PROBATE PLUS+ IS LAUNCHED! Our latest data augmentation finds EVERY property owned by the deceased (whether in trust, under a business entity, etc), provides deed and lien information, valuations, information on equity, and more! Mastermind #286 (recorded today) will be published tomorrow so you can hear beta testers provide their feedback. LEARN MORE NOW: https://alltheleads.com/probateplus
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CALL TOPICS (Timestamps Link To YouTube)
How To Follow-Up With Prospects With Premium Mailers (1:55)
How To Use A Virtual Assistant/ISA Caller To Optimize Your Real Estate Prospecting (4:30)
Deed in Trust? Lease Option? How, When, and Where to Mitigate Risks. (5:41)
Optimizing Mail Campaigns With PROBATE PLUS+ Leads (9:40)
Renee Shares How She’s Adjusted Her Probate Cold Calling Script (15:35)
How Covid Is Changing Court Data Recording/Access (17:46/22:16)
Chad’s Elevator Pitch for Meeting With The Probate Court Clerks (19:47)
DOUBLE DIP ALERT!! Maria’s Listing Is Now Under Contract!! (23:12)
Can Michael Get A Higher ROI Approaching Deals Subject-To with Higher Offers Than His Competition? (26:00)
How To Get A Take-Out Loan To Finance A Deal (30:55)
Rolling Subject-To’s Into Land Trusts (32:15)
How To Get Referrals From Real Estate Attorneys (35:35)
How to Follow Up On A Phone Appointment Your ISA Set. (40:17)
Realtor vs. Investor and How To Find Strong Partners. (43:01)
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If you need a 30 day refi and you build a relationship with that bank, they can get it done and you can compete
you'll kick the ass off of every every cash offer. You're going to beat everyone like you but your your biggest problem like what do I do with all these houses? This is a lead from March and he finally let me see the property I brought over one of my partner investors and basically gave him a verbal cash offer once he received his letters of testamentary. He went ahead and accepted the verbal offer and we are under contract and we're set to close on the 15th.
Welcome, superstar agents and investors from across the country. Today is Thursday, July 2 2020. And this is mastermind
Call Number 285. Before we go to our callers, I just want to make a little announcement we hit our 10,000 subscriber this past week and the winner of our 10,000 subscriber contest was john barley, Pittsburgh, Pennsylvania. So john got a free month worth the lead and the winner of our send us subscriber contest was Jonathan McGee. He sent us 18 people that subscribe to our all the leads mastermind congratulations to john and Jonathan, you both got some free leads coming any of you that are not members, we've got 10,000 and plenty room for more just go to all the leads mastermind and we'll just make sure that real estate or an investment professional and we will let you first up this week is phone number ending in 4606. You're up first. Hi, my name is Sarah. I am out in Los Angeles. And I was wondering if you have any recommendations as to what might be nice to like, send
A PR either before you've met or spoken with them or afterwards we signed up for the ISP program so we have an appointment that deep with somebody in about a month and wanting to send them either like a listing presentation package or a bottle of wine or something like that to kind of help build that rapport if you have any recommendations. The nicest piece that I've seen in seven years of doing this David p&l he actually posted it in our Facebook group so if you go to all the leads mastermind use the search bar and put in pa n e Ll he actually shared a post A day or two ago but they were in the envelope but he created like a probably a 20 page PDF brochure that he runs it on his own printer but we can actually help you design and print something like that if you would like but it's been a while back but look at look at a few of his posts, you'll see a photo of video he actually leaves through it page by page and shows that was a it's a really well done piece and that's how he uses it. David is really really good with follow up. So he
Sometimes talks to these families for a year. whenever they're ready. They can't they call him and he goes, but he kind of created that piece as a premium fee for the folks he's already made contact with on basically his pipeline. So he's not sending those out to 300 people, he's sending them to 15 people to take a look at his post and that video where he leaves through his and that should give you some ideas. If you need help designing or on printing, we can handle all that for you, Chad, our trifold brochure we have a lot of people use that for attorneys, but that can be pretty easily adapted to send out to executives also. Right? Pretty much the same, dude, I mean, I guess my perception of her request was that she was looking for more of a premium piece for the people she already has in the pipeline. That's why I suggested but yeah, the travels are very useful. It sounds like Sarah, you're looking for a wow factor, right? Yeah, like thank you so much. We're looking forward to meeting with you like you're the FedEx nice pocket and I we have a very nice listing bound presentation that we can send along with some PDF that we already have, but maybe getting an event a PDF.
With our probate information bound might be nice instead of just in a folder, take a look at this and David's really generous. So he may be on this call Dave. I know he's on vacation right now, but he's very generous and he'll share with you anything. But he did do like a page by page video a while back, but the search should bring it up if you search his name in the search bar. You mentioned that the ISP has got you an appointment. Tell us more about that, please. It was wonderful on my partner Victoria and I were kind of new at the probate stuff specifically and and we felt like we were kind of not putting the time into our specific prospecting. We have a lot of pillars of business, and this is one of them. So we figured if we have where, you know, we wanted to make sure that our investment was getting the you know, we were making the best use of our investment. And so we thought we'll have the IFA make the calls. We're having you guys send the letters and that way the calls are never skipping a week of making phone calls on they're probably better equipped about initial conversation than we are at this point and
So, I mean, literally within one week, I think of signing up, they made a phone call, or they made an appointment for us to have a follow up phone call in about three or four weeks from now with somebody that has a condo to sell in one of our prime areas that we work in. So it worked out really great. Thank you. So you're using the system the way it's supposed to be used, and you know what you can't do yourself, let us fill in and do it for you. So thank you for that. Please let us know when you get the listing. And we'll put you in the running for winter the week but appreciate your sharing. Thank you guys. All right, well, we have three more in the queue. Next up is phone number ending in 4737. You're up next. Hi, this is Dana. I'm calling from Florida and I was playing in one of the probate mastery class. And Chad had mentioned something about a note with the first deed of trust and I'm curious what the alternatives are if there is an alternative to that in the mortgage state like Florida that doesn't do anything that protects the seller more and would allow them to if payment wasn't fair and equivalent
They're just different, different document names in Florida. So in Virginia, when we do a private mortgage, you have a promissory note and a first deed of trust. We're in Florida you have a promissory note and a mortgage. So it's basically the same thing is different document. But it would require then a full judicial foreclosure if I prove I've read
a little bit more streamlined if there's a problem. So I have something that I use I've never had the customer in the courtroom, but it has been bounced off of Attorney General's in the States. I've used it. I call it a deed in escrow. I just kind of made it up in my attorneys like yeah, I think that work, what we do is basically a deed in lieu of foreclosure but at the initial closing. So the seller to the borrower is deed a, and then borrower to lender is the be the data gets recorded, the B goes into my attorney safe and it's just an agreement that I have. So in theory, what
We believe in what the Attorney General agrees with, is that if one of my borrowers default, my attorney can go record the deed and I recover the asset without foreclosure. Now, it's never been tested. It has been vetted, but it hasn't been tested in front of a judge. But that's like the ultimate risk mitigation that kind of circumvents and these are on commercial mortgages non owner occupied, that's also important to note which is very different in a courtroom than an owner occupied, you know, residential owner occupied residential, it's going to be much more difficult to close on, foreclose on it, the judge is always going to side with the consumer. All right, well, I just didn't want to I just was trying to figure out my nomenclature. So thank you. And obviously it your best protection there is to get a sizable deposit especially now because it's taken a long, long time to foreclose. You know, if you get enough down and it makes sense for you to take the property back regardless if it takes you a year. Yeah, just be real, real careful with that if you got to be more than a fireman, but there's we didn't set that
up much with Fleur wasn't much of a preface. But yeah, there's other instruments you can use. What we're talking about is just straight owner financing. I mean you can use like to lessen the risk for the seller, you can use a lease with option to purchase and accomplish the same thing. It's just less beneficial to the buyer. So if you're mitigating risk for the sell side
lease with option to purchase if you had an HOA that required they had a restriction on only for the first couple years to do that would have to be a flat out.
I would have to read this you'd have to read the decks and bylaws to see specifically caught potentially No. All right, well, I've read up on the lease with options and I have followed up on some of Joe McCall stuff. So I appreciate it. Thank you very much. Have you seen Thank you, if you if you haven't already the series we did back in March called shift happens if you go to youtube.com forward slash all the leads, go to playlist
looked under shift happens. On Episode Four, I walked through seven creative financing strategies. And I showed you the risks and benefits from the buy side and the sell side. And the common most common ways that we use those. It's about two hours. So it's nothing. I mean, it's like 20 hours of teach all that in full, but it'll give you a good idea of what the seven options are and when they can when they're best used. So if you haven't seen that video, take a couple hours, I think that'll be helpful for you. Terrific, thank you so very much. All right, thank you for participating. Next up is phone number ending in 7976. You're up next to me through a quick question. I'm going back through all the leads that I have, and I'm noticing a good amount of them. The prs address is the same as the lawyer so please reiterate what that might mean. And then secondly, Chad, I know you always say mail often and you know mail mail early men often actually going to be mailing a better portion of air
Everybody who's in my list, I just want to be kind of highest and best use of time and money. And I may go back over those as a secondary, but is there any reality of getting business from that? Or is it just the lawyer standing over the trashcan or never seeing it, you know, getting past the gatekeeper. So typically your when those address fields match is typically a fiduciary, usually, you know, an attorney or fiduciary representing the state, you're better off on the phone and you're in the mailbox for those who are showing up in person, which is an option right now treat those pretty much the way you treat attorneys. As far as everyone, everyone else, I will without letting too many cats out of the bag. We're almost finished with probate plus, and as far as going back through every lead you've ever bought and focusing your effort, you can simply run probate plus, and we'll show you all the ones with real estate, how much equity it has, whether it's sold or not, and you can really focus your effort and focus your budget. The ones that are ready to go Yeah, beautiful. Okay, thank you. Hopefully by the end
Next week, you should have that in your hand. So kista love it on that note, you know what, cuz I'm, you know, scouring through everybody, right? And I have them as like sold or lifted or I don't have a phone number or whatever the case may be, can I just then upload the ones that I've already gone through. So I don't pay for everybody to be scoured through number one. Number two is Yeah, so we're built on the next exclude feature, just like for mail and phone calls. So you can actually go through your original list and hit exclude from probate plus, and then run that run the probate plus augmentation and you'll only be charged for the ones that you have not excluded. And then do you think I should just wait I mean, instead of doing the mailer now, like wait to probate plus, we're talking four or five business days, so yes, yeah. Wait, okay. We're literally putting the touches on it now and making training videos and we hope to release it to you next week. Because I don't want to get in front of those people who, you know, may have been in August, September of last year.
And as I went through them, they haven't relisted because I cross references through the MLS, I have two screens open while I'm calling basically. So I'm kind of doing a probate plus on my own and just taking a lot longer. So we're gonna do 3149 counties.
Yeah, well, I mean, it's for anybody who's on the line and who's trying to save $1. With respect leases. I'm on a budget right now myself, but it takes so long to do it. I've already been through it. So I kind of did it. But it took me the better part of probably a couple weeks of, you know, at least incorporating that into my prospecting. It just takes a lot longer than you think. But the good news, the great news for you is, not only will it do that, it does that in every county in the country, we'll find everything in LLC everything and trust things that you're not finding. And we're actually going to give you all that convenience for less money than you're paying us now or than your your spending now.
And that might be answering to the gal who was the first one where I'm thinking this just came to me I'm thinking with those those like needles that fall out of
A haystack that I can then upgrade after I've spoken to them or there is no phone number attached and just try to get was kind of our vision for this. So if you if you're targeting your effort, let's say Poway plus focuses you on 60% that are like, Oh, these are great targets, then you can move up to a premium mail we've we've we've tested with things that we call shock boxes, it's basically a box of shredded paper with a message and so it's extremely light with low priced postage, but it's a big impact, right? No one else is sending that, you know, the idea is to focus your marketing dollars and on fewer leads with premium mail pieces. So you can really differentiate yourself because we are getting more competition in the mailbox, but nobody in the country will have access to data like you guys will next week. Nobody well on that note, if I can ask one more question, can we utilize that resource to run other people we find like let's say off market opportunity to stress that might be doing driving for dollars. Can we run that
there as well, not right now. Okay, we might we may build right now it's it's built to be a direct overlay on our probate data. And we may have future features where we can do augment other lists. But right now we're focused on having literally the best probate data anyone's ever had. Oh, Okay guys, thank you have a good holiday. Rene, I'll add one thing to it. I know you're very high analytical, you'll appreciate this, since I'm not the one to let the cat out of the bag. I'll expand on that a little, a little bit. I know you're very lead follow up intensive, but just imagine we always tell people the value of sending out a six month letter or even the year letter, but we should be able to do an auto program for you where after is whatever specified period of time you want six months, 12 months, 18 months, we can go back in and only check the ones that we knew had real estate in the beginning, see if they still have real estate and only mail to them because if you start off with 100 leads realistically, after six months, you're probably down to 20 or 30 after you
You're down to five or 10. And it's certainly worth mailing to them two years from now, if the property's hasn't sold yet. So, you know, there's just a lot of different ways we can use the product once it comes out. And, you know, increase your efficiency and and at the same time cut your costs. Yeah.
Just as an example, so I did Henrico County, Virginia, it's okay. 1213 and 14 month old list, and out of those, I think it was 90 some leads, there were still not 60 leads with property. But among the leads that still had property, there were 60 properties that were over a year and probate in a market where it takes six to eight months. So a lot of like a lot of people have procrastinated and not sold or not listed or anything. So there is back to the very beginning of your question. There is a ton of opportunity and this will really help us highlight that for you. And I thank you and I just want to say as a subscriber to anyone else on the line that I love and trust you guys and you know, there's a lot of
validity to what you're saying because I to a degree, you know, plus or minus 2%, right? If we were doing it like a statistics thing, but I actually got to see it on my own list. And you know, so I'd be calling people and some folks, whether they're telling truth or not, it's not a lot of them, but they're just like, Oh, you know, we never had any real estate or there's just a lot of stuff, you know, going on. So this layered in I think I see it as efficiency. I know you're saying analytical, but I just think it's efficient. You know, where am I spending my time? Where am I spending my dollars? So I really look forward to seeing this work and then living in LA, yes, it's competitive. I mean, when the people do tell me, they're getting, you know, six to 10 letters, almost everybody's pitch is I'm an investor, I want to buy your house, which by the way, I've incorporated into my script when I call so when most people answer the phone, especially if they've been on the market for a while. They're annoyed, I can hear it in their voice. And I said, Well, you know, I'm not an investor. We're not here to buy your property, you know, and then I pitch and then
Literally that diffuses it. And so I know that that's really my only other competition. And if it is a real estate agent, they're the ones saying, well, we're still buy your house for cash, or, you know, we'll pay for the upgrades on the property. I mean, it just seems like the same old kind of messaging. So I'm incorporating into what you're saying with the messaging as well as having access to efficiency, but I just love it. So thank you guys for you know, putting this layer in there, especially in big markets like me, we're almost have to have a differentiator, or don't even bother listening. So thank you so much for your for your comments and participating. We appreciate you. Next up is phone number ending in 7754. You're up next afternoon is Maria from Killeen, Texas. I actually was following up on my question from last week. With regards to missing attorney information for the last few months of my leads.
I called earlier this week to the support line and somebody was about
Want to get back to me and I haven't heard back. Okay. I'm sorry about that. Anybody any department is aware of it or not remember talking about it, but uh, we'll make sure somebody calls you today. I appreciate. This is Maria right? Yeah. Okay. Okay. If I'm sure that probably Lindsay or probably Lindsay is is working on and she may not have an answer yet, but we will. We will have somebody get back to you today and give you an update.
Just real quickly, the safety issue again real because I'll follow up on it while we're talking. So for the last three months, I would say the least that I have received in March 8, no, the least that I received in April, May and June. None of that none of the leads Have and Have attorney information attached to them. You're in Bell County. I am.
I have your answer for you. Because as soon as that call was over, twice the repeat it so we did check and what's happening, unfortunately in your county, and it's happening
several places across the country, they're only releasing a more limited set of data, turning information up in the release set of data that we can pull. So we can only give you what they're giving us. Now, our our understanding is that that is going to change shortly. And hopefully we'll be able to, you know, get it and we're going to try and go back and pull that data if we can on the leaves that you've already gotten. Okay, because because of COVID, Tim, because of the virus,
it's not including the same data set as it was and we literally went back and look month by month and because my initial thought was, well, you know, why aren't we getting it went back and checked, and that's the answer. Okay. Well, I appreciate it. And I have another question. So I attempted to watch the I call the county clerk to see if I can
set up an appointment to meet with them or meet with her so I can get like an overview of the program.
process. And I thought a lot of pushback is there. Maybe it was my delivery, I'm not quite sure. But maybe it's because of COVID. And they're not allowing people in as much as they were before. I don't know. But she wasn't really receptive to the idea of giving me a rundown of, you know, the probate process on the legal side. Like, I've actually never hit resistance on this. And I've done it in several markets with with our customers, and I've done it here and I've done it in my market in person, I would suggest don't request in person right now. They're under a lot of pressure anyway, so just try to do it as a phone call. But the way I approach it is, you know, Hi, my name is Chad. I've helped several families here in Roanoke going through the probate process, and frankly, I just would like to have a better understanding so I can provide a better service in our community. So have you got just a few minutes to run me through and just show me what the timeline looks like here. And I mean, the most recent person I had to do it was in Fairfax.
County, Virginia. And he walked out, like just blown away with how helpful they were. And like a full package of information, they gave him a letter supplementary, the petition, they gave him all the documents. And the same thing happened that I did here. So you may have just gotten the wrong person or the right person on the wrong day, I would just call back and kind of take that approach of, hey, one way or the other, I'm going to help people in the community and it sure would be nice if you guys would help me. So once I told her that I was a real estate agent, that's when I hit that roadblock. Yeah, so just like with attorneys, and with personal reps, just forget being a realtor in this space. Because the problem is there's so many unprofessional realtors that muddy the water for us. So the second we give ourselves that title, it's like oh, another one of these these guys, what in the hell so just be Maria like, Hi, my name is Maria. I'm got a team of people here in Killeen and help families going through probate and I just want to be better at what I do. Can you please help me and stay away from the titles guys? There's so many people that do this.
The wrong way, you're better off to just be Maria. Okay, I will definitely heed your advice. Thank you so much. Hey, let me let me get that one other thing, too, so that you're aware of this. We actually sent an email out. night went to Patrick at at your company, Patrick got an email answering your question, because that's who we have on file didn't come up. But we've sent the information I told you about. We sent out to Patrick, I'll make sure to talk to him and have him forwarded to me, is there any way that you guys can include my email in the correspondence because I'm really the one who handles the lead? He just he's the subscriber and pays for it, but I'm the one who's doing it. That's fine. Would you just Would you mind asking him just to send us a note to do that? And we'll be happy to do that. Yeah, absolutely. Thank you. You bet. But we did we did reply. And it is as as I told you, we actually did this on the 25th of June, we came back to you with the information you were asking for immediately after you've asked. Well, I'll make sure I'll make sure to get on him. Thank you very much.
Alright guys, we got over 100 people on the call. This is unusual. We only have one more person in the queue. Come on. We need a success story this week. We need a win listing. We had four people we didn't we didn't get to on the roleplay call yesterday if you'd like to roleplay jump on. Did you say something Maria? I said I got a listing. Actually, I'm under contract for my listing. Oh, I've been working on it since March. And you almost left that out. Tell us. Tell us about it. You're, you're in the running them for winter, the week tell us about the listing and how you got it in the whole the whole story if you would. So this is a lead from March. He is a God employee his mother passed away, left them property. I basically just kept them in an incubator for a few months and I would reach out to him send them messages I reached out to I reached out to the title company that I am partnered with for my probate transactions. And I asked him if he could pull any liens
On the property, got that information for him, sent it to my clients. And he was really impressed. He signed the listing agreement with me about a couple of weeks after I sent him that information. I was able to pull. I was able to pull some
number welcome. But anyway, so I met with him a few months later, back in May. And he finally let me see the property. I brought over one of my partner investors and basically gave him a verbal cash offer. He wanted to wait until the probate hearing, which was on June the 11th. And once that was once he received his letters of testamentary. He went ahead and accepted the verbal offer and we are under contract and we're set to close on the 15th. Great job so a listing and a sale double Dipper, good job. Yeah, that's a great story. Thanks. Thanks for sharing chat. Any questions about the deal or anything you want to ask Maria? No. Congrats. Thanks for sharing and
thank you. We go ahead. First, Jim. Yes, sir. Why
I've got something to chime in on with regard to the clerk in my county. And and depending on the county size, there could be a whole lot of clerks and every now and then you're catching as Chad mentioned, you're catching one on the wrong day, or the right day wrong, right person wrong day. It could be anything but what I've done in my county, just because I know that there are a few that are not very helpful. So I went to a couple of the attorneys that I have good relationships with and asked them to make an introduction for me. So if you have an attorney that you have a relationship with, introduce you to a clerk for the clerk that you need to talk with, you'll get a lot further without much pushback. Thank you. I am actually trying to work on a marketing campaign for an attorney that I want to connect with that I want to partner with who's actually attached to the title company that I work with. So that's good information. Thank you very much.
Perfect, well, meantime, we got three more in the queue, guys. Good job. Next up is phone number ending in 2477. You're up next you
We're focusing on the investment aspect of the return on the investment. So we pulled out built a spreadsheet and pulled out properties that we had, like in one case here, we're just going in on this one here to here. What does it got? Okay, so the property value is about 275. They owe 190, the 69% LTV, I guess it would be. And so my approach and I'm just feeling this out with the client. Actually, I don't want to get your response on this. I can compete with I'm a broker myself, but I don't like going in as a broker, as you said, I want to come in as an investor because I, that's where I make my money anyway. So I went, I'm approaching it by saying, okay, we're going to offer you 6375, which is really hot, because most investors aren't going to do that, because they're not going to make any money. But I can come in that way because I keep in my spreadsheet, I'm tracking
What my ROI is on, I'm looking more at my ROI left on the other information. So in this particular case, for instance, I can come in that high and compete with whoever it is I'm competing with. And I can still come up with a significant ROI. 29% on my money, even though actual profit is low profits, low ROI high, because I wasn't sure if this will work is by doing an all inclusive trust spell that I can put up the 85,000 that they want. So basically, I'm coming in and say, Look, here's my cash off, I'll cash we'll get this taken care of right now, I come up, they get the $85,000. I have the lender out there, which I'll take care of until I flip it No problem.
I'm making upwards of 29% ROI on my money, whereas to make that 3.9% I have to come in low like anybody else if I'm going to flip it out again. So does that all make sense? So far? It does but you will
You're missing is this will only work if title has a title has transferred out of the name of the deceased. So here's essentially talking about taking it subject to and just paying them a spread on the equity and you take it subject to the existing lien that will work like especially in a surviving spouse situation. So spouse a and spouse B were on title a spouse a passed away, there was a transfer on death clause only spouse B is on title and they're and they're still living. So you can you can sign your cot your purchase agreement with spouse B transfer title subject to spell as big as the 85 grand you get the house now, right you then the loan remains on spouse and B's credit. So it's important you figure out what they're where they're moving to, but a lot of times they're moving in with family or moving into long term care or they plan to rent the rest of their life around a patio or an apartment. So it's a really like what your strategy that you're describing is really good and surviving spouse
Situations otherwise, what state are you in California? Yeah, so otherwise you pretty much have to wait until after the probate closes and there's an intra family transfer as the distribution, then they can do whatever they want, then you can do any kind of owner financing, but in that case, they would have probably already paid the note off. The other thing you the other strategy that you can do if if it's still in probate, and because California has such a long probate period, you can go ahead and take it subject to and close it and just know that you have to refinance before probate closes because of the program. Okay, that's what I was looking for. That's the little part that I'm looking for. Like you just said, right? Yeah, look and your average your average probate in California is 12 to 18 months for most families. So you've got a much longer a much larger window of opportunity than most of us do. Like here in Virginia. I have short fuses on these because most people are closed out in six to eight months. It's all done in California like a record setting probate is like a month.
So if you can, if you get to them early, you get it under contract transfer title, give them their 85 and cash, you've got maybe a year to refine. Okay, so that was that's what I was looking for here. Here's the second part of that. So I've done a couple of these before. I did the training now and I have my certification. Before that I had already done some probates just because I had and one of the things that I learned was learning is that this whole thing about closing out, so in order to be closed out, the judge has got to have appraisal, it's got to be automated, so that they know that everything you know, on the up and up and then you know, it gets closed out, cannot be unpicking. Yeah, there cannot be any loans as loose in on a property with a when they're closing out of probate. Everything has to be cleared out. And I've never that's why I made this phone call. I'm an investor. I want to take care of business anyway within a period of 90 days. So yeah, I don't I would suggest
I would suggest for your take out financing, go to a small community bank like under 2 billion an asset and work with their work with their commercial division. And they will if you have, if you have above a 750 credit score, a lot of times those strong community banks will actually take you out at like 85 LTV, but on the ARV, so for example, if that house appraised for 300, they would give you 85% of that. So because you're working with a commercial loan, you can actually walk away from the closing table with cash if you get into these at the right price. And usually they only they only need to see two months of if you have two months rent rolls, they'll usually refi you like if you've got a stabilized asset. They'll refinance it in as little as 60 days.
But I would because because this is a creative strategy, I would suggest that you work with
excuse me work with a community bank where you can literally sit down in front of that person and they can underwrite you as an experienced investor.
Then you don't have to worry about timelines. If you need a 30 day refi and you build a relationship with that bank, they can get it done. And you can compete. You'll you'll kick the ass off of every every cash offer. You're going to beat everyone. Like you're your biggest probably what do I do with all these houses? Right, right? Yeah, well, yeah, okay, I got my money way out there. You seem like reach out guys. So I'm gonna give you one more thing like one thing you haven't mentioned, it's, I find it with it with a subject to deal like this. I like to roll them into a land trust. So it looks like an estate planning transfer. So if the lender ever would come and look at it, because they had a notice to creditors of a death when they win the Social Security flag that social security number with the death flag, so if they go look at title, I want them to see 123 Walnut Street Land Trust, which is they're far less likely to call the note do because it looks like an estate planning move or it moved out to a family. Trust the other
thing that I do in addition to that, so the asset rolls into a trust at closing. So it should be, you know, my LLC and or assigns. And then you can assign the contract to 123, Walnut Street Land Trust and close into the trust, it's going to save you from paying transfer tax, which is a significant amount of money. It's also going to give you that anonymity so that you have attorney client privilege privilege on whoever the trustee is. So if the bank wants to call the note, they hit a wall when they get to your attorney. He doesn't tell them who
you're talking about, we're gonna move forward. We got that far. But you still have this bank out there, which could say that the loans being alienated or some pests, they are holding the ball? Well, it's a it's a due on sale clause. It's it's in in the original loan docs. Right? So that would be alienation. Right? So to to maximize to mitigate that risk, roll the clothes into a land trust, and then do
Further mitigate the risk for the for the borrower, the family put a third party servicer I use evergreen servicing out of Washington it's like 12 bucks a month, they will send you a paper statement and email you a statement. So you have an A ch from your bank account to the servicers bank account and then both you and the seller get a copy so everybody knows the mortgage payments are being paid and that you did what you said you were going to do it's just those are just things that give you a real really competitive advantage and and make them feel comfortable. So we're going to do everything we can you know, we've got these even we go this far to protect your but your best interest even though you don't own this house, we want you to know that your credit we are we are a custodian of your credit as soon as we close and it's important to me that as the custodian of your credit, you have proof that I'm doing what I said I was going to do so we put this third party servicer in place every month you'll know when the mortgage payment was made from my bank account and you can rest easy that your credit is rising.
My dollars. Okay, yeah. So you don't have to worry about affecting your credit or doing anything. I mean, you know, it's just if that's your that's a good point you like the you as a buyer are the only one taking risk. But yeah, because that right because things don't go left on me then he's my problem, they got their $85,000 and it's not gonna affect their credit. Okay. All right. Awesome, great information. Thank you. Next up is phone number ending in 7972. You're up next. Hi, Mr. Jackson, Phoenix. I'm brand new to have leads. And I've just got my first set of leads and I've been working on building my team. And I've been pretty much good luck with everybody except for family attorneys. I've approached probably 20 different firms and really gotten a lot of pushback or no response at all. What is a good response to get a family attorney attorney on my team
so like an estate planning
Yeah, somebody who do estates and wills and all that kind of stuff. I've got a great probate attorney. I really got blessed with that but trying to find a family attorney, I've had no luck.
The two best options we have like is it. Are you in brokerage? You have a lot of past clients.
Actually, I'm, I am a recent transplant from Michigan. I've only been here about a year. So this is one way the another avenue to build up my business.
Okay. Well, there's a couple ways we crack into these relationships. Usually probate attorneys and and family and estate planning attorneys are synonymous. They're there, you know, they do both sides of the firm. So you can take you can lead with a referral. If it's someone you meet walking down the street, if you can get someone to say yes, I really should have an estate plan. I'll take an hour a free hour with your attorney. Then that's an A plus referral. And you can approach these firemen and say, you know, listen, we've got a team of people that help family
And transition. And also we do a lot of conventional business and one of the one of the parts of our service process is to make sure that every every client we represent has an option to set up an estate plan because we're putting them in the largest asset purchase they'll probably ever purchase. So I'm looking for, you know, attorneys that I can trust to provide the same level of service that my clients are used to, and I called the right place
and you open the door, open the door with a referral. The other thing you can do is sit down and do a collaboration with them. So like I said, usually estate planning attorneys are also probate attorneys. And usually in any given market 20% of petitioners will initiate the process without legal representation or proper. Those people eventually get wrapped around the axle and hire legal help and they end up paying more for it. So you can approach these attorneys and say listen, we've helped you know, he said find ourselves helping more and more families and friends.
probate. And I noticed, you know, we go to the courthouse every 30 days and pull the list and I noticed there's at least X number each month that don't have legal representation. And I'm looking for an attorney that I can refer those folks to when I meet those families and realize they're about to get in over their head, I need I need an attorney that I can trust. Would you have five minutes to sit down and chat and like, come in and start the conversation with them? Ask them to sit down and design a probate timeline or probate checklist with you. So and then color all the legal aspects, one color, everything else another color, put their name in the foot, their firm and phone number in the footer. And you can make that an enclosure and every letter you send so you're giving them a loophole to anti solicitation law, they can legally market to those 20% through your marketing medium. And naturally that conversation is going to go to you know, what is it you said you do again? Oh, well, let me tell you, I've got a team of people right here and around.
can help families going through probate really where your your business but leaves off mine picks up. I'm really glad we met. And what you'll find is usually you asked for a few minutes of their time and you'll be there an hour and a half later. Because you're giving them value first before you ask for anything and really they're asking you why you're, what you do and why you're there. So that's been a really effective approach those two things will usually get you into rock solid relationships with attorneys.
Okay, thank you very much. I appreciate that. All right.
phone number. Oh, go ahead. Bruce, do you want to add something go ahead. So I was gonna say you have a really good attorney relationship. probate attorney relationship, ask that person if that's a solid relationship attorneys know attorneys. I guarantee guarantee that he networks with Family Law Attorneys, estate planning attorneys, others, tell them that that struggle you have and I would be willing to bet
That you'll have an introduction or to buy the days in.
Great idea. Excellent add on. All right, next up is phone number ending in 4606. You're up next.
Hi, Sara. Again when the queue is short, I thought I would ask one more question I'm sure has we have as the IFA set up our initial appointment wondering what should are the main objective of our Colby How should we kind of start off our meeting? Our phone calls with the personal representative
here that chat I'm sorry, I didn't. I was looking she said they it's it's the one of our original callers said that the IRSA set an appointment for her to call back. What should the focus of her callback be?
Did you get the conversation
So, I mean, typically we're we're cueing you up to, you know, present your service. And what you want to do is try to interview them figure out what their biggest problems are and then find out you know, just be the be the perfect solution to their problems.
So if you have details in the notes, like if they said if they asked, you know, does the house need cleaned out? Yes. You can kind of prepare that way and know that you need to talk about that solution. But you pretty much enter it the same way that you would a cold call. He is it's a warmer, warmer introductions, you know. Hi, this is Sarah, you spoke to my assistant earlier this week, and thank you for getting on my calendar. It's been really busy. But tell me about your situation. What what are you guys going through? What do you what do you think I can help with and see if see if they understand what you do enough to jump right in like that. And you might have to backtrack and go through your USP and explain it to them.
And I if I could add to that, just reiterate one
Thing Chad said that you do want to start off, you don't want them to think it's a brand new cold call, you want to let them know, Hey, you spoke to Sean. You know, my Sean and my team and Sean mentioned, you know what's going on with your aunt Sally's house and you know or mentioned an issue that Sean mentioned, you know, start off with that it adds credibility and also reminds them of the appointment. You'd be surprised sometimes, you know, your assistant may have set an appointment and they they forgot or they or they've had 10 cold calls with the beep time you want to distinguish yourself as being different that you know you you you've already made the initial contact through Shawn or whoever was to make the call. Make sense? All right, last up this week if he's there, this time is olu. olu is back. Are you there? Oh
well, olu at least you're consistent.
are you there? Yes. Oh good. Welcome back.
What can we do for you? Sorry about that. I'll close. I wanted to ask about approaching sellers as a realtor versus an investor. What are your recommendations? And also regarding the land trust you mentioned for the person that
does all estates of attorneys, do they? So do you have recommendations for someone that can
close when you're trying to buy a property for objective?
Oh, no backwards on that as far as land trusts and closing sub twos, I highly, highly recommend that you don't, that you do. Use an investor savvy real estate attorney. So the best way I know to find those is find out who's buying at the courthouse steps, because that's the messiest title you ever find. And they have to be creative and they typically the the
attorneys are working with investors who buy trusty auction properties like foreclosure auctions. Those those guys, there's no title issue they haven't dealt with. So they usually are really good at contract law. They understand Real Estate Law, they can say, you don't have to teach your attorneys want to do. And they don't tell you you can't do that. That's illegal just because they've never heard of it. So sometimes, like, not something I don't ever run those deals through title company, I have a choice to do to use Real Estate Attorneys for my closings in Virginia. And that's my choice.
And they should know how to do a Land Trust if they work with investors. Most title companies and people who do a lot of bread and butter conventional business, they don't do anything with land trusts and you just end up trying to educate your the people you're paying to do the work.
The other question? So I started coming in as an investor, then I started coming in as a realtor. Then I realized that both of those were wrong.
Even in markets where you don't have fierce competition, if you don't, what we're trying to avoid is taking a title so that they have this preconceived notion of why you're calling and what you can or cannot do for them. And as much as I hate it, realtors and investors don't have a great reputation and the public, everybody thinks investors are trying to steal houses. And everyone thinks realtors are just putting signs in the yard just to make their Lexus payments and they don't do anything. And unfortunately, a lot of our peers, people who are out there doing this poorly, make that perception worse, and these folks have that fresh in their mind. So what is far, far more effective is just just be you. So instead of being Hey, I'm Chad, but they'd be real ABC real estate or Chad the investor. I'm just Chad, would you leave more curiosity? And that curiosity means I get more engagement right there. They're asking me questions. So I would recommend that you don't use a title at all. You can find something like hey, this
Chad, I have a team of people here in Roanoke and help families going through probate, or Hi, my name is Chad. I'm a certified probate expert right here in Roanoke. We've built a team of people who help families in your position. And as part of that we go to the courthouse each month and find out who we should reach out to. And we reach out as early as we can, because we know what a difference that can make. I have said nothing about real estate. I'm purposely avoiding real estate because they feel like they have an ego response because everyone else is calling saying, Hey, this is Chad. I'm a real estate investor and I'm looking to buy 10 houses this year and the zip codes a 24181514. Would you be willing to sell the house that you're currently representing in the state of john doe, and they're using that same old bs script? So these people have built these patterns and their ego defenses like I'm not listening La la la la la la. And as soon as they hear investor or realtor, they they just kind of shut down on you where what I said had nothing to do with real estate. Now I know I can very quickly in a matter of seconds, I can turn this off.
And then nothing but a real estate conversation. But I'm willing to be patient until I get into rapport and they realize that I'm cut from different cloth. Then I'll segue to real estate by saying, Well, listen, we've helped a lot of families and the biggest struggle we see. And there's about an 80% chance that you're going through this is real estate families have trouble getting the house cleaned out, getting people to show up knowing what to do with the property, knowing what it's worth. So let's start there. That is likely your biggest challenge. Is there any real estate and do you have a plan for it? So I'm entering it in a completely different way. So they don't feel like I'm put I just called them to see if I could steal their real estate or see if I could stick a sign in the yard and take a commission. Like I'm focusing on people and situation and then I narrow it down to real estate at the right moment. Make sense? You still there, Lola? I guess she's gone. All right. Well, guys, once again, I want to end this call like I do all the calls. I want to thank each and every one of you for being
I want to particularly thank those who actively participated. I want to challenge each of you. Take one thought one idea, one thing that inspired you on this call, go out and put it into practice and come back and share your results next Thursday with the group. Have a great holiday weekend. Stay safe, stay healthy, and we will talk to you same time next Thursday.
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