith estate?  Yeah.

Yeah, that's me.  Great. Listen. I'm sure you have a lot on your plate. And I know this may be a difficult time, but I'm a probate services specialist and I help a lot of families.  Tell me what's the biggest challenge you're facing right now?  You said this is who, this is rich McDonough.

Rich. Okay. Yeah, no, I think we have everything handled our attorneys do a good job for us. Oh, okay. I can appreciate that. I actually don't handle any legal affairs but I help people. I'm a one-stop resource center for everything from furniture, consignments to appraisals and packaging organizing, cleaning out or selling property.

Which of these areas do you need most help with?  Tell you rich. I'm sure we're going to need some help down the road, but w we're not even ready to go over and start dealing with any of that stuff yet. I'm just, I'm buried. I can appreciate that. When would be a good time for me to check back with you?

I'd say give it a couple of months. Okay. And is there a good email address that I can reach you at?  No, I'd rather not give that right now. Okay. Okay. I appreciate that. Okay. I have your number and I'll check back with you in a couple of months as you suggested. Okay. Is there anything else I can do for you?

I don't know.  You don't know. Oh, okay. What's your biggest PR pressing problem or challenge right now?  Just the paperwork that I'm dealing with the attorney. I paid for work with long of things to do okay. I have no idea. Do you want to come, do you mind shopping for no, no, I don't do shopping, but I do help people with all those other things that get involved with the settlement that in the state appraising Personal property and things like that, but it sounds like you're not at that point yet, correct?

Yeah, probably not. Okay. All right. Let me follow up with you in a month and and let's, and I'm sure some issues will come up between now and then that I can help you with that sound like a plan. Okay. Yeah. Okay. Great. All right. Nice chatting with you. All right. Have a great day, sir. What was your name, sir?

It's rich. Rich. McDonald's. Rich, you do a lot of prospecting. Don't you? I try. Yeah, you you need to slow down a bit on probate,  slow down. You're aggressively thinking about your own responses more than you're looking for human engagement, Bruce, through you slow pitches and you miss them and actually interrupted him while he was throwing you a slow pitch.

And then he was generous enough to bring, he brought it back to you again, and then you somewhat engaged with it. But you're not using those as leverage points to show your value. And it's obvious you're an aggressive prospector on other lists that are way less emotional than this I'm betting.

You probably hammer fizbos and expireds. If I had to guess. Yeah. And so I want you to listen to the recording and see those I want, I'm not even, I don't want to point them out specifically. I want you to say, where did I miss opportunity? Because he gave you at least three chinks in his armor that you overlooked because you're, you were waiting for your own response.

Gotcha. Okay, good. So your demeanor's good. You sound very professional. It just slow down a little bit and listen a little more for the problems. And when he says something like, it's just this paperwork then validate his position and be like, Oh my gosh, I know, right? That is, I see families, we help families every month.

And usually the biggest challenge on the front end was this. First of all, how do you keep all this organized and just be really human with them and slow it down a little bit. Then they'll start, you'll get engagement and they'll start giving you real answers where Bruce  might've thought like you were getting blown off and you immediately said, all right I'll just call you in a month.

And it felt alright on to the next one. That's a numbers game. Yeah, rich, I'll give you one positive. I agree with Chad, you could have said it slower, but you did. I thought you did a nice job of having a very brief, concise, but somewhat inclusive ups, USP. You mentioned in one sentence, everything you could do,  you probably could have slowed down the delivery a little bit, but you didn't remember Milan about it.

So that, to me, that was a positive. Okay. Great. Thank you, Bruce. Bruce, anything you want to add, Bruce?  I felt like your summary was one of the better ones that I've heard in a long time. It didn't go on and on. So great job on the summary. I'll just repeat. What Chad was saying a second ago that  I was in the process.

I hadn't even thrown you a slow pitch. I was in the process of giving you a slow pitch and you swung before the ball was even out of the pit. So that was the basically I circled back around and gave you one that I'll bring up. Mainly because you're not going to hear it very often, but I tried to give you the slow pitch again.

And I said, you, do you want to do my shopping for me? I've never heard anyone say that, but I wanted to hit you with that just to drive home the point that I was completely overwhelmed as the prospect totally overwhelmed. And that's where you probably want to dig in and start asking questions to find out why I'm overwhelmed.

What my schedule's what my family members are wanting what I'm gonna do in the future and how long that's gonna take me. If you just leave me alone the type of person that I was playing would have taken eight months to do anything with the house, because they're just busy with all the other stuff.

And the meantime you probably could have. Found a couple of things that you could help with or pieces of advice that you could offer that would help build rapport because by the time you hung the phone up, I don't think that we really wouldn't.

Okay. Yeah. That's empathy is something I need to work on, it's funny. I've listened to Chad and I said, Chad doesn't sound like an empathetic person to me. He seems to be very successful, but maybe I'm wrong, Chad.  If anything  if yeah, if anything, I'm probably too empathetic. I ended up  I ended up spending a lot of extra time with  had to learn to temper this.

Wouldn't go. Be too helpful to these families and do things that weren't dollar productive. It didn't serve me in the business.  And I had to, because I really felt like I was at a duty or an obligation of mine. So I had to back off of that. And  for me, the empathy is understanding how they feel and like  what they're looking at is, a mountain.

But to me, it looks like a mole Hill and then balancing that out. So not to downplay their situation, to validate and affirm it, that then becomes a solution to it very quickly. And maybe that's why it sounds like I'm not empathetic because I am empathetic to them and to their situation. It's just, I see myself as the solution.

The reason why I picked up on what I perceived to be not empathetic is you have a very low key  tone. In your voice, you don't sound like emotional. And I, and that's why I just assumed that you the un-empathetic piece, but,  totally read that wrong then. And what if you have a personality like mine, where you're more of a, an expressive and a little bit of a driver and empathy, isn't your strong suit?

How do you compensate for that?  It's, we all have to learn to work with our own personalities and find their own language. That's the biggest reason you won't find written scripts here, because if I give you a script that works well for me, you're probably going to be like, what in the hell?

You're going to hate it. And I would never probably use a script. That you use. So what I would rather do is help you understand the methodology and what information you need and you gotta go gather that in your own style. But I would say that I'm a very introspective person. The reason I speak the way I do and in a professional setting is because of.

Literally thousands and thousands of observed conversations. And when I first started in sales I was a high strung coming from the FBI, gung ho pick an obstacle, go through it, get the hell out of my way. If you say, no, that's fine. There's nine more before I find my yes. That kind of guy.

And what I learned is. That, that level of that really aggressive approach didn't serve me as much as when I slowed down and spent time. And this was in a, in a setting where we were in a resort selling multi-million dollar real estate. When I first had that realization. And when I would just slow the hell down and focus, like really make myself listen more than speaking.

Then I found that I spoke slower. I asked better questions and I had engagement really quickly and very quickly, I Rose to the top of every sales team I jumped from market to market. And I think it's just learned behavior for me. Because I am, Bruce hangs up, Bruce is a friend of mine and he knows how I act beside, around the campfire.

I think it's a little different, like in, in my personal life, but I think I've had so much fun. The reinforcement with the slowing things down.  It made deals close more like paradox schools that might sound slowing things down a bit, got the closings to happen faster. Does that make sense? Yeah, it makes sense.

The question is how do you develop that ability?  Rich. Go ahead and being entrusted to me. Like every time I get off the phone, I asked myself, what did you do? What could you have done better? And just two really simple questions. And, it's you have a three minute memory of that last phone call and you'll start to notice things that you might not be if you just hit the dial button and go to the next call.

So just take a moment between each conversation and say, okay what did I do? What can I improve and then take a deep breath and make the next one. And over time, you'll start to see, that's the other thing. I, this is crazy, but I actually, and I think it was a Jeffrey Gitomer maybe that, that I was reading one of the first books I ever read in sales.

Suggest that you put a mirror in your office. And I actually put a mirror in my office. It's no shoe. And while I was on the phone, I would look at myself in the mirror and it made it more, more human and more conversational. So there's things, little things like that, but paying close attention to what you say and how people react to it is how I built my sales skills.

Okay, great. Give you a little I was very much like you in my prospecting career in real estate. And what was a clue for me when I would call retirement areas, I would have people say slow down and quit yelling at me. Okay. I was there. I was a real estate coach at the time and I took an NLP course.

You don't have to take a whole course, but matching and mirroring really helped me a lot. Like just listen to the people's tone. And their rate of speech and try to match it, try to match it. If you get somebody who's real slow, just constant consciously, be aware of the speech pattern, the person you're talking to and try to adjust yours to match them.

And I think you'll get in rapport quicker. That, that works really well for me. But I had to have a lot of old people telling me to quit yelling at slowed out before I finally got the message. All right. Hope that helps. Thank you. Thank you very much. Before you jump off. Hey, Jim, hold on. Before, before you jump off the phone, I'm, I've got two things that I need to say, and one is to everyone else.

That's listening. Chad's advice a second ago.  And this is, you said it was rich, right? I've. I'm so sorry. You. Okay. So jazz advice to you rich was take a second and ask yourself what you did, right? What you did wrong and adjust. This is what I do in my business. I'm always asking myself, why did that suck so bad?

And what can I do to make it suck less next time? And before it. You've dialed it in to it, to having something that's really good. Most of the people on this call as the guy that normally coaches, a lot of them need to not take as much time analyzing themselves. Okay. And I'm saying this to everyone else because some of you, if you overanalyze.

It freezes you in an action. You don't take CHADS, vice too rich. It was very applicable to rich. I just want to make sure that some people aren't out there analyzing when they haven't, they still haven't made a phone call yet now. Rich with regard to Chad.  Being your read on Chad being un-empathetic I would speculate that another piece of that might've been the fact that Chad is very assertive.

And if you are an empathetic person  one of a practice that you need to develop and a skill you need to develop is how to be assertive because a lot of empathetic people can go on and let the prospect that they're dealing with drive and control the entire conversation. And they never asked for the business.

On the flip side, if you're a very assertive person, like I'm assuming you are rich  then. Practicing your empathy. And probably even if you're faking it, even if you're forcing it at first  that practice, and specifically with regard to what Jim said a second ago, studying some basics of neuro-linguistic programming or NLP is going to be a major it's going to serve your business a lot because if you're assertive, you need to practice the empathy.

And if you're empathetic, you need to practice the assertiveness. There's a balance to winning deals here.  Okay. Hey, this has been very helpful. I appreciate it. Thank you, sir. We have two more in the queue guys. Can we go a few minutes over you? Okay, Bruce and Chad go a few minutes over today. I do have a hard stop at three that I have to jump for.

I'll go ahead and go. Thanks. Thanks everybody plays today. We'll see you tomorrow. Talk to you soon. Thanks, Chad. All right. We have two more in the queue. We'll finish up with the last two. Next up is phone number ending in nine zero zero five. You're up next, right?

Are you there are 900 zero zero five. Yes, I'm here. Hi. Hello.

Can you hear me? What can we can hear you fine. What can we do for you? Yep. Okay. So the biggest objection that I'm having when I'm on my call is that they have everything under control. And I don't really know where to go with any firm thing from there. So I'm throwing out the insurance pitch after that, but I pretty much get they're totally closed off after they say we've got everything under control.

So I'm just wondering what can I do in that situation other than schedule a follow-up call. A lot of times we'll end up needing to schedule a follow-up call with people, if they're really closed. However, I want you to understand what they're saying, that they have it under control too. They are saying we have everything under control to someone who in their mind is trying to sell them something that they don't want to buy, but they don't really know what it is that they.

You can help with yet. They don't know what they don't know. And so it's just the deflection and it's my belief that the more we handle objections  the less rapport we keep with our with our prospects and there is a time to handle an objection, but I'm going to make the point, the case to you that maybe you should validate objections above trying to handle them.

And then. Come off of the tail end of a validation like, Hey, that's really good. I'm glad to hear you have it under control. You probably don't need a ton from me today before I let you go though word you and then ask another question. Okay. So mine would be before I let you go, though. Were you guys eventually planning on cleaning the property out or were you eventually planning on selling the property?

Are you guys leaning toward keeping it? So you want to go with the validation before you move on to a different talking point? And that'll keep your conversations going much longer. And you'll gather a lot of good, valuable information. They're going to feel like they have rapport with you because you didn't tell them all the areas that they're wrong.

You told them all the areas that they were right. And if you have to set a follow call, they're going to be a lot more receptive. Okay. All right. I think I can look it up. Excellent. Last up is a familiar name, a lean Europe. We saved the best for last how's that you're up last. Thank you so much. How are you guys happy there?

Thank you.  My question is that as I'm making phone calls of obviously a lot of the times I'm not getting anybody. That's picking up. So typically I don't leave a message typically. I just, make your notes and then I'm going to call back.  So my question in terms of a script or a way to handle when I'm caught off guard and people will return a call and say, Oh, Hey,  have a missed call from your number.

What it, what are you calling me about? And I don't have, I don't have their name. I don't have. There were information right at my fingertips. Cause it could be like an hour after I finished prospecting. So I signed that I'm like losing the opportunity because maybe it is the PR, maybe it isn't.

And sometimes I'm like at a grocery store. So you think there is maybe like a script or something that I could say. And perhaps it just means like getting back to them that I could say quickly to be able to, pasture it and not lose the moment. If you don't mind, Bruce, I'll go first on this one.

I have that happen to me all the time in my investment business, people would call me back and I, what would you call about and say gosh, I'm not at my desk right now. And I made a lot of calls. I assume that you're calling me back. You're the executive of the state, correct?  And then just go into your normal conversation.

Don't pretend like you,  believe me, they're not going to be offended that you don't remember the exact phone number that they're calling you back from. You don't have to have everything,  right at your fingertips. But, I generally I'll get pretty deep in the conversation.

And then worst case, if there's something I have to reach for return refer to in the file, I can always schedule a call back, but usually there isn't usually. You can get the information from them, as far as all the questions you need answered and how you can help them and the property information and everything,  whether you have their information in front of you or not, is it's probably, you just feel a little bit unco uncomfortable that you're being blindsided, right?

Yeah, for sure. That is a little bit uncomfortable and I get it. I don't, I, you know what, I think that 2020, if anything, has taught me and maybe taught a lot of us is that we're all like living a very real life. Like dogs are barking in the background. Kids are  like everybody understands being, human and living life very differently.

So it's not so much about not sounding professional. It's more about I'm calling a list of numbers. Off of one probate or for one kiosk. So not all of them is going to be the number for the PR necessarily. So it could be that somebody's calling me back. That's not the personal representative.

You know what I'm saying?

That question, are you the executor of the state? Okay. Are, are one of the heirs of an estate that was recently filed and people will say to me all the time why'd you call it, and I'd say you're, did I inherit something? I a question if it's a wrong phone number.

And I usually find that, I usually just say to them you would know if you were the executor, you would know if you inherited something. I obviously have the wrong phone number, thank you very much. Goodbye, but I think you want to ask pretty much the same questions as if you were sitting at your desk and,  you were doing a normal conversation with them and anything you want to add, Bruce.

So I would my, the line that I frequently use and the majority and a lot of calls, is it my name familiar to you by any chance? I would. I think it's a good opportunity to use that say I'm sorry. I don't recognize your number, but I probably did give you a call. This is a lean is my name by any chance, familiar to you?

And and see if they say yes or see if it's at least a pattern disruptor, and then saying, I'm giving you I just, I was probably giving you a call cause  I think that you or a family member are administering an estate, maybe you're an executor. Did, do you guys have an estate that, and some property that you've inherited, something like that.

So go with questions, right? Yep. Not automatically assume that I have to explain more than instead of going on the descent. Just ask questions to get more clear. Exactly. Yup. That makes sense. And just, I, if I could just take a second, one of the things that I, observed in the last two weeks in the beginning of the year is an, I don't know if it's just a fluke or if it's, just an indication of.

No the world and everything that we've been around, it seems to me like a lot of the people that I'm speaking to are very  very emotional, very open and talking and sharing just a lot more than I've experienced before in the past. I don't know for whatever that's worth. I think that  probably things are just a lot more heavier for people then.

And they have been  do you mean in a good way? So are you saying they're emotional, but that's causing them to be open and sharing or they're more? Yeah. Yeah. Oh yeah. No. I mean it like, like they're just not, no, not so much defensive, more so like just really open and sharing. I had a lady the other day yesterday say to me, she was like, Oh my gosh, I can't believe everything.

I'm telling you.  And also with meetings with people just like very,  I'm, I don't want to get too deep and heavy, but I'm just noticing I think that we're, it's just as the world, we're holding a lot of weight, a lot of emotions, a lot of feelings and any like anything that opens it up, not with every single person obviously, but I definitely noticed it much more than I have in the past that.

People are not aggressive, but more so sharing their feelings of just what's going on for them. There are difficulties there, even there like some personal stuff. Sure. People definitely. I think you probably have a valid observation. People need to appreciate that TLC now more than ever. I would also give yourself a little bit of a Pat on the back.

Worked with you for quite a while now, Ilene and you are very, you're pretty, you're very easy to talk to. So give yourself some credit that you are opening them up and no seriously opening up and getting them to talk because, if you don't, if you're not if they don't perceive you as being empathetic it doesn't matter how stressed they are.

They, they'll go the opposite way and take it out on you. So you're doing a good job on the calls. I would say way to go. Good job. Oh, thank you. Thanks, Jim. I appreciate that. Sure, Bruce.  Nope, I'm good. I would just repeat what Jim just said. I know Ilene does a lot of prospecting.

You're probably really building up I'm sure that maybe people are more open open to sharing that.  Guarantee it's a lot of advanced skillset that you are developing as well. Oh, thank you. I appreciate that. Thanks both of you for your great coaching. Thank you for being here as always.

Well guys sends another great call. It was worth waiting for, we had a tremendous turnout this week. We had great participation. I want to thank each of you for being here. I want to particularly thank the half a dozen or so that actively participated. I want to challenge each of you. Take one, thought one idea.

One thing that inspired you on this call, go out and put it into practice and. Come back tomorrow afternoon and share your results with the group. Stay healthy, stay productive, and we will talk to you tomorrow. Guys. Take care.

 

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Preview for Ask The Expert Episode on Funding For Investment Deals

Funding Real Estate Investments: Hard Money vs. Conventional Lending and Why You Need a Hybrid Option.

Funding Options For Investment Deals Just Got Better:

“Take everything that you know about conventional loans, FHA, VA, Fannie, Freddie, and throw it out the window.”

Finding real estate funding sources can be a bit tricky. First, conventional lending requires credit-worthiness and paid property appraisals; the slow turnaround time also means a deal could be gone before you get your proof of funds.  While hard money lenders offer quick turnaround, even for investors with low credit scores, the downside is they often require hefty down payments and tack on high interest rates. 

Looking to fill the gap between conventional lending and hard money,  Rick Rall and his team at Navigator Private Capital designed funding options for real estate agents, investors, and wholesalers without high interest rates and bulky application barriers.  

Rick’s team is successfully funding real estate deals for beginners and experienced real estate professionals. With generous terms for fast funding and refinancing in one place, there’s no need to scramble to refinance a buy and hold, submit taxes, wait for proof of funding letters, and risk leaving deals on the table.

For investors you can avoid pre-payment penalties, large down-payments, and high interest rates.

For beginners, you can obtain financing without the traditional barriers to qualification.

For realtors, Rick’s strategy can help you turn those houses that sold in less than 3 days into acquisitions so you can start building out your investment portfolio. 

A lender with an expert understanding of investment, brokerage, and title will also provide you with extra guidance over your acquisition strategy.  You’ll have marketable title when you’re ready to sell properties from your portfolio in the future. 

Best of all, Rick’s platform offers 24/7 access to applications and proof of funds letters.

After this episode, you'll understand why having a real relationship with a lender like Rick, someone can act quickly and provide options and guidance that fit the deals you’re working on, can take your real estate business to the next level.

 

EPISODE TOPICS:

  • Hard Money vs. Conventional Lending and Why You Need A Hybrid Option (0:07)
  • How and Why Did You Get Into This Type of Lending? (2:57)
  • The Product-Market Fit: Enabling You To Make Money Any Time You Provide Good Service. (4:13)
  • Different Funding Options For Different Real Estate Agents, Investors, And Wholesalers. (5:45)
  • Experience, Money Down, Credit Checks, Business Loans? Why Rick’s Program is Different Than Lenders Near You. (12:21)

 

 

 

EPISODE LINKS:

Learn More About Rick's Funding Options

More from the Ask The Expert Series

 

 

 

Episode Transcript

Chad Corbett 0:00
Alright, welcome back to another episode of Ask the Expert guys today we have rick roll from navigator, product capital, this conversations valuable if you're a broker or an agent, this can be valuable to you because it's a difference in getting a deal funded and especially in a tumultuous environment, or in a house with with that needs major repairs. This is a way for you to capitalize investors, even if they're new investors. And we'll talk more about the the way they kind of underwrite based on experience level and, and whatnot. But I think that whether you're an investor or in brokerage on listing this, the Rick and these guys, they have a program for just about anything. As you guys know, in this series, ask the expert, we always look for people outside of our wheelhouse, that are experts in their own space, but can benefit both our company and more importantly, you guys and your business and the consumers you're serving. So Rick has a background in brokerage. He's got investment experience, banking, mortgage banking experience, and private money experience. So Rick, I'll let you tell a little bit more about yourself. And then we'll jump in.

Rick Rall 1:15
Chad, thanks again, for the invite, we greatly appreciate it. We did search you out. We'd like the product, the platform that that you've developed, it's very much of interest to us. And it fits a lot into what we do. So let's start out with who we are and what we are. So we started this in 2005, we were looking for an opportunity to serve primarily our investors and through them, or realtors that we help with to get funding in about two to three weeks, you know, from start to finish on properties that are in disrepair. Really the base of our business is we have an investor that comes to us realtor brings us an investor who has a dream for a property could be a single unit could be multi family could be big apartment building. And they want to go in and make a difference. They want to redo the house, put out a good product. And then they want to sell it where they may want to hold it. But let's say they're going to sell it, and they make a nice profit. And ultimately, there's a family or an individual put the house and it makes a difference in that neighborhood. That's what really makes us tick, we give back that way. We never do any joint ventures, we don't take any of the profits, we just want to make sure that our clients are going to be profitable. And that's really what differentiates us from hard money. We've never had a prepayment penalty, we never will we don't have any adjustable rates and the fixed rates, terms go from 12 to 24 months, whatever the client needs. And we get in the box, that's okay, because that's really what we do. It's our money. We're not answering to a bank or a hedge fund or anything of that nature. We've done thousands of these in the traditional side, our concern is that our investors get out making a profit or get out refinancing and keeping the property. So in a nutshell, let's see I was in the traditional mortgage business for 14 years and on my own lending company and brokerage company. It a lot of FHA loans on a VA Fannie Freddie made it through the crash liked it, but it's good not like all these restrictions that came along with the government loans. There's nothing wrong with them just we saw when I had two other business partners, a need in the marketplace. For reliable, consistent funding that was the wasn't being served by traditional lenders. And a lot of people called hard money. We took about three or four years developing our product, our back end systems and raising capital. So we started the company about five years ago. I'm also a licensed real estate broker, I'm a past president of local board of realtors, in Toronto County, Maryland, we have roughly about 3000. Members, so very familiar with the realtor needs. And I know that that takes a segment of your customer base that I think we could serve very well. We obviously serve investors, but we also had a title company at one time. So really, from the real estate side, the title side and the lending side, we had a long background, upwards of 2530 years of peace between the three of us.

Chad Corbett 4:22
You've got diverse experience in real estate, you've been able to see the challenges and frustrations from the angle of investor a broker and the banker. And now you guys kind of fill in the gaps and all those kind of my perception of what you how you see like your profession now. Right like you can serve all the places you've been you can serve with where you are now. And I think you know, that's something that what I liked about our first conversation, you know, not just anybody get those these calls with us. We try to make sure that you know the companies or the peep and the people are good value fit and You know, just like we teach all you guys, you know, there should never be a time where you can't provide a service and be paid no matter why your phone rings, like if there's a, if you have a junk lead in your business and you ran out of skill set, you it's not a junk lead, you know, they're not going to be as competitive on rates and costs as a community bank might be. But they're also not going to be such a pain in the ass and underwriting. So there's a balance with everything. And there's there's a use, you know, having a good understanding of all the financing available to you and to your clients is really important. And you guys have heard me You know, we've had estate advanced companies we've had, we haven't had any community banks on here, but you've heard me on my soapbox talking about community banks. And this is somewhere in between, right, like or hard money. And this is something different that I think it deserves some some space here. So let's talk about the different programs. I mean, when you explain it to me, I kind of see this as an EQ, like an X axis, a Y axis and the z axis. So x would be the amount of experience you've had, you know, what, how many deals Have you done, y would be your credit score, and z might be you know, the loan amount to kind of settle in on on the, you know, the the origination points and the rate of a particular loan product. That's just like, just the way I kind of digested it as you kind of look at multiple variables and choose and basically customize a loan product for each person skill set and situation. But tell us about what it looks like and how you think brokerage, you know, someone who's in who's dealing with probate sellers who typically have a home and has, they're not, they're not in complete disrepair. Typically, they have you know, functional obsolescence or just, you know, they're just dated. So they need light rehabs. A lot of times, you know, landlords love these, but a lot of times they're great flips, especially in areas like yours, but just kind of give them an understanding of how you would deal with you know, that house that hasn't been updated in 20 years. And some ways they might use your program.

Rick Rall 7:08
Sure, let me let me first start by this, since I am on the broker, and actually in Maryland, glad to have Southern licenses. So I have an associate broker's license with Keller Williams, we do a lot of businesses with realtors. And we're allowed to come in house and a lot of lenders a lot of brokerages will have in house vendors that they don't want to bring in someone else because they're running a desk or space. And that's just part of a business model, which I agree with. And I like we don't compete, I've yet to find any brokerage that we compete with their in house lenders, we just augment their services. So, you know, if you want to talk to a manager, or you know, this is what we can bring, we really help realtors close more deals, and we can do them quickly and efficiently. So let's talk about the hierarchy of what we're looking at for a deal. And you had indicated you know that we are not a community bank. And you know, if we are one thing, we are brutally honest, which is their community bank is going to be cheaper, conventional loan is going to be cheaper, our rates range from eight to 12%, one to three points. But we're always looking to work with our clients, those are fixed rates, just interest in when payments. So it really not, we're not hard and fast. If we need to make a movement on a rate four points to make the deal work, we're going to make it work because we're in the business relationship business, we just happen to lend money. So we want to show that we value our clients. And in doing so the services that we bring, but the cost can we can we work with those numbers with them. And doesn't mean we're going to do every deal, because I'm not going to give every deal. But we're really giving every deal a good look to ensure that it's going to be profitable for the client and that we're protected, and they're protected. So when it comes to the clients, we've been doing this a long time. And we really have a hierarchy of what determines whether someone's going to be successful. And the first thing is experience. So we basically have three experience levels, which is one I have done this before I watched HGTV This is so simple, how can I how am I ever going to lose money. And then we have an honest conversation with them. And while we like that to be the case, you know, oftentimes the realist and every one of us knows who's done this, that is not the case. It actually takes a lot of diligence and a lot of hard work to make this work. But we do first time flippers and so that's that was someone has no experience, then we have a second level, but so that's really zero to one depending on the size and the capacity to deal meeting, you know, within a large rehab, is it a medium rehab, is it a you know, just some lipstick on a pig as we call it, you know, some paint and carpet and then we have so that's that's no experience and then we have moderate experience which is anywhere from two to three deals.

And that's someone Who's got in bomba deals understand that we have four or more deals and these are all within the last three years, because we want to be dealing with individuals, you know, if your real estate, its location, location, location, and it's also location, location, location, contractor permitting, you know, handling all the little things that you're not thinking about. So we want to know that they have been doing this, and they get it 20 years ago, we'll give them some experience. But we want to know that they know what's going on in today's marketplace. So we have experience levels. And with that come different lending capacities that will give them an experienced individual, typically, we're going to land at 5% cost. Meaning that if you had a house for a buck 50, and you wanted to put 50 grand into it's 200,000, we're going to need 30,000 into the deal to make sure it works. And that's really your buy in and make sure that you're going to be successful, because we want to make sure that you have the liquid funds to ensure you're going to be profitable. The second thing is cash, which comes right into your down payment, do you have enough money to get in? And if the deal goes sideways, which we do a lot to handle those type of contingency reserves problems when you open up a wall when you didn't account for termites or bad wiring? And that's another thing that really differentiates us is that we're very concerned with making sure that you're getting paid for the work that you do. And that if you have items in the house that weren't accounted for, how are we going to account for them? How are we going to pay for them, sometimes not all the times we'll rather than that alone, other times, we'll talk to the contractors and see if they will have a workout of getting paid on the end, we're not here to stick you with a deal that's not going to close. We're here to make this deal work and make it efficiently work efficiently as possible, which means getting it done in the quickest time possible. Because time is money. Every day, you have a house out there and it's not finished, it's a chance for pipe to break. enterprise and kid in the neighborhood throw a rock through a window, somebody helped themselves to hv AC. And that's a problem. So getting your repairs done quickly and getting paid for them quickly is paramount to us. Everything we do is 100% automated. So we will work out cash situations and then specific deals. And as I said before, when the business relationship business, the more you do, the more you understand with us that we're here to be your partners, not just somebody who has their hand out for their monthly payment. That's not our business model at all, you'd indicated loan amount to but and I think you'd indicated credit score, what we're looking for, for someone that doesn't have any experience is at least a 680 credit score. And that's a middle score. And we you can take everything that you know about conventional loans, FHA, VA, Fannie, Freddie, you can throw it out the window. conventional loans, if you have two borrowers they want you know, they're going to take the middle score of the lowest of the two. We are if you have three people on an LLC, whoever has the highest middle score, that's what we use. So we're trying to find ways to make the deals work.

If you have experienced, we'll go down to 600.

And if you have a 595, are we going to work with you? The answer is yes. But we want to know why you had an issue. You know, we're not here to continue credit, we're here to help you fix your issues and move on and make money. In regards to loan amounts, you know, our minimum loan size of $75,000. And a lot of people will say, Well, why you're not serving other areas, it's just time for us. We work just as hard on a $75,000 loan as we do on a $750,000 loan. And it's really where our time is best served on we're very upfront that we want to help everybody. It's just we have a demarcation line there. We always get asked, we can do $74,000 based on everything I'm telling you Yes, but I'm not doing $65,000 we want to be here to work. But we need to make sure that we're putting our effort words best, sir. loan amounts go up to $2 million without blinking an eye when we do more than that. Yes, we've done 20 apartment buildings for seven 810 million dollars. You know, so we will do it, you know, we're ultimately concerned with what is our client's goal? And what is there in marketplace. So if it's I'm buying a single family residence and I want to buy it, renovate it and sell it. Fine. That's no issue, because you're going to randomly depending on the marketplace, have buyers and products take them out. For me, Freddie Mac will do up to four years. Same with FHA. So we know that you could do a take out online, whether it's a refinance, or you saw on the mobile you get over four units, you have five unit marketplace. COVID is really hit this market hard. We do have the ability to do as I said, large apartment buildings are over five units. But we want to know what the long term goal is how to get out of the product, and we do have ways to refinance out Have it with, you know, long term financing for over five units. But we want to make sure that we educate our borrowers right up front, it's always about putting a good foundation down. And we know that the road may change some. But knowing what your goals are trying to help be your partner in this, to meet your goals is what's paramount. So we got experience, cache, loan size and credit score, I think we covered that.

Chad Corbett 15:28
And so you like we've we've spent most of our time so far talking about your, your fix and flip product. And I think it's important to, to recognize that there's a lot of opportunities, I'll tell you, you know, when I think back over the hundreds and hundreds of houses that I've represented other people on mainly the ones I've passed to my investors, I think about all the opportunity and all the equity, I sold off into somebody else's balance sheet, right. So the other the other thing that was really interesting to me is you guys have a really attractive long term buy and hold loan. So it's just to get this clear in your in your mind, guys, you know, traditional hard money lender, their their fix and flip quick turn capital. And typically, when we're looking for long term buy and hold, we're going to potentially use hard money, but then we're looking to refinance as quickly as possible. I prefer doing that with community banks. The benefit and working with with Rick is they kind of have it all in house, you don't have to go scramble to refinance because you're getting, you know, acceptable terms on your acquisition. So let's talk a little bit about how you know like a realtor who's who's like, oh, man, I could list this place, but I wouldn't mind owning it. This is in the right schools on the right zip code. And this is, you know, I'm asking you guys like, are you? Are you willing to step out of your comfort zone? If you've got someone that's willing to take that risk with you? Like, are you willing to make more than a 6% Commission on this house and turn it into an annuity? And how do you do that? And I meet so many realtors who and it man, it pisses me off when brokers do this. But so many brokers, you know, they condone everyone buying real estate, because they get paid on commissions, but they don't want their own agents buying real estate and having a portfolio and doing deals. And I have a problem with that. But I think that more realtors should be engaged and we shouldn't be passing these deals on all the time. Like, it's great to say, Oh my god, I sold it in a day. That meant it was probably underpriced. And you maybe you should have bought it right. So what for the folks that are listening that that do want to start building a portfolio and do want to take advantage of some of these deals are finding and probate because a lot of times, we have opportunities to buy these at, you know, 80 cents on the dollar all day long. You know, and then obviously, there's there's opportunity to buy them, way less than that. But most families are okay, taking 80 cents on the dollar. So let's talk about the the kind of the long term buy and hold programs you guys have that might benefit them?

Rick Rall 18:01
Certainly, so there's there's really two paths with that. And you're 100% correct. Now, a lot of the realtors we know, and still a realtor, it's a transactional business and you've got to eat, you got to get paid. And you're looking at, you know, getting a 6% commission or 3% Commission, because it's a big chunk of change versus You know, I'm going to get you know, I'm going to make $200 a month and overage on my rent. So it's really about having an honest conversation with the realtors and saying, you know, you just want to be a transaction guy, what did you do for me last month? Or do you want to have continual passive income coming in to Gilson gives you tax advantages, which is huge. And that's really big to us. So we have really two different paths for this. The first one would be, you know, you buy it, it's in disrepair. And we are the reasons we reached out to you is we love your model. We do a lot of business with Estate Attorneys, but yours is scalable, and it's already scalable. That's where we genuinely appreciate this opportunity. But you know, if grandma lived in the house, okay, two duplexes or single family or an apartment building, but it needs you know, bringing up today, maybe you're going to click on section eight in there, maybe you could use some type of government housing, you have to get a company code. So we could provide the financing. In the first scenario, which would be up to 85%. To do the fix, you know, of the property, maybe up to 24 months to do the repairs. And then you could refinance out and get the money to buy the buy the loan, excuse me buy the house and get the money for the repairs. And then we could look at long term financing for you. And that's the second part of this equation, which is let's say the carpet is okay. It doesn't really need anything, you can go and put some paint on it, maybe a little bit of carpet, do it yourself out of pocket, no problem. That product is going to be 25% down payment, but it just qualifies on the asset itself, which is everything That requalified line. You know, it's one thing I didn't mention in the qualifications part is, we look at your credit, but I don't, we're not looking at your tax returns, we're not looking at your debt to income ratio, we're looking at the asset itself. And on the long term die, what we're looking at is the ability for the property to sustain itself, we're looking for a one to 1.2 ratio. So if you're buying the house, you put 25%, down, you would, let's say you're all in payment was $1,000. And your rents were 1200. dollars, you qualify, I don't care about your car payments, I don't care about your regular mortgage, I don't care about your other investment properties, I'm concerned about this asset, that there is enough money in overage, that you have a profit in it. Pre COVID, we had a one to one ratio, which I thought was very aggressive, and that has not come back, it may come back. But this ensures you're going to have some some spending money, you know, have a little extra money if the water heater breaks, or you need a handrail, things of that nature, we can offer a three year five year seven year and 10 year arm, those rates are very attractive, they are roughly in the mid on the arms, mid fives to low sixes. By the 30 year fixed rate, the yield curve on it is so close that the 30 year fixed rate is in the 6% range. So low sixes to high sixes for 30 year fixed. And that's not conforming rates today, which are in the 3% range, but it's still historically exceptionally good. And it makes the money so affordable, that it really keeps those monthly payments down and your ranks are continuing to rise in most areas. And it helps you be able to afford properties. It's a great avenue we do include on that on that product, you must have your property taxes and homeowners insurance escrowed which is nice. You're not chasing around looking, making sure you made your insurance payment, where your property taxes, everything's included. So it's just like if you have a traditional mortgage through Fannie or Freddie, it's just like that 30 year fixed.

Chad Corbett 22:10
Yep. Yeah. So hopefully, it's clear to you guys, I mean, you've got hard money lending on one side of the spectrum, convention or community bank financing on the other. I think these guys hold a hold a really strong position right in the middle. So you can almost I won't say that it's it's mentorship, but you know, just like with a community bank, you've got somebody that's underwriting you know, asset best asset asset based underwriting, I'm Tongue Tied today, that that's really making sure you don't get yourself into trouble into an unsustainable position. And I will say that, like your your terms are more generous than the community bank right now. I mean, a lot of a lot of community banks went from, like 1.2 to like 1.33, or 1.35, debt coverage ratios, you know, during COVID, and, and everybody seems to be rolling back their ltvs, right, like people were willing to give less and less. A lot of hard money lenders I've spoken to, they've actually rolled back to 65 ltvs. On on everything GSE lenders like Fannie and Freddie, some of the multifamily properties, we were refinancing, they went from an 80%, LTV on a cashout refi to 65, LTV to a 40% loan to cost at the closing table after docs were notarized. So lenders are tightening their belts, it's harder to get your investors qualified through even you know, even sources where we thought we had sound finance strategies, a whole world kind of shifted in the last three months. And I think a lot of banks aren't, aren't admitting just yet, but we've got like over $10 trillion, and basically junk grade corporate debt that these banks have to struggle with over the next two or three years. So having a lender the cat quickly and doesn't have a lot of a lot of distressed assets on their balance sheet can be the difference in getting a deal or not. And I believe we're headed into an environment where it's going to be important to have those those relationships with multiple lenders. Because I think in 12 months, you're going to have more deal flow than you have cash for sure. And you're going to have opportunities. Yeah, even if you're in brokerage, you're going to look at this and go my god if I could have only bought it for that a year ago. And if you don't have your own capital, you should have a relationship with somebody like Rick where you're in a strike position, like you should have lines of credit for your downpayment, you should have money saved up you should have capital reserves in your business for that 25%. So, literally in a matter of a couple of weeks, you could change that the outcome of your career, you know, you can you can grab one of these rental properties instead of passing it along. Take that hundred thousand dollars in equity by stepping up and and it starts with having a good finance strategy in place and having a real relationship with with a lender and Again, we don't invite just anybody to these calls. I think Rick is the kind of person we want to introduce you guys to he's someone who has similar values to you. We all you know, he was attracted to us for the same reasons you were. So, Rick, I'm gonna just instead of trying to take care of it in the video, I'll just say in the show notes guys below the video that you're watching right now we're going to give you a link to with with Rick's contact information, a link to his website and programs. And can we put an application there to Rick, can they? Can we link directly to the application?

Rick Rall 25:37
Yeah, we can. And if I could just real quick. So everything we do is 100% automated, we have a Salesforce, we want to talk to individuals who want to work through these because oftentimes you need to see what the scenarios are. But 24 seven, you can go once you sign up as a member, which gives you access into your account, you can get proof of funds letters, which basically indicate specifics of what you are looking to do with property, you know, ABC lenders wants to buy 123 Main Street for $100,000, your investors can put that information in there. And once we have their signed up and we have their info, it'll come out, they can put you as a realtor, as the context will be immediately out. So if you need to submit an offer, you have a timeframe issue, it'll go directly to them and to you or you could do it yourself at no cost. It's free. Your borrowers and or yourself can go on and do a pre application, the pre application comes over to us. thing our two were contacting you and saying let's talk about your deal. What are the particulars of it? Where do you need help? Is it just straight up or you know where the sticking points, and then we send out what's called a conditional approval. And the conditional approval on a pre application is based off of what you're telling me, this is my score, this is my experience. And we're going off of that we're not pulling your credit, we're just giving you your terms. For those of you that have an investment or or mortgage background, it's like a light do or LP approval, very simple gives you your interest rate, your loan amount, your cost everything soup to nuts, there's a link of documents, which is one thing we didn't talk about, we only link to entities for business purpose ones. So we won't link to an individual. So we need Corporation docs, and purchase contract. And we need insurance. And that's really getting this form, there's a link for that and a link to pay for the appraisal that comes out and you can have it your district

Chad Corbett 27:28
for anyone who doesn't have an entity and if you don't go get one Shame on you, but I know some people don't. And also if you don't want to want to blend, you know if you are in brokerage and you don't want to blend your your rental portfolio with your brokerage business. As far as forming a single member LLC, all you need is five to 10 minutes and 50 to $100 to form your own single member LLC, you don't need an operating agreement, you can just you know, you can send the articles through I mean, that should be all you need, right or just the the formation articles. And now and when I first formed my first LLC on time that it was in Virginia, it took seven minutes. And it took me like a week and a half to get my Ei n number back from the IRS. But so and before I could get a bank account, now you can do it. I've timed myself, I've created companies in under three minutes. And you can have an Ei n within the hour because IRS now they now have a an online system for that. So if you don't have an entity, don't let that be intimidating to you. It's your 50 bucks and 50 minutes from having from form founding, you know, your next company. So for anyone who's like, Oh, don't let that turn you off, you should have an entity I prefer for me saving for real estate, I like single member LLCs taxed as s corpse. And then you you know, buy an umbrella insurance policy to cover for additional liability coverage. But and then within within that I do a lot with land trusts. And that's something I haven't asked you, Rick, are you willing to close into a land trust?

Rick Rall 29:00
We have done them. But I'll be I'll be frank, because each one of them are unique, independent in the states where that you're in. And we are the only states that we do not do at this point would be California, North and South Dakota and Nevada. Everything else we do. So we would need to see the land trust itself and give it to counsel just to make sure that we're protected. So the answer is yes. But it depends. We want counsel to look at it just to make sure that we're protected. And because if it goes sideways, you know, because a lot of times in the Land Trust, there's a lot, maybe a lot of fingers, you know individuals in it. And we want to make sure that what we where we've had problems go in the past is there's disagreements among the individuals who were in that trust, that have caused us some issues. So we just want to make sure that if it's going sideways, we have the ability to remedy it. That's all

Chad Corbett 29:48
but anyone who doesn't have an entity, if they're applying with you today as a person, and you come back and be like, Hey, we need an LLC I mean they're you're literally within an hour of getting that done

Rick Rall 29:59
right? You got it perfectly okay, the only thing that we would tell you is this is after years and years of experiences, when you're buying the properties, you know, a lot of these would be through these states. So you shouldn't have an issue. But if it is, say a bank owned, or Yo, that if you put yourself personally as the buyer, again, take everything you know about traditional lending and throw it out the window, when you give us an event and then put your name on it, we don't care, we're still ready to fund. The problem is if the asset managers say Sage acquisitions, or somebody else handling Fannie or Freddie or VA, and they, they want to change it, they want to change it to your LLC, they may have the problem because they didn't sell it to the LLC, they sold it to the individual. So up front to come in with a contract, it's got your name on it, no problem, but I'm not going to lend you individually just give you a dent in changing it to the LLC, we don't have a problem. Just want to make sure you protect it upfront, you're not doing all this work. And then the seller says no, now we can't sold on LLC because it didn't meet the timeframe, you know, of when it was only offered for primary residence and not to investors. That's the only thing I was saying. And the LLC is your duly pointing out. It's very easy to set up in that corporate umbrella, especially if you get an insurance policy protects you from so much. And really want to make sure you're doing this. If you're trying to buy properties to prove to build generational wealth or passive income from you, you need that protection. And as your indicated you do as an LLC and do it as an S corp taxes. An S corp gives you a lot of confidence. You still

Chad Corbett 31:26
Yeah, so like I do LLC, single member LLC taxes an S corp, you set up payroll and pay yourself a regular, you know, reasonable payroll, and you're saving 7% on fica almost 7% on fica right off the top. And then you know, there's there's many advantages to doing that. So don't don't be intimidated by that if you're anyway, that that was just a thought it was kind of a rabbit hole. But I know a lot of folks don't have entities and we commonly get those questions. And it's not, it shouldn't be a big intimidating thing. Now, if you have partners, if you have more than one person, you do need an operating agreement. And you do need to have counsel, in my opinion, don't go to legal Doom or some online service, when you get more than one person involved in an entity that should be carefully structured. But if it's a single member, and it's just you like most of you guys are probably solopreneurs just you can do this in a matter of minutes. And be and be lendable. So anyways, just wanted to take make make a point that you're not disqualified just because you don't have an entity today.

Rick Rall 32:31
If I could mention one thing, too, we're ultimately concerned, our main goal is that our borrowers are successful. And we've done this for so long in one of the kind of overlooked but very important issues that we deal with is title. We don't allow any general exceptions. So you know, if the utility company comes in, and they have an easement for utilities, or whatever, we want to see that. And we'll see this a lot sometimes on the states, we've definitely seen on foreclosures, where there's all types of exceptions on the Schedule B. And we don't take that we'll take exceptions, but for our protection, and really for our bars, reprojection. We want to make sure that there is not a bunch of garbage in there. When we get unreleased tax liens and things of that nature. I'm like, No, you have to remove these, because we want to ensure that when if you're either going to refinance it, or you're going to sell it, that you have an insurable property, you know, we get a lot of stuff with, you know, survey exceptions. Why are you buying a property that your neighbor's shed isn't one, because when you go to sell it or refinance it, you're gonna have a problem. Let's resolve it. Now, I promise. We're, ultimately I'm very much concerned with your ability to do what you want with the property. And a lot of times the federal conference would say, we're not going to take care of that we're not going to do that. Okay, fine, we'll take it to another title company. And it gets resolved, because they're perfectly willing to sell you a title insurance policy, but it just doesn't insure you for that. And that figure comes in when it's down the road, you've done the project, you're moving on with your life, you're selling it and you never resolve it. And you don't have a policy that you can pass on as an owner's policy. It sounds very much into the weeds here. But this is a very important thing that we do for all of our clients to ensure that you have marketable title. When you move on with this property. It's not just lend you the money and move on. We want to make sure that long term you're protected, which ultimately protects us too. But it really is a lot of legwork up front that we handle most of the time or barbers don't even know it.

 

 

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Clayton Morris Investing in Real Estate Podcast - Featuring Chad Corbett

How To Build A Portfolio of Probate Properties with Chad Corbett – Investing In Real Estate with Clayton Morris | Build Financial Independence Ep. 509

How to Build a Portfolio of Probate Property with Chad Corbett – Episode 509

One interesting way of building a real estate portfolio is to acquire probate deals. However, this can be a sensitive topic, so it must be approached with kindness and empathy. Chad Corbett is the co-founder of All the Leads, a company that provides comprehensive probate training to real estate investors.

On today’s show, Chad is pulling back the curtain on the probate industry so you can learn how to build a portfolio of probate deals. You’ll learn how to find probate deals, how to be an effective and fair negotiator, and more! If you’ve ever wondered about buying probate deals, this episode is for you!

Listen to Chad and Clayton’s interview about How To Build A Portfolio of Probate Properties:

https://morrisinvest.com/podcast/2019/8/10/how-to-build-a-portfolio-of-probate-properties-with-chad-corbett-episode-509

iTunes: http://apple.co/29XoSp5

Overcast.fm: http://bit.ly/2a6yApt

Stitcher: http://bit.ly/2hbLkhr

 

On this episode you’ll learn:

  • The three rules that Chad lives his life by.
  • What probate is and how it works.
  • What percentage of Americans have a living trust.
  • Cultural differences on how we view death.
  • How to find probate deals.
  • Why being a good listener is part of being a good negotiator.
  • How being empathetic changed Chad’s business.
  • And more!

 

Book a call with Clayton’s Team: https://goo.gl/qr6iat

Show notes: http://morrisinvest.com/episode509

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