Live Group Coaching #16: Creative Investment Strategies for 2022: How to Unlock Maximum Profit and Find The Best End-Use and End-Buyers
Episode #16 of Estate Professionals Mastermind Podcast
Please note that live participation in weekly group coaching is reserved for Certified Probate Experts (Probate Mastery course alumni). You can take session 1 (over 2 hours!) for free, as well as join our Estate Professionals Mastermind group on Facebook to network with our community.
What’s In This Episode:
Chad and the Masterminds brainstorm tips, strategies, and tools for working less, earning more, and doing good. David Pannell describes a multi-property deal landed from a lead that ignored him for over a year and shares his recommendations for probate leads. Gary Nash shares advice on how to build a cash buyers list with investors that know what they’re doing, and how to creatively maximize the cash flow of any investment property. Rosie and Chad mastermind strategies for subdividing lots and creating AirBNB-style rentals for dry camping use; Chad, Balcom, Rosie, and David talk training virtual assistants and scripts for foreclosure leads.
Not going to lie, these calls are hard to summarize in a paragraph – So you might as well just dive in!
Probate Mastery’s top performers are challenged to build a partnership with a solid lender in their market: You send them foreclosure leads that need to refinance; they send you everyone else they can’t refinance. Tune in to learn how to use one calling script for any foreclosure conversation.
Podcast Streams and Download: A SCRIPT For Every Foreclosure Situation; PLUS How to Maximize Cash Flow, Equity For Any Real Estate Investment Property (buzzsprout.com)
Episode Time Stamps (YouTube Links):
00:34 How To Win A Lead That Won’t Answer the Phone
03:33 Finding Better Buyers For Your Wholesale Deals
05:07 Pivoting from Listings to Investments
06:20 Gary Nash: How to Unlock Maximum Profits With Investment Properties
10:48 How To Find The Best Investors In Any Market
14:17 – 17:16 How to Subdivide a Lot and Multiply Cash Flow
15:41 Tips for Refinancing a Short-Term Rental
19:10 Creative Rentals: Short-Term Campground Rentals for Land Lot Cash Flow
25:48 How to Train A VA to Make First-Contact Cold Calls
31:21 Facebook Ads: Creating Brand Awareness Among a Custom Probate Lead List
34:15 How to Find Motivated Partners: Bird-Dogs for Probate Prospecting
38:20 Solidifying Business Partnerships through Mentorship, Learning
44:11 Scripts for Foreclosure Real Estate Leads: A Conversational Roadmap
50:54 How to Work With Lenders to Stop Foreclosures
59:53 How Real Estate Professionals Can Market to Probate Attorneys
- Chad Corbetts On-Demand Probate Mastery Course
- Estate Professionals Mastermind Group (Facebook)
- Chad Corbett’s YouTube Channel
- Chad’s Recommended Booklist: Probate Mastery Reading List
- Where David Gets His Data: All The Leads and SuccessorsData.com
- Gary Nash’s course: Genius Real Estate Strategies | Pre-Launch Offer (geniusinvestingacademy.com)
- Creating Facebook Ad Campaigns for a Custom Audience – Your Probate Lead Lists (Start time: 57:12): Gaining Traction In Your Real Estate Business: How To Master Time Management and Build a High-Performance Team – Probate Mastery
- How to Rent Your Land for Dry-Camping
- Chad’s Conversational Mindmap (Script for Foreclosure Leads and more)
- Chad’s Recommendation for a Divorce Real Estate System: DivorceThisHouse.com
All right. Welcome everybody to probate mastery weekly group coaching. I’ll go back to last week and offer you guys an apology as you, if you don’t know, I’m living in my fifth wheel home office and that comes with surprises and it’s a bit of a dynamic lifestyle. So last week was a great cause on my friend’s rig that I was with, this week is axles on mine, where an Idaho to a dealership waiting to get axle made.
So I used all my real estate negotiating tactics on RV dealers yesterday, I apologize for having a gap and missing last week and appreciate your all’s patience.
How To Win A Lead That Won’t Answer the Phone
[00:00:34] David’s having a pretty exciting week right now. We’re going to talk about that. And Miriam, if you’re here, Miriam got three listings this month alone with what she’s learned from probate mastery. So Dave, tell us about your week, man. It sounds like you’re having a good one.
Yeah. I just got the notification that we have are having an estate with 67 properties that are getting rid of 40 of them. It wasn’t probated that I prospected, but through everything that we learned, she was a neighbor of a house downtown. And I call her for at least a year with no response. She never picked up the phone, but I knew we had the right number because the landscaper guy would come by.
So this is her number, call her. And then we looked up the list of properties that the estate owned. In the beginning. And one of our houses that we drove by down here, the door was jarred open. So I took a picture of her, text it to her, and then she responded. So there’s an idea for you from that?
That was October of 2020. So last year, and last October until today we’ve closed three of the estate properties. I have three more under contract, but I’ve wholesaled all of them and made 81,000 so far, it’s projected 130 in wholesale fees right now off of that’s just six properties. Another agent is helping her out that she’s buying some of them too, but I’ll probably get 15 of them, which is a blessing.
And we’re going through all the land right now. Yeah. Today for anyone who’s not familiar with your story. I think most people probably are, but David’s obviously a broker and an investor, and he’s able to break seven digits by using, you know, batch, spanning both sides of the industry. So he’s getting the off-market business as well as the on-market if that’s what’s best for the family, but for anyone who hasn’t heard David speak, if you haven’t watched any of his videos and stuff, tell us, tell him, Dave, how do you build your buyer’s list, how you market those and get them sold.
And also talk a little bit about yours, the way you structure. So, cause a lot of times people are questioning like you no I want to buy houses, but my broker says I can’t. And tell them how you separate your investor activity from your broker activity and kind of want to deal with what those deals are looking like today.
Yeah. So you go through a phase of maturity through this, so you don’t first, you start with no list of investors or you have a few people that want to pay you 250 bucks. And that’s where I was in 2014. I had some investors that would say, Hey, if you find me a deal, I’ll list it with you for 1%. So to me, I was like, all right, that’s cool.
I needed to listings. I’d take 1%. That’s like 2012, 2013, 2014, I’m still working retail business. And then I found you guys, I was looking at the probate stuff cause I stumbled on a few probates. And I, you know, you start getting that idea, like you said, in your course that you’re like, damn, I didn’t know these things existed.
I listened to you guys for probably a year and a half before I paid for anything or whatever y’all started. I was in the front end of it. So through that, I’ve built an investor list of people at a state or mainly people that are buying and holding. Cause that’s what you recommended.
You separate your investment.
Finding Better Buyers For Your Wholesale Deals
[00:03:33] Let’s talk about how you did it. So a landlord list is one of the best lists you could ever have. And I built mine organically through having conversations, asking title companies like, you know, who owns more than 12 properties. Who’s buying more than once a month.
And they just started to meet all the multi-parcel property owners in my market. Is that how you did it today? Sorta, but I used to call for sale by owners and expired and for rent by owners. So I’ve gotten most of my people from there or just people that have bought a property from me through the short sale.
So I’m still selling houses guys. Another way. I’ve done really well calling the property management company to serve real estate investors. And it’s, you know like you’re, it’s a very different property management company than the one that, you know, that, that serves the nicest neighborhood, you know?
The property management companies that tend to specialize, in a large, you know, have large portfolios investor on property. They can be really good to connect you with those folks. Some other, another idea, one idea that I’ve shared here, it worked well for me and Dave, I’m curious, have you ever tried this?
If not, I’d like for you to is building relationships with the commercial loan officers, and community banks. A lot of folks don’t realize that investors who are further along in their career are using community bank financing has to scale. And those loan officers, you know, they’ve written 20, 30, 40 notes for some of these students investors.
And they’re happy to connect you because if you find things, if you find inventory to sell to their clients, then they get the ride alone and they get paid. So it’s an easy referral to get. Okay. No, I haven’t, but I’ll look into it. That’s the stuff I like to do.
Pivoting from Listings to Investments
[00:05:07] So, yeah, it’s good. Yeah. My, my clients I serve now are investors.
I rarely, I was the seven to eight listings a month, probably two years. Now I’m happy doing one wholesale a month, to be honest with you. I’m averaging 22 to 38,000 wholesale. I’ve got money in my bank account now. I mean, it’s not like I’m chasing the tail of trying to pay for listings pay.
The most expensive thing I pay for now is data. I’m not really into going to the courthouse and getting the information. I will pay all the leads and then I’ll match it up with the success data if that’s okay. If I mentioned that or other resources, and I’ll just call them.
But back to the investors, it’s the best investors I have on my list. I’ve narrowed it down to only the buy and hold people. Now I will not sell to a flipper. I have to know them, but I won’t sell wholesalers will make it on my list and flippers really won’t make it on my list. Cause they’re paying, they got to pay 70% or less.
These flip, these holes, these I’m buying holds. I’m getting 85 to 89% and buying a house at 50%. It’s incredible. And you cannot beat that and you don’t need a whole lot of deals. You don’t need to be a hundred years, a hundred transactions to your guy. I mean, I’m in shorts and a t-shirt. Great
Gary Nash: How to Unlock Maximum Profits With Investment Properties
[00:06:19] It just happens to be the tile next to you. But a friend of mine, Gary Nash here, and Gary, thanks for being here, man. I know you’ll call. I’ve been having some challenges on the road, but Gary might change your mind on what you just said of, you know, maximizing profit selling flippers. so, what he teaches, Gary has a course where he teaches investors, how to maximize your exit strategy
so how to use design changes, architecture and smart negotiating with, and management of contracts to actually squeeze every, you know, squeeze profit out of the deal that most people would never see. So, Gary, I’m really curious to hear, if you have a rebuttal, like David’s resistance to selling the flipper, what advice would you give him as someone who had steady deal flow you know, out of the find that right person like you, that will actually pay a fair price, like almost a landlord price, because you know how to unlock the profit when most other fix and flip busters don’t.
Yeah. Yeah, I was excited when he said. That he was selling to just buy and hold guys. So it was like, golly, you’re just leaving a whole bunch of money out there on the table. And
I’m sitting out here by the way. This is my view. I don’t know if you can see that or not. That’s awesome. I’m in Santa Monica, right? And oh, you’re on your trip. I forgot. Wow. Yeah. Yeah. So, my girlfriend went to go spend some time with her son. So, I thought I’d jump in on this call just to say hi.
And, but yeah, as far as these other investors go, a lot of these guys that I’m meeting, don’t really see the opportunities in these properties. They always just look at the property as it sits. And their whole, you know, the game plan is built around that and not really built around the opportunity that, you know, it may present itself.
Years ago I did this renovation. I used to own a construction company and there was this high roller out of Middleburg, Virginia, which is like one of the richest communities in the country. And he bought this property and he had it for two years. And after two years, he found out that he could actually cut that property up into 30 parcels.
And I was thinking to myself, how in the hell do you buy a property and not know that before you go in. And he just got kind of luck of the draw, but he really kinda missed a huge opportunity earlier on when he could have, you know, after two years, I mean, think about, you know, the cashflow that 30 properties on one deal could have generated and the money that he missed over time.
Now, he obviously made a killing after he found that out. But so, you know, to bridge that over to the real estate investor, I bought a property in Norfolk, Virginia, and I wouldn’t say it was in a war zone, but you could hear the gunfire from there and. It was a four-bedroom dysfunctional, two-bath, where you had to go through one bedroom to get one bath.
And the other the kitchen was messed up. And anyway, I went in and redrew the house and just repositioned it. I paid 40,000 for it and all in furniture and everything. I converted that place to a six-bedroom Airbnb slash boarding house cash cow with I think I was like about 115,000 always.
And I just refinanced it. I think I’ve got like $165,000 out of it. Plus now my mortgage payments are about a thousand dollars a month. I’m generating about $3,500 a month in cashflow positive cash flow. So, and every other investor that I talked to, I actually tried to wholesale the deal before I, you know, put the contract on it and I was telling people and they just said, oh, you’re nuts.
And you’ll never make any money off of that deal. It’s in a terrible location. And, you know, I just said, you know, you know, fuck it. I’m going to just, you know, go in there and change the layout and turned it into the, you know, something that nobody else saw. And so those are the kinds of opportunities that I think a lot of properties present themselves.
And, you know, a lot of times, if you can just squeeze out, you know, an extra bathroom, you’ll raise the value of that property exponentially and this software. Like that.
How To Find The Best Investors In Any Market
[00:10:48] So I just want to recap you, you risked $40,000 cash to make $150,000 equity to deposit $150,000 in equity. You’ve got a thousand dollars a month that service and a $3,000 net monthly cash flow, right?
Yes. Yes, sir. 40 grand at risk to make $150,000 profit and an extra $36,000 a year in perpetuity. That’s a great deal. Now, what I wanted to get to, how the hell do we find you in a relative market? So Gary is teaching as fast as he can teaching real estate investors, his tactics and techniques all across the country.
It’s one of the time, right? I mean, it’s, unfortunately not everybody has the training and the experience that Gary does. So how do we find the Gary Nash and the Moines, Iowa, and Fort Worth Texas? What’s your advice for how we can find a higher level of fix and flip investor who has a skill set similar to yours or, you know, or has taken your class?
How do we connect with those people?
I would say that the flipper is, it is a hot market, or if you can get the wholesale guy now, it’s, you know, the average wholesale guy doesn’t know how to do this. I almost think that if you could either see the opportunities yourself and list that property to a flipper or present that property to a flipper or a wholesaler as what it could be.
Because if you could look at that property and say, Hey, this is not only this property, but this is what it could be. Then you can entice a larger market. So I think it’s really, I might regret this. I may be creating a mess for both of us, Gary, but I’m going to shoot from the hip here. What if everybody, who’s a CPE, everybody who’s taken probate mastery.
What if we had a license to your course where they could actually offer it to their buyers’ list for free and then pay a licensing fee. Is that something, because what I’m thinking, I’m just thinking outside of the box guys, like if, imagine if each of us had Gary’s course all that information that’s in his head that allowed him to do that deal, he just told you about, and what if we could send an email to our buyer’s list or to a cold list of buyers that were, you know, investors that were trying to build a relationship with and offer them a $5,000 course for, you know, it’s going to come at an expense to your business because we have to pay Gary a licensing fee.
But how many people can see value in that? If you train your investor base to be more profitable and to pay a higher price for your deals, can you see where you’d get a return on that investment? And Gary, sorry. If I shot from the hip, man, we didn’t discuss this, but that’s something I see, like Dave, you could get Gary’s course and give it to your, you know, go to the, go to those bankers and say, Hey, you know, who are your top builder at builder flippers?
And you know, meet with them and then say, Hey man, I’m at this guy. And then a group that I met at a mastermind, he actually, you know, he paid 40 grand for a house, made 150 on the cash-out refi and 3000 a month. And he taught, he’s got a course teaching you how to do it. What’s your email. I’ll send you a copy for free.
And that comes with a marketing expense to David Gary, you know, but you’re going to have a higher qualified investor, as you know, as a customer.
I think it’s a good idea. They’re gonna have to be determined to go through, to figure out how to do that. Yeah, that’s good.
How to Subdivide a Lot and Multiply Cash Flow (Continues In Next Two Segments)
[00:14:17] Rosie. I could see you pushing the hell out of that idea.
I can see Rosie having every investor in Austin, like holding them accountable to yeah. You know, hi Gary I’m Rosie from Austin. I, we actually bought a property close to the lake. It’s a foreclosure. So we literally acquired at a long value. We stopped the foreclosure stuff, so we acquired it at 294.
And if we did nothing to it, it’s half an acre locked. Right. If it did nothing to it, I just stuck the sign back in. It was worth 485 okay. But it was next to the boat ramp, Blake, Austin, and all that good stuff. Right. So you got no lifestyle there. So we actually rehabbed it, spend 30k on it. We’re getting rental calls at around $3,500 a month.
And we’re actually choosing to not do that. But instead, go Airbnb route that Gary is saying because you got boats there, you know, and actually, we were thinking about putting a tiny house on the other quarter acre lot and cutting a fence out of it. Yes.
Learn Airbnb out of two units. Just put a tiny house on one side, both have boat ramp access to lake Austin, now cashflow two properties in the same name, like the same half an acre, lot. So we have our conversation going on with HOA. Should we subdivide the, or can you put two? And you’re trying to run the septic system tank.
And of course, I’m not working alone. I partnered up with someone with smart into construction.
Tips for Refinancing a Short-Term Rental
[00:15:41]So Gary, the question is, can you refinance STRs? Like short-term rentals? Like I know investor cash, how known can happen? If we have a rental roof on it, can we do refinance by showing your BNB?
What you have at least six months of the rent roll. Yeah, I think if you have, yeah, I was going to say my experience with the short-term rentals is that the lenders don’t like short-term rentals. So I would never disclose it as a short-term rental. I would just say that it’s a rental and I have six months of revenue and this is what I’m generating.
And I would just leave it at that and don’t get it, I would just not mention it, I would just say it’s a rental. You just
I love it. I love it. And we picked a similar property for $60,000. And the only thing is all the comps that have one and a half that stop at 9,500 it’s like on the outskirts. I’ll always want it to own a small, $1,200 a square foot property. We can work that into a full bath. The reason is that it goes all the way to 1 45, 1 55.
So we run the numbers on it and we’ve quieted for
and all that good stuff. And we’re planning on holding it for six months, then do cash, do that, delayed financing, which means now that I bought the property for 60 added 35 I’m 95. Right. But I always pull that now. So the new battery is 1 55. So taking the pre-session to the down payment and cashing out all my lawn and running it as a rental.
So that’s my next question on that one property, that if you could build a smaller rental unit on that same property, could you subdivide that lot? Yeah, you’re absolutely right. If we build another house on it, We’re trying to go the least investment route to start cash flowing right away, ice I’m definitely in agreement with you that believed actually liquidate the property.
It’s probably a good idea to subdivide the property and have two quarter-acre lots and do two houses on it
I would suggest that you do split your parcel, do you subdivide your parcel before you do your refi. So when they do the cash-out refi it’s on that subject property, and then you’re leftover with the vacant parcel.
Yeah. Maybe it’s a good idea to just rent out one side you know, and get the cash-out, refinance done, and then put another property on the other side and then Airbnb out of that and eventually do both here. Oh, I was going to ask you if it now, what is your intention? Is it just an investment property? I want to, I feel like this is a good buy and hold. Okay. I think what I would do is I would just make them one unit, the rental sub-Chad said, make the subdivision, cut that in half. Then I would refi the property that you have renovated because the value is probably going to be very similar to what it is right now.
And then you end up, then you end up with a lot free and clear, and then that could be your own personal property. Or if you needed the cash, I would just dump the cash and let that pay for the rental. Get as much out of that to a developer. I would go more towards somebody who builds houses cause they’ll pay a premium for that lot.
And because there’s, they’re looking for a product and get the cash out of it. That’s those are the two plays that I’d be looking for. Okay, so there’s one more. There’s one more Rosie. And I was going to propose so well, there’s two more.
Creative Rentals: Short-Term Campground Rentals for Land Lot Cash Flow
[00:19:10] I have two more ideas. One is the same thing, go to the builder, but offer them the lot once it’s subdivided and it’s not in the lien from your cash out, refi will not, it’ll be free and clear or nothing to do with it.
You don’t need the bank’s permission to go to a builder who has success on the ledge and says, listen, I want to give you this lot for free for equity in the project. So I’ll form a Texas LLC where you and I will be general partners and we establish a basis value for the lot, the land value, we established a project budget, and then my equity is the percentage of land values by price.
That’s your equity. And then go pour yourself a drink and sit on the deck next door and watch him do all the work in the interim. The other idea that I had is if this lot lives well, like if it’s relatively flat, you can, there are. And as long as there aren’t restrictions like covenants and restrictions could kill this idea, but there are now like Airbnb for camping apps and one was called the DYRT D Y R T the other is Campendium, hipcamp is another. But I have friends who are buying raw land and paying it off in three to four months and then realizing 30 to 40% internal rates of return. There’s no electricity, there’s no water. They just put a dam test site, a picnic table and you know, some rules up. So in the interim, if you’re sitting on land, that’s an on-prem vacation spot.
There are sprinter vans all over Austin because all those people are leaving California, coming to Austin. You can rent my sprinter van pad on a lake for probably 60 to 80 bucks a night. Hold on. So you’re seeing that I can give my land for Airbnb camping option. Like I like it. He doesn’t mind like I can make it for people to be Airbnb to camp out there.
Oh my God.
And then the other is hip camp. camp And compendium C A M P E N D I U M. There, those are essentially competing for platforms that are basically the Airbnb of dry camping. Now it’s more and more stuff is showing up there. You can get RV pads and lots of different things. But my friend Codie bought a piece of desert out near a Joshua tree national park.
It was paid off in three and a half months and she’s making about $3,000 a month on a little patch of desert that she paid like $15,000 for.
So if you have prime, if you’re in that market where there’s a lot of money and a lot of sprinter vans and conversions and little Airstreams, as long as the covenants and restrictions will prevent you from doing that, you could cash flow like crazy until he starts building, and then you just pull it down.
I’m like move your picnic table and let him build the house. So the best strategy for this might be a combination of all the things we’ve discussed. Like you could really squeeze every dollar out of it that way. No, I’m thinking like we can subdivide right away and then refinance one side and then work on highest and best use on the vacant lot you know, figure out maybe just how cashflow now doing, spend a dime on it.
And once it’s time to liquidate it, then do equity partner on it with a builder or site of the department who will build a boot with you. You know, here’s the reason I want to buy and hold this. So this is still a raw area close to, you know, late where, you know, those trailer homes are Airstreams are and inviting between somebody built a 3,500 square footage mentioned home.
So those homes are sending a 1.2, 1.7 million. And we just I was like, this island alone, goat, you know, like just hold onto the land. And as things build-out and build out, you got especially HOA access to lake Austin. That alone is worth something. When people get Airbnb, you know, you can give them a key to access the bullcrap area.
So, I’m certainly going to look into it. Yeah. You might want to check that load that the restrictions on that lake access, because if it’s only for the one lot and you cannot get it, then you might be able to get an easement, you know? So it’s shared access. For that so that you don’t, so you don’t miss that.
Because, but I’ve looked into that as well, but I love that. I love that idea, Chad, because right now, I mean, you go to any campground. I mean, you know, the COVID it’s, this is a new market and Chad, you’re bright for coming up with that because you know, it and of course Chad’s traveling across the country and I don’t know, Chad, are you having a hard time finding places to park that thing?
I put $6,000 worth of solar panels on the roof, so I can take it wherever I want to go. Now I’m in BLM forest service, but yes, before I had, before I was completely self-contained like, as an off-grid rig, it’s a pain in the ass, especially for somebody like me.
Right. It’s planning and scheduling. Yeah, that I’m my mind is massive. My mind is just rolling now. Is it late? You know what a market is because you can, you know, there are so many people out there that they can’t get into these places and they don’t know, they don’t have solar panels. They don’t know where to go, you know, and that land also, how much would it cost to put a temporary electric service?
You know, whenever you build a house, you call the power company, you say, Hey, you know, when you set a pole up and you put a panel up there, you get it inspected, you know, for less than 5,000 bucks, you could have service provided. Then you could probably, you know, have four or five campers on that little lot getting 60 bucks a night.
Hell yeah. With powering probably a little bit more just saying for sure. Yeah. If you provide hookups, like at least 30 amps, and especially if you have a step, if you go ahead and put in the, you know, let’s just say you put in five-bedroom septic or for a big lake home, that’s, you know, you’re gonna, you’re gonna be doing that eventually anyways.
And that is, you know, you’ll be changing it from a land-use of raw land. So you’ll have depreciable assets on it because you have capital expenditures. So it can actually help you be, it will be more beneficial from a tax standpoint than holding her off vacant land. But you can also drive your rates probably weighted 60 to $80 a night year-round.
And that market.
Cool. What a fun conversation. So I saw Miriam Cruz was here for a bit. I think she’s gone now. Sorry, Miriam. We were in the middle of transaction engineering. Fed us the feds comment. So Gary, if everybody gets your course that as requests that we all get cigars too. Yeah. LA flora, Dominica.
All right. Do you ever see me? Have you ever seen me without a cigar? Not for a whole day. Yeah, no, doesn’t happen.
How to Train a VA to Make First-Contact Cold Calls
[00:25:48] Balcom was, is patiently waiting. You’ve got your hand up to feel free to unmute yourself and ask us. You had a question about VA’s. I think.
Maybe you don’t have a microphone. So the question was, could you touch on how you would have a VA approach doing the cold calling for your probate was the framework provided in the training was excellent. I’ve made some very slight modifications. So my VA handled, making the first touch, talking to the first one. Once the call has happened, I’ll reach out to make the second touch to make sure the meeting is double booked and get answers to any missing questions. Do you think there’s a flaw in this approach?
What I found out is that if you just, I have a VA or someone calling an initial call, but they’re not going to be as powerful as me on that initial call. They’re probably going to get a 25% response. Sorry. I went upstairs. So to me, I’d rather make that first call, even though I’m on the phone for three hours, I get ahold of probably five or six people, at least I’m getting the maybes or the yeses.
I’m getting myself into the CRM, but the best person, the most committed person I’ve ever found on an ISA call is somebody with a fi farmer mindset. So, someone, I get hired to make that follow-up call that I don’t want to make and to see where they are and see if they can set an appointment or at least have me call them if they feel like I need to call them again.
So I’ve designed my probate process. After an initial call, I send my mail and I put them into my CRM and it communicates with them for almost a year, but it flags us to call every 21 days. Do I have to call no, I just have a notification and I look at the name and if I think I need to make the call and make the call, but I think a VA in my opinion model, all the years of experience, I think is best to hire someone to make that bump.
Just to see where there are and that they feel like they need, they could set an appointment on that call. Let’s do it. Yeah, of course. I want to set the appointment and get the deal on the first call I do, but probate, if you’re only prospecting, probate, not expires for self out of the probate, it’s going to be in my market eight months, I have plenty of time to build a relationship.
I have to, I have over 400 leads in my system right now that eventually, they’re going to sell a house. That’s a good job for VA just to bump them and see where they’re at a VA making the initial call. I don’t think they’re going to get the leverage that I’m going to get on the call because they’re not going to ask all those aggressive questions.
I’m going to get a little aggressive. If I see it, maybe there, if there’s a no, I’m still going to ask the questions and try to beat the objective objections and conditions. So somebody you hire off the street for 1300 bucks a month or wherever they’re hired. They’re not going to be aggressive. They’re going to be asking, do you have a house to sell?
Do you? They’re just, they’re not going to be there. It’s going to take you six months to get them there. So just make the initial call yourself and then get them in your system. That’s all. I’m sorry. I got a little aggressive on that. My advice is consistent with that. So the one thing I would say is I made the mistake early on trying to train callers like ISA and virtual assistants to actually do the exact job, the same way that we teach in probate mastery.
It was overwhelming. And I like very few people have the capability that now we have done it with Katt’s help of course, with domestic callers and the call center that we. But with, especially with offshore VA and it’s incredibly challenging. What I’ve found to be effective is if you have them, if you’re, if you can’t take your calls, David’s suggesting do it yourself.
And I agree with that. But if you’re just trying to get the domino set up, so you can come by later and knock them down, what we’ve found is to stay superficial. Don’t try to take an a, a, an, a VA, or an ISA with a limited skillset. Don’t try to take them all the way to closing the deal, get them to say, you know, hi, this is Chad Corban.
I’m calling from the officer’s David. Now he’s out on appointments a day, but he wanted me to reach out to each family and Fort Worth, Texas that has lost a family member and is, unfortunately, going through probate. We spoke with the clerk. She let us know that your family was in that situation.
Could I get you on David’s calendar? Just so he can introduce our services to you. So you know what help is available? And it’s a simple task. You’re asking, can we provide value to you? And when you get the hand raised, that’s when David comes into the picture and he can do the interview, he can ask leading questions and have that aggressive response and push them out of the, you know, pull them out of the probate quick Sam.
But with VA is what I’ve learned is state stay superficial, keep it simple and use them to indicate interest or need. And then you do you use the framework that you learned in session three. So this goes along with that same story that you have, that my mouse, that they rescued after 15 minutes, and then they pull the mouse out, dried them off and they’d put them back in there.
I mean, it’s all over the internet a week or two ago, but when you said it that’s the first time I heard it, that’s the same thing. If you could get someone to make that call where you’re sending a letter to this person, ’cause it’s a yes or no. Not an appointment set, or just get them in a CRM.
So get an email and a good phone number, check the, verify that information. And yes, I have a house to sell. That’s a $50 bonus to somebody now you’re taking the deal from like an agent for making a commission on that call, depending on that phone call to make a commission or a whatever, whatever you pay them, reduce it down to a $50 bonus just to get the information correct, or get them on your mailing list.
Once that hits you should flag yourself and say, I need to make that phone call because this person needs a call. Then your car call list goes from a thousand to 20 people. And I guarantee you, you’re going to get one deal out of that every month, every two months.
Facebook Ads: Creating Brand Awareness Among a Custom Probate Lead List
[00:31:21] What you trained in the course, which no I’ll say it again was spectacular. And I had modified it just because I wrote I wrote a few different programs cause you know, I have a programming background.
So I wrote a few programs that pull data from, you know, five or six different counties, pretty much anything that’s within a drivable range of me. So, you know, I’ve got a lot of data and that was the reason why I wanted to have the VA do the first touches so she can get through the data and just get me to the people who are actually interested in talking to me.
But what you just said is, you know, miles different from what I had put together. So I don’t know how quickly this recording will be available, hopefully, you know, if today. Awesome. But that was much better than what I had a lot of streaming and probate mastery alumni are private Facebook groups. So you can go watch it right.
You can start back at the beginning. Oh, great. I’ll go along. The other thing I want to point you to your name’s not that familiar. I don’t know if you’ve been on the call where we’ve talked about Facebook marketing. If you have a programming background, I’m betting, you can figure out how to trace that diet list you’ve built and come up with.
I built a skip tracer. I’ve already gotten one. Okay. Shocking. And so do you have email addresses for those? I’ve got emails, phone numbers, known relatives, neighbors, age, every phone. So what I’d like you to do now is pull that into a saved audience and Facebook and run ads to them on Facebook as well.
So we get that brand impression. I ran one yesterday. I was shocked that personal best for me. I got 17,000 people to look at a video of 15,000, watched the entire 21 seconds and it cost me one penny. Wow. So you can make a hell of a brand impression 20, 30 times a day for a penny. If you take that big list, you’ve got, pull it into a saved audience and just run.
You never know what’s going to be the right combination of copy and creativity. And you don’t know until you get the right one, but if you stand in front of the courthouse somewhere where they’re emotionally familiar with, because it was, you know, it was probably scary, intimidating uncertain and knew when they walked in that courthouse to file for probate.
That’s a pretty good backdrop for a video. And then you can do a solid black bar, black or white bar above and below with. And closed captioning, but with a tech background, that should be pretty simple work for you. If you want to hear that idea fully discussed out cat might be able to drop a link in the chat right now.
Otherwise, we’ll hit it in the show notes. We have we’ve talked about this a long-form several times in the last three or four months. And I won’t belabor everybody with the 40-minute explanation, but we’ll point you to that where you can hear exactly how to do that step by step. But that’s the other thing I’d like to see you do to just shorten your list and get to the hand-raisers faster.
Since you have such a high number of leads you’re backed upon. I appreciate that. That was worth the price of admission alone. Hey Chad, can you hear me?
How to Find Motivated Partners: Bird-Dogs for Probate Prospecting
[00:34:15] Hey back to Dave his point with his virtual assistance and have a little trouble. One of the things that I’ve been working with is you know, basically bringing on partners, you know, they, some of my students like, you know, that they feel like they need a little bit of hand-holding.
So what I do is I partner with them. If they go out and they find the deals and this could work with Dave, you know, I think really is that he could do like a buy-in to a partnership. So you start him out. Okay. You know, here are these I’m going to provide you all this. I want you to get all this training, you know, start working as, you know, I’ll cut you in on a portion of the deal.
And as you get more experienced, you get a bigger portion all the way up to let’s just say, you know, 49% of the deal. So instead of worrying about the virtual assistants, not being able to, you know, they’re not as motivated as somebody who was actually going to be part of the deal. I mean, does that make any sense?
It does. So you’re proposing basically, yeah, just a probate bird dogs that become limited partners. And I think that’s the important thing here. Is there an LP, not a GP, right. Really it’s a great idea in a way to scale up. There’s just some proof of that. A model Chris Chico used to sell wholesale in courses and do coaching.
He quit on that completely because he saw the same need that you’re talking about. Gary, like guys, are either afraid or they just never get into a position where they take action on their own deal. But what he found is he could motivate those guys and girls to take action with his cash. They had no problem, you know, and it was all hypothetical risks.
Cause there were out fathers in every wholesale contract, but he actually shifted his business model where he never had to leave his office. He worked maybe two days a week and made more money than he ever made as an investor. Because he was working smart. So it’s the, you know, work less are more do good.
So he was through mentorship. He was able to build an army of guys that just hammered the phones and paid for their own direct mail and beat the streets and pounded doors and drove for dollars. And they would bring it back to him and say look what we caught now, what are you going to do with it?
And then he would either wholesale it, flip it, re retail and wholesale it, but he got to choose the disposition strategy. He was the general partner, they were the limited partner. And he was, you know, making more money ever made and working less than they ever had. So for those of you who, you know, if you’ve got a stable deal flow and you feel like you could do more, if there were more of you, what Gary is proposing is go find those folks and mentor them for equity.
Yeah, I think you know, J D Rockefeller, you know, he thought the government ripped him off tremendously when they made him when he had a monopoly on the oil business the government said, Hey, you have to cut that up. You know, you can no longer have that, but you get 25% of shell American Exxon, you know, he ended up a hundred thousand times better than he would have ever been, had a bin, you know, the whole thing.
So sometimes it’s, you know, it’s, it pays to share. I mean, it really does. I think that’s a great way to go about it. I mean, I love these people they’re running around. They call me all the time. Hey, I got this lady. What is it? You know, and you know, I’m working with them on the training and you know, I’m going to be making the money.
Yeah. And I’m not even doing anything. I’m just, you know, they’re out beating the streets right now. And I just talked to him once a week. If that you not doing anything, that’s shocking here.
No, I’m cutting on Gary because he lives
in bus life, but he worked his ass off to get into that position. So I just saw your hand up. Sorry. I don’t know. How long have you been waiting? Oh, yeah, we’re gonna, we’re gonna make, we’re gonna make David unemployable. So, Mike, he’s going to be in an RV tagging along.
No, I was just having thoughts after Gary’s conversation.
Solidifying Business Partnerships through Mentorship, Learning
[00:38:20] He’s absolutely right about partnering up with people because you can pay people less and it’s an infusion that we are getting more, but we are applying more time to you know, initially when I started with probate group, I started being very active within this active investor group and I wasn’t actually bringing them there.
And this that I was just talking about half an acre lots and all the good stuff I investor brought it to me. And he said, look, we had fun working on the last few deals. I just want to work all that. He goes with you, you know because he leveraged off things that I don’t want to do. And he literally is a great connector.
You know, it has resources everywhere and has a construction background and I understand real estate market pricing and all that stuff. Oh, we’re doing a good deal together and just tired with just one time partnering up on something and really, you know, giving in. So I would, even if I could, I wouldn’t do without partnership because it’s more fun that way.
If you find the right people,
you don’t have to share this. If you don’t want, I’m putting you on the spot, but if you don’t mind sharing, tell us how you handle your partnership structure, how the operating agreement is written, how the shares are allocated, and if you’ve ever had any problems or if it’s a really good structure for you.
I will, I don’t think I have had any problems yet and I don’t take it for granted either. Of course, I trust the process, but I verified. So we actually have a real estate attorney who draws up our joint venture agreements. So, when we are working on a deal, just so wait, so you have two LLC, two separate entities, Rosie, LLC, and Joe, LLC.
Those LLC signed a joint venture agreement to acquire the property. Right. And then that, that entity is what’s on the purchasing. That’s right. That’s right. And this is completely independent of my retail real estate business. When I am buying the property, I am the disclosure of the property. And sometimes quite frankly, this last deal that I did he had actually bought the property already and was not sure what to do with it.
And he literally general warranty deed, the 50% share to strategize the deal with me. Yeah.
This is what we were, I think it was Donna two weeks ago, we were talking about this exact structure and I proposed that. You know, ease in because it sounded like there might’ve been some inequities in the partner. She had chosen like she was going to end up with the most experience building the most amount of work.
But what I like about the structure and that’s what I propose to her rather than jumping in and putting everybody on the same operating right. You know, people have spouses, people have cars and drinking habits and they bring in lots of liability with, so when their name is on the operating agreement with you, if they get divorced, if they get into it, they get a DUI, you know, kill somebody drunk driving, or they get themselves into hot water that bleeds into your portfolio now.
And that’s why there’s this individual LLC, with a joint venture structure is a much, much safer and more affordable way to actually do the fields while we’re talking. Yeah. And often then people get confused. They’re like, you know what? I don’t know if I can do this and how much I’m going to pay an attorney.
If you get in touch with the right resources, there are a bunch of investors out there who are already doing it. Right. And whatever, the riot rifles, state attorney, he’s not going to charge me the normal rate I think on simple deals you pay five to 700 bucks at closing and sometimes $1,500. If it’s more detailed.
But it’s a very thin cut. I tend not to do long-term bi-fold in joint tendencies because refinancing and all that thing can be gone. I normally on my rentals by myself but it’s more of assignments and flips or maybe a short-term hole because there’s a tenant in place. We have to honor the lease until they move out.
So those kinds of deals, I do a joint venture with a rostered attorney, and it’s a very simple process. It’s not complicated. Matter of fact, it’s peace of mind for both parties. You know you don’t want to be personally involved in the business. Yeah, absolutely. So one thing to consider the, as you go forward, I mean, I think you’ve said it was $500 and what your fee is five and 700, a lot of times a good probate or excuse me, a good real estate attorney who is also acting as the escrow company, closing the closing attorney.
You know, they’re going to make their money on the backend and they’re gonna make their money on the volume when they work with people like you. So a lot of times they won’t even charge you for that legal work. You bring the partner and you sit down, you know, and sit down and just paper it real quick and be like, all right, man, we’ll settle up whenever this one closes and they’re happy to do that work.
I get, I mean, I’ve had, there are so many times where I just wait for an attorney’s invoice. I’m like if going to charge me for that, is that going to come? Is the other shoe going to drop? Never shows up loyalty, the deals back through his firm for the closing. So he never invoices me for the legal work.
I’m going to have to consider that, but this attorney, because he does close our investment deals too. And I’m just like, I am like very new in this group and I’m just testing everyone. Like hobbies are, what is the heartbeat there? The waters were really prominent and their work, but one way I did utilize itself really is that I got him to take $6,800 off in every two weeks because you know, those trustees, they don’t answer me.
I’m just a realtor, right? What the hell? Right. And I got there. Damn Rosie, what did you just say? Go back. Five phone calls. Did you just say I’m just a realtor hashtag
did catch on pretty good attention? So raid. Because investors are like, oh, okay. I was like, yeah, I got your attention now. So I love it. Actually. I’m so glad you showed it. I forgot what I was saying before, but we agree. Sorry. I took us down a rabbit hole to get back on track. We were talking about that.
That’s right. Yeah. Yeah. All right. We have five minutes left guys. I do have a hard stop today. I don’t see any questions. We haven’t answered anybody. Have anything else you want to share? Go ahead.
Scripts for Foreclosure Real Estate Leads: A Conversational Roadmap
[00:44:11]Okay, so I’m doing short sales and I’m doing it the leverage way where I have a short sale negotiator and investor has a trouble center and let’s see if we can do a short sale on it.
Right. I just tried it to see if it works and it’s working, I’m closing three, four deals. How did I pick momentum at it? And I want to do it in a very leveraged. And there’s a short, so negotiator in it, you know, like they handle all the paperwork. I just, I want to set up a portion of my business where this continuously just comes in and just rubbed as shorts and management section of the team.
So how do I run that? I’ve been waiting. I’ve been waiting to take this course for like damn near a decade. This is how I cracked in the residential real estate and it is fish in a barrel because these folks are hopeless. The hard part is getting them on the thug. 71% of foreclosures in the last housing crisis never spoke to a single profession.
Surveyed post-foreclosure. They were surveyed about a third party and 71% were I’m a bit too embarrassed to reach out for help. They didn’t call the lender. They didn’t call a realtor. They didn’t put a for sale sign in the yard. They just emotionally shut down. And their ego said, Nope, this isn’t happening.
This isn’t happening. They get confused. They don’t even know what short sale is because bankruptcy lawyers are calling them. Realtors or investors are calling them. Lord is calling them. They’re confused. They don’t know scoped out. And it’s in a mind map. There’s a magic question, but would you like to keep the home or sell the home?
And we know the answer is always going to be we want to keep it’s our home. So, and we’ll go down that rabbit hole with them and actually let me this is worth, I’m going to be late for my call, cause I want to show you. And we can spend some more time on it. Maybe on the next call.
I expanded on the mind map that I built, that kind of shows you how my brain works when I’m doing a deal. And this is a really good example.
I cleared the cache on my computer logged back into anything. I am a bad idea.
Sure. Yeah. As we’re sitting here for dead space my guy just, he just scheduled my appointment for probate. They want to sell today. So I guess I’ll be doing that tonight. All right.
I got to call them back and see, but. Hey, Chad, since we’re in dead space I had two questions. I just got this up. I’ll come. I’ll come right back to you. Sorry. Okay. So Rosie here is how I handled this. And so the conversation path, is there real estate? Yes or no? If there’s no. Then we can find a way to refer to that.
Yeah. If yes. Is there a motivation to sell? Would you like to sell the home or keep the home? So let’s say if they want to sell the home. Yes, we go this way. But if it’s no, we don’t. Is there a debt? Yes, there is debt or payments current. No. Then we have a strategy for these. We have to empathetically and calmly lead them through an emotional conversation.
We know what our line of logic is. We know that loan mod bankruptcy or a short sale or a buy and a leaseback are pretty much their only options. If they want to oh, excuse me. If they’re willing to. And there is that, and the debts are not current. Then there are all the options for every one of those people.
So from this branch, no there’s equity. Yes or no. If there are not the Colonel payments, there is no equity. Then we establish a target date. So we’ve got, we can turn it into a rental and get them the heck out of it. We can short sell it, or we can use limited creative financing options. But for that phone call, we have one, two, three, four, five, six tactics that we can talk about, but we’re slowly going to follow the branches and that’s conversation.
So they don’t feel like they were told what to do or the, or a strategy was forced upon them. So the idea is to, and what I would recommend for you, my friend, Aaron owns Roddy’s auction service in Texas. So they have, they. Pre-foreclosure data two weeks before any company in, in the country they have a proprietary way and relationships and the entire state of Texas they’re based, right.
Where you actually, you know, air and I’ve put that I’ve connected. You guys,
right? Yes. F FLS online I think is what the, so anyway, you can get that, knowing that I am aware of food, that’s one of the very major ones in Texas. Yeah. So if you get the FLS list and you use this approach where you call each other and say, listen, I know you’re bound to be getting bombarded.
This is a call from a social enterprise. We reach out to everyone every time we see they’re in that situation because we’ve been able to help so many people have you got five minutes and see if I can stop the call. All right. So I just have one question for you. I mean, obviously, you’re behind, I don’t mean to embarrass you and ask questions and all that you can share as much as you want with me.
All I need to know is would you rather me help you keep your home or help you get this sold and move on and then go from there. And a lot of times that, you know, they’re going to say, oh, we’re going to stay here. Okay, great. So we’ve got some options. If you want to keep the home do you need to live in it or do you have somewhere else that you could live?
No, we need to live there. It’s not a rental property. Okay. Are you know, do you have a lot of other assets, is bankruptcy something you would consider? No, we don’t, you know, a lot of times they don’t want to do bankruptcy because it bleeds over into many other assets and you just eliminate one option at a time until the short sale stands as the clear, the best choice they’re going to, they’re going to take a 60 to 80 point hit on their FICO score.
But they’re going to, they’re going to basically be released and legal liability and they’re not going to have to lift a finger. You do everything and you get you to know, you’re gonna have a limited power of attorney. So you slowly walk them through those choices without overwhelming them with, you know, you obviously wouldn’t show them something like this, but you can walk them through those choices where they basically have to, there’s only one option.
And with leadership, they’ll get to that conclusion very quickly. Usually, in a 30-minute conversation or less without leadership, they’ll go for 12 months until the sheriff throws them out on their ass. No, it’s really good. And did you take a long time to close, but it’s a pretty effortless process? Once you get all the people who are going, and I actually did a short set on probate.
It was heirs losing the property to foreclosure. Yeah. We just chose it last month and I’m very encouraged on how effortless this processes, if like how important it is to have a great short, so negotiator person on the team I’m pretty happy with what I have, but I don’t know if it’s a key determining factor.
What is it like the major difference between one over the other or what I should be looking for? I’m just taking what I have in hand right now, but I would like to make sure I have all the right pieces in place to keep it going. So if you look at for sale by owner for rent by owners, look at Craigslist, look at the Facebook marketplace.
If it’s in a residential neighborhood, as a good school system, and there’s no furniture in the picture. You probably got yourself a short sale.
How to Work With Lenders to Stop Foreclosures
[00:50:54] If you get the pre-foreclosure lists. You probably have yourself, a short sale talk to every lender you can. And I mean, every damn lender you can get in front of and say when you have to decline somebody for a refinance, send them to me and you like for a free consultation.
And even if you do that with the real estate attorney, who’s serving you so well, offer a free phone call with you and a real estate attorney to discuss, just to discuss and discover the options for somebody who’s declined on a refi, because one of the Canary in the mine, as one of the canaries in the mine, if somebody is trying to refinance and they get the climb, they’re in financial trouble already gotten the refi.
So those are junk leads, the mortgage lenders. But if you can get those junk leads and then bring the buyer back to that mortgage lender and convince the buyer’s agent, or if you’re doubling it. Convince them to use that lender because he’s already familiar with the house and already familiar with the case, and it’ll be way more efficient than using fucking rocket mortgage.
Then you can repay him by creating a cycle of referrals. He refers to the business. He can’t do to you. You go turn that lemon into a glass of lemonade, pour a shot of VOD, Ghana, and hand it back to him. All these loan officers I work with who lend to a large scale to my buyers are at least the right contact.
Or I need to be reaching for someone else. I don’t know anyone who’s doing a refi. So anytime they decline any time that they have to decline or refi, that should be a lead to your business. And then you, the agreement should be, you know, you turn that lemon into lemonade and then put it back their way so they can do the acquisition fine.
Yeah. Are you going to get going off your investors to put an offer on it? If you’re running close to the short sale you can get your investors to submit offers and there’s a whole new opportunity after that. Yeah, that was my process. We would upload the MLS within five minutes. I would have an offer submitted.
We would submit that to the, you know, to the asset manager and it would stop the foreclosure in its tracks. It would go from this division of the bank to the division of the special assets and we stopped the clock. Like we threw the brakes on what about divorce leads? So you can’t, there’s no list that you can buy.
Some people claim to have it, but they’re selling it based on the Cree, not on filing. So it’s a useless list because the divorce is over the way to do this as organically. So you do this by networking with a divorce attorney. They’re not, you know if you get them to counselors, you can, but there’s the law around that HEPA around marriage counselors.
Lenders are can sometimes get you into divorce leads as well, because when they come in to try to refi on one person’s name, that’s the leading indicator to divorce. But the best way is just organically to find ways to provide value to a divorce attorney. And, you know, with probate, we like with estate planning attorneys, we bring them in and say, Hey, here’s a referral.
This person needs an estate plan. It’s unlikely. We’re going to go get one of our friends and be like, Hey man, can you divorce your wife? So I can meet this attorney like, Hey, this is my friend, Jim, he’s going to get divorced next week. Cause I really wanted to meet you and see if I can get the referral like that.
One’s probably not going to work. Right. So we’ve got to find ways to provide value to these, divorce attorneys to help them through their own small business struggle. So they’ll help us with ours. Right? So bringing them referrals probably isn’t feasible and the divorce. But what we can do is find ways to make the business.
They already have more efficiency, which gives them a platform. So if we create that community Facebook group you know, for a life transition, we have a divorce attorney and they’re talking about it. Or maybe we create a separate, you know, divorce support group, the Dallas Fort worth divorce support group, where every Wednesday night you meet.
And that attorney, you have an attorney, you have a counselor, you have people who can help families that are in that space. They find you can target them. I can build a Facebook audience and seconds that will show you every one. Who’s currently in the process of being divorced. And that’s all the way back to the very beginning of my statement.
I just contradicted myself. So I can show you how to do that, but there’s not a company where you buy a list. But it’s organically. So find ways to help them, help those firms be more efficient and. The main way is by keeping the level on each of their cases. And we can do that by being an intermediary so we can create, we can be the bridge, the peace bridge between the husband and the divorcing parties and help the firm get away from all the back and forth about the real estate negotiating.
Every single conversation has to be a party B party. See if we can be a trusted intermediary that they can trust that we’re not going to get in the way of their legal process. And they’re not going to get in the way of our sales process. That’s the way to do it. A friend of mine, Kelly, Dr.
Kelly has a course and just like Gary, I don’t have an affiliation, but trust or trust that she is the top expert in the country. It’s divorce, this house.com and she is an Ivy league, educated divorce attorney. She’s also a staff professor at Vanderbilt and she trains law, I think three times. But that’s a really good system and it’s very similar to our approach on probate mastery.
That’s the reason I’ve never made the divorce courts because she has already done it. And she’s not somebody I just don’t care to compete with her. I’ll support her. So if you want to take a deep dive on that, it’s a divorce, this house.com and we’re nine minutes over Balcom. I’m not going to leave you hanging, man.
So go ahead and unmute. I appreciate that. It was a two-part of, I think you already answered it because, you know, don’t take this the wrong way. Please. Don’t get mad at me. You know, you’re filming the video. And I just happened to see one of the folders for pro foreclosure master. I was like, oh crap.
Okay. Maybe he’s dropping something on that.
How Real Estate Professionals Can Market to Probate Attorneys
[00:56:36]The second question was, and hopefully it’s not too long. So in the parsers that I created, I’ve got a lot of data that comes back. Some of the cases are coming back prose and I would say roughly, maybe 65 to 70% are coming back with people that have an attorney.
And I was just wondering, you know, what your approach would be if the majority of the data that you got that, you know, they came back, were people that already had an attorney for their taste. Pretty much. What I’m trying to do is trying to find a way to provide value to the estate planning attorneys that I’ve built relationships here.
And if a lot of the cases that I’m getting back are coming back, you know, the opposite of process, I just wonder, you know, what, you know, what you would do in that situation. So you have a high percentage already, like in most markets, 80% have retained an attorney 20% are prose. So it sounds like you have 40% prose already, right?
Give or take I’d say yeah. Okay. So let’s find ways to turn those into referrals. And then the trusted relationships, let’s go to those attorneys with who you want to build a relationship with. Sit down, build a checklist that is the, you know, Allegan county probate checklist. So from the day that somebody passes away or the day after the funeral, all the way through, until the final distributions that the air bank accounts, what are every one of those little tasks, anything that requires an attorney that the legal task is colored red, everything else is a different color, black or both.
At the bottom of that in the footer, you’ve got the attorney’s firm name the attorney’s name, the firm name, the address, phone number, website, whatever they want, you’re going to offer in exchange for them, helping you create to create this piece. You’re going to put one in every month, every direct mail piece that you send to these families, and you are illegally helping them circumvent an anti-solicitation long-term business for their firms.
So they will be happy to help you with this. Okay. You should, they should see immediate business from it. Your letter is going you’ll change your letter up where it says, you know, on the back of this letter, you’re going to find a probate checklist. I did notice that you know, we reach out to every family.
And then county each month. One thing that’s a little bit alarming to me that I noticed is there is no attorney of record on this probate. And if you flip this letter over and look at this checklist, everything and read all the aloud, all the personal liability you’re absorbing has the personal representative.
When a lot of people don’t realize its personal representatives are fiduciary, and that does come with legal responsibility and legal liability. So if there’s any way we can help you, please call us or call the firm on the button, on the back of this sheet, and something along those lines. So you write a letter that educates them and then stairs up a little bit of fear.
And then the call to action is to call me or call the attorney. Those attorneys will respect the hell out of, you know, unless they’ve been on this call, no one in your market’s ever done that. And that’ll get you some referrals and some relationships generate like generated very quickly.
I’m going to run and get to the next disappointed person. Who’re 13 minutes then sitting there twiddling their thumbs for 13 minutes, but this is such a fun conversation. We got a lot of good stuff today. Thanks so much for being here. Thanks for always keeping an interesting and we will see you next week.
Have a great day. Thanks, Gary.
About the Author
Katt is an expert in probate marketing and helps entrepreneurs build businesses in the probate space. She is the co-founder of the Estate Professionals Mastermind podcast, which has become the most widely-shared probate real estate podcast. She also writes training content for ProbateMastery.com and a weekly LinkedIn newsletter followed by over 9000 professionals. You can reach her on Instagram, Twitter, and LinkedIn.
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