Tag - Real Estate Investing

Preview for Probate Mastermind, a Real Estate Podcast that makes advanced sales, listing, and investing strategies easy for any agent, investor, or wholesaler to use.

Wraps, Sub2, Lease Options, B2B Prospecting, and More | A 500-Level Real Estate Mastermind in 50 Minutes | Probate Mastermind Real Estate Podcast #299

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Probate Mastermind Episode #299 | Recorded Live on October 8th, 2020.  Join Us Live Every Thursday | Previous Episodes

 

TEASER ALERT: We will be recording a special podcast/webinar episode for All The Leads’ Ask The Expert Series next week with an Infinite Banking subject matter expert.  This special guest worked as a Medicare Broker before entering the Be Your Own Banker space.  With a deep understanding of the intersections between Medicare/Medicaid, Estate Planning, and Real Estate Investment Strategy, this Special Guest is someone you’ll want to hear. Make sure you are subscribed to alltheleads.com/blog to get notified when it publishes.

 

More Content Published This Week: October 2020 Updates: Social Media and SEO News For Real Estate Agents and Investors

 

Summary: In this episode of the Probate Mastermind Real Estate Podcast, Chad Corbett discusses advanced real estate investment and infinite banking strategy.  Topics include helping a family pay off Medicaid liens and earning that capital back by leveraging life insurance policies; using lease option to acquire or wholesale probate property; becoming your own banker and turning your SOI into private lenders for real estate investment deals; accessing funds/financing for repairs to maximize equity when a seller has no liquidity or credit, without using your own capital.  Other discussions include winning B2B relationships with real estate attorneys and adjusting your marketing strategy to combat the telesales impacts of COVID-19.

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

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Episode Topics, Timestamps, and Resources:

 

Preview for podcast segment on Learn how to become your own banker, help families with medicaid property and estate planning, and regain real estate investments through infinite banking

Advanced Investment Strategy: Infinite Banking, Life Insurance, and Medicaid Properties (0:47)

Eddie is working with a seller who is about to lose inherited property due to a transfer on death to Medicare.  Eddie describes the situation and Chad explains what’s happening and how the situation got to this point.  Then, Chad describes an advanced investment strategy stemming from the Be Your Own Banker (BYOB) philosophy.  This strategy can help settle Medicaid debt out for a much smaller amount, let surviving family members remain in the house, and become a solid financial investment for all parties involved. 

TEASER ALERT: We will be recording a special podcast/webinar episode for All The Leads’ Ask The Expert Series next week with subject matter expert on this subject.  Make sure you subscribe to the alltheleads.com/blog (at the bottom of any blog post) to be notified when the episode is published.

 

Preview for podcast segment on the 1% rule in real estate investing

 

What Is The 1% Rule In Real Estate Investing?(7:06)

Joyce is interested in learning more about the 1% rule for property valuation. The 1% rule is something some investors love and others hate.  Here’s a simple explanation of the 1% rule from the Bigger Pockets Blog.  

Preview for podcast segment on transferring property to family members for trusts and probate

Intra-Family Transfer and Quit Claim Transfer (7:40)

Joyce asks about Intra-Family Transfer and to what extent family members are able to go this route.  Chad describes how Intra-family transfer is really a quit-claim transfer so whether an extended family member is eligible for intra-family transfer or not, quit-claiming the deed is always an option.  In most states, this will be a zero-dollar tax transfer.  

 

Preview for podcast segment on Help your real estate clients with Medicare liens and bills

Helping Real Estate Clients With Medicare Paperwork (8:28)

Danny’s working with a potential probate seller who’s biggest obstacle right now is handling Medicare paperwork.  Chad lists a simple step for finding a social worker or care manager in your area who can help with any of these situations.

See More: Unexpected Places to Find More Listings and Deals – Probate Referrals from Medicaid and Social Workers

 

Preview for podcast segment on attorney referrals for real estate listings

Top Strategies For Building Referral Relationships With Real Estate Attorneys (10:22)

Fed is having trouble getting through the receptionist when calling attorney offices.  How can he get further with his B2B prospecting efforts? Chad describes the two strategies that have always worked well for different personalities, different markets.

See More: Ask The Expert – Everything You Need To Know About Working With A Probate Attorney to Grow Your Real Estate Business, With John Erik Fraker, JD

 

Preview for podcast segment on lease option for wholesaling probate

Lease Options for Wholesaling Probate Property (21:17)

Patrick wants to get started with Probate Leads.  Is Lease Options/Lease With Option To Purchase a viable strategy to start wholesaling probate properties? Yes. Chad describes his 95% close rate with lease options and probates. He describes a situation with a VA Loan to make his case.

See More:

Joe McCall - How to get 95% of your lease option tenant-buyers financed with Chad Corbett 

Shift Happens Session 4: 7 Different Creative Financing Strategies 

 

Preview text for podcast segment on wraps, sub2, liens, equity, and annuities

Wraps, Sub2, Liens, Annuities, Liquidity and Equity! How to Help Homeowners with Financial Urgency Now (25:15)

Ellie and Patrick describe a deal they’re trying to work out.  The seller is an senior who has a cash urgency.  Chad helps Ellie and Patrick do some deal analysis on the spot and gives them a brokerage and investment option for helping the seller get the most out of her equity in the fastest time.

 

Preview for podcast segment on how to Finance home repairs and remodels without cash or credit

 

How to Pay For Repairs and Improvements When A Seller is Tight on Cash (28:08)

Caller is looking for advice on how to help sellers fund and finance repairs when they don’t have the cashflow themselves.  Chad offers different strategies for accomplishing this without having to risk your own capital.

See More:

Offering Sellers Vertically-Integrated Solutions Without Putting Your Own Capital On The Line

5 Ways To Access Equity for Improvements When Traditional Financing Isn’t an Option

How to Get Your Clients Cash UPFRONT When Inheritance Is Tied Up in Probate – Estate Advance with ProbateCash

 

Preview for podcast segment on how to Buy abandoned house next door in probate with late mortgage

 

I Want to Buy The House Next Door.  The Kids Are Done Dealing With it. How Can We Transfer Title? (37:58)

Ryan’s neighbor passed away and Ryan is interested in buying the house himself.  The kids were living there for a while, but they got tired of dealing with it and left  The house is about $8000 late on mortgage payments.  There is only one mortgage. Ryan knows how to contact the kids.  What does he need to do to make sure title can be transferred, and how can he motivate the kids to get out of Probate Quicksand?

 

Preview for podcast segment on Cold Calling Tips for Virtual Wholesalers

 

Building Rapport With A Seller That Has A Bad Impression Of Real Estate Investors (40:55)

Dave is interested in an ancillary probate property that he wants to wholesale virtually.  The property and the surviving spouse are in Brevard County, Florida. The seller is wary of cash offer prices and wants to meet Dave in person.  Dave lives in another state and is wholesaling virtually.  How should he proceed? Chad offers two solid strategies for leveraging a contractor partner and/or earnest money deposits in this situation.  If those don’t work, Chad offers a trick for getting the neighbors to help nudge the seller.

 

Preview for podcast segment on Landline phone use 2020 covid impact cold calls and telesales

 

Are People Finally Getting Rid of Landline Phones? Adjusting Your Marketing for COVID-19 Impact (44:58)

Stefan is in Northern California and is running into a good amount of disconnected lines while making calls.  In particular, the first and sometimes second column of numbers is seeing this happen more often.  Are court delays and economic impacts from COVID-19 impacting prospecting?  In other words, are people making different financial decisions, such as shutting off a landline to save on monthly expenses?  As the nature of telesales changes, how should you adjust your overall marketing strategy? Chad and Stefan discuss.

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast - Episode #299 Transcript

A.I. Narration: [00:00:00] Welcome to the Probate Mastermind Podcast!

These episodes are recorded live once a week and are hosted by the All The Leads.com coaches.     Agents, Investors, and Wholesalers join the coaches for everything from marketing tips, sales psychology, live deal analysis, transaction engineering, advanced real estate strategy, and personal development. You will learn to get more listings, more deals, and find financial freedom by listening to these episodes.  "

A.I. Narration: [00:00:25] Be sure to catch show notes at All The Leads.com slash Podcast, and join our free Facebook Mastermind Community, " All The Leads Mastermind."

Jim Sullivan: [00:00:34]

Welcome prosperous agents and investors nationwide . We do have five people in the queue. So let's go right to our first, our first person up this week is five, four, six four you're up.

Advanced Investment Strategy: Infinite Banking, Life Insurance, and Medicaid Properties.Eddie V: [00:00:47] Hey, what's going on. It's Eddie, Kansas city. I'm doing probate mastery and, I was on the phone call yesterday, but for some reason, Chad couldn't see me. And I had asked the question about, somebody who's losing their house, in a property that was transfer on death to Medicare, contract for deed on the property. So they have somebody living in the house and the attorney for Medicare told the purchaser, the contract for deed, that they should stop paying the person that inherited the house and not to do anything. So anyway, they had hired an attorney who spoke with the attorney for Medicare and basically said, Hey, we can't do anything.

Chad, in the Mastermind or in Probate Mastery said without more details, you can't really give anything.

Chad Corbett: [00:01:32] I'd I think I understand now.  So what it sounds like to me is that you put, they've put a contract in place as a first position lien . Then this person went into longterm care, racked up a massive medical bill. And then the Medicaid lane subordinated that first position.

So if an attorney has already looked at it and already spoken with their counsel and says, there's nothing they can do, I would say that they probably should just cut their losses, live there as long as they can and move on. Medicaid is not really known to negotiate their liens, typically with medical liens, like with hospitals, you can oftentimes negotiate those for pennies on the dollar, but with Medicaid and IRS, it's pretty tough.

Now there are debt attorneys that. Specialize in negotiating with government entities. If they wanted to try something else, I think the only suggestion I have would be contact a really good, debt negotiation attorney, and have them go after Medicaid to see if they can settle it.

Do you know how much the Medicaid lien is for?

Eddie V: [00:02:27] The Medicaid lien is for $120,000. Okay. And the property you in that house is about 120,000.

Chad Corbett: [00:02:35] They might negotiate it down to 60. Does the family, they probably don't have any other cash.

Eddie V: [00:02:39] I think they have cash and they were told that they could purchase the property for three fourths of what was owed.

Chad Corbett: [00:02:46] So since they transferred title, there's a rule. If you can find somebody, this is one of the more advanced things we might've touched on it yesterday:  You can pay Medicaid that three quarters of what they're due , and the person who steps up to do that can buy a life insurance policy where they are the beneficiary on the insured.

For example, if you, this is common with kids and parents, like savvy families will do this. If you move the property over into the kid's name or into trust, whatever it is, you transfer title out of the parent's name - that starts a five year window. If they have to go into longterm care and Medicaid as to pick up the tab, you can pay three quarters of the property value.

The market value at the time of transfer and Medicaid will release all claims and pay a hundred percent of the medical costs. Now, what you can do to recover that capital is you actually buy a life insurance on your parents and it's, the insured, you are the beneficiary for whatever the face amount that you had to pay Medicaid.

So whenever they do pass away, you get your full principal return. And if you want, you can buy a bigger policy and you can actually make money. Sounds dark, but it's just an estate, an advanced estate planning tactic; one that I've used in my own family because it allows you to move assets around and if your parents didn't plan for longterm care and they simply can't afford that, but they're likely to need it, it's something you can do after the fact, because you didn't start early enough in their life. So that's, if you can find somebody that has the $120,000 to step up and then whoever the mortgagor is if that's the kids or the surviving spouse, they could buy a whole life policy on that person.

And eventually they would be reimbursed. Now whether the numbers work for them, for the people you have involved or not, that will work if you have the right people.

Eddie V: [00:04:34] Okay.

Chad Corbett: [00:04:35] Does that make sense?

Eddie V: [00:04:36] Yeah, it does make sense.

Chad Corbett: [00:04:37] So somebody writes Medicaid a check. It could even be a third party investor. But somebody writes Medicaid check to get them out of the picture. The first stays in position. The contract for deed goes on, the buyer is protected. And then whoever wrote that check buys a life insurance policy on the mortgagor whoever now holds title to that property.

And when they pass away, then they get paid back the death benefit.

Eddie V: [00:04:59] Got it. Okay. That makes more sense. I didn't know who the life insurance policy was going to be put on.

Chad Corbett: [00:05:04] I don't either. And that's, it's, whoever's on title that wrote the contract for deed and holds that first lien position is who you should have the insurance on it.

If that person is 25 years old, it's probably not gonna make sense to pay premiums for 40 years for an investor. If that person is 70 years old, it may make a whole lot of sense to do this deal this way. And you can, everybody can win. Medicaid gets, they settle for what they're willing to take your investor gets, it, they would, it would be a long position, but for example, if that was a 70 year old and they bought a whole life policy and, statistically there might be eight to nine years on that investment.

just demographically. Then they could buy it where it's, let's say they pay 120,000, but they buy an insurance policy for two 50. Now they have to pay the premiums during that person's lifetime, but they could get a massive return on investment if they do that. And there's actually, it's an advanced development, finance strategy.

I've seen $150 million developments built on these type of agreements where you buy life insurance. You're the beneficiary. You give them a cash advance, then you cross collateralize your position to get development financing. So there's a whole world behind the curtain of things like this.

It's legit, it's above board. It's just not talked about that often.

Eddie V: [00:06:16] Okay. Sounds like I just need to get more details from them to what they want to do.

Chad Corbett: [00:06:21] Yeah. And I don't, what state are you in?

Eddie V: [00:06:24] Missouri. This property is in Kansas.

Chad Corbett: [00:06:26] There is a company in West Virginia, that just does what we're talking about.

They walk families through it and help you get the proper insurances and make sure everything's structured correctly. Like there are professional service companies that do just this to help families out of this position. So you can probably find if there's one in West Virginia, that's probably one everywhere.  If you talk to some insurance friends, or some savier finance guys, or potentially some estate planning attorneys, they should know what I'm talking about.

Eddie V: [00:06:53] Okay. I'll give an estate planning attorney call and see what he can tell me about it.

Chad Corbett: [00:06:58] Okay.

Jim Sullivan: [00:06:58] Alright, good luck! Get back to us and let us know how it turns out, please. Next up is phone number ending in six, two, four eight. What Is The 1% Rule In Real Estate Investing?

Joyce: [00:07:06] Good morning! It's Joyce Arnston Morris in Orange County, California. I want to tell you that mastery is wonderful, but I do have a. Two short questions. Chad, you talked about the 1% rule yesterday and I don't.

find anything in my notes about 1% rule.

Chad Corbett: [00:07:23] So it's the way a lot of investors will value rental real estate. As it just a quick measure, I would point you to Bigger Pockets, and put in 1% rule; it's going to bring up podcast, blog posts and forum conversations.

And that'll be way clearer than me trying to explain it. It's a simple, quick valuation metric. Intra-Family Transfer and Quit Claim Transfer

Joyce: [00:07:40] Oh great. And can you tell me which family members can be in an intra family transfer?  I think it's,

Chad Corbett: [00:07:48] I really don't know what the limitation of that is. Obviously immediate family is, it's a quit claim is the same as an intra-family transfer.

So even if it's not booked as an intra family transfer. It can be booked as a quit claim transfer. So if I were to give them my property to a trust, I would quit claim that out and there wouldn't be transfer tax and my state, and I know like Pennsylvania would charge a transfer tax, but most States don't.

So either way, intra-family, I think is reserved fo immediate family. I may be wrong on that. It may go to extended family, but either way, they get the same result with the $0 transfer.

Joyce: [00:08:24] Perfect. Thank you so much. See you at 12.

Chad Corbett: [00:08:27] Alright. See ya.Helping Real Estate Clients With Medicare Paperwork

Danny: [00:08:28] Hey guys, So I ran across someone and I asked him a question, okay, what's been the most stressful thing for you. And he told me that the biggest thing for him is he needs help with the Medicare paperwork.

It was new for me. So I wanted to come on here and ask you guys a quick question about like how I could, provide some value and get back to him on like how he can, Basically get that solved that I don't know how to

Chad Corbett: [00:08:51] so this is Danny. Have you been through mastery?

Danny: [00:08:53] Yeah.

Chad Corbett: [00:08:53] Yeah, you can go back and listen to the recording, but that's where social workers can come into play and be very valuable as a team member.

There's also an emerging field called care managers and those people can help with that as well. So I would start with just Google social services, your city. And have a conversation with one of the social workers and say, here's, we need someone to help this family with Medicaid paperwork.

Is that something you guys do in your office or can you connect me with care managers? And they'll be able to tell you who in town is the best to serve their need.

Danny: [00:09:24] Awesome. Okay. Perfect. All right. I just wrote that down. All right. And now give echo shy on that too. I think we do have someone possibly that can do that.

Okay, then that was pretty much the only question I had. It was just something new that I ran into the first time.

Chad Corbett: [00:09:37] Yeah. Like I said in mastery, it's one of those team members you won't know you need until you need it. And you won't realize how valuable it is until you've used it the first time.

And I've helped many elderly people get, basically save them financially, help them from becoming homeless. Your social worker will make a massive difference in the impact you have eventually. So for everybody listening, if you haven't considered that as a team member, you might not need them today, but it won't hurt to go ahead and make that connection because typically when you need them, it's an urgent situation.

So it's good to have already established that relationship and understand kind of the scope of what they can do as a member of your team.

Danny: [00:10:13] Perfect. Alright, thank you. Appreciate it.

Jim Sullivan: [00:10:15] Alright, thank you. Next up is phone number ending in eight two one three. You're up next.  Creating a Two-Way Referral Relationship with Real Estate Attorneys

Fed: [00:10:22] Hey guys. It's Fed. Good morning. so I wanted to, I want to make sure I reach out to attorneys.

And I'm having a little bit of a challenge. I listened to the interview that Chad did with, I forgot his name. He was an attorney from, San Francisco who also a realtor. So usually when you call, you usually get the gatekeeper, so secretary or front desk, and some I'm trying to figure out what the best way to  jump that hurdle is since I've called numerous ones asking to you speak to the attorney. And for example, one way I tried is I try to look up the docket number on the leads and, I said, hi, I'm trying to speak to, for example, Mr. Corbett, and then they say, what is this regarding? So it's regarding docket, blah, blah, blah.

and I never got a call back. Or I haven't got a call back yet. So I'm just trying to figure out A: What you guys suggest as to how to get through to the attorney. And B: Perhaps what the conversation is. Cause obviously my, from my understanding doing a mastery and other calls is that obviously we want to make sure that we provide them value and an, and let them understand that we're not calling them just to obtain a listing, but instead to work together and generate a referral back and forth, referral to one another,

Chad Corbett: [00:11:43] You're not in Mastery this month, are you Fed?

Fed: [00:11:45] No, I'm not, I actually, I've been wanting to come back in a, I'm probably going to sign up back, but, I'm going to do it again. This coming month.

Chad Corbett: [00:11:53] So I unpack this pretty lengthy yesterday, there's two main value approaches that I suggest, and both have worked for different personality types and Metro markets, rural markets.

You can decide which one's right for you. The first is find a way to bring them qualified referrals. you got to first understand an attorney is a struggling small business owner just like you are, just like every small business owner is. They're unemployed every morning. But unlike us, they have anti-solicitation laws that they have to deal with as part of their code of ethics.

So it's harder for them to gain business than it is for us, because we can do these things. we come here and talk about direct mail and hammering the phones and they're not allowed to do that. So they rely on referrals and that's why a lot of estate planning attorneys do probate because it fills in the, the it's just another stream of revenue.

They would prefer to do estate planning business because in a couple of weeks they can make a couple of thousand bucks versus making a of few thousand bucks over nine to 12 months.

Fed: [00:12:49] Yeah.

Chad Corbett: [00:12:50] Think about it from an business owner to business owner perspective. What value can you provide to them as a business owner, quit thinking about referrals for yourself, and you want to open the door with something of value to help them grow and scale their business and make their life easier.

One of the best ways to do that is to give them qualified referrals. So the people in your family, the people in your neighborhood, the people in your mastermind groups, your past clients, anyone that you ever worked with in the future: If they don't have a living trust, if they have over a hundred thousand dollars in net worth, they probably should.

Because probate costs three to 8% of the gross estate value. A trust for most families is 1500 bucks, 2000 bucks. So it's considerable savings. The hard part is getting those people to think about much less plan for their own demise. So if you can do a sphere of influence campaign, a past client campaign and say, guys, listen, 2020 has given me an opportunity to really take a step back and realize I'm not providing the highest level of service that I could have been all along.

So I've added the team member. We now have estate planning attorneys on staff, and I'd like to offer you free hour consultation with one of our attorneys. please let me know, book yourself into this calendar and put a Calendly link in the email. And let them book directly in just don't put your phone number in there.

Don't tell them who they're going to be meeting with. That's a good way to gather preset appointments. When you walk into an attorney's office, or I would prefer if you would walk in, but if you have to call because the COVID environment, I understand, but if you call it and say, listen, I'm trying to reach John DOE what's this regarding? Actually I have, I have uh, threw myself into the fire. I've got five clients that need an estate plan, and we helped a lot of families and probate. And we see your firm name and especially John Doe's name. And it just seems like you guys are really active and a firm I could trust. Could you put me through so I could see if we're a good fit?

And if they don't they're damn fools. So you're giving him pre-qual, like pre-vetted ready to go a state planning referrals, and he will, no one's ever done that for that attorney and everyone else is like:I'm an investor, I'll have cash. I close quickly. I'm a realtor, look at my listing presentation.

Isn't this flyer nice? And everybody's me, And it pisses the attorneys off. Talk to them. They'll tell you, listen, dude, I don't open that damn mail. No one's allowed my receptionist will be fired if she lets realtors come through the line and it's because they're saying the wrong thing, she won't really be fired if she lets you through.

She'll be commended for letting you through because you just brought $10,000 in revenue to the business with five referrals. So that's approach number one. And that one takes a little bit more, a little more work and you have to have kind of a sphere of influence built the other approach.

It is an exercise that I use for two purposes. One to build your local probate knowledge, the other, to impress the hell out of an attorney and start a good relationship organically. As I said, they have anti-solicitation laws, so they can't direct mail people on a probate list. We know that about 20% of probate at the petition, when it's recorded, they're pro se meaning they're representing themselves.

And there's a lot of the misconception that every probate has to have an attorney. That's simply not true. The state of Texas is contentious in debating that, but it's just not true. So that 20% of people take that they think they're getting off easy and not on saving money. Most of them will end up hiring counsel to clean up the damn mess they made before the probate's over.

So it ultimately cost them more and takes more time. So it's in their best interest to have legal representation for a. an overly complicated kind of bureaucratic process. We want to get them attorneys. We want to also use that as an opportunity for us to get to know the attorneys so we can approach the attorney and say, listen, we have a team of people here locally that help families going through probate.

As part of that, we meet with the clerk every month to make sure we know which families we should be reaching out to. One thing I keep noticing is like 20% of them aren't have no legal representation. And you, and I both know that's a bad idea, right? So also I've come to learn that you're not allowed to directly solicit these people.

So I'd like to propose that we collaborate and let me pay for your marketing and let's get these people to the counsel they need. So if you can sit down with me for 30 minutes and design a checklist or timeline, we'll color everything legal in red. Everything my team does in black and your firm name, a website, email address, phone number, whatever you want.

will now be included in every mail piece I send. So have you got an hour? Have you got an hour? We can sit down and do this. And they make the time they will go to the conference room. And just like if you can trust me on this and just do this, I've yet to have a single person fail at either of these techniques.

And what does, what usually happens is they immediately get divorce referrals. And then shortly after they start getting probate referrals in a month or two, but don't be surprised if you start, if you become a divorce specialist, because you're doing these two things. Almost everyone who does it well ends up getting divorce referrals within a month.

 

Fed: [00:17:39] I'm a hundred percent in! Chad, question hovering above the first suggestion, how you were saying go to go through your sphere and just see who has a net worth, over a hundred and, advise them to get a trust. How do you pitch that to your sphere? Does that know your story or

Chad Corbett: [00:17:56] Tell your story.

So my name's fed this year has really taught me a lot. One of the things it's taught me, I've helped many families going through probate and I've seen how expensive and stressful it is. What I've come to learn is a living trust is about a fifth of the cost of probate.

And in the toughest time your family will ever go through, the court is not telling you what to do. Your family's wishes will be carried out by a trustee. that was told what to do in a controlled environment by everyone. So there won't be any infighting. There won't be any government intervention. There won't be any excessive expense. because I now understand this, I have set up and established my own estate plan, even at 30 years old.

My next step is to make sure everyone that I have the privilege of working with has the same opportunity that I did. So I've retained the local legal counsel to give one hour consultation that won't come at a cost to you. It's something my business will provide. And all you have to do is click here to get scheduled.

And then the calendar, please give us at least 48 hours notice. You change your Calendly setting, where they can't book within 48 hours. They can only book 48 hours out and beyond. That gives you two days to be the clearing house and get those out. And you might give one to each attorney. You might give five to, you might give one to 10 attorneys or five, two to five attorneys.

You'll just have to see what comes back. But if you have a sizeable database and the other thing that I would recommend, you have a blog, you have a WordPress site?

Fed: [00:19:19] I do not know. Okay.

Chad Corbett: [00:19:21] You have social media for your business? Like you have pages.

Fed: [00:19:24] Yes, sir. Yes, sir. Yes, sir.

Chad Corbett: [00:19:26] I would recommend you write the copy as I just suggested, but you also do a video, same exact thing.

Give them more than one way to consume it. Some are going to see it on Facebook and watch the video. Some will see it on your YouTube channel. Some will click the email and they won't click the video to see it, but they'll read the copy. Just do it in multiple formats so you can gather as much interest as you can.

Once you've done that. The next step, if you really, if you want to take this to the next level is take the five that actually followed, took your, took you up on the opportunity, established a proper estate plan and had a good experience, and then start doing interviews with them for future content. And if you don't have a blog, it's okay.

You can put that on YouTube. You can put that on Facebook as a native video upload, Instagram, wherever, but start getting that word out. Look what this guy does for his past client. It's not going to hurt you and your conventional business. It's sure as hell going to help you in your probate business.

Fed: [00:20:19] Absolutely. Thank you. I really appreciate that. I'll start that today.

Jim Sullivan: [00:20:22] Awesome. And Chad it reminds me, yeah, whether it's a personal story or one that one of your clients experience, it reminds me of the roleplay yesterday where the roleplay, I think the Danny did, where ran into a guy where he had taken care of his mom for the last 10 years of her life.

And she wrote out a handwritten will left it with him. It wasn't notarized or witnessed. So now the court was getting involved in telling him that he had to sell the house and split it up with the sisters that hadn't been there in 20 years. Anyway, it was a difficult story where it was not only going to cost the family a lot of extra money to do it that way.

But his mom's last wishes weren't being respected. So as your prospect, you're going to come across stories of that all the time with people that didn't do it the right way. Maybe didn't even file the probate the correct way and use those stories and, the consequences to other people and, and how it affected them as you go through, both the attorneys and the executors.

Fed: [00:21:15] Thank you. Thank you so much. Lease Options for Wholesaling Probate Property

Jim Sullivan: [00:21:17] All right. Well, we only have two in the queue guys. Come on that we need our win of the week, hit star six and hit one. In the meantime, we'll go to our next caller, which is anonymous. You're up next.

Patrick: [00:21:28] Hey, good afternoon guys. Quick question. Good afternoon.

Jim Sullivan: [00:21:32] Is that your real name? Anonymous. Okay. it could be, I'll tell you, but then. Okay, go ahead.

Patrick: [00:21:37] This is Patrick.

Jim Sullivan: [00:21:38] Hey Patrick,

Patrick: [00:21:38] We spoke this morning about doing some of the probate, but also, or wholesaling it, and some of the, advertising to get lease purchase options from the other side. Have you figured a way how to get that done or is it possible.

Chad Corbett: [00:21:51] Yeah. My first probate deal was a lease with option to purchase. What you need to be aware of is how title transfers. So  if real estate was titled and for spouses or partners, If real estate is titled as tenants in the entirety with rights of survivorship, then oftentimes it's essentially a transfer on death clause.

Sometimes that'll re require a spousal property petition, but it'll go from John. John does Jane DOE to just Jane DOE. And at that point, Jane DOE can sign a lease with option to purchase. and that's the very first one I ever did was a surviving spouse. I ended up mailing her off of a high equity list.

It was before I was even. It was my second probate, I think. But, it came together beautifully. I was able to meet him. It really works like in her situation. I tell this story in the beginning of mastery, cause it's probably one of the more complex deals I've ever done. And it was a first "aha!" moment. But they needed as much money as possible and they needed it as quickly as possible.

So we ended up doing it as a lease with option to purchase, even though it was a free and clear asset because we were able to sell at a premium price, take a 4% option fee upfront and a market rent until we got it closed with no rent credits. We credited back to 4% in closing. And I have a 95% close rate on lease options.

If you want it. The only place I've really talked about my system publicly, if you go on YouTube and look up Joe McCall, Chad Corbett, Joe McCall was on the guys that inspired me way back in 2011. When I first got into residential. And, it was an hour or two podcast where I just paid back by showing him, what I did.

So you can check out that and Katt can link that in the show notes, but you can absolutely do these. and back in March on our YouTube channel, there's a playlist called shift happens, and episode four will actually walk you through seven, seven distinct, creative financing strategies that will work on these deals.

And I show so it's lease wrap. So to a contract for deed land contract. There are seven different strategies that I've used on probate leads. That's about two hours long. It's not, it goes wide, but not real deep, but, start there and then look at that and that'll help you get a better understanding of when you can use which strategy of creative financing and probate , episode four of shift happens.

Patrick: [00:24:07] Now, how did you, if they're doing Elisa, how'd you get the money to them quickly,

Chad Corbett: [00:24:11] So I take a 4% option fee on the front first month's rent and last month's rent. So on that deal, we were able to get a 10,200 bucks on the day of signing.

And that was enough money to get her mother out of the hospital and into a rehab. and then, she made $1,100 a month until the buyer's closed, which only took us, I think, six or eight months on that it was a pair of retired Navy, but forgotten to pay utility bill. So they had a 90 day late on their credit.

We just had to clear that and we closed. And so we sold for full price, no commission, no. it was no contingencies and we actually did it just to show you how possible this is. It was with a VA loan and we did the VA appraisal before move in. I documented the source of funds on the front end.

I documented the VA appraisal and put that in the lenders database. And I had my fingers crossed terrified when they exercise their option and the VA underwriter took it. So we proactively did things. that's, just showing you that today demonstrate even one with a government entity that we were able to get this closed.

So it was a probate, it was a lease option. It was done with VA financing. Wraps, Sub2, Liens, Annuitys, Liquity and Equity! How to Help Homeowners with Financial Urgency Now

Ellie: [00:25:15] Okay, great. Hi Chad, it's me, Ellie. Here's the deal? Okay. I have a property that a senior needs to sell. She really needs to get out of there, but the property in order to be I'm being telling Patrick, basically to go with the flow and try to do the lease with option to purchase.

I have multiple people during this time that don't have the best credit. And it's kind of the opportunity to jump into it. Maybe I'm wrong on that part, but the thing

Chad Corbett: [00:25:45] Let me ask you how much equity is in that. Is there equity in the home? The property.

Ellie: [00:25:49] Yes.

Chad Corbett: [00:25:50] Okay. Is there, are there any debt?

Ellie: [00:25:52] How much does she owe?

Patrick: [00:25:54] 40% equity,

Ellie: [00:25:55] 40% equity on the property.

Chad Corbett: [00:25:57] Okay. So you have a first mortgage at a 60 LTV?

Ellie: [00:26:00] Yes.

Chad Corbett: [00:26:01] Okay. And what's her urgency. Is it? She needs cash now, or she needs relief from the debt.

Patrick: [00:26:06] Pretty much cash now and to a little bit now.

Ellie: [00:26:09] And she needs to have some kind of income for her to have the rest of her life.

This property next update built in the nineties.

Chad Corbett: [00:26:17] You could do this as you could do it as a broker and sell the home as a wrap where they take title subject to the first lien remaining in place. The seller takes a second lien for the other 40% and you get her immediate debt relief and you basically turn the house into an annuity.

It's almost like a reverse mortgage, but in her favor,

So you're going to, you're going to minimize the tax consequences. You'll give her a consistent monthly payment. If she doesn't need a lump sum of cash right now, if she would rather have more money over more time than less money upfront, then that structure would work if she needs a lump sum right now, you guys can take it sub two.

Then you could sell it on a wrap as an investor and take a heavy down payment from one of your poor credit buyers. Give that, pass that heavy down payment through to them, or use that to replace your principal that you gave her. Either way, the wrap will work. It's just one way. You don't have to come up with a lump sum the other way you do.

And one way you're acting in brokerage. The other way, you're acting as an investor.

Ellie: [00:27:19] You understand?

Patrick: [00:27:20] Okay. All right.

Ellie: [00:27:21] Thanks you guys.

Jim Sullivan: [00:27:23] Alright. You're very welcome. We only have two more in the queue guys. We're still looking for our win of the week. Yes.

Chad Corbett: [00:27:29] Who, who set this up as a 500 level class today?

What's going on?

Jim Sullivan: [00:27:33] No, we haven't had, we haven't had a simple, it's funny the call yesterday after you hung up, somebody from West Virginia said. What's wholesale. What's probate. The most basic question we ever had, these are really in depth, the complicated questions today. Hey, we're here for whatever you guys need help with.

And there's over a hundred of you on the call. We're still looking for our win and we only have two more in the queue guys. So we got plenty of time left, hit star six and hit one in the meantime, next up is phone number ending in one, four, four, seven. You're up next.

How to Pay For Repairs and Improvements When A Seller is Tight on Cash Are you there are Youngstown, Ohio.

Caller: [00:28:11] I'm sorry I had you on mute. That's okay, go ahead. Yesterday regarding one of the role plays that was done, it was really good. It dealt with,  two brothers. they worked in a restaurant and servers. They needed to sell the property when one brother wanted to live in it.

The other one wanted to sell it. Do you recall that one? Yes. Okay. All right. My question is apparently they didn't have. Cash available. and the house, if they were to sell it, there were some things that needed to be done on roof and miscellaneous other things, titles. I think my question is if the descendants have ready and available funds, How do they get the repairs done or you're supposed to be the people that, take the ball and run with it and show them how to get things done.

But where does the money come from? L

Chad Corbett: [00:29:10] Lots of different ways. Katt, remember to link this in the show notes. There's a tip from the trainer posted. I did a couple well years ago. That's five ways to basically fund improvements, I think is what it was. so I'll spare you that you can watch that.

After this, if you go to all the leads.com and search five ways to creatively finance repairs, I think might've been the name of it. Post. You can use a contractor by turning them into a lender. So typically a contractor is going to be cost plus 15 cost plus 20. You can allow them to add a premium to their invoice, 10%, usually reasonable and standard so they could make cost plus 25 on this job, they would carry the invoice through to.  The closing. They have three layers of protection. They submit an invoice to escrow. They submit an invoice to the court and they're authorized to record a mechanics lien against the asset. So there's three different ways. I can three different layers of security for them as a lender.

And you give them a premium. That's why I tell you to find contractors who are running a business, not working a crappy job. These are the guys that have cash reserves, very professional business. They typically have strong cash reserves. They're oftentimes they're flipping houses, holding their own rentals, these kinds of things.

You can even do things with local real estate investors, pawn shop owners. The we buy gold guys. We buy junk cars. We buy mobile homes depending on what ground work at your end. These guys, these are all they're they're high yield debt investors. So most people don't think outside of the box, I think, Oh, a pawn shop guy.

He's he's not, he's just a savvy small business owner and he's providing a service that's needed in that community. So they typically are flushed with cash. They're looking to make short term high risk loans. This is the safest. if someone's going to advance a thousand bucks on a Ford Mustang, what is it like with, at an appreciating asset?

And you give them an opportunity to make 10% on their money, on an appreciating asset where if you screw up or someone screws up, they double their money. That is a, one of the best deals ever. So you can look at other investors and cash, rich people in your market and your sphere of influence, the easy button way.

Is you simply go to an estate advanced company, the preferred partner that after two years of vetting these companies, we finally found one we're comfortable with and it's probate cash. So probate cash compound, no space. And if you go to all the leads.com again, the top, right where you can, if you're listening to this after the fact, you can see it in the show notes.

Okay. just search probate cash and it'll bring up a, an ask the expert series that I did with the two founders of that company back in, I don't know, July, I think. so that's three there's five on that video, but those three ways, the other ways are you can get a HELOC. You could also do a reverse mortgage. If it's a surviving spouse situation, those two would work. You can use more conventional methods, but. there are a lot of different ways you can do it. I would suggest watch that blog post to watch the probate cash thing. And, you'll have more than one arrow in your quiver whenever you encounter this.

Caller: [00:32:11] Wonderful. Thank you.

Chad Corbett: [00:32:13] The one that I didn't, the other one is you turn yourself into a JV partner. So if you see that this house needs 50,000 work and it could sell for 150,000 more, you have an opportunity. And I would say you have an obligation if you ha, if you are an investor and you know how to do fix and flip, you can step up, establish a basis value for the assets today. Form a fresh LLC, a joint venture, a limited partnership, or a land trust and address the basis value and the control of sale. In that instrument, whatever your attorney's comfortable with, you go bring your contractors in. You pay for the construction and you get a higher listing commission on the way out, which is above the net.

And then whatever's left after you're paid your commission. Whatever that net is, you guys split 50 50, so you can create another, an additional $50,000 in equity for the family and an additional $50,000 in revenue for your company. It's called flipping a free house.

 

Bruce: [00:33:12] I'm going to throw in there, Chad and mention another way for the agents or investors.

it's specifically probably for the agents who don't have the cash to do what you just mentioned. Most of us have clients. that are sitting on cash and they want to be in the real estate space, but they don't have enough to drop into a flip or maybe they're just there, they're waiting.

And for example, I have three or four people that, will fund up to 20,000 in repairs under the same terms that you just mentioned, Chad, I'll take a higher commission. That's my fee for quarterbacking, the repairs, the upgrade. and then they'll take 50% of the, the gain.

So there are lots of ways to do this. Even if you don't have the money or don't have the pawn shop relationships. We have clients all over the place that have a little bit of extra money and want to be involved in real estate investment in one degree or to one level or another.

Caller: [00:34:06] Okay I wasn't

Jim Sullivan: [00:34:08] Awesome. I feel compelled to mention something, Chad, you said this is a 500 level call. If there's anybody on this call that is brand new and has just decided that this is all way too complicated. There's a good chance you'll go your whole career and never use any techniques we've talked about. The beauty of taking mastery is you can make a deal almost any situation, but the vast majority of probate, 90, 95% of them are just motivated absentee owners. They want to cash out. So don't, if you don't understand anything we've said so far, don't be intimidated.

These are very, the advanced techniques that we're talking about today. Good to happen in your quiver. You understand that,

Caller: [00:34:44] Okay, good. No idea. And I hadn't, I wasn't thinking outside the box.

Bruce: [00:34:49] Yeah. Perfect. I'm to, I'm going to throw in one more time. Cause what started this part of the conversation was the role play yesterday, where we went, where we were taking Danny down a pain funnel.

And if you guys didn't listen to the roleplay, go listen to it from yesterday. that particular example. Was a good opportunity to not only find a way to fund repairs for, for a client for a personal representative, but it was also a great opportunity. if you're an investor to go down the pain funnel, dig into the pain, dig into the need.

And make an offer. it was clear on that role play call that, that Danny was not going to be able to, fund some of these repairs himself. So if you don't have the relationships that you have the means to be the investor, Except asking better questions and accentuating that pain, just position the PR to be in a position it'd be in a place mentally where they're ready to actually let the property go as an investment.

Caller: [00:35:49] Okay, great.

Jim Sullivan: [00:35:50] Perfect. We have two more in the queue that should take us nicely up to the top of the hour. Next up is phone number ending in seven seven, seven, seven. You're up next.

Angelique: [00:36:00] Hey, my

Jim Sullivan: [00:36:00] name is

Angelique: [00:36:01] Angelique. I'm

Jim Sullivan: [00:36:01] in Tampa,

Angelique: [00:36:02] Florida. It's my first time actually on the call. And, you are talking about, actually a gentleman was talking about approaching attorneys and you gave  him a nice spiel, but I wasn't able to write anything down because I was in the car.

Is there a way as the, you're able to share that the, the, the information email or anything.

Chad Corbett: [00:36:24] So these are always recorded and archived. So you can find this as soon as tomorrow on our Facebook page, on our website, alltheleads.com or on your favorite podcast platform. Oh, on Facebook.

Where's it at?  it's an, all the leads mastermind has our private Facebook community. We have a, we syndicate to almost every major podcast platform and you can always go to all the leads.com and, in the menu at the top, you'll see the complete system and you'll see role play and mastermind archive, and their every single call we have close to 700 hours of these conversations archived there.

Okay. And you said all the leads.com and I'm looking at the website right now. where is it supposed to go even? I'm so sorry.

so if you go to yes, and YouTube is the other place I forgot to mention. so if you go to all the leads.com. You'll see in the top menu, you'll see ATL success systems and the third or fourth button down thing is this like second or third button down. You'll see mastermind and role play conference archive.

There's a podcast player at the top. The most recent call will be shown in the podcast player. Or you can go down and click into the year, the month and the specific call. Okay.

Remember the Facebook community, be sure to request, to join all the leads mastermind. There's about 11,000 of us in there. And then also on YouTube, be sure to look up all the leads. You'll be notified as soon as these calls are published.

Jim Sullivan: [00:37:54] Perfect. Next up is phone number ending in four seven zero one.I Want to Buy The House Next Door.  The Kids Are Done Dealing With it. How Can We Transfer Title?

You're up next.

Ryan: [00:37:59] Hello. Can you hear me okay?

Jim Sullivan: [00:38:01] Yes, sir.

Ryan: [00:38:01] Great. So my name is Ryan I'm from, Pennsylvania Philadelphia area. so I'm looking to buy this house that is next door. The original occupants owners, passed about a year or so ago. And at the time it is a year, their children walked away from the house.

So really just  I know how to get in touch with the kid.  there doesn't sound like they had a will when they passed, so I'm not sure what the next step is on how to approach them on, getting this house

Chad Corbett: [00:38:30] Well, it's very likely to have to transfer through probate.

Have you done the research on the home? Is it as, are there liens against it? Are there any mortgages?

Ryan: [00:38:40] Only one mortgage and it's several months behind. Okay. You know what the balance is? Is there equity in the home?

About 8,000

Chad Corbett: [00:38:49] The balance is 8,000 or the missed payments are 8,000.

Ryan: [00:38:53] The payments

Chad Corbett: [00:38:54] are 8,000 behind.

How much equity do you think is in the home?

Ryan: [00:38:58] Probably a good 70,000.

Chad Corbett: [00:38:59] Okay. So what you're going to have to do is make contact with the kids. If they haven't petitioned the court for probate, they need to, you might want to call and introduce yourself to the probate clerk and get familiar with the local process first.

Then when you make contact with the kids, yes. Speak confidently. And they will trust that you're going to guide it them through and connect them, get them phone number, email address, office address, and even directions to the office. Once inside the courthouse, go the extra mile before you pick up the phone and talk to the kids and I've had to do this before.

A lot of families just, they just check out and they just walk away. And I've had to take people to the courthouse and help them petition for probate so I could help them. Because that's the first step in the process. Someone has to have the authority to sign the purchase agreement. So one of the family members, or one of them, one of the family members have to step up or a fiduciary has to be appointed a public administrator.

And the first step in that is petitioning. Whoever's going to step up needs to petition the court for probate. Once that happens, you can make them, you can sign a letter of intent with them now to just to protect your position. But once they had the letters testamentary, then they can sign a purchase and sale agreement and you can see, I'm not sure in Pennsylvania, if you have to have court confirmation, you may be able to just go ahead and close.

You may have to submit that to the court for confirmation.

Ryan: [00:40:20] Okay. Her transferred title.

Chad Corbett: [00:40:23] unless the house, it sounds like they have enough equity. They're not going to qualify for the small estate exemption, so they will have to probate the estate. And that's the only way you're going to transfer a title. And I would say time is of the essence on this because the equity is just getting chipped away a day at a time, So that's why I'm suggesting you. Proactively basically hand it to them on a silver platter. Don't make a suggestion to bring a solution.

Ryan: [00:40:47] Okay.

Jim Sullivan: [00:40:48] All right. Get back to us. And if you need any help, offline, just reach out to us and get back to us. Let us know how it goes.

Ryan: [00:40:54] Alright, thank you.Building Rapport With A Seller That Has A Bad Impression Of Real Estate Investors

Jim Sullivan: [00:40:55] Alright, next up, Chad, do you have to leave for mastery? Are you good? No, Mastery's at three today. Okay, good. We have two more in the queue. Then next up is seven four, two eight.

Dave: [00:41:06] Oh, Hey guys. I was just calling real quick. I had a old lead I, that's where I'll leave. I decided to do a text message campaign on, just to see if I get some response.

I did get a couple and one in particular was very interesting. It's the reverse of what you typically think. she wanted nothing to do with talking on the phone. She wanted a text. And then went at it more as an investor

Jim Sullivan: [00:41:32] offering to buy, see

Dave: [00:41:34] if she would be considering we'd consider an offer on the property.

She said, sure. she kept pushing for a price. And so I threw something over, and I think, I just needed to get on a call with her or zoom or something. Her initial response actually was, a little bit suspect. I want to meet you in person.  and I said, I'm remote and zoom call. And she's no, if you're interested in sending an offer, go ahead.

And, so now it's stalled out. I gave her a number. She said, send me pictures of houses like mine you bought at that number. I guess I'm wanting to really understand before I put a whole lot more time into she's really looking to sell or she's just dragg ng me along. It's a little bit of a concern.

Chad Corbett: [00:42:18] Is this on Brevard County, Dave?

Dave: [00:42:20] It is. Yup.

Chad Corbett: [00:42:21] Do you have someone that can go by and meet with her? Let me ask a better question.

Dave: [00:42:25] Is she in

I haven't gotten there. Apparently. She must be if she's wanting to meet personally, she's got to go in her life, phone number and, yeah, I've never come across this one.

I'm assuming she is there because of that admission.

Chad Corbett: [00:42:41] You have a contractor on the ground?

Dave: [00:42:43] I do. Yeah.

Chad Corbett: [00:42:44] I think what I would do here to get her attention, because she's probably shopping you as my opinion. And I'm sure I'm telling you what, you already know. You don't have rapport and she's trying to hold you at arms length because she's afraid you're going to take advantage of her based on the experience she's had with somebody else.

Dave: [00:42:58] Sure.

Chad Corbett: [00:42:58] If you can get your contractor over there to meet with her or caretaker and he can do a video. And then I would overnight her, or at least send them a priority express envelope, a legitimate purchase and sale agreement with a fat earnest money deposit. Are you going to close on this one?

Dave: [00:43:14] Probably not. I got a couple of buyers straight there that are ready to go.

Chad Corbett: [00:43:19] Okay. A trick that I've used and situations like this pump the earnest money up because everyone else was offered a hundred bucks in earnest money or 10 bucks in earnest money. So if you can show her in good faith, you had a guy go over there, you looked at it.

You're not bullshitting her. you have had a partner put eyes on the house and give you a construction estimate and you can enclose that construction estimate so she can see that it's legit send her a purchase agreement. with everything, but the price filled in. and, put a post it, note on it and say, I've done my research to let you know I'm serious.

And then I, that I, and, she'll see an earnest money deposit, let's say 50,000 bucks, or maybe 20,000 bucks make it surprise her, but I wouldn't go over 20% in case a guy's using financing. you don't want to have to deal with that. So maybe 20% earnest money. And then just ship it off to her in an unconventional way, like a FedEx overnight, or a USP S express priority.

And you can just on the post it note, just say, I don't know how to finish this without talking to you. So please call me when you're ready to speak and put the ball in her court and show her that you're serious, that you're gonna, you're willing to step up and you have already, and you'll probably get a call back cause no one else is doing that.

I bet.

Dave: [00:44:31] Okay.

Chad Corbett: [00:44:32] The other thing that if you don't get a response and, in addition to that, the other thing you can do is have your contractor take a Manila envelope with him and seal it and tape it inside the front door where it can be seen from the street. Neighbors will be calling her saying, Hey, someone posted something on the house.

there's this yellow envelope. Should I go get it? Do you want me to get it? Do you have a key? And you'll get her attention that way too.

Dave: [00:44:54] Okay. Good stuff. Thank you. Yep.Are People Finally Getting Rid of Landline Phones? Adjusting Your Marketing for COVID-19 Impact

Jim Sullivan: [00:44:58] Last step is phone number ending in one seven five nine. You're up last.

 

Stefan: [00:45:03] Hi, I'm Stefan  out in Northern California. I'm just getting started on the weekly calls after sending out my letters. And the last, I did about 20 calls, yesterday. And, about 50% of the leads, the numbers have been disconnected and the email addresses are no good.

And I'm, since I'm just starting, I'm not sure. Is this normal or is it is a COVID because I noticed the death date on a lot of these leads is back in March or April, and I'm just getting the lead, now, That's quite a delay between the time of the passing. me getting it, getting the lead.

Chad Corbett: [00:45:38] Sure. We're at the mercy of the court on that. So there wasn't much we could do as far as the numbers, like that's an extremely high rate of disconnected numbers. Typically, we have 80 to 90% accuracy and connectability on our numbers. If you could email support and let us know which specific list you're talking about, what we'll take a look at it and see, if we can figure anything out about it, it may just be the nature of your area.

Jim Sullivan: [00:46:04] Chad, I was just going to ask, is it the second, third and fourth column of numbers? It's mostly disconnected or is it the first and second? Have you noticed?

Stefan: [00:46:12] Oh, I usually start at the top with the first number and then I work my way down and usually it is the first and second number. A lot of times that are disconnected. Okay. Yeah, so many people are, abandoning their landlines. So there could be part of it, I just connect to my landline in my house cause they never use it. I just use my cell phone.

But, that might be part of it. I don't know. But I was just wondering, cause I'm just getting started. So yeah. So I thought it might be unusual and it's probably partially due to the virus thing going on with the delays.

Chad Corbett: [00:46:41] I'm really curious if it's because of kind of the economic uncertainty and people trying to

preserve as much cash as possible. I wonder if a lot of people have started to shut down landlines. Cause it's just one expense they've been thinking about getting rid of, but this was finally the last straw and they said we can live without it.

Stefan: [00:46:59] Yeah, that could be part of it. Cause I know there's a lot of them, after you've been in sales for a number of years, you can start recognizing. A landline, They looked different than cell numbers. I thought one, I could send a letter to the people who I couldn't reach the phone and just say, Hey, listen, I tried to call you, but your line, your numbers disconnected.

Did you get my letter?

Chad Corbett: [00:47:18] Yeah. If you're not, you should be sending letters to all of them. If you're not doing that, you're definitely losing a lot of opportunity.

Jim Sullivan: [00:47:27] I've got to say also that there that makes the win. If the first and second are disconnected, it really makes that third, fourth and fifth phone number more valuable because probably most people aren't going to go the extra mile.

It might be a relative of the person you're trying to look for, but. I would call all the way through all the numbers and see maybe if you get better success with the, what, the ones that are related to them. And Chad said, yeah, do send them letters also.

Stefan: [00:47:52] So how often, would you say send the same letter again in a different letter? Switch frequency?

Chad Corbett: [00:47:59] Ideally it's, with direct mail and probate, it's more about being there when they're ready. Some will be ready immediately. Like the day as a day after filing, there'll be ready to sell. Others will take two to three years. And in your market you have long judicial backlogs right now.

I mean there's people waiting three and four months just to get to their next hearing. so they've been. Paying, paying for the property insurance and all the caring expenses and everything. So it's a lot of those older ones are even more motivated now. And a lot of the newer ones will become highly motivated after they sit around and do nothing for several months.

So all that said, if you have a budget to support it, you should be marketing for at least a year. if you really want to do well with this and extract every bit of opportunity, stretch it out the two years, we found a lot of success of the 24 months. You can get a pretty decent conversion rate.

So it's what your budget will support. But I would, as a absolute bare minimum is three months of letters. One letter per month for three months on each one, followed by a phone call. But ideally like our most successful subscribers, they're continuing to mail until they've spoken to everybody.

They're continuing to call until they've spoken to everybody. And there's no surprise. Those are the people that are in seven digits of revenue with this one single strategy and one single County. Huh. All right. good take. Yeah, I guess I'll probably, what do you think about, I don't know. I think maybe I should send a different letter every time I thought that I tracked pretty meticulously my first 12,000 pieces of mail.

I had six return to senders. I had about a 2% conversion rate and most, all the letters that are available to you. I was shuffling through doing sequences, Doing the same one over and over, and it really didn't change it wasn't, it was barely measurable the difference the content on the letter.

It was more about the time that it got there. It just went on when they're ready and they will call. And, there's a common theme between all of our letters. I'm not proposing that any old letter will work. I'm saying that the letters we've provide to you guys have, are backed by. Tens of thousands of dollars of button, budgets to prove they work.

So it doesn't, as long as you're choosing it from that, from our letter, poor mailbox motivated all of those work and they've all worked in various types of markets. So don't overthink it. And, it's I found ultimately after doing this for awhile, what worked for me best was to send the same letter three times on autopilot and never looked back.

And I was able to maintain 6% conversion rate over time, sending the same letter over and over because by the time a month passes and they've gotten letters from other people, they don't even recognize the redundancy, but. When they're in the right mindset and they get your letter and see the contrast of that to all the other ones, they don't even need to remember.

They've seen your letter before. They just need to know that you're different and they're going to call you first and probably only you.

Stefan: [00:51:01] Alright. Okay. thanks. I appreciate that.

Jim Sullivan: [00:51:04] All right, sir, we appreciate you. Anything else?

Stefan: [00:51:07] No, that's it. Thanks.

Jim Sullivan: [00:51:09] All right, guys, that you are the last caller of the day.

I want to thank each and every one of you for being here today. I want to particularly thank those who actively participated. I want to challenge each of you. Take one idea. One thought, one thing that inspired you on this call, go out and put it into practice and come back and share the results with the group.

Next Thursday, stay healthy, stay productive, and we will talk to you. Same time. Next Thursday. Take care, everybody.

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Preview for Probate Mastermind Real Estate Podcast Episode 298

Cold Call Tricks for Common Objections | Wholetaling vs Wholesaling and How COVID is Impacting Investment Strategy | PLUS 15 More Real Estate Q&As. Probate Mastermind Real Estate Podcast #298

The Interactive Podcast on Probate Real Estate - Pick Your Podcast Platform

Probate Mastermind Episode #298

Recorded Live on October 1st, 2020.  Join Us Live Every Thursday and check out previous episodes

 

In this episode of the Probate Mastermind Podcast, you'll learn new ways to handle cold call objections like "Court's delayed, call me back later!" and "I am not interested."   The coaches break down price options, estimating repair costs and ARVs, and how COVID's impact on the lumber market is affecting investment strategy.  Chad breaks down wholetailing vs. wholesaling.  Other topics covered include optimizing long-term marketing for old leads, partnering with an attorney for creative financing, using Letters of Intent in place of contracts, and real success stories, feedback, and insights from participants.

Shout out to MaryLee for her recent double-side PLUS referral transaction! Hear about it at 12:18. “I have really overcome my fear of making those telephone calls and feeling like I'm not being of service.  Now. I realize what a tremendous success it was and how helpful it was to everyone all around that I no longer feel intimidated that I'm bugging them or I don't have offer any value.”

 

These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country, and can be found at AllTheLeads.com/Blog or in the “All The Leads Mastermind” Facebook Group. Thanks for tuning in, and don’t forget to subscribe for future episodes!

 

Get Probate Leads

Get Certified in Probate Real Estate

 

 

 

Handling Cold Call Objections: "Court's Delayed; Call Me Back Later!" (0:38)

Caller is getting the “Call Me Back” objection more than ever because of Coronavirus and court backlogs.  The seller is concerned they can’t do anything without their letters of testamentary or until probate is closed.  Chad shares tips for handling this common cold call objection.

See More: “Our Probate Attorney Said We Can’t Sell Until Probate is Closed!” Handling Objections – Mastermind Highlights

Real Estate Contracts vs. Letters of Intent (2:44)

Can you sign paperwork to purchase a house or list a house before a probate lead has their letters of testamentary?  Chad discusses the difference between enforceable real estate contracts and letters of intent.  Even though they’re not legally-binding, letters of intent are extremely powerful and using one has a lot of pros.  

Sales Psychology and Language: Future Pacing (3:37)

Bruce describes a sales technique called ‘Future Pacing,’ and how you can win a commitment by getting the your prospect to picture themselves in the future with their problems solved.  This effective technique will help you win commitment when responding to objections that deal with waiting, procrastinating, and uncertainty about where to start.  

Creative Financing 101: Learn The Different Strategies and When To Use Them (4:54)

Josh (Pennsylvania) has a SUPER motivated seller that’s dealing with a reverse mortgage.  The ARV value would cut out all the equity in the deal.  Jim and Chad breakdown going the Short Sale vs. Sub2 route.  Next, Josh asks how to present this. Chad details how to educate the seller on both options.


See More: Chad’s Book Recommendation - Chris Fontaine: Real Estate On Your Terms

Chad’s Webinar on 7 Different Creative Financing Strategies and the Pro’s and Con’s of Each.

Partnering With A Real Estate Attorney For Creative Financing (8:14)

How can a real estate attorney help you compared to a title company? How can you find attorneys to work with and make sure they are strong partners for real estate investment? What’s the best way to approach an attorney to work with them on creative finance paperwork, deals and closings?

How to Jump Into Probate Real Estate (11:30)

Ken is looking for advice on getting started as a probate real estate agent. 

See More: The Probate Leads System, Probate Mastery course, the All The Leads Facebook Mastermind, and the All The Leads YouTube Channel.

Mary Lee Shares Her Success Story: Trusting the Process and Providing Value (12:18)

Mary Lee describes a phenomenal deal she’s closing.  She initially marketed to the lead back in June through the mail, and they reached out to her via text message two weeks ago.  Mary Lee describes how she navigated the deal by offering three different solutions.  The house was a hoarder house.  She ended up double-siding the transaction on this house, referring the personal representative to an agent in California to help her buy a house with the funds, and the seller is super happy! Mary Lee describes how this deal is expanding her sphere of influence.  Mary Lee was about to throw in the towel on marketing to probate leads, but just like that the ROI came through! 

Chad and Mary Lee reflect on how deals like this make you fearless and solidify confidence in the value of your work.

Cold Call Tips: Follow-Ups and Converting Leads to Clients (17:35)

Dave is interested in using ringless voicemail.  How risky is it to leave automated voicemail drops; can you get sued? Chad explains why the litigation risk of ringless voicemail is growing in 2020 and suggests an opt-in strategy to protect yourself.

See More:

  1. Probate Quicksand and Pulling Personal Representatives Out Of It
  2. David Pannell’s 2020 Case Study: See how David Pannell has built wealth through probate real estate as an agent AN investor.

Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure (23:12)

Caller is looking for clarity on how to price properties out and choose the most profitable deal structure.  Chad and the caller discuss the different price options and the math behind calculating repair costs, after-repair values, and return on different listing, acquisition, or creative finance strategies. Chad also discusses how rising repair costs due to lumber market supply chains make as-is a much safer strategy right now.

See More: Rising Lumber Costs and Real Estate Investment Strategy: Why YOU Should Motivate Sellers To Skip Repairs and Sell AS-IS 

Wholetailing vs. Wholesaling Real Estate (26:28)

Chad and Jim discuss what wholetailing is, how it’s different from wholesaling, and why it’s often a better and more profitable strategy in today’s market.

Steve Shares His Experience with QLS and Chris Fontaine's Coaching (29:36)

Steve has taken Chris Fontaine’s course and is using his QLS (Quality Leads System).  Steve shares his praise for Chris’s work and how well it ties into what Chad teaches as far as creative financing and the probate real estate niche.  Overall, if you understand how to provide options you can carve out an opportunity anywhere.

Tips For Prospecting Unrepresented Probate Leads AND Winning Attorney Referral Relationships (31:09)

Mary is about to send letters out to her first list of probate leads.  She sees a section in one of All The Leads’ letter templates that mentions helping unrepresented petitioners find a qualified probate attorney.  Mary is curious how many probate leads are unrepresented at the time of filing.  Chad breaks down the statistics on pro per and pro se filings in probate. Then, Chad describes how offering to help someone find quality representation is not only a viable prospecting strategy on the lead side, but also for winning B2B relationships with attorneys by bringing them referrals they can’t solicit for themselves.

I'm an Investor. How Can I Find An Investor-Friendly Realtor Partner? (35:14)

Mary is a real estate investor.  Sometimes her prospects want to go the listing route.  Should Mary get her real estate license? Chad discusses how every agent and every investor can make more money by offering both options, whether by getting licensed themselves or working with a strong partner.

See More: Why EVERY Investor and Agent Should Have an Agent/Investor Partner.

How Asking The Right Questions While Prospecting Can Up Your Follow-Up Game  (39:10)

Eddie is sticking to his prospecting schedule and getting his cold calls and follow-up calls made.  He’s trying to find the “Sweet Spot” for making follow-up calls.  He wants to be aggressive without bothering people.  Bruce shares his strategy and conversational language for finding the follow-up sweet spot.  It all comes down to the individual’s ideal situation and adjusting your follow-up strategy to match that individual’s ideal situation.

How To Overcome the "I am not interested" Objection (41:44)

Eddie is looking for tips on handling cold calls that end with “I’m not interested, we have it all handled, *CLICK.*” Bruce explains his technique for responding to this objection before people can hang up.  It works so well, the prospect usually won’t offer any follow-up objection at all.

Old Leads: Tips For Optimizing Your Long-Term Marketing (45:59)

How old is too old? How long are probate leads worth marketing to? Chad gives his magic number at 3 years, and Jim shares a deal he closed yesterday on a two year-old lead.  The coaches offer advice on how to optimize a marketing schedule to maintain followup to old leads.  Bruce also plugs Probate Plus+ as a tool to check who still has property to sell.

Cold Calling Widows/Surviving Spouses in Probate (48:32)

How often should you call widows/surviving spouses? Chad lays out a tentative schedule, and more importantly emphasizes the value you can bring by helping surviving spouses early in the process.  Chad shares how the first widow he helped left a lasting impact. 

See More: Cold Calling Widows/Surviving Spouses in probate

 

 

 

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Episode Transcript

Probate Mastermind Real Estate Podcast #298 Transcript

A.I. Narration: [00:00:00] Welcome to the Probate Mastermind Podcast! These episodes feature: live questions, Deal Analysis, and Best-Practice Tips on everything from personal development, sales psychology, creative financing, marketing, and more.  Hundreds of Agents, Investors, and Wholesalers from around the country join the All The Leads Coaches: Chad Corbett, Jim Sullivan, and Bruce Hill , each and every week.

Be sure to subscribe at AllTheLeads.com/Podcast, and join our Free Facebook  Group " All The Leads Mastermind."

Thanks for listening to the Probate Mastermind Podcast!

(Disclaimer: As with any live recording, things happen, this audio has been cleaned up for better listening experience.  Let's go to the first caller)

Handling Cold Call Objections: "Court's Delayed; Call Me Back Later!" [00:00:38]Caller 1: [00:00:38] Hey guys, quick question. During COVID right now it's taken a lot longer to get their letter of testamentary than they'd like. Personal representatives are having trouble, or they don't think they have any authority to do anything and hold off and give you the kind of "call back later".

So my question is in situations where, the letter of testamentary has not been released yet personal representative has basically no power to do anything yet. What can you do to earn their business or get them to commit to you guys and help out?

Chad Corbett: [00:01:09] So until they get the letters. Yeah they can't really do anything as far as selling anything, but you can prepare the real property for sale, including staging personal property. So for example, we could take everything to a storage unit and have it ready to go or get it out to the garage or the outbuildings. Have a plan in place and you can do things like that to help, just get them ahead of the curve.

I like to use it. The metaphor of, everybody's familiar with Disney world. And the lines there. So whenever the gate opens, would you rather be the first person at the gate? Would you rather be just getting off the tram and then you get to stand there for another three hours?

So there's some things that we can do that you know, that don't require the letters testamentary,that we're going to have to do anyway. We're going to have to value the personal property, organized personal property, schedule a sale, get posted, no trespassing sign, get proper insurances in place.

Others. There's a lot of things, not a lot of things. There are some things that you can do that will make them feel like they're making progress and will create a bond with you. there's some service we can give them, even if they don't have the authority to sign contracts and actually convey property.

So things like that, just through asking good questions, find out what their needs are. Just, what's been the toughest thing. If you had the letter of testamentary, what would be the first thing you would do today? What do you feel is most important that you're not allowed to do right now and get them talking, get them telling you what's stressing them out, but.

Basically, other than selling anything, you can do just about everything else. You just don't want to go sell everything before the court actually gives them the authority.

Real Estate Contracts vs. Letters of Intent [00:02:45] Caller 1: [00:02:45] Got it. And are you allowed to sign paperwork to purchase a house or and put it as a closing date of when they're able to sell, as opposed to putting a closing date, like 30 days, is that possible?

It wouldn't be a valid enforceable contract. So just use a letter of intent. So for anyone who's listening, even in brokerage, like you can purchase a letter of intent to list. And, you and your broker could come up with that. It's not worth the paper it's threatened on, but it's very valuable because it creates a mental commitment.

So they know they signed something and they know that emotionally they were serious  when they signed.  And they made the commitment. It just helps insulate you against competition. It's not enforceable. And not that you would ever want to litigate that anyways, but it's something you can do to try to get, get the mental commitment to protect your position.

Okay.

Sales Psychology and Language: Future Pacing [00:03:38]Bruce Hill: [00:03:38] I'll throw in and say a lot of times when you're dealing with, these folks they're not in a position where they have their letters testamentary, they can't sell anything or do that much. It's a really great way to throw in, Hey, look, I completely get it, but in other words, let them off the hook.

I completely get it. There's not a whole lot you can do right now. You don't have to worry. I'm not going to try to sell you on anything. But real quick, tell me a little bit more about the process and I love Chad's, that question you asked If you did have your letters, testamentary, what would be the first thing you do is that how you phrase that?

I thought that was really good.

Chad Corbett: [00:04:13] Yeah. And what I'm trying to do is get them in the mindset. I want to get them in the mindset of okay. If I had it, what I commit to this guy and if I can get them to mentally internally say yes, then I'm good. And then I hand them the blue pen and the letter of intent.

Bruce Hill: [00:04:28] Yep. There's something called future pacing. In sales, you get people to start imagining themselves the results that they get down the road. And that's a really good opportunity to future pace them without them feeling like they have to buy what you're selling and you get them kind of thinking about the future.

And it's a very strong, emotional connection that forms between you and a prospect. When you can ask them about the future.

Caller 1: [00:04:52] Got it. Thanks guys.

Jim Sullivan: [00:04:53] All right. You're very welcome.

Creative Financing 101: Learn The Different Strategies and When To Use Them. [00:04:54]Caller 2: [00:04:54] Hey, what's up guys? Can you all hear me?

Jim Sullivan: [00:04:55] Yes, sir.

Chad Corbett: [00:04:56] Loud and clear.

Caller 2: [00:04:57] Cool. Few questions guys. I was listening to the call you guys put out yesterday, but the gentlemen on there asked about subject to, or actually had asked about a scenario and I think Chad had proposed a subject to, or a wrap or something like that.

Some sort of creative financing I'm trying to learn about. Subject to, and I did buy the book that you suggested Chad, on audio book. d into it yet. Just bought it this morning, but I've also found Propelio, which I guess is a CRM and a data pooling website. But anyway, they have a really good YouTube channel with a guy named Grant Kemp.

And he's supposedly really savvy with the. Subject is, he's one of the, one of the big boys when it comes to creative financing.  But my question was. I'm going to go through those.

And I'm just about to get my realtor's license along with my wife. And, we're just kinda trying to figure out how, really trying to get some value to offer these people when we're calling them, whether it'd be probate or pre-foreclosure vacant homes or whatever, you know, wholesaling a part of that, obviously listing as a, is a part of that as well and brokerage. But the creative financing, where do you guys suggest, I know you said that author of that book did have a program, which grant Kemp does also, I think the, entry-level, mastermind or whatever, it was like five grand a year.

And then he had a big boy when it was like 25 grand. And I spoke with him on the phone actually, obviously we're not trying to go that route now. We just want to learn and bump our heads. But what do you guys suggest as far as getting into creative financing and, just learning all this information I've been in the probate mastery twice. And I've got a pretty good grasp on that, but where do y'all suggest going for the creative financing education?

Chad Corbett: [00:06:30] A good starting point. We did a series back in March called 'Shift Happens' when Covid began. Have you watched episode four?

Caller 2: [00:06:38] I haven't man. I've listened to everything you guys have done except

Chad Corbett: [00:06:40] Episode four of shift happens, seven specific creative techniques that will work in this environment really well,  how to negotiate a free deal. And I've been pushing everybody to Chris Prefontaine. He has the book, 'Real Estate on your Terms.' And then he has a course, I think it's called well now it's his course, but, I think his courses either a thousand bucks or 1500 bucks, we currently don't have any affiliation with him, but he's doing it right.

He's doing creative financing with ethics. And so I've been sending everyone his way. just because I believe in what he's doing. I think he's doing it right. He's doing it ethically. It's good quality education. 1500 bucks is nothing.

Caller 2: [00:07:23] Right. And is he hitting subject to the raps, the, all the different kinds of Creative Financing?

Chad Corbett: [00:07:29] Yep, and then the other thing also my friend Brandon Turner, who does BiggerPockets real estate podcasts. He wrote a book you can go to biggerpockets.com or it's also an Amazon. It is 'Buying Real Estate With Low or No Money down by Brandon Turner.

Caller 2: [00:07:45] Never read it, but I got it.

Chad Corbett: [00:07:47] Okay. That's a good book too. Brandon's a sharp dude.

Caller 2: [00:07:50] Oh, sweet.

Chad Corbett: [00:07:51] Those are the two guys that I send people to. I have creative financing courses in my head, but I haven't gotten them out. Those are the guys that I trust to send folks to. I wouldn't, I would, yeah, I know.

There's some people on this call that have taken, Chris's QLM course and really got a lot from it for a thousand bucks. It's yeah. Honestly, it's not very much money

you know, you'll make that back 10 fold on your first deal.

Partnering With A Real Estate Attorney For Creative Financing [00:08:14] Caller 2: [00:08:14] For sure. And also I heard, you mentioned going to a real estate attorney. Here in Georgia, that's what we have to do. We don't have a title company.

Chad Corbett: [00:08:21] Yeah.

Caller 2: [00:08:22] I heard you propose, going to them and asking them how the paperwork works exactly.

Chad Corbett: [00:08:25] I'm sure you 50 grand to look over your shoulder or they'll split your deals. I don't recommend it man. Like with creative financing, it's so easy to take advantage of people are so easy to make mistakes. I actually liked to have the attorney be the actually mentoring you. And the attorney you want to choose is the one that's representing the investors who is closing deals for the investors who are buying as the courthouse steps that were bought at tax sales by and short sales.

So they have a lot of experience dealing with issues and more, advanced real estate tactics. And that person you're going to have to go to him eventually anyways and make sure that your paperwork's right, the clauses are right. So paying somebody  50 grand to mentor you and tell you how to do that stuff at a very broad level?

Just go local. Even if you have to pay the guy 200 bucks an hour for his time. That's how I did this. Like I basically sit down and wrote all my own contracts and then took them to an attorney and I'm like, alright, shoot holes in this. And they're like, where did you get this? And I'm like, I wrote it, but I trust my paperwork especially now because we did it together, me and the attorney. Hey Jim, are you there?

Jim Sullivan: [00:09:37] Yeah. That's your microphone's cutting in and out significantly. About 80% of the time. You're fine. And the other 20% is you're in a tunnel. I don't know what that music was. That music started playing...

Chad Corbett: [00:09:50] This is my first call with my AirPods Pro.

I trusted them and I shouldn't have

Caller 2: [00:09:54] And Chad, if I'm approaching an attorney like that before I really get started, just trying to get that the nuts and bolts, make sure I know what I'm doing. What do you suggest that I say to that attorney? even if I have to pay him, 250 or whatever, to sit that with him for an hour, how do you suppose

Chad Corbett: [00:10:09] So the way I did it, I found out what attorney that, the more advanced investors were using. I went, introduced myself, "Hey, listen, we'll be doing creative financing, lease options, wraps, sub 2s. and I really would like to, make sure I have my head wrapped around it. And I know exactly how to write a good contract before I start.

Can I bring my paperwork in and sit down with you? And obviously with the intent of you being my kind of exclusive attorney for closings", and they said, "Absolutely, come on over!" And we sat down and.  I think I asked them to throw an invoice at me. They weren't going to charge me because they saw it as an opportunity to earn future business for their closing business, for escrow business. So you probably won't have to pay them. Just say listen, I'm looking for an attorney that - I want to make sure that I'm doing this right. And that I'm mitigating as much risk as possible on my side, obviously, but also on their side. And in exchange, I want to have an exclusive office that I run my creative financing closings through. Am I in the right place?

And they should perk up and be like, absolutely, come on. Let's talk about it. It's so much just like with most of our vendor relationships, usually you don't have to pay or exchange money. It's reciprocal value, goes a long way.

Caller 2: [00:11:26] Never hurts it though. Cool. Thanks so much go enjoy the beach, man.

How To Jump Into Probate Real Estate [00:11:30] Ken Maxwell: [00:11:31] Hi, good morning. My name is Ken Maxwell. I'm in New York in the Bronx and I'm just..

This is my first time call in and I'm just curious to understand what is the process to get started as a probate agent. what would you recommend that we do in the beginning and continuously.

Jim Sullivan: [00:11:52] Kevin, have you spoken to any of our salespeople yet here they walked you through the program or not?

Ken Maxwell: [00:11:58] No.

Jim Sullivan: [00:11:59] Yeah. That would be a good place to start. They'll give you the best practices after the call. I'll have somebody reach out to you at this number if that's okay, but, very simply, you get the leads, we've got a fast track program. You can go through in an hour and then just start learning. We have a ton of information on our website that you can absorb in the meantime.

Mary Lee Shares Her Success Story: Trusting the Process and Providing Value [00:12:18]. Next up is four zero four six. You're up next.

Mary Lee: [00:12:23] Hi, this is MaryLee. I have a success story I want to share,

Jim Sullivan: [00:12:27] Great! We like those!

Mary Lee: [00:12:29] So, I got my first batch of letters sent out to my leads in June. And two weeks ago, I got a text from one of those leads, asking if I could help with the sale of a house. She lived in California and the property was in a different state where I live. And I said, absolutely. So what I ended up doing was giving her three options.

I was going to sell it with all of its contents, I was going to sell it. with all of the contents removed and have an estate cell company manage the interior belongings, personal belongings of the deceased, or I was going to buy it myself and deal with it. And we got a really great offer from a cash buyer who was planning on living in the house, but was also perfectly capable of managing the patient personal belongings inside the house.

It was a hoarder house filled with valuable collectibles. So it was rather interesting. I ended up, double siding the transaction and the seller is pleased. She has her fund and I referred her to an agent in California, that's going to help her buy a house in California.

So I just wanted to say, thank you.

Three months into this. I was starting to get really weary and feeling well, the system's not working for me. I'm not saying the right thing. It's not a good idea for me to invest my money, my marketing money into this program. And then I had that phenomenal success story. I also personally met the attorney at the property so that he knew what I was dealing with and he knew that I was credible.

So it was a win for the neighbors. It was a win for the buyer, the seller, the attorney, and for me. So I wanted to thank you for all the little gems along the way that you pick up, that I picked up by doing the mastery course repeatedly, and by really having faith that the system works if you follow it and do the training.

Sometimes as agents, we spend a lot of time getting ready to do the work, and we forget to take the next step and do the work. So this was a big deal and I just wanted to thank you.

Chad Corbett: [00:14:59] That's such good advice and thank you. Thank you. I'm curious though. Yeah, you should you share the negative emotions with it.

So what are your emotions now, like now? What does it mean to you?

Mary Lee: [00:15:11] I have really overcome my fear of making those telephone calls and feeling like I'm not being of service. Now I realize what a tremendous success it was and how helpful it was to everyone all around that I no longer feel intimidated that I'm bugging them or I don't have offer any value.

Chad Corbett: [00:15:34] Exactly. And you're proud now, aren't you?

Mary Lee: [00:15:37] Yes, I am. Thank you, Chad. I do feel a lot of pride.

Chad Corbett: [00:15:42] That's what probate mastery is about!

Bruce Hill: [00:15:44] Tell us what the attorney said to you.

Mary Lee: [00:15:47] Oh, I called him to let him know the transaction had closed, asked him if he needed anything from me. And then I asked for referral business  and he said, if someone needs a real estate agent, you are by far the top of the list and I absolutely will send business your way.

Chad Corbett: [00:16:03] That's amazing. Thank you so much for sharing. I'm happy. You've got momentum now. So now what? Are you doubling down?

Mary Lee: [00:16:12] I am. And I'm actually considering taking on another County. So like a good sign. and I did speak to my sales rep there and we've talked about it and I'm looking forward to helping more people because now I know people really need this service, even though when you talk to them and they give you all kinds of bits of objections, there's a reason they're giving you objections.

Right? Chad. And so by being - exactly. So I'm just really excited about it and I'm really pleased that it was so smooth. And furthermore, I need to tell you this, Bruce, my transaction coordinator has been in the business for 35 years as a transaction coordinator. She said in all my years in real estate, this is probably the most brilliant transaction I've ever seen.

All The Leads Coaches In Unison: [00:17:04] That's incredible. So thank you. Wow. That's awesome. You said you were credible. I would say you're incredible. So that's a great story. Thank you. Thank you. Good attitude. Great results. you're definitely, in first place for the winner of the week, and I know that's that why you shared it.

Mary Lee: [00:17:23] Yay!!

Jim Sullivan: [00:17:23] I think you probably inspired a lot of other people on the call.

We really appreciate it.

Mary Lee: [00:17:27] Sure. Thank you.

Jim Sullivan: [00:17:30] All right. Next up is phone number ending in one 805 five. You're up next?

Cold Call Tips: Follow-Ups and Converting Leads to Clients [00:17:36] Danny: [00:17:36] Hey guys, it's Danny. Glad to be back on the call and definitely just want to say that, her success story definitely inspired me. And that's a great on her for that. My question, of course. Glad to be back

So I've been doing this now for about a month and almost two weeks. Done a lot of growth and improvement in the way I'm handling calls, staying on calls longer, generating the leads I want, but I'm not getting so much the closes.

And I really feel like I'm at one last hurdle. I guess just the way I'm talking? Or the way I'm presenting my pitch or how I'm just talking to the prospect. And so I don't want to stop. I want to go even harder right now because I know that's when I'll, hit the Green Land.

my only question then is when I'm presenting my pitch and I've started implementing the two to three things that the family struggle with, and the open ended question, and that works really well. They either  don't have the letter of testamentary yet, or, they might feel scared, so they don't want to like fully work with us.

 

Chad Corbett: [00:18:41] Sometimes you just have to relax, Danny and David Pannell is a great example of this. He will just step back and continue to follow up until they're ready. And then sometimes it doesn't matter how much you want it or how aggressive you want to be.

It won't help you move forward.  It's not easy to get out of probate It's a process, right? Rather than looking at this as how can I be more aggressive to get what I want? Just understand that over time you'll build that momentum and you'll have enough come list me business, or come buy this business six to eight months in those start to become regular occurrences.

Understand that with a commitment to this long term comes a momentum that really can't be replaced with more phone calls or more aggressive marketing tactics. Eventually you'll get to a point where you'll have enough letters out there and enough follow up phone calls made.

You'll have Five times the deal flow, and you'll be closing tons of these deals. we can't always force people to do what's in their best interests. We can try to influence them, but some people just go back into their shell and I bring them, but it's what makes them comfortable. So being more aggressive is not always the answer is, I guess my main point is maybe you're not doing anything wrong other than not having enough patience for the process.

For some people it's different area to area areas are yeah. More fast paced cash, conversion cycles, quicker or others. It just happened more slowly. I think you're doing the right things. you show up, you do the work you role play with us. Like you, you really care my caution to you is that if you put too much focus on what more can I do?

What more can I do? What more can I do? And you don't get that result. You might be discouraged and just understand that sometimes we have to wait for them to catch up with us.

Danny: [00:20:31] All right. All right. And that makes complete sense. Yeah, I got ya.

Bruce Hill: [00:20:35] So Danny, I'll go ahead and chime in here.

I've seen you make some incredible incremental steps. Each time you get on these calls and each time we communicate and you're getting better and better each time you were learning how to be more of an influential leader, which is the most important thing. You're still very early in this conversion cycle.

So as Chad mentioned, don't get discouraged because we have typically three to four months conversion cycle in my experience. And, you're early in it. And your pipeline is filling up your rapport that you are continuing to build each time you communicate with these people is only growing. Multiple years ago I had a client of mine that said now a client and one of my best.

Referral partners who blew me off for two years, And about every eight or nine months, she would shoot me a message that just said, Hey, don't, don't give up on us. And that was the only reason I didn't give up on him. And every time she'd sent me that message, she'd say we are so busy or overwhelmed at work.

We can't even think about responding to you. Can't even think about looking at houses in one day, two years later. They call me, we go look at houses and we look every single day for a week, every day for a week. And it was a really nice price point. So I didn't mind and about halfway through, I said, I guess your schedule's lightened up.

And she said, what do you mean? We're busier now than we've ever been before! And she'd forgotten about the busy excuse that she'd been giving me. And what I took from that is she was too busy based on the priority that buying a house was in their life. Not that they were too busy to do it. It's just that it wasn't a priority to them at that point.

And  because I built rapport through the time that business came to me. And, you'd be shocked at the amount of influence that I have in times that I spend with them now because it's easy. I call, they answer the phone and it's because I was there. And had rapport when they were ready. We have to look at these the exact same way. These are our families that might just not be emotionally ready yet. And we can increase our influence over them, but we can also spend time caring about them, loving on them, building rapport so that when they. Emotionally get over that hurdle. You're the only person that's there.

Cause I guarantee almost everybody else is going to drop out. I guarantee it. So keep doing what you're doing. Keep calling and keep building rapport, stay in front of them.

Danny: [00:23:01] Gotcha. Alright. That's great. Thank you for all that information guys. And thank you for talking to me about this. I'll be sure to bring in my success story once it comes in.

Thank you guys.

Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure. [00:23:11] Jim Sullivan: [00:23:11] Sounds great! Alright, next up is so number ending in four six, six, three. You're up next.

Caller 3: [00:23:18] Thank you. I wanted to go back to, something that Chad did a couple of weeks ago and it was, he broke down his, three or four pronged, offer strategy and it was, Briefly, it was a cash sale, which was, he described his contract now cash in seven days.

second was as is, whereas, which I think he described as a contract in seven days and cash in 30 days. And then I think he put in as is, but for a retail price and I'm gathering from that he was proposing no fixes, but still wait for a conventional buyer. and then fourth was, a renovation retail where, the sellers would fix it themselves, take on all that responsibility and then sell for top retail.

What I wanted to know is  how the um, on a percentage of, after repair value basis. If I were doing it, I would think, the cash sale would be 70%. Of after repair value, less repairs or better.

And therefore it's such a good deal. You'd want to keep it for yourself. And then maybe the as is, whereas maybe 80% are, maybe the retail price, maybe 90%. And then of course the renovation retail would be a hundred percent, of retail value. Am I thinking about those percentages approximately correct?

Chad Corbett: [00:24:35] The one you left out would be number five, creative financing. Another option where you could even sell above retail price. I'm assuming the term was long enough. So if you have a house that's slightly underwater or they feel like they don't have enough equity to sell and pay commissions, then the fifth scenario would be a creative financing that would stretch your term out over two to 10 years, or you would have appreciation or principal pay down where it would appraise and they couldn't close. So that would be number five.

As far as the values. You have the traditional ARV times 70% minus repairs equals your cash price.

The problem with that formula is most people don't know how to estimate repairs. And in 2020, the cost of lumber has gone up almost 900% over the last five months, like lumber went from $200, a board foot to $950 a board foot just in the last quarter. So repairs are extremely hard to estimate period, but really this year they're more challenged because of supply like material, Supply chain was just so and easier formula is I find the as-is value. So my definition for as-is, it's kind of intuitive I suppose - but knowing your market, seeing what things sell for what pretty much all but guaranteed go under contract for. And seven days and close in 30 days with no contingencies.

What is that price? If you take that price times 75%, pretty much it comes within half - and I've done this test on spreadsheets. over and over-  It comes down to a few percentage points. It's like single digit percentage points. So that old tried and true 70% minus repairs formula. But the difference is you don't have to become a construction estimation expert to get there.

Wholetailing vs. Wholesaling Real Estate [00:26:28] So if a house would sell for a hundred grand, for sure. If we could get an under contract this week. And we could pay 75 cash and that would be a wholesale price. And that kind of gets you to the cash price and the as is price, the, as is price. I don't really have a formula. Like I don't say ARV minus 80 because every house is different.

One has foundation issues. The other is functionally obsolete. The other just needs cosmetic rehab because it had a shag carpet and pink tile. You just have to look at the neighborhood and it's an intuitive valuation, but that said most of my as is where is sales come in about 80 cents on the dollar of what I would sell them for retail if he did the work.

And they're usually bought by landlords or first time home buyers who have saved up to do their own renovation.

Jim has done a lot of flips and he might have some advice on this as well, but that's how I value my stuff.

Jim Sullivan: [00:27:20] Yeah, I agree. I'll tell you I've become more in favor of what you call wholetailing. And  it seems like the houses that I do a lot of work to, I have a hard time getting the money back out of them.

The most profitable ones are the ones. I just get them looking halfway decent, put them on the market and let somebody else take a little bit of the profits at least recently. So you're right. Chad, it's much harder to estimate the repairs now. I closed on one yesterday morning. I put it on the market this morning and I've got two offers on it already.

This market is crazy right now, okay. Go ahead. No, go ahead.

Caller 3: [00:27:55] And with the whole-tailing. are you white boxing? It, meaning, are you just kinda, if it's got a hole in the roof, obviously you, take care of the major things, but then you leave as much of the interiors to the new homeowner. or to the buyer, to just let them do what they ultimately would want to do anyway. Is that what you're thinking.

Correct.

Jim Sullivan: [00:28:15] We

Caller 3: [00:28:15] met someone

Jim Sullivan: [00:28:15] out there yesterday. He's putting on a new side deck, roof and replacing rotten facial board. And I'm replacing the AC compressor, the bare bones. But the inside of the house, I just gave it a good cleaning, vacuum the carpet and put it back up for sale.

I just find that, like Chad said, it is hard to estimate what you're going to spend on it. And it seems like you always go over and when you do it that way, you're opening it up to an owner occupant that might want to put some money into it. And you're also leaving a little bit on the table for the next investor that comes along.

Caller 3: [00:28:44] ...And that also sounds like you're getting it better than just landlord quality. It seems like a homeowner would not be as scared away if some of those bigger expenses were taken care of, is that. So are you getting 85%, 90, 90%?

Chad Corbett: [00:29:00] A good way to think about this is if I go into this house, what would it take to get it to pass on FHA or VA appraisal?

Caller 3: [00:29:09] Okay. Yep.

Chad Corbett: [00:29:10] So anything, safety, sanitary, major mechanical needs to be replaced, but cosmetic things like if it has a pink bathtub, it has a pink bathtub. It will pass in effect. Like it would pass an FHA appraisal. you can give it to people who you can talk to people who are using financing. Just think of it that way.

Like what does it take to get it to that level?

Okay.

Steve Shares His Experience with QLS and Chris Fontaine's Coaching [00:29:35] Jim Sullivan: [00:29:35] Oh, you're very welcome. Appreciate it. Next up is phone number ending in five nine one six. You're up next.

Steve: [00:29:42] Hey, good afternoon. My name is Steve. Just want to do, piggyback on what Chad said earlier with Chris Prefontaine.

I am in the QLS system, quality leads system, which, Chad recommended. Yeah, it really is a niche for the niche working probate, because now you can provide many other options. Now the shift happens that Chad did back, I think in either March or April was pretty incredible and really planted the seed.

And like Chad said, it's a little over a thousand dollars. And one of the things that Chris talks about is you buy the program, you can do deals immediately, and they fully recommend that you do everything through an attorney, which ties into what Chad said. They do offer other coaching, which you can pay for considerably, provides you with perhaps greater credibility as you start off , but he'll be the first one to tell you don't need to do the coaching, although they count it. And you can purchase the program and you can do it. And Chad, I'm trying to get Chris to contact you for a future podcast and look forward to the listening between the new England accent and the accent from Appalachia.

I'm gonna have you go through and show you guys and show you really share some incredible nuggets.

Yeah, you are. You're one of four people in the last quarter would have said you guys have to get together and do something. So I'm looking forward to meeting Chris.

Thank you, Chad.

Chad Corbett: [00:31:04] Good. I'm sure it'll be magic whenever we find time to get together. So I appreciate you connecting us.

Tips For Prospecting Unrepresented Probate Leads AND Winning Attorney Referral Relationships [00:31:09] Jim Sullivan: [00:31:09] All right next up, we have four more in the queue for seven zero two. You're up next?

Mary: [00:31:15] Yes. Hi, Mary. Hi, so this is the first time with you guys, we just started a couple of weeks back  and I got some on my list. I'm looking, I have two question quick one. So I look at one of our letters that we are, editing, if there's something in the letter that I'm not quite understanding, and if you can just, shine a light in it. So one of that we were looking at said something. yeah.

What is it? I am here to assist in a process of communication between the relevant parties and in the acquisition of an experienced probate attorney. So am I not understanding? So when people go through probate, they already have their own attorney, right? They're working through that process, is it not?

Chad Corbett: [00:32:00] About 80% of the time. So they have a choice and some people make a choice to go pro se. And before that, before the confirmation hearing, which if they go through the confirmation hearing without an attorney, it becomes pro per and so about 20% of the time people think that they can, they, and this is with the exception of central to Western Virginia, everywhere else in the country pretty much it's there to use attorneys, but in those markets where attorneys are pretty much always, very common. Still about 20% of people think, Oh, we're just going to do this on our own. And we're going to save money. Ultimately, they ended up in most cases, they end up costing themselves a considerable amount more because they have to pay for billable hours to clean up the damn mess they made.

So it's usually not in anyone's best interest to go through a bureaucratic, overly complicated process without counsel. It's a great opportunity for us to build attorney relationships by connecting them with those people who have, or would do who do not have attorneys. And that's one of the tactics we use to open the door to new referral, referral partner relationships with probate attorneys.

Mary: [00:33:15] Okay. okay. So I did not realize that 25% would be, they don't have attorney. So obviously I have it in my letter. I should have an attorney that. I have a relationship with just about wait.

Chad Corbett: [00:33:27] One of the ways you can do, one of the things we suggest is you go sit down with an attorney, like your first visit with an attorney is.

Hey, my name's Chad. I have a team of people here in Roanoke that helps families going through probate. As part of that, we need a good attorney on the team for those that don't have representation. And then it's my understanding that you can't direct market for business. So what I'd like to offer is if you and I could sit down and design a checklist or a timeline, your firm name and contact information at the bottom.

And that'll be part of every mailer.  Have I come to the right place? You have a half an hour? And then let them sit there and literally list out every single little, no matter how small every patch it could be done from the time the petition was filed, until probate is closed and then color the legal aspects become one color.

The non-legal aspects become another color. And whatever you think is passed, you can do it as a timeline, or you can do it as a checklist, but it's powerful. Jeez, because even the people who have an attorney probably haven't gotten a piece like that. Like they don't, they're waiting for the attorney to tell them what to do.

So you're giving them like a usable checklist, even if they already have to have, representation, but the ones that don't have representation, they're going to look at it and go. Oh crap. I didn't know where to do all this stuff. Maybe we do need an attorney and there's a good chance. I'll call the attorneys page and usually looking forward at a probate attorney specific.

That's what they do. Usually it's probate or any yeah. Typically attorney and an estate planning attorney are synonymous. They're usually doing both sides of the business.

I'm an Investor. How Can I Find An Investor-Friendly Realtor Partner? [00:35:14] Mary: [00:35:14] Okay, so I've been hearing, I listened to some past calls from you guys and it  seems like a lot of the people are actually real estate agents, I'm not.

I was thinking about doing it, but right now I'm not sure if I am. If my prospects do want to list it with an agent, what kind of ideal or what kind of, how would I offer that? If I'm looking for real estate agents work with me, for those people that really want to list them in the MLS , how would I approach that?

Chad Corbett: [00:35:42] First off, do you like growing your wealth, your personal net worth? And why are you paying real estate agents when you're a real estate expert? You're paying real estate commission. Why?

Mary: [00:35:52] So I don't have, I don't want to pay, but if I'm not real estate agent, and that's what my client wants to do..

Chad Corbett: [00:36:01] So what I'm saying is you're not a real estate agent yet. Are you doing ethical business or are you screwing people knowingly and openly?

Mary: [00:36:10] No,

Chad Corbett: [00:36:10] So, it was a rhetorical question. I would encourage you to get your license. There's a lot of bad advice out there about investors not getting a license. And the reason I say it's bad advice, it's going to cost you hundreds of thousands, if not millions of dollars over your career.

You know your market enough to risk your own capital, which is more than most real estate agents will do. Step up and hold yourself to a higher standard of ethics. It's Easier to compete with other investors and you don't have to refer your business out.

So now I'll get off my soap box. You should have a good brokerage partner. And a good place to find someone who understands your side of the business, if you go to biggerpockets.com and look under, I think it's community. Yeah. And you can search real estate agents who are on the bigger pockets platform. And that's a pretty good first level filter. If they have found bigger pockets, they pretty much know what value they can provide to investors, or they are an investor and they understand the investment side of the business. Either way, they have their license, they're looking to do something with it. So they're probably a good brokerage referral partner, but I would encourage you to stop giving away that 3% chunk on every deal. Cause if you have courage to risk your own money in the marketplace, you obviously know your market and if you're doing business ethically, there's no risk whatsoever in being a licensed investor.

You pay 50 bucks for a separate LLC and run a separate bank account, but it can make a huge difference over the trajectory of your career. It can be millions of dollars difference.

Mary: [00:37:46] All right. I actually did take the class. I just never went. I had some life crises coming, so I never took the test, but I was planning to do that.

I was just wondering since I don't want to wait till I'm going to be. And I'm starting now with the probate. We've been some doing some other real estate investing, but probate is, this is a new one that we always wanted to get in. Okay. So..

Chad Corbett: [00:38:08] What market are you in?

Mary: [00:38:10] I'm in Salt Lake City.

Chad Corbett: [00:38:12] Okay. Yeah. So in most major Metros, you'll have several real estate agents who have created a profile and became active on Bigger Pockets, and that means they're already working with investors.

Mary: [00:38:23] I do know quite a bit of them.  My question was more, okay. Let's say I did give it, what am I gaining? Am I gaining anything?

Chad Corbett: [00:38:30] Oh, sorry. Okay. Oh, I'm sorry if I'm asking. So you can take marketing fees, they can, for example, if you have a good lead flow, if you're giving them a lot of referrals, maybe they pay for your mail, you pay for the leads or vice versa, or they could give you cash marketing fees, they could pay you in Visa, like prepaid visa gift cards, just the marketing fees.  There's ways hat you can do it, where you won't get in trouble, but. obviously I'm pretty solid on my view that every investor should have a license. If they're not taking advantage of people, they have no risk.

Mary: [00:39:07] I absolutely agree with you. Alright, thank you very much. That's answer my question. Thank you!

How Asking The Right Questions While Prospecting Can Up Your Follow-Up Game [00:39:12] Chad Corbett: [00:39:12] Jimmers! Bueller?

Jim Sullivan: [00:39:14] We have a couple more in the queue, Chad. Can you handle a couple minutes over today? Are you good?

Chad Corbett: [00:39:19] Yeah, I'm good.

Jim Sullivan: [00:39:19] Okay. Next up is five, four, six, four.

Eddie V: [00:39:23] It always seems to cut out on you, Jim, when it comes to me! And this is Eddie here in Kansas city.

Jim Sullivan: [00:39:28] It's been the whole call today with Chad's mic, I think, but it's okay. we can understand him.

Eddie V: [00:39:33] Okay. I'm really just trying to figure out what's too much. I answered this in the, in, I think two or three calls ago, but what's too much to be bothering these people?

I know David Pannell, he does every seven days, but I'm like, if I talk to that person on Monday, let's say, do I wait another seven days to call them back? I'm just trying to find out most of the things I have questions about. I can go to YouTube or look it up on All The Leads. They just haven't been able to find it today.

Like a schedule on, if you want to be aggressive, here's how often you would call and send letters. And here's, maybe if you're not as aggressive or don't have as much time, here's what you can do. Cause I have the time to be calling people more. I just don't know. Where's the point where it's too much.

Or what's the, sweet spot.

Bruce Hill: [00:40:22] Eddie, it's Bruce. When you communicate with someone. So let's say you have already spoken with them. Whether it's in the middle or towards the end of the call, you say, Hey, by the way, were you guys going to be keeping your real estate or selling the real estate? And they say selling. Ideally what you want to do is go down a little bit of a funnel with them where you might start.

Mike. Okay. There's lots of ways to start and we don't recommend specific way, it's up to you, but it might start with something like, can you tell me a little bit more about that? Yeah, we're just not there yet. we're a couple of months away. Okay. in a perfect world, when would a couple of months be, are we looking at two or three?

Okay. There they say three months. There's a bunch of family members involved, you just ask questions and they start to share with you what their ideal experience looks like, and you really tailor your followup approach with that person around their ideal experience. So if somebody tells me three months, I'm going to call them in a month and ask if anything has changed.

If they say, yeah, we're probably a month away, I'm going to call him in a week. Hey, just want to make sure that everything was on track. Did you guys run into anything? So I really base that on the information I'm able to gather on the previous call. There's no set formula for what you're asking.

It really depends on what their timeframe is. And if you ask good questions, they will tell you what their ideal experience is going to look like.

How To Overcome the "I am not interested" Objection [00:41:44]Eddie V: [00:41:44] Okay. What if says, we've got this, we've got it taken care of.

Bruce Hill: [00:41:48] We've got it taken care of. So are we talking about the house or are they just say, Hey, we're all good, we've got it taken care of.

Eddie V: [00:41:55] They've got it all good. I think specifically, this is one that somebody just, Hey, we've got it taken care of. Thanks. Click call them back seven days again?

Bruce Hill: [00:42:04] I don't know. What do you think Chad? I would probably do a couple of weeks. It depends on how far, how long into the process they are. If they're a relatively new lead, I might do seven days. If they're a lead from three months ago, I might do a couple of weeks.

And a lot of times, Eddie, so there's a particular sales training that, I'm not allowed to say the name of on online that you and I have talked about Eddie. If you have an appropriate intro it's rare that someone's gonna say, Hey, we got it all handled, click.

I don't experience that a whole lot. But people do tell me that they have it all handled and one approach that you can use if someone says, Hey, no, we're pretty good. Is you can use the approach of letting them off the hook and saying, Hey, I'm really glad to hear that you have no idea how many people I talked to that are overwhelmed.

So I, you're probably pretty organized. And now my particular approach, if we go there is to say, Hey, before I let you go, were you guys planning on keeping the house or were you planning on selling it and just kinda letting them off the hook? it gives them a sigh of relief, Oh God, thank God.

I don't have to come up with another objection. And then you just go into a, another question and start down that line. Normally, if they feel like they're off the hook, they're not going to be as rigid.  Especially if they've said that they, I have it handled. So you might even pair it back to them when you follow up.

Hey, I know a couple of weeks ago you said you had everything handled. Just wanted to see how the process was going for you. Have you guys gotten a little closer to deciding what to do with the house, have you gotten a little further along any struggles and maybe they say the same thing, but. A few times that barrier is going to break down.

It always happens with enough communication and enough times where they hear you and remember, you naturally build some rapport.

Eddie V: [00:43:47] Okay. Okay.

Chad Corbett: [00:43:49] So Eddie, I would split this into two categories, have had dialogue, not had dialogue.  So to the root of his question, how much is too much?  until you've had dialogue with them, meaning you've had a meaningful conversation - not a hang up. Like we've got it handled hang up. That's not a contact. Then you can continue to be as aggressive as you want to be. If it's every day, if it's twice a day until you've actually had a true conversation and had two way dialogue with a person, then you should be aggressive. Once you've had dialogue with them, at that point, everyone becomes a thumbprint.

Some you want to follow up with daily. Some you want to follow up with quarterly because they're in such deep, emotional pain. You don't want to push them on others or just standing in their own damn way and making their situation worse. So you want to call them every day, but the takeaway is it depends on what you know about the situation, how aggressive you should be after you have the dialogue.

So the people who are hanging out who are saying, we've got it handled and hanging up. Call them every day until you have the real conversation. And then you'll know how often to follow up with them. Just use your intuition. once you understand the people and the situation, then it's easy to determine how often you should call them because you understand what they're going through.

You understand the value you bring to that situation and there's no, it all becomes different. And until you have dialogue, just, be as aggressive as you want to be. And that's David, he's hitting the phones every day for the first seven days. So he establishes dialogue and then based on each individual conversation, he spreads them out over a year.

I think some people he's okay, that's a surviving spouse. I'm going to call her back in three months because she'll be in a different state of mind. This guy is out of town. He had no relation to the family member. He was a friend who was appointed. I'm calling him back tomorrow because he's ready to get this behind him.

So each one becomes different once you have dialogue. But I would encourage you to think about it that way: Once you've had a real conversation with them, then you'll know what the right followup sequence is.

Old Leads: Best Way To Maximize Your Marketing Over Time [00:45:59] Jim Sullivan: [00:45:59] All right. And thank you for your patience.  Six, six two eight. You're up next.

Caller 4: [00:46:03] Hey. Yeah, so I've got some older leads. How old would you consider them to not be really useful anymore? Is there a timeframe on that

Chad Corbett: [00:46:12] Three years.

Caller 4: [00:46:14] Three years? Wow.

Chad Corbett: [00:46:17] We've had a lot of success through two year-old lists. I've personally listed them and bought them 25 months in. If you put a number to it, like where you should quit probably three years. A certain number of people, have their act together and they'll proactively move through the process quickly,  but we have a lot of different personality types in the world and a lot of different situations within that. So some people, their heads in the sand and initiate the process, then they pull back and then they just completely shut down.

They don't do anything for months. And then one day they have this breakthrough and they're more motivated than they have ever been because they're ashamed of the lack of progress made. And that happens anywhere from one day to at least two years. two years as you should. And if you had the budget and the bandwidth, I support it.

And they, All The Lead System is designed to make sure you're not spending, you're not marketing to people who have already said, we don't need your help, but we don't want your help. If you can afford it, you should be marketing for two years minimum. And every month our CRM will help you cut your list down.

So you're only marketing to the ones you haven't spoken to. But the people that need our help the most are the ones that put their head in the sand six, eight, 12 months ago. And haven't achieved anything. They're the ones that really need us and you'll find them two years out for sure.

Jim Sullivan: [00:47:39] Hey Chad, the one I closed on yesterday was two years old, had probably it was filed two years ago.

Bruce Hill: [00:47:44] Especially if you're running probate, I'm going to, I'm going to plug probate plus here really quickly. If you have an old list and you don't want to be marketing to a hundred people that are old, run pro probate plus against it. See where CC, who still has real estate. it'll show you who you should be marketing to.

One of my closings contacted me two years after his father had died that the property had been vacant for two years. Contacted me. He pulled back just like Chad just mentioned. He pulled back for another year and a half and then called me to Lish. And so that was three and a half years after the date, his father had died and it had been vacant the whole time.

So some people just take time that their situation, their emotional stability. There's a lot of different reasons to say might take time.

Cold Calling Widows/Surviving Spouses in Probate. [00:48:32] Caller 4: [00:48:32] Okay. Can I ask one more question? I appreciate your input. What would you suggest on the surviving spouse contact schedule?

I get it to where they're kind of a bummer on the first call. You don't want to call them too early, but, is maybe three months or something?

Chad Corbett: [00:48:47] Everyone's different. There's if you go to all the leads.com in the top, Type in surviving spouse. And there's a tips from the trainer video I did, I don't know, four or five years ago. And I kinda tell you the story of what encouraged me to get on the phone early on, often with surviving spouses, because so many people shy away from them. They're the people that most often need our help. The most, they just don't know it yet and they haven't admitted it.

So yes, it's not apparent in their psychology yet. So if you can make contact with them, it's a different tactic. It's low pressures to not talk about real estate. You need to really take my advice, focus on people in situation, let them know there's a service here in the community and help with anything and everything.

And just, if they feel like they're emotionally raw, just back away, listen, I'll call you in a couple months. See if there's anything that you could use help with them, but more as branding and marketing, you want them to be aware that you are you're a safety net for them, because what we know from the nursing home industry, 78.8% of senior citizens plan to die in their homes, there's no contingency plan.

What we know from the federal reserve, the average senior citizen. Yes. $24,000. Oh, an illness hospital of Saul property, just upkeeping a property, having the correct, social security checks on an app because they were getting to now they're only getting mom, their situation changed and it might take them a month or two months or three months to realize that they're not, I think, situation when they do.

I will call who they trust. So if you've made contact and you found some way to make them feel comfortable, even if that's just making them aware that there's a safety net in the community, you will be their first phone call when they need you. So don't shy away from the surviving spouses. Just remember, I'm not calling to list this house.

I'm calling to see how I can help her or help him. And if you can build rapport and that person trusts you, then when they're ready, you'll be okay. The only phone call and I've got dozens and dozens of stories like this, the very first deal I ever did was the one that gave me the courage to always make that call.

And if you search surviving spouse in the top, Of all the leads.com, you can hear the story about it, about Drusilla, or that was Pam.  It's, a softer approach, some will list right now, others will take two to three years, but now they're probably the ones that can benefit the most from our service when they realize it.

Jim Sullivan: [00:51:30] All right, guys, another great call. I want to thank each and every one of you for being here today, we had great participation. We had some really good inspiring stories. I think I know who our winner of the week is. We'll be reaching out to you and 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 Wednesday, actually for our role play, call and share with the group.

Thank you so much, guys. Stay healthy, stay productive, and we will talk to you next Wednesday at 2:00 PM. Eastern take care, everybody.

A.I. Narration: [00:52:05]  All The Leads hosts Cold Call Role Play trainings the first Wednesday of Every Month. On these calls, agents and investors can jump in the hot seat with our coaches to test their cold call scripts.  To join the Role Plays or Probate Mastermind sessions, join the All The Leads Mastermind Group on Facebook for Free.  Thanks for tuning in to Probate Mastermind!

 

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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.

 

 

Read more
Blog Post: Why Sellers Should Sell Now, Even as Lumber costs are making repairs more costly.

Rising Lumber Costs and Real Estate Investment Strategy: Why YOU Should Motivate Sellers To Skip Repairs and Sell AS-IS

Blog Post: Why Sellers Should Sell Now, Even as Lumber costs are making repairs more costly.

 

What Does A Changing Lumber Market Mean for Real Estate?

I saw this visualization this morning and keep thinking of ways lumber costs + current events = bigger-than-you-think impacts on the real estate market.

Graphic visualization of rising framing lumber prices during Covid-19 backlogs

From Christopher Schwarz. View original post on LinkedIn.

 

First, I thought about Jim Forsythe discussing a deal he's working on during a Probate Training Call last month.  Jim is helping one of his probate leads sell timberland they inherited.  Because Jim understands the importance of finding the right buyers, he sought out sawmill investors.  As a result, Jim and his seller received competitive offers from buyers who understood the real value of this land.

 

Next, I thought about my contractor friends and the concerns they're expressing about lumber costs.  Because property owners are putting off repairs, contractors are short on income.  With sellers losing motivation to sell, many real estate agents and investors think a shrinking pipeline is inevitable. 

 

Quickly, I remembered Chad's strategy for contracting vendors in advance for bulk work.  The goal here should be two-fold: Build strong relationships with vendor partners (during a time where much of their work is being delayed), AND offer vertically-integrated solutions to sellers.

 

 

Listen Now: Chad's Mastermind Prospecting Strategy, Timestamped at 27:40

 

 

Better Real Estate Training Means You Can Help Sellers Make Better Decisions Now.

Motivated sellers that were ready to list with ARV (after repair value) pricing now face a new obstacle of rising lumber costs.   Many of these sellers think their only (and best) option is to sit back and wait indefinitely to move forward with selling their property.

 

Sellers might not realize that they can net more by minimize holding costs and selling as-is.  Sellers likely don't realize how creative financing options can help them, either.  You play a vital role in educating your sellers.  Are you offering these options, and are you educating your prospects on why they might be good solutions for them?

 

Get Chad Corbett's free Training Webinar and Infographic on 7 Creative Financing Strategies You Should Know

 

 

 

Current events will only kill your pipeline if you let them.  If you make the deal make sense, your sellers will move forward.  Get the training to grow your skill set now so you can offer great solutions in any situation, and surround yourself with real estate masterminds so you can always learn something new.

 

 

 

WATCH AND LEARN:

Mastermind Snippet: Price Options, Estimating Repair Costs and ARVs, and Choosing The Best Deal Structure (23:12)

Caller is looking for clarity on how to price properties out and choose the most profitable deal structure.  Chad and the caller discuss the different price options and the math behind calculating repair costs, after-repair values, and return on different listing, acquisition, or creative finance strategies. Chad also discusses how rising repair costs due to lumber market supply chains make as-is a much safer strategy right now.

 

 

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Preview for Live Probate Expert Phone Call and Testimonial from Probate Real Estate Client

Probate Expert Shares a Live Probate Call

Learn from the Probate Experts and Build a Better Business with Probate Real Estate.

David Pannell is one of the top-performing Probate Investors/Probate Agents in the country.  Combining the Probate Mastery approach with the dedicated prospecting strategy he developed in a decades worth of converting FSBOs and Expireds, David consistently converts probate leads at high rates and leaves lasting impressions on the people he helps.

David Pannell recently helped Betty get through the probate process and sell her home.  Even though Betty was contacted by plenty of agents and investors she was reluctant to speak with, David built a relationship by calling and checking in on Betty periodically.  Betty saw David could get the job done, David delivered, and Betty is now a great testimonial for the value David provided as a Probate Expert.  

 

David shared with us (with consent) the recording of the live phone call where Betty committed to letting David get over to the property and begin the sales process. David was able to sell her home for $34,000 more than the PREVIOUS listing agent had it listed for. Listen Below:

 

Things to Know:

  • David called this probate lead multiple times until he won the deal.
  • Betty specifically recalled that David was the one that sent him “those nice brochures” in the mail.
  • The mailer included a mention of Estate Sale help, which drew Betty’s attention.
  • Betty was a dependent administrator who had concerns of Covid and having people in and out for an Estate Sale.
  • Betty was concerned about the cost of Estate Sale, as another company estimated 45% commission.
  • Betty lives over 240 miles from the property.
  • David laid out price options (cash offer and get it over with, clean it out and take a bit more time to get a higher price on the market).  
  • David offered Betty to make either option happen.
  • David landed permission to get over to the house with his Mom to price out some of the items for sale and look at the property.

 

Most importantly, when David can use his story of helping Betty to show his next client how much value a Probate Expert can bring to the table.

 

 

 

GET PROBATE LEADS

 

 

Next week, catch David Pannell as he sits down with Chad Corbett for a 2020 Case Study, a follow up to their 2019 interview where David discusses his roadmap to the Million-Dollar-Club in Probate Real Estate. Subscribe on YouTube, to this blog below, or get in the All The Leads Mastermind group to catch the Case Study when it’s published.

 


David Pannell Headshot - Probate Real Estate Investing, Wholesaling, and Listing All The Leads SubscriberAbout David:  David has been in real estate for 12 years.  He worked with buyers through the short sale/REO period between 2007-2010, switching to listings in 2011. He has also since ramped up his acquisitions.  Like many, he started with open houses and SOI leads. He eventually hired a coach and quickly mastered Expireds/FSBO marketing. He now works directly with ATL, GGMS, and B-School to learn and scale his business. He is focused on solidifying 3 major pillars in 2019, one of which is probate real estate.  In mastering the empathetic approach, the team is looking forward to a third of their projected 300 closings in 2020, to come from probate listings/cash deals alone.


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If you are a real estate agent or real estate investor looking for real estate leads and you want to offer a service to your community then you really need to consider becoming a probate expert. Over the next 40 years over $136 Trillion in assets will pass from one generation to the next and nearly 80% of that wealth is locked up in real estate. This is an opportunity for you to build a strong pillar in your business while your competition is still out begging for business from the same leads they’ve worked for the past 20 years. All The Leads provides a system driven by ever-expanding knowledge and experience. To see how many leads we gather in your county each month, click here.

 


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Probate Plus

Ways to Find Investment Properties

If you really want a great property in which to invest you have to know how to increase your odds of finding fantastic deals. And while you can find a worth property in which to invest by looking through the MLS listings – your best odds are to use several resources to help you scout the best potential investment. Here are nine resources savvy real estate investors use:

Networking: By growing and cultivating your network of professionals you can let people know you are looking. Doing this will sometimes create certain opportunities. For example, some owners out there who want to sell, but haven’t yet listed their property may actually contact you.

Drive around looking for “For Sale by Owner” signs: This is the hard way to do things since competition using this method will be quite stiff.

Find abandoned properties: Owners who don’t want to incur the expense of caring for a certain property are often willing to part with the property for a song.

Use the internet: Use a search engine and enter the type of real estate you are looking for. This can lead you to some interesting opportunities but it can be quite time consuming.

Talk to bankers: You should already have bankers in your network of contacts that can help you. They may be able to help you learn about a foreclosed investment property.

Offer your contacts a finder’s fee: Let your contacts know what is in it for them to help you achieve your goals.

Eviction notices: You can often get a lead on investment properties by scanning your local newspaper’s eviction notices. Or you can get the information at the courthouse. After all, a landlord who just went through the process of evicting tenants can be a very amenable seller.

Old FSBO ads: Look for two-month-old “For sale By Owner” ads. If these have not sold they may be ripe for an investment. This is because owners often give up the effort but not completely.

Purchase Probate Leads: Our Probate leads are well gathered directly from the courthouse and ran through a proprietary data-validation system. Additionally, we offer our professionals the knowledge base to use these leads effectively.

Of course, it isn’t just about finding a potential investment property. You have to have the knowledge too. Our Probate Mastery Course can be one means by which you can find and utilize the probate property leads that we can give you. These leads are vetted and much more reliable than the above methods. Our real estate seller leads can make your business prosper in a way that it never has before.

4 Habits of Successful Real Estate Investors

It takes more than a little savvy to become a successful real estate investor. As we have pointed out many times on this blog, it also takes quite a bit of skill, knowledge, the right network that can be exploited at just the right time. It also takes quality leads. However, another key to being a successful real estate investor is to adopt the habits of successful agents and investors who are out there with thriving businesses. To achieve lucrative real estate investment goals, implement the following real estate investor tips.

Clarify your real estate investment goals: It always helps to have clarity of purpose when you are venturing into any business. As you evaluate your goals, ask yourself the following questions: How much money am I willing to invest in real estate? Do I have good credit? What does my business need to grow? Am I looking for a tax break? As you ask yourself these questions, also make sure that you set a realistic time frame for yourself.

Learn how to use the tax rules to your advantage: Every dollar you save on taxes can be used to invest in real estate. Make sure to add someone who is knowledgeable about tax law to your list of contacts. Their knowledge could be useful to both you and your clients.

Know the market: Effective real estate investors and agents go out of their way to acquire an in-depth knowledge of their particular market. They do so by keeping abreast of trends, mortgage rates etc. This helps them to better serve their clients and enables them to predict future trends that could affect their investments. Finally, it can also help you discover new listing leads.

Stay educated: Knowledge is power when it comes to this industry. As a real estate investor you should be knowledgeable about laws, regulations, trends and terminology related to the profession. This will help you better adapt to regulatory changes and it will also help you be of greater value to your clients. We can provide you with some of this knowledge through our archival conference calls. We can also provide you with the best real estate leads for agents on the Internet.

Real estate investing represents an awesome opportunity to explore new avenues. It can help you grow your business and secure your financial future.

Thumbnail describing All The Leads Tips From The Trainer content: Why investors should get their real estate license, and agents should start inveseting.

Why Every Investor Should Have a Real Estate License, and Every Agent Should Understand Real Estate Investing (or Be an Investor Themselves)

Whether you have your real estate license and are looking to get into investment, or you’re an investor, wholesaler, or flipper wondering how you can benefit from having a license, we’ve got you covered.

Jump to the Video Here

Should I Get A Real Estate License As An Investor?

If you ask most investment gurus, “Should I get a real estate license to flip houses and buy properties as an investor or wholesaler?” They’ll tell you no.

Gurus often push the idea that being licensed is a liability instead of an asset, but as long as you’re doing business ethically, the opposite is true.

 

So, what can you do with a real estate license?

The biggest benefit of getting your real estate license is you’ll be able to offer more than cash offers.  Some benefits of a real estate license for investors include MLS access, networking opportunities through your brokerage, and increased income from commissions you otherwise would have paid to enlist an agent for.

 

If you want to save money on every disposition, for the rest of your career, get a real estate license. Or at the very least, find an investor-friendly real estate agent to work with.

 

Learn More About How To Bridge the Gap Between Real Estate Brokerage and Investment – David Pannell’s Case Study

Can I Make More Money as an Agent Through Real Estate Investing?

Real estate investing offers agents a unique set of benefits.

It’s also easy to transition into.  You’ve taken your real estate courses, passed your licensing exam, and found a brokerage to hold your real estate license. So what is there to lose?

The biggest reason real estate agents hesitate to start investing is they don’t understand investment strategies well enough.

If you want to understand wholesaling, assignment, subject-to, private money, and all the different strategies investors use in the residential space, shake off your fears! Start learning so you can grab the deals and income you’re missing out on.

Leverage your real estate license and become an investor-friendly agent.

There are always investors and wholesalers looking to find a real estate agent who understands investment and wholesaling.  Investors know working with the right agent means smoother deals and a better experience for their customers.

Even if you choose not to invest yourself, leveraging business relationships with investors and wholesalers is a great way to find listings and make commissions you’d be missing otherwise.

 

Get the Most Out Of Every Deal by Providing Multiple Options

Most clients don’t know what kind of help they need in the early stages of selling. Most people approaching these clients only bring one option to the table.

Offering multiple options allows you to bridge the gap between what just an investor and just an agent can offer.

You will be much more valuable to prospects looking for the right person to help sell their home.

 

And, chances are high you’ll have very little competition standing next to you if you’re the one building the bridge.

 

If you think you should be bridging the gap between licensed brokerage and real estate investment, you absolutely should be!

In this Tips From The Trainer episode, Chad makes it simple to go into any appointment, show sellers their options, and become a transaction engineer on the spot. Check out the video below: 

Video Navigation – Key Tips:

  1. What Investors Gain By Having A Real Estate License (1:58)
  2. What Realtors Should Know About Real Estate Investing (6:48)
  3. How To Re-Imagine Your Strategy and Get Started (10:20)

 

Explore More Tips From The Trainer

 

Invitation to join Probate Real Estate Mastermind Group by All The Leads, for agents, investors, and wholesalers to network.

Find Agents and Investors to partner with in the All The Leads Mastermind Facebook group!

 

Check for Probate Leads Near You

 

 

How to NAIL Cold Calling Probate Leads as a Real Estate Agent, Investor, Or Wholesaler – Live Roleplay Critique and Comparison

Learn More: How to Cold-Call Probate Leads as an Agent, Investor, or Wholesaler.

Video Thumbnail for All The Leads Probate Real Estate Success Story - 60 Second Case Study from Willie Gallegos

What 30 Minutes Could Do For Your Pipeline This Week | Probate Leads – Real Estate Success Stories

Willie Gallegos realized he left 12 deals on the table because he didn’t work an old set of probate leads.

He decided it was time to get accountable and work these leads instead of letting them fall through the cracks!

So, he took a few minutes to prepare and send off a voice broadcast (ringless voicemail) campaign, and from that campaign he’s already purchased a property himself and taken a listing.

Willie’s story is a 60-second case study of success with probate real estate leads, and how a little motivation can bring an easy ROI. In addition to his ringless voicemail campaign, he sent emails to about a dozen probate leads and is now working on a third deal referred by a probate attorney who saw value in what Willie offers as a probate specialist.

Would you take 30 minutes to follow-up with a set of old probate leads if it put 3 deals in your pipeline?

Willie is a real life reminder that the fortune is in the follow-up – And all it takes is a little motivation to bring BIG SUCCESS.

Let’s put it into practice!!!

 

 

 

Willie shared this story on our 245th Live Mastermind Q&A call, which you can catch in full here.


Want more tips, tricks, success stories, and motivation to keep your cold calling and prospecting efforts going strong?!

Join the All the Leads Mastermind Group on Facebook.

 

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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