Latest / All The Leads Mastermind Podcast / Leveraging Letters of Intent | Shortening Your Elevator Pitch | Episode 314

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Leveraging Letters of Intent | Shortening Your Elevator Pitch | Episode 314 · All The Leads Mastermind Podcast

0:00
Welcome to the Probate Mastermind Podcast.
0:03
These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches.
0:08
Agents, investors, and wholesalers join the coaches each week for everything from marketing tips, sales, psychology, live deal analysis, transaction engineering, advanced real estate strategy and personal development.
0:20
You will learn to get more listings, more deals and find financial freedom by listening to these episodes.
0:25
Be sure to catch show notes at AllTheLeads.com/podcast and join our free Facebook mastermind community:
0:32
https: //facebook.com/groups/AllTheLeadsMastermind Welcome prolific agents and investors from across the country.
0:38
https: Today is February 11th, 2021.
0:42
https: And this is mastermind podcast.
0:44
https: Number 314.
0:46
https: We do have two in the queue guys.
0:48
https: We got plenty of room for more, just hit star six and then hit one.
0:52
https: And let's go to our first person in the queue.
0:54
https: First up this week, his phone number ending in eight two one three.
0:59
https: Good morning guys.
1:00
https: How are you?
1:00
https: Excellent.
1:01
https: How you doing, sir?
1:02
https: I'm great.
1:03
https: This is fed.
1:04
https: I have a win, so just one, right?
1:08
https: Like when?
1:08
https: Yes please.
1:09
https: Yes, sir.
1:10
https: Been I've been consistent with my calls and it looks like they're paying off.
1:14
https: I got a call.
1:16
https: I called a PR.
1:18
https: Left her a message.
1:19
https: The next number on the list happened to be the dad who took my information down long story short.
1:25
https: She called me this week.
1:27
https: I reached out to her originally three weeks ago and it looks like I will be meeting her and her brother who are both decision-makers this Saturday at 3:00 PM at the house.
1:38
https: They did not have an attorney.
1:40
https: So I referred an attorney to them.
1:43
https: And the beauty is that the attorney then immediately sent me another client back in return.
1:50
https: So it's like a double win.
1:51
https: Awesome, good job.
1:53
https: How old was lead fed?
1:54
https: How long had you been working at?
1:56
https: No, this one was actually relatively new.
1:58
https: I reached out January 18th.
2:02
https: So it was one yeah.
2:03
https: One from the January list then basically brand new list.
2:06
https: That's that?
2:07
https: That's correct.
2:08
https: Yeah.
2:08
https: Yes.
2:09
https: That's great.
2:10
https: So yeah, my question.
2:12
https: Yeah, go ahead.
2:12
https: Go ahead.
2:12
https: Sorry about that.
2:13
https: No, I was just going to say that's good to hear we a lot.
2:16
https: We spent a lot of time, stressing how it can take, three to six months or longer to convert these leads.
2:22
https: And a lot of them do, but it's not uncommon.
2:24
https: That we'll hear, I got my first set of leads and I got a couple listings or I got three listings.
2:29
https: So that's good to hear, it does work both ways.
2:31
https: And good job you with, for you at establishing rapport right away.
2:35
https: You, it sounds like you kinda.
2:37
https: Made friends with two of them.
2:38
https: And that probably helped two of the errors and that helped solidify the appointment.
2:42
https: And it sounds like it may just be a, come get me listing.
2:45
https: Does that, is that your perception?
2:47
https: I, it seems like it, so obviously thanks to you guys.
2:51
https: I knew how to I don't want to say handled the objection, but more just through your guys's help and, the private calls with Bruce.
2:59
https: Yeah, she was steering towards the head.
3:03
https: Let me talk to my brother and then I'll get back to about an appointment.
3:06
https: And I just said, look, since, since we're all busy, Let's just schedule a tentative appointment.
3:11
https: And if anything changes we'll we can always change change the date as well.
3:16
https: I'm free Saturday in the morning at 11 or 3:00 PM.
3:18
https: What's best for you.
3:20
https: And eventually she just said, look, let's do three.
3:22
https: And then I even had an insurance specialist call her to place a vacant home insurance policy on the asset called her to confirm.
3:30
https: And she didn't say anything about changing Saturday.
3:32
https: I think, yeah.
3:33
https: It's thanks to you guys.
3:34
https: So thank you very much for that.
3:37
https: I have a question regarding that.
3:39
https: So it seems, since she doesn't have an attorney, my impression is that she doesn't have the letters of testamentary yet.
3:46
https: So when I go there on Saturday, I was more just trying to establish a rapport and maybe get a, you get a better understanding of the property to see if there's anything we could do prior to that taking place.
3:58
https: They did express that they do want to sell the assets.
4:02
https: I'm pretty sure that's going to be the case.
4:04
https: Is there something, is it a bad idea for me to go this Saturday?
4:09
https: Since they don't have essentially the letters of testamentary in front of them and they haven't been to court yet, which is why I put them in touch with the attorney or is it good to still go to maintain rapport and just see what we can handle ahead of time?
4:23
https: Fed hay.
4:24
https: So Hey, I think that you, 100% need to go on that appointment.
4:29
https: This Saturday.
4:30
https: What I would do is I would go ahead and take maybe a single page letter of intent with you, and essentially just explain to them.
4:37
https: Look, if you don't have your letters of testamentary yet.
4:40
https: Okay.
4:40
https: We're not going to be able to do a full established listing, but if you if you want me to go ahead and reach out to my private buyers list and at least start having conversations to see what kind of interests that I have, let's go ahead and sign this.
4:55
https: I can.
4:56
https: I start having conversations with private buyers that, that I may be working with and then say, and then as soon as we get our letters testamentary, we can go ahead and sign an official listing agreement and get it moving forward.
5:07
https: But let's talk about some of the terms that we want to be included in the listing agreement when it comes.
5:14
https: So maybe we'll.
5:15
https: This will give us a chance to talk about picking a price taking listing terms.
5:19
https: Give us a chance to talk about some of the other services that I'm going to offer to you guys included in the future listing.
5:26
https: Okay, you go on that appointment this Saturday and try to get something tentative in writing.
5:32
https: It's not going to be enforceable if they don't have letters, testamentary but at least it'll get a, get an emotional commitment.
5:38
https: Hey, we actually did sign something and they usually won't steer away from.
5:43
https: Okay, perfect.
5:44
https: Absolutely.
5:45
https: I'll I'll do that.
5:46
https: Thank you.
5:46
https: I really appreciate that.
5:47
https: Yep.
5:48
https: Great job.
5:48
https: One other thing, one other thing.
5:50
https: Go ahead, Bruce finish.
5:51
https: I'm sorry, I'm just going to throw and a couple of other things about your approach.
5:55
https: So far, a few of the notes that I was taking is number one, this is just a true Testament to how you, we should absolutely be working down the list and calling people on the list.
6:06
https: May not even be the PR.
6:08
https: So you had left her a message and then you got through to her father, great job calling down the list.
6:13
https: There's a lot of good things that happen when you call down the list and you start establishing relationships with other family members or or people that, that sometimes even it's the ex spouse, the PR I've heard a lot of good stories about that, too.
6:28
https: Another thing that I'm going to throw in.
6:31
https: You used the a classic, double bind, which is a really powerful appointment setter where you pick a time you pick two times, so Saturday, I think you said at 11 or Saturday at three, it gives the kind of the illusion or the subconscious feeling of choice.
6:48
https: When really you're the one that's in control.
6:50
https: Now I'll just throw this in for you and anyone else that is in the habit of using a double bind where they offer two different choices to someone for an appointment, time, more and more people.
7:02
https: The F the later.
7:04
https: More recently more and more people are recognizing those double bind.
7:07
https: So if you're going to use one, I might also recommend throwing in a third option.
7:13
https: It's still giving the the, the illusion of choice, but.
7:16
https: It's not as recognizable.
7:18
https: So you might say I have available Saturday at 11 or Saturday at three.
7:22
https: And of course, if those don't times don't work for you, I could also do Tuesday afternoon.
7:27
https: What works better for you?
7:28
https: Just the thought of throwing in a third choice in case they're sales savvy they won't recognize it as much.
7:34
https: That makes sense.
7:34
https: I appreciate that.
7:36
https: I'll definitely put it into play.
7:37
https: Thank you.
7:38
https: Okay, Bruce, that sounds a lot.
7:39
https: Yeah, that sounds a lot less scripted.
7:41
https: And what I was gonna add said one of my original mentors in the business taught me that the best way to handle the objection is never to have it come up and good job.
7:51
https: When you sensed an objection coming, you headed it off before she even had a chance to get it out.
7:57
https: It sounds like.
7:58
https: So that's a really good, that's a good example of listening and responding and.
8:03
https: Avoiding having to answer the objection because you answered it ahead of time.
8:07
https: So great job with that.
8:08
https: Thank you so much.
8:09
https: Thank you.
8:10
https: Thank you guys.
8:11
https: All right.
8:11
https: Great job.
8:12
https: We appreciate you.
8:12
https: We have two more in the queue guys.
8:14
https: We got plenty of room for more.
8:16
https: Don't be shy it star six and hit one.
8:19
https: Next up is phone number ending in zero five, four, four.
8:24
https: You're up next.
8:25
https: Are you there?
8:26
https: Grand Prairie, Texas I 73 65 Oh one.
8:30
https: You mean?
8:30
https: Different numbers showing up, but that's okay.
8:32
https: It's used.
8:33
https: So go ahead.
8:33
https: All right thanks guys for taking my call.
8:36
https: Hey, I just thought I had a win from a December call, followed up with two letters and then followed up with a call.
8:43
https: And she had just gotten her letter of testamentary in North Carolina for her brother's house here in Texas.
8:50
https: She told me that she already had four realtors lined up.
8:53
https: But she was flying out this week and I could free to call her this week when she got in case somebody canceled.
9:00
https: I did do that yesterday and lead with the foot that listen, I've been at this for 18 years as real estate agents sold over 850 houses.
9:07
https: I just did my parents' estate.
9:10
https: I am sure that I will have more value for you.
9:12
https: So it would be worth your time to at least meet with me.
9:16
https: And she reads, so I am going there with my estate
9:19
planner today at 4: 00 PM.
9:21
planner today at 4: I consider that a wind that I at least got to the doorsteps.
9:24
planner today at 4: So anyway, it's working.
9:26
planner today at 4: Second thing, I'm sorry.
9:28
planner today at 4: I just said, that's a huge win.
9:29
planner today at 4: You can go on with your second thing and I'll hold my comments.
9:32
planner today at 4: Oh, okay.
9:33
planner today at 4: Bruce, by the way, while you're coming and put my name down again, Mike rec art, R E K a R T.
9:38
planner today at 4: Still want to talk to you about private coaching?
9:40
planner today at 4: All right.
9:40
planner today at 4: I didn't have your last name.
9:41
planner today at 4: Last time I got it now.
9:43
planner today at 4: Record R E K a R T.
9:45
planner today at 4: Perfect.
9:45
planner today at 4: Oh so the not muniment of title, as I've heard it say here, but muniment of title that my probably lower tells me is how it's pronounced.
9:54
planner today at 4: I'm having a lot of people get the fact that listen, we have to wait for the hearing date.
9:59
planner today at 4: I don't have my letter of testamentary yet.
10:02
planner today at 4: But muniment of title.
10:04
planner today at 4: I've got a classic case that I just can't get to the table.
10:07
planner today at 4: This is actually past client of mine, whose father is Fastly approaching dementia.
10:14
planner today at 4: And they've got a investment house that I have actually sold and bought, rented out for them, but they want to sell it.
10:23
planner today at 4: It is all ready to go and has been moving ready, but it's empty.
10:27
planner today at 4: But I gave them a probate lawyer and did get them to get his affairs in check after the mother had died.
10:36
planner today at 4: And my lawyer, although I'm trying to get ahold of her is that I recommended is telling them that they can't do anything now until they have the hearing date three months from now.
10:47
planner today at 4: Now I really do think that the market is going to change as people.
10:52
planner today at 4: Lead the uncertainty of the election Brewha and the uncertainty with COVID as we all get vaccinated.
11:00
planner today at 4: So I expect that I'm going to see a surge in inventory here right now.
11:05
planner today at 4: My sellers are pirates.
11:08
planner today at 4: They're getting over asking price multiple offers.
11:11
planner today at 4: So I'm trying to do the best by this client and for long long story short sooner is better for them.
11:17
planner today at 4: And.
11:18
planner today at 4: The lawyer is saying, no, you can't do anything.
11:20
planner today at 4: We're in Texas.
11:21
planner today at 4: There was a will from the other, even though both names are on it.
11:25
planner today at 4: And we got, yeah.
11:26
planner today at 4: Or at least I've heard that we've got that.
11:28
planner today at 4: No, you have to wait for the hearing.
11:29
planner today at 4: This is the same lawyer who told me just a month ago that another lawyer who was saying that.
11:34
planner today at 4: It was just their opinion that we couldn't sell the house, put it up for sale and sell it.
11:39
planner today at 4: Now I'm not talking about the funds necessarily going anywhere a little bit.
11:43
planner today at 4: The name beneficiary in this case is the surviving spouse.
11:47
planner today at 4: But is there something I'm missing?
11:50
planner today at 4: I hate to go toe to toe with the lawyer and say, wait a minute, what about muniment of title?
11:54
planner today at 4: We should be able to sell the house, put it up and sell it.
11:57
planner today at 4: And just not distribute the funds or distribute the funds only to a trust vehicle.
12:02
planner today at 4: No.
12:02
planner today at 4: That's okay.
12:03
planner today at 4: No, you were very clear.
12:04
planner today at 4: Very, it was pretty concise actually.
12:06
planner today at 4: The attorney you're dealing with is you had recommended them or they found her on you.
12:11
planner today at 4: They found her on their own.
12:13
planner today at 4: I think, because of my venture with you guys, that was my recommended attorney.
12:17
planner today at 4: Listened.
12:18
planner today at 4: You don't have a trust for Joe.
12:20
planner today at 4: You got to get a trust.
12:21
planner today at 4: And he's got a million dollars where the real estate coming in this trust, but this is one of the first at $275,000 houses, that investment, but he's got a lot of property oil and cattle property that, I pushed the alarm for them to get into a trust and got them this trust and probate lawyer outfit here in town that I'm trying to build a relationship with.
12:45
planner today at 4: And my own lawyer saying that now, I call it my lawyer only in that it was my recommendation.
12:50
planner today at 4: Yeah.
12:51
planner today at 4: The person is not deceased those.
12:52
planner today at 4: So it's a trust to avoid probate.
12:55
planner today at 4: Correct.
12:55
planner today at 4: So it doesn't mean necessarily.
12:57
planner today at 4: Yeah.
12:57
planner today at 4: They don't have the trust yet, or you're trying to do the trust and the relationship with the lawyers because I pushed them in that direction.
13:04
planner today at 4: So they don't have a title.
13:05
planner today at 4: But before that, the property was owned as an investment property by a man and wife.
13:11
planner today at 4: The wife unfortunately died just recently.
13:13
planner today at 4: So the older man who is basing dementia and is getting his affairs in order with the help of his daughter, who is my longtime client.
13:24
planner today at 4: So they love it to death.
13:26
planner today at 4: I saw this coming and in helping them and guiding them, but now are very frustrated that they got to wait three months, especially after I've told them that I believe the market's going to change and we're getting it swamped.
13:36
planner today at 4: And we may have demands that we're gonna have.
13:39
planner today at 4: One more clarifying question.
13:40
planner today at 4: So you when his wife died, he was entitled with her with the right of survivorship.
13:46
planner today at 4: So as long as when she passed.
13:49
planner today at 4: Okay.
13:49
planner today at 4: So it doesn't have to go through probate for him to be in control and for him to do something with the property.
13:57
planner today at 4: No, I've run into that before with a husband and wife, even though we have muniment of title here in Texas, that if there was no will.
14:05
planner today at 4: Then all kind of all bets are off.
14:07
planner today at 4: You gotta go.
14:07
planner today at 4: You gotta go through probate anyway, even though the outcome is still the same.
14:11
planner today at 4: And in fact, the shares more, if there's more credit than just the note you on the house, you are probably not going to be able to do immune mint title either.
14:20
planner today at 4: So we had to wait.
14:21
planner today at 4: Now we were in that case, no will debt beyond the house fact.
14:27
planner today at 4: It was a hoarder's house and went very well with all the people that I got to the party.
14:32
planner today at 4: But.
14:32
planner today at 4: We were able to put it on the market and.
14:36
planner today at 4: Not close, but be in tight, it'd be in contract with a close date several days after the hearing.
14:43
planner today at 4: So all of that was possible and allowed us to get into the market before everyone at the end of the line knew the Gates of Disneyland.
14:51
planner today at 4: We're open.
14:52
planner today at 4: I think you gotta, we used to call it a fast, you got a fast pass, right?
14:56
planner today at 4: So you didn't have to wait line.
14:57
planner today at 4: Yeah, exactly.
14:58
planner today at 4: And that's the analogy that it really clung on.
15:00
planner today at 4: It seems to resonate with people, but that's why I'm pushing so hard, not just for a close for bucks for us, but.
15:07
planner today at 4: Hey, let's do it fast because the market is insane right now.
15:11
planner today at 4: And again, I'm not understanding why, if I have a, will I have a survivor spouse?
15:18
planner today at 4: I dunno, maybe I need to, yeah, I know.
15:20
planner today at 4: I know.
15:21
planner today at 4: Yeah.
15:22
planner today at 4: Bruce and Tim both have answers for you, but I think, if you hadn't referred the attorney, I would probably say.
15:28
planner today at 4: Go ahead and get the property listed.
15:30
planner today at 4: And if a contract comes along, just tell them it's going to be a protracted closing, but because you brought the attorney to the table, I think I would just call the attorney and ask her if she's accessible.
15:42
planner today at 4: Just ask, have you done that?
15:43
planner today at 4: Have you spoken to her and ask her why?
15:45
planner today at 4: On the last one, one of the first ones I got with you guys, the last one, I had mentioned this case coming up and believe it or not, this is hilarious.
15:53
planner today at 4: She said client attorney privilege, I can't really talk to you without their permission.
15:57
planner today at 4: I'm like, Oh, you've gotta be kidding me.
15:59
planner today at 4: I referred you and you can't talk to me about it.
16:01
planner today at 4: What I'm going through, I'm going through the grades that I just sent him an email.
16:05
planner today at 4: Please ask her or tell her you, I had permission to talk to you about it.
16:08
planner today at 4: So yeah.
16:09
planner today at 4: Even if it was a generic conversation, Hey, I referred these people to you and here's the situation and just put it to her, like you just said to us, I don't feel it's in my, I understand we may not be able to close for three or four months, but the market's so hot right now.
16:24
planner today at 4: I don't feel like it's in our mutual client's best interest.
16:27
planner today at 4: To put this off.
16:28
planner today at 4: So would you be okay with me?
16:30
planner today at 4: Go ahead and listing the property and if we get a contract, I'll call you tell me if it's a four month closing fine and we'll give it enough time to close that.
16:40
planner today at 4: Make sure by the time we close that the trust is set up and you can use it as a vehicle to close.
16:46
planner today at 4: I think I would just put the question to her the way you put it to us and just ask her.
16:50
planner today at 4: And again, come from that perspective that it's in the client's best interest and you're supposed to both be serving them.
16:56
planner today at 4: I, Bruce, I know you had something to, or Tim, go ahead, Tim.
16:59
planner today at 4: Yeah, I was going to say along the same lines, is that not only asked that, but say, we're always trying to do the right thing for the client and the same story that you said in your.
17:08
planner today at 4: Your professional opinion, the market is potentially going to change.
17:12
planner today at 4: And max value is not going to be the same as it is, today in four months, potentially.
17:19
planner today at 4: And you're saying you, no, I can't.
17:19
planner today at 4: No one can predict future, but I would want to not only put it on the market and get it under contract, but also put it under market and make the point to the attorney that you want to put it under contract.
17:30
planner today at 4: And get several backup offers because of the fact that closing is likely to be protracted based on what you said that way.
17:37
planner today at 4: You're making it really clear to the attorney.
17:39
planner today at 4: She's doing her client a disservice, and you really do know what you're doing.
17:43
planner today at 4: The backup offers will potentially seal the deal in terms of saying the right thing to the client, tell your client the same thing.
17:50
planner today at 4: Yeah.
17:50
planner today at 4: Yeah.
17:50
planner today at 4: Let me ask you a clarification question, Bruce, and I'm sorry, I haven't let you.
17:54
planner today at 4: Yep.
17:54
planner today at 4: But how is it that you guys understand muniment of title?
17:58
planner today at 4: What is muniment title's supposed to do it.
18:00
planner today at 4: I thought it's supposed to get us a letter testamentary or at least a pass somehow that we can move some of these assets around, because it's a formality for the rest of probate to go through.
18:12
planner today at 4: To be honest with you, I don't understand Munich union title.
18:15
planner today at 4: I understand what monument of title is in Texas, but, and pronunciation.
18:19
planner today at 4: It's the same thing.
18:20
planner today at 4: Yeah.
18:21
planner today at 4: I was actually kidding you from our last call on the pronunciation only because the lawyer corrected me.
18:27
planner today at 4: One is a Texas accent and one's not No, I would just, I was just going to say the monument of, to every state virtually every state has a vehicle for carving the real estate out and allowing an early closing.
18:39
planner today at 4: So I don't think monument of title is too much different than what we do here in Florida, where you got to go get a judge's approval.
18:45
planner today at 4: So I don't claim to completely understand the legal process, but I know it's cool.
18:50
planner today at 4: And it works.
18:51
planner today at 4: So go ahead, Chad, did you, Bruce, you had something to add.
18:54
planner today at 4: I'll first off or echo what you just said that most States have a tool.
18:59
planner today at 4: It just so happens that Texas calls there's a monument or monument, or however you pronounce it, of title.
19:06
planner today at 4: The majority of States out there, if if it appears that there are enough assets to cover debts and taxes.
19:13
planner today at 4: Okay.
19:14
planner today at 4: Most States have a resource like that, to be able to carve real estate out.
19:18
planner today at 4: Go ahead and put it in the air's name.
19:20
planner today at 4: And then now you are dealing with what I believe and not my non, attorney.
19:27
planner today at 4: Nope opinion here.
19:28
planner today at 4: Okay.
19:28
planner today at 4: So I've got to make sure that I get that out there.
19:30
planner today at 4: I believe that you're dealing with a beneficiary asset, so there are beneficiary assets that don't have to pass through probate.
19:40
planner today at 4: And then there are non beneficiary assets that do have to pass through probate.
19:45
planner today at 4: And if this was a husband and wife, Then, and one had a joint.
19:51
planner today at 4: If it was joint tenancy with right of survivorship, then the ownership interest of the deceased should immediately pass without going through probate the to the surviving spouse without needing to go through probate.
20:05
planner today at 4: So it shouldn't matter.
20:07
planner today at 4: Obviously you want to check with an attorney on that?
20:10
planner today at 4: I think that your attorney is wrong.
20:12
planner today at 4: And don't get me wrong.
20:13
planner today at 4: Some of my best referral relationships and attorney relationships.
20:16
planner today at 4: They're wrong on things.
20:17
planner today at 4: Sometimes they're not always an expert in every area.
20:21
planner today at 4: Yeah.
20:22
planner today at 4: I didn't want to, if I could just clarify in my task let's ask him.
20:26
planner today at 4: It.
20:26
planner today at 4: My understanding is that isn't really the issue.
20:29
planner today at 4: The issue is that they're setting up a trust to avoid probate when the current owner dies and your attorney doesn't want you to do anything until the trust is completely.
20:40
planner today at 4: Set up.
20:40
planner today at 4: Is that accurate?
20:41
planner today at 4: I can totally understand how you would take that from me.
20:43
planner today at 4: So I apologize for being unclear.
20:45
planner today at 4: No, it's just something's happened in it.
20:49
planner today at 4: And Bruce May have put his finger on it.
20:50
planner today at 4: I probably need to check because it wasn't the best property investment property that there was joint tenancy with right.
20:57
planner today at 4: Of survivorship.
20:58
planner today at 4: Because that I think can throw a car cog into it and it's they want to sell the house because this has is, he's not fully no with all his faculties yet, so they don't need to sell anything else.
21:11
planner today at 4: It's just, this one is sitting here and they know that there's so much behind this.
21:15
planner today at 4: When the faculties are lost there, he can't manage any of the assets.
21:19
planner today at 4: So he's.
21:21
planner today at 4: The ranch, all of the properties.
21:23
planner today at 4: So they're trying to send off the ones that are, so the trust isn't in place yet.
21:28
planner today at 4: And this is more about this singular property that happened to be an investment.
21:33
planner today at 4: And I think you guys really helped me walk through it that I need to check on that joint tenancy by the survivors.
21:39
planner today at 4: Yeah.
21:40
planner today at 4: Tim has one more followup point, Tim, go ahead.
21:42
planner today at 4: Yeah I, so let me, I heard one of the things you said earlier in the conversation is there in terms of looking at this, forgetting the specifics of all of it.
21:52
planner today at 4: If you look at this as an estate of this man's estate, is there debt owed over and above the value you have the property nada, nothing on anything.
22:02
planner today at 4: The guy was all cash things.
22:04
planner today at 4: Okay.
22:04
planner today at 4: And also, maybe it also may be the size of the estate because I think the general guidelines I'm, my title is that under a million or less and no debt.
22:16
planner today at 4: So anything on the property.
22:17
planner today at 4: Yeah.
22:18
planner today at 4: It could be any of those things, but the typical challenge with this is that there can be other assets.
22:24
planner today at 4: That also are lumped in with just this, a state that the court or someone else is looking at and the full muniment of title and you are pronouncing it correctly, as is indeed.
22:38
planner today at 4: Not applicable just to the property itself.
22:41
planner today at 4: And I think I'm going to go back to what I said earlier.
22:43
planner today at 4: You really need to, because it's something that may come up more often as property values go up and other stuff like that, sit down with an attorney and pick them apart until the right answer about why it's not a doable deal, because you don't have all the facts.
22:57
planner today at 4: Yeah.
22:57
planner today at 4: And funny, I tried to sit down with the attorneys, but I think it will be easier after COVID they, they didn't even know how to do a zoom call.
23:04
planner today at 4: Anyway offer to buy an hour of their time on the telephone, but yeah, you got it.
23:07
planner today at 4: You're doing, you got to do this and get it done.
23:10
planner today at 4: And I realize you're trying, and you're, I'm not rebuking your effort, but the answer to this is that we can't give you the legal advice.
23:16
planner today at 4: We w we don't do that anyway, but more importantly, the attorney is the one that you've already got a relationship with, and you're doing the referral side.
23:24
planner today at 4: Yeah, demand that you get better answers out of them and say, look, I don't even give me a good as a hypothetical in another circumstance.
23:31
planner today at 4: If here were the circumstances, what would we do and what are the issues and make it so that you phrased it back to them that they're not playing with attorney client privilege, who is a consult.
23:40
planner today at 4: Okay.
23:40
planner today at 4: Good.
23:40
planner today at 4: Good.
23:41
planner today at 4: And then last comment by, we do have five in the queue, so we can wrap this up, but Bruce has one last comment.
23:47
planner today at 4: Go ahead, Bruce.
23:48
planner today at 4: So I was just going to tell you that I'm on board with the attorney in this regard, assuming that the that is not with right of survivorship, it's hard to carve anything out.
23:59
planner today at 4: If letters of testamentary haven't even been given.
24:01
planner today at 4: Yeah, because who's going to be the person that carves that out.
24:04
planner today at 4: If it's not a PR that's received their letters yet.
24:08
planner today at 4: So if this is not a right of survivorship asset then I'm gonna, I'm gonna err, on the side of going with the attorney that you really have to wait until those have been given.
24:19
planner today at 4: I think I need to have a conversation with her to really pin this down a conversation with another attorney.
24:24
planner today at 4: I have seven or eight attorneys that refer me.
24:26
planner today at 4: And if I were to ask this question, I'd probably have five of them all come up with the same answer and two that would give me different answers.
24:34
planner today at 4: So just because they went through law school and they helped.
24:37
planner today at 4: Set up trusts and estates and do probate doesn't mean that they're going to always agree a hundred percent of the time.
24:43
planner today at 4: So always have a few build, build relationship with a few other attorneys somehow.
24:47
planner today at 4: All right.
24:48
planner today at 4: Great.
24:48
planner today at 4: Thanks so much.
24:49
planner today at 4: Perfect, complicated and interesting case.
24:52
planner today at 4: I appreciate you bringing it to the table.
24:54
planner today at 4: Next up is phone number ending in zero zero five five.
24:58
planner today at 4: You're up next.
24:59
planner today at 4: Hello.
24:59
planner today at 4: Nice gentlemen.
25:00
planner today at 4: Mike here, I got a question for you.
25:02
planner today at 4: I know Chad is working on a, on, on, on a new version of the mastery and but, and if this is already answered somewhere on a video or something, please put them in a direction, but this is a general asset protection question.
25:18
planner today at 4: And and just to tell you my setup, obviously I'm doing this, this stuff, family transitions type business, but is it really a business I'm not really earning anything I'm really helping bring together.
25:28
planner today at 4: And I'm it's really a marketing piece to figure out how I can best serve an estate.
25:33
planner today at 4: So what I've done is I have this subchapter S Corporation.
25:36
planner today at 4: I filed a DBA and I put the name of the the family transitions thing there.
25:41
planner today at 4: I also did that for my my house, with the company to which, which will either take proc, title and either the management company or a couple of other LLCs if I ever do take some in a flip.
25:52
planner today at 4: So my question to you is.
25:54
planner today at 4: What more should I be doing if for this family transitions business, do I need more than a DBA if I'm not really generating income and having really expenses?
26:05
planner today at 4: It, what's your suggestions?
26:07
planner today at 4: Any ideas I'll take a first shot at that.
26:10
planner today at 4: The one thing I would tell you is that, yeah, I'm sorry, Bruce.
26:13
planner today at 4: One thing I would tell you is that.
26:14
planner today at 4: We, as we said, on the earlier call, giving you legal and financial advices, we'll give you some general advice.
26:20
planner today at 4: The first part of this is if you don't have an asset to protect, then you don't need, going to worry about it too badly.
26:26
planner today at 4: If you're not taking a lot of money.
26:27
planner today at 4: And however you need to also look at liability as well.
26:31
planner today at 4: And certainly the one question I would ask you is if you're growing your businesses and all of that, have you looked into any kind of liability insurance?
26:38
planner today at 4: Let's start there.
26:39
planner today at 4: Have you done that?
26:40
planner today at 4: No.
26:41
planner today at 4: Okay.
26:42
planner today at 4: So you, if you're going to be dealing with anything like that, where you've got money coming in and all of that, we want to just make sure that you're, you're covering your backside.
26:52
planner today at 4: You want to get the right advice to do that.
26:55
planner today at 4: There's a company out there called Hiscock A I S, C O C K, or A I S.
27:00
planner today at 4: K O K H I S.
27:02
planner today at 4: K O K.
27:03
planner today at 4: They're one of the less expensive ones out there and they offer some good inexpensive, single proprietor kinds of insurance.
27:08
planner today at 4: So that's one thing to look at.
27:10
planner today at 4: The other part of it is that you need to be really careful about your potential tax considerations.
27:16
planner today at 4: And the reality is that if you're doing this and doing it well, you are going to take money in and you need to get advice from your own tax planner or your own CPA and all that sort of stuff.
27:26
planner today at 4: They will also likely direct you to.
27:29
planner today at 4: An attorney for the same things.
27:30
planner today at 4: We're pretty religious about saying you need to be making sure that you've got all your T's crossed and I's dotted in your local marketplace because we have no clue what local issues apply.
27:41
planner today at 4: And you've got to get a better answer and I'm going to back to the earlier caller, the same kind of deal, establish a great relationship with an attorney that you can bounce, any kind of questions like this off.
27:50
planner today at 4: Cause they can quickly.
27:51
planner today at 4: Give you the answer and I'm going to camp on Bruce's.
27:54
planner today at 4: You get more than one opinion because you will likely get multiple answers and you need to, it's like everybody thinks doctors are religious figures and they are, but they're human beings and people have opinions about things.
28:05
planner today at 4: There are certain basics, but you need to get as much info as you can.
28:08
planner today at 4: And you're doing the right thing by making sure you've got your act together, but ask the right people in your market.
28:13
planner today at 4: Sure.
28:14
planner today at 4: I appreciate that answer.
28:15
planner today at 4: So I'm going to give you three different answers and they're not necessarily answers, but number one is to the attorney.
28:22
planner today at 4: Cause you are building a family transitions and a probate side of your business and doing that.
28:28
planner today at 4: You need good estate.
28:31
planner today at 4: Planning attorneys and probate attorneys.
28:33
planner today at 4: It's interesting that a lot of business planning attorneys also are either directly partnered with, especially the smaller wins or or have also do estate planning.
28:46
planner today at 4: So the first thing that I would do to help answer your question is tell you to go look up someone who is a business planning attorney, and look specifically to see if they're a mid-sized small practice also does estate planning, or if they specifically do a state planning, two of my business attorneys in my market are also estate planning attorneys, and those are the two things that they do.
29:10
planner today at 4: They.
29:11
planner today at 4: I don't want to say that they go hand in hand, but a lot of times you can kill two birds with one stone.
29:15
planner today at 4: You can get your business set up properly and you can establish a great relationship with that probate and estate planning attorney.
29:21
planner today at 4: The next thing that I was going to say is.
29:23
planner today at 4: As much as you want to do this, I want to cost you in you.
29:26
planner today at 4: And I'm going to caution you because I hear this from a thousand different people all the time.
29:32
planner today at 4: A lot of people ask these questions and sometimes worrying about how you're going to set things up.
29:38
planner today at 4: Can slow you up from the actual money producing activity of picking the phone up and sending the letters out.
29:44
planner today at 4: So don't let.
29:45
planner today at 4: Your cells get bogged down and the legal aspects of this or the aspects of setting up the perfect LLC.
29:53
planner today at 4: Yes, it should be done, but it's something that can be added in after you're really rolling with your business.
29:58
planner today at 4: So cart before the horse a little bit potentially.
30:01
planner today at 4: And then the last thing I was going to do is I was just going to throw in a a little Plug for Hiscox insurance as well.
30:08
planner today at 4: Tim spelled it wrong though.
30:09
planner today at 4: H I S C O X.
30:11
planner today at 4: They offer great liability and errors and omissions insurance.
30:14
planner today at 4: And I think that's probably one of the first things that you should really get.
30:18
planner today at 4: Beautiful now you, so I've got three hats aware.
30:22
planner today at 4: One is a realtor and I don't, I do things in my own personal name if I'm getting a commission.
30:27
planner today at 4: And then there's the.
30:28
planner today at 4: Investor side of things, which I usually have a an LLC or, taking title.
30:33
planner today at 4: And then there's the property management side, which is really not a very big things business, really.
30:38
planner today at 4: You think his hit this Cox?
30:40
planner today at 4: Can I have the conversation with them?
30:42
planner today at 4: They can help me out with all three of those.
30:44
planner today at 4: Yeah.
30:44
planner today at 4: Two I go through.
30:45
planner today at 4: Yeah.
30:46
planner today at 4: Alrighty.
30:46
planner today at 4: And and that was great advice by the way.
30:48
planner today at 4: Unfortunately, I'm still trying to find guys who do the estate planning that also, because ideally, I want to learn about trusts in terms of putting things in land trusts for asset protection, when I'm flipping homes or buying homes or rentals and Over here in New Jersey, not a whole lot of them know about that.
31:05
planner today at 4: So you can find an estate attorney, a business attorney, and they'll, they'll look at you like a deer in headlights when you start talking about, Hey, I want to structure my flips and my real estate investing with this.
31:16
planner today at 4: And they don't know.
31:17
planner today at 4: So that's I'm sure there's somebody out there, but I'm keep, I'm still looking for, Hey, set up rule real estate attorney can do that.
31:24
planner today at 4: I'm sorry.
31:24
planner today at 4: What'd you say, Bruce?
31:25
planner today at 4: A real estate attorney can help you with that as well.
31:29
planner today at 4: Obviously, I would imagine.
31:31
planner today at 4: Yeah.
31:32
planner today at 4: Yeah.
31:32
planner today at 4: I agree.
31:32
planner today at 4: Go ahead.
31:33
planner today at 4: I'm sorry.
31:33
planner today at 4: We're stepping off.
31:34
planner today at 4: Stepping on each other call I was going to say is if you'll send a request in to support at all the leads we have possible we're in Jersey yard, in ocean County.
31:44
planner today at 4: Okay.
31:45
planner today at 4: So send a thing into support.
31:47
planner today at 4: And asked for a referral to someone in notion County that can help you.
31:51
planner today at 4: I may have somebody that I can point you right.
31:53
planner today at 4: To do that in Jersey.
31:54
planner today at 4: Sure.
31:54
planner today at 4: It could be ocean County could be mamas County.
31:56
planner today at 4: I'm a little flexible with that.
31:57
planner today at 4: And the answer you Bruce know that they, the real estate attorneys don't, that's what I was saying.
32:02
planner today at 4: I have not found one.
32:04
planner today at 4: I love it doing this for awhile.
32:05
planner today at 4: I've not found one of them that, that knows about land trusts.
32:10
planner today at 4: So it's just it's challenging.
32:12
planner today at 4: Otherwise I wouldn't be asking this question, but thanks.
32:14
planner today at 4: Thanks so much guys.
32:15
planner today at 4: And I'm going to send that, I'm going to reach out to his Cox and I'm going to also send that email to support and thanks so much for that feedback.
32:23
planner today at 4: Thank you, Michael.
32:23
planner today at 4: Appreciate it.
32:24
planner today at 4: We've got two more in the queue guys.
32:26
planner today at 4: We can probably have a couple more jump in, just hit star six and then hit pound.
32:30
planner today at 4: Or is it star six and hit one star six and it would next up is phone number ending in six five one one.
32:37
planner today at 4: You're up next.
32:38
planner today at 4: Can you hear me?
32:39
planner today at 4: Yes, sir.
32:40
planner today at 4: Loud and clear.
32:41
planner today at 4: Okay.
32:42
planner today at 4: All right.
32:42
planner today at 4: Very good.
32:43
planner today at 4: You have a question for you.
32:44
planner today at 4: We are, I joined all the leads back at the end of 2016 and we have.
32:51
planner today at 4: Paid for a bunch of leads back in that last month.
32:54
planner today at 4: And then through 2017, but I was talking to support this morning and I was going, gosh, it'd be nice to go out and bring all those old leads back into this new platform that you have.
33:05
planner today at 4: So my question is, and I've got about let's see, 927 full contacts.
33:12
planner today at 4: Two, primarily 2017.
33:14
planner today at 4: Is it worth running those through probate plus?
33:17
planner today at 4: So when you say bring them back in terms of, are you saying just to get them to go ahead and run them through probate plus?
33:24
planner today at 4: Or is that your point?
33:25
planner today at 4: Yeah, so I've got 927 leads from four years ago or three years ago.
33:30
planner today at 4: Is it worth going ahead?
33:31
planner today at 4: And I've got them in the database.
33:33
planner today at 4: Is it worth running them through probate plus to see what when you get done?
33:37
planner today at 4: Yeah.
33:37
planner today at 4: So here's the answer to your question.
33:38
planner today at 4: Thanks.
33:39
planner today at 4: Don't do them all.
33:40
planner today at 4: We could, we'd be happy to take more of your money.
33:43
planner today at 4: That's not the answer.
33:44
planner today at 4: Don't do them all go back and take the.
33:47
planner today at 4: Newest of the old, in other words, go back about a year and run those through and look and see what you get out of that.
33:54
planner today at 4: And once that's done, you may decide to back up another year and do that.
34:00
planner today at 4: I think maybe four years out, you might get some interesting historical perspective, but.
34:05
planner today at 4: That may be a little older even than we would recommend, but I don't know what's going on in your market.
34:09
planner today at 4: It's hard to say, but don't do them all at once.
34:12
planner today at 4: I don't want you to, spend a whole bunch of money and then be disappointed with the results, but do them a year back is a really good idea.
34:18
planner today at 4: Yeah.
34:18
planner today at 4: I was going to suggest something similar for me.
34:21
planner today at 4: This is Steven, right?
34:22
planner today at 4: Steven, correct?
34:23
planner today at 4: Yup.
34:24
planner today at 4: Yeah, for me, the sweet spot is one to two years old.
34:27
planner today at 4: I do exceptionally well.
34:29
planner today at 4: Buying and flipping houses in the one to two year Mark.
34:31
planner today at 4: I don't know that I've tried to go back to, three or four.
34:34
planner today at 4: And I'm, I agree with what Tim said, start with the newer ones first, but I also would say, it just depends on your budget and what kind of ROI you're looking for.
34:44
planner today at 4: To do all of them would be about $1,800, but if you got, I don't know what your average profit is.
34:51
planner today at 4: If you've got one deal out of it, It may be worth it.
34:54
planner today at 4: I suspect there are some in the three to four year old group, it might be 1%, in the one to two year old group.
35:00
planner today at 4: Maybe it's 5%.
35:02
planner today at 4: So your, your risk reward ratio is going to be better with the one to two than the three and four, but I'm not sure depending on what your budget is and your appetite, for how much business do you want and how much you're willing to spend it.
35:15
planner today at 4: I wouldn't definitely say don't do them all.
35:17
planner today at 4: I think Tim's suggestion of do the.
35:19
planner today at 4: Do the one or two first.
35:20
planner today at 4: And then if you get any kind of results, use that profit to fund the three and four year olds.
35:24
planner today at 4: It's I don't think it's ever a bad idea.
35:27
planner today at 4: There, there are some people there that, have put it off and now they're tired of being landlords.
35:32
planner today at 4: They finally.
35:33
planner today at 4: Have come to a consensus with the family, the sister that was living there has moved on, there's all kinds of issues.
35:39
planner today at 4: Why people wait a long time to do something.
35:42
planner today at 4: So anyway, it's not, there's no cut and dry the answer, but just depending on what you're looking to accomplish and how much you want to spend, Bruce, you had something you wanted to add.
35:50
planner today at 4: Yeah.
35:51
planner today at 4: I'm also going to tie it to letters.
35:53
planner today at 4: So if you're going to go back through and you're going to Mark it to even your four year old bleeds, and you were, if you were going to send letters to those as well then you know, it might not necessarily be worth it if you're just going to send one or two letters to that list, but if you're going to do three letters actually it might be worth it.
36:11
planner today at 4: Even with two, if you're going to do mail on top of it, then it would pay for itself just in the people that you were able to cut out of the list.
36:20
planner today at 4: The only thing that I would add to what Tim and Jim said is it depends on whether you're also going to do mail to the, to those lists.
36:28
planner today at 4: And if you are, if you're going to do two or three letters by all means, I think it's worth it.
36:32
planner today at 4: It'll save you money.
36:33
planner today at 4: Yeah.
36:33
planner today at 4: But I, yeah, and I hear what all of you said and go back to what tends to suggest was, I guess we just take that first group of leads and see how that kind of works out, but okay.
36:43
planner today at 4: Makes sense to me.
36:44
planner today at 4: Perfect.
36:45
planner today at 4: All right.
36:45
planner today at 4: Appreciate it.
36:46
planner today at 4: Keep working.
36:47
planner today at 4: The old leads, the beginning of the call, we said, work the newbie.
36:50
planner today at 4: We got an example of work of the doulas, but a week doesn't go by that.
36:53
planner today at 4: We don't preach to you guys.
36:55
planner today at 4: How valuable the older leads are.
36:57
planner today at 4: You've got zero.
36:58
planner today at 4: When you get beyond the year there, you've got zero competition.
37:02
planner today at 4: Probably when you get beyond six to nine months, there's nobody else.
37:05
planner today at 4: That's still in touch with these people.
37:07
planner today at 4: We only have one more person in the queue.
37:09
planner today at 4: I don't think we've ever ended one of these calls early.
37:12
planner today at 4: So please hit star six and hit one and jump in.
37:15
planner today at 4: There we go.
37:16
planner today at 4: We got three now.
37:17
planner today at 4: Next up is phone number ending in zero five, one six.
37:21
planner today at 4: You're up next.
37:22
planner today at 4: Great.
37:23
planner today at 4: I am in the Austin, Texas area.
37:26
planner today at 4: So my lead that I spoke to yesterday, it was eighties.
37:30
planner today at 4: His son passed away a 29.
37:32
planner today at 4: The father and son were both on the title, but the father does not live in that house.
37:36
planner today at 4: So it's empty right now.
37:37
planner today at 4: There's no will no children.
37:39
planner today at 4: There is an ex-wife, who's empty the house out already.
37:42
planner today at 4: And according to the father that I spoke to last night, he said, the attorney says nothing can be done with the property until it goes to probate fully.
37:49
planner today at 4: So I did hear the earlier call of someone in a.
37:52
planner today at 4: Not the same, but I understand there's something called muniment of title.
37:56
planner today at 4: Now.
37:57
planner today at 4: Is there any additional suggestions you'd give me other than what you gave the previous caller, first of all, what state are you in?
38:03
planner today at 4: Austin, Texas.
38:04
planner today at 4: Oh, okay.
38:04
planner today at 4: So yeah, the minimum title does apply.
38:06
planner today at 4: Okay, great.
38:07
planner today at 4: Bruce suggestions.
38:08
planner today at 4: Yeah.
38:09
planner today at 4: There's no but the father is on the title, yeah.
38:12
planner today at 4: It depends whether it's a beneficiary asset or not.
38:14
planner today at 4: And whether there's right of survivorship.
38:16
planner today at 4: I know I'm just parroting what we said earlier.
38:19
planner today at 4: The reality.
38:21
planner today at 4: Is it's pretty rare.
38:22
planner today at 4: I always hate disagreeing with attorneys because most of the time I just don't I'll go with what they say, but in this particular case, I don't, I just don't understand.
38:32
planner today at 4: Even if it wasn't a beneficiary asset, even if it did have to go.
38:36
planner today at 4: Into probate into and through probate are two completely different things.
38:41
planner today at 4: And you can almost always with a few exceptions, almost always sell an asset while it's in probate, as long as the money isn't distributed to the heirs.
38:50
planner today at 4: If the attorney is saying that the that you can't even list or sell the asset while it's in probate, 99% of the time.
38:58
planner today at 4: That's not going to be the case.
38:59
planner today at 4: Now I can't speak to this individual, the circumstances around this deal, but you might want to bounce it off of another attorney.
39:06
planner today at 4: Just as a of I did research.
39:08
planner today at 4: Oh, I'm sorry.
39:09
planner today at 4: I did research the attorney and he's under commercial real estate.
39:12
planner today at 4: He's not, he doesn't list probate anywhere on his website.
39:15
planner today at 4: So it may not be something he specializes in.
39:17
planner today at 4: Yeah.
39:18
planner today at 4: Yeah, I would go, I would ask another attorney or ask the client if they're willing to talk with another attorney, that would probably be the better the better thing to do is have the client talk with another attorney that specifically does estates and probate.
39:31
planner today at 4: Cool.
39:32
planner today at 4: Cool.
39:32
planner today at 4: Cool.
39:33
planner today at 4: All right, come back and let us know when you get the deal together.
39:35
planner today at 4: Thank you, Michelle.
39:36
planner today at 4: Awesome.
39:37
planner today at 4: Thank you.
39:37
planner today at 4: Perfect.
39:38
planner today at 4: The last person now in the queue and we do have room for more star six and hit one.
39:43
planner today at 4: But right now the last one in the queue is phone number ending in one, five, eight, three.
39:48
planner today at 4: Hey what's up?
39:49
planner today at 4: I have two questions for y'all.
39:51
planner today at 4: You got 12 minutes.
39:52
planner today at 4: So go ahead and ask three.
39:53
planner today at 4: You got plenty of time.
39:54
planner today at 4: I was trying to, I'm going to Atlanta, Georgia area.
39:56
planner today at 4: And my first question, when I'm on the phone and after I get through my probate pitch and then they I've been noticing a lot of them lately.
40:04
planner today at 4: Stop me and just say sir, can you please tell me what you want?
40:07
planner today at 4: Then they screws me up cause I was trying, so what do I want, I wanna buy the property that gets split.
40:12
planner today at 4: So what do I want?
40:13
planner today at 4: So yeah, they tells me that when they saved him, they be like, yes, sir.
40:17
planner today at 4: So what do you want?
40:18
planner today at 4: Yeah, Travis, I would say that that you're most likely.
40:22
planner today at 4: When we run into that, your elevator pitch, your introduction probably is getting a little long-winded.
40:28
planner today at 4: You've been on these calls before and you and I have talked before and wouldn't normally tend to think that you're reasonably concise.
40:34
planner today at 4: But if they're interrupting you and you're getting that frequently, then I would revisit that introduction and that pre, that pitch that you give and see if you can shorten it and make it more understandable.
40:46
planner today at 4: I work with a lot of people who get just confusing.
40:50
planner today at 4: And if I'm talking to you and I know that we're role-playing, and I know what you do when I start to even ask myself, what's this guy do again, then you know that the PR is going to be asking themselves that so revisit that I would highly encourage you to get a audio recording software for yourself.
41:06
planner today at 4: Something like audacity or something like that.
41:09
planner today at 4: It's free.
41:09
planner today at 4: Record yourself and then listen to yourself and specifically watch how long it takes you to do that introduction to that greeting.
41:16
planner today at 4: And the the other thing that I would really highly recommend is if you do get interrupted, because it happens to everybody, no matter how concise your pitches.
41:27
planner today at 4: If you do get interrupted, I would practice an active listening technique where you basically just repeat in your own words, not the exact same way that they've asked, but in your own words, repeat what they've asked and then say, it sounds like you really want me to get to the point, right?
41:42
planner today at 4: Of course, they're going to say yes.
41:43
planner today at 4: And then you go to do that, I guess I probably ought to tell you why I do what I do.
41:48
planner today at 4: Could I do that?
41:49
planner today at 4: So you ask permission to tell them why.
41:52
planner today at 4: So they have.
41:54
planner today at 4: Explicitly now, given you permission to go straight to the heart of the matter.
41:59
planner today at 4: And that's when I would say the way I put food on my table is by selling real estate.
42:04
planner today at 4: Ultimately that's what feeds my family.
42:08
planner today at 4: But I also know that when you're going through probate, A lot of times, that's the last thing on your mind.
42:12
planner today at 4: You're still dealing with the state sales and property out, gutter cleaning and grass cutting and all these different things.
42:19
planner today at 4: And that's why I want to offer you my complimentary service of basically quarterbacking all those other responsibilities.
42:27
planner today at 4: And then I hope that if you ever got to the point where you're going to sell a house, that we could have a conversation about that too.
42:34
planner today at 4: Okay.
42:35
planner today at 4: I don't want to leave.
42:35
planner today at 4: I don't go there until someone has essentially asked me to go there or has given me permission to go there.
42:42
planner today at 4: Okay.
42:43
planner today at 4: Because I know that the same lady who said that she, I asked her, I couldn't tell her what I wanted.
42:48
planner today at 4: So see if I can follow me.
42:49
planner today at 4: She actually hung up on me and she's on COVID I'm out, hung up.
42:53
planner today at 4: Then when she hung up, I said, wow.
42:55
planner today at 4: So I called back, I called right back.
42:58
planner today at 4: I said ma'am, I don't really know what happened, but it seems like our phone got disconnected.
43:02
planner today at 4: And then she's there.
43:03
planner today at 4: I said, why are you so angry?
43:05
planner today at 4: And then she said sir, I'm not angry.
43:06
planner today at 4: It just, I don't know what you want.
43:08
planner today at 4: Then we asked to talk like 20 minutes.
43:10
planner today at 4: Okay.
43:10
planner today at 4: Get a good why statement.
43:12
planner today at 4: So some, so get a good why statement that shows exactly what you get out of the deal.
43:17
planner today at 4: That's the biggest thing.
43:18
planner today at 4: If they don't know what you get out of the deal, the longer they go questioning themselves or questioning your motives, the less they trust you.
43:26
planner today at 4: And the more credibility you're ruining.
43:28
planner today at 4: So get a good why statement.
43:30
planner today at 4: That explains what you get out of it and get a good why statement.
43:33
planner today at 4: That explains what you're willing to do in order to earn the right to do the real estate deal.
43:38
planner today at 4: Ain't no, you're a hundred percent right over half of them.
43:41
planner today at 4: I talked to, they'd be trying to figure out how you get paid.
43:43
planner today at 4: You get paid somehow.
43:44
planner today at 4: So you right by the way.
43:46
planner today at 4: All right.
43:46
planner today at 4: Second question.
43:47
planner today at 4: I'm in the middle of a deal right now that I have on the contract.
43:50
planner today at 4: But now the brother is a sibling.
43:53
planner today at 4: He's a sibling that the mother had two houses.
43:55
planner today at 4: She left the brother and a sister one.
43:57
planner today at 4: I'm buying the sister house.
43:59
planner today at 4: She's the person that representative.
44:00
planner today at 4: But the brother, the brother he's not on bullet he's.
44:03
planner today at 4: I want him to talk.
44:05
planner today at 4: He don't want to look my way.
44:06
planner today at 4: He's not on bullying.
44:06
planner today at 4: You're not answering my phone.
44:08
planner today at 4: What do I need?
44:08
planner today at 4: How can I get out and get this to him?
44:11
planner today at 4: All right.
44:11
planner today at 4: I need you to recap the situation for me one more time.
44:14
planner today at 4: Sorry, everybody.
44:16
planner today at 4: I got lost there.
44:17
planner today at 4: I will laugh.
44:18
planner today at 4: I said I have a property currently on contract and the personal representative.
44:23
planner today at 4: She, the personal representative has a brother and the mother had two houses.
44:27
planner today at 4: She left one to the personal rep, which is a solicitor, and went to the brother, the assistant rubbish.
44:33
planner today at 4: And they the dad, the children now the sister house, the mother left her.
44:38
planner today at 4: I have hers on the contract, the brother, he's a sibling.
44:41
planner today at 4: I'm trying to reach out to him, talk with him and getting them both on board.
44:44
planner today at 4: So we can know, finish the process out.
44:47
planner today at 4: I can't reach him.
44:47
planner today at 4: He's not answering my phone and he don't want to talk to me.
44:50
planner today at 4: Is he ignoring you or do you know that he doesn't want to talk to you, but yeah.
44:54
planner today at 4: Yeah, actually I did talk to him once and when I talked to him last month and what was going on, I know he was very silent and now he's a Norman.
45:02
planner today at 4: Yeah.
45:02
planner today at 4: He's not meaning anything.
45:03
planner today at 4: He just ignore me.
45:04
planner today at 4: Yeah.
45:04
planner today at 4: All right.
45:05
planner today at 4: That, I'm not telling you to give up on him, do not give up on him, but you don't have rapport and you need to just work on gradually and politely following up.
45:15
planner today at 4: Be persistent, but don't be annoying.
45:18
planner today at 4: The more you push for it, the more he's going to ignore you.
45:22
planner today at 4: If he could just be super busy and dealing with other things and not thinking about you, that's probably what the case is.
45:29
planner today at 4: And he might be intentionally blowing you off.
45:32
planner today at 4: If he's intentionally blowing you off, you're not gonna convince him.
45:35
planner today at 4: I could give you the best argument in the world.
45:37
planner today at 4: And.
45:38
planner today at 4: It wouldn't necessarily work.
45:40
planner today at 4: We don't know which one of those it is.
45:42
planner today at 4: Just.
45:42
planner today at 4: Treat him just like any other lead that's in your list.
45:45
planner today at 4: That's never answered the phone.
45:46
planner today at 4: Keep sure.
45:47
planner today at 4: Delicately following up once a month, once every three weeks whatever you choose and and be polite about it, say, look, it sounds to me like you probably don't want to sell the house.
45:59
planner today at 4: If that's right, please just give me a call back and let me know.
46:02
planner today at 4: But if selling the house is something that you might want to do in the future I'd love to talk with you and all I really wants to be included in that conversation.
46:10
planner today at 4: If you do.
46:10
planner today at 4: And Travis.
46:11
planner today at 4: Was going to add you are the brother and sister in pretty good terms with each other as far as yeah.
46:16
planner today at 4: It was.
46:16
planner today at 4: So as far as I know, I talked to the sister every day when I talked to her, she just says that a hundred brother not mad, but they don't really talk.
46:23
planner today at 4: And the sister, do you, are you buying the house or did you list it and sell it?
46:27
planner today at 4: Yeah, I'm buying it as a cash.
46:29
planner today at 4: A cash deal.
46:30
planner today at 4: Okay.
46:30
planner today at 4: Yeah, I might just say to her, Hey, I just want to make sure that you're pretty happy with my service so far.
46:35
planner today at 4: Would you mind do me a favor, like putting in a good word with your brother?
46:38
planner today at 4: I haven't been able to get through to him cause I can do the same thing for him.
46:41
planner today at 4: Use her as a satisfied past client.
46:43
planner today at 4: See if she'd reach out to the brother.
46:45
planner today at 4: She may or may not be willing to do it, but if she's happy with the job you're doing and you've done everything you promised.
46:51
planner today at 4: You may have better luck, getting in the side door then trying to kick it in, kick the front door in yourself.
46:57
planner today at 4: Okay.
46:58
planner today at 4: Hi.
46:58
planner today at 4: It sounds you make sense now, what was that free service you say about the recording?
47:02
planner today at 4: What was the name of it?
47:03
planner today at 4: Oh, just there, there are a million of them out there.
47:05
planner today at 4: One that's good is audacity.
47:08
planner today at 4: Another good one is just script.
47:10
planner today at 4: Audacity.
47:11
planner today at 4: Okay.
47:11
planner today at 4: And another good one is called descript, which also gives you a transcription as well.
47:16
planner today at 4: It lets you delete words out of the transcription.
47:18
planner today at 4: It'll take the audio out.
47:20
planner today at 4: You're really doing this for yourself though, so that you can hear yourself and understand if you're getting too long-winded and you've got to think critically and ask yourself is what I'm doing.
47:29
planner today at 4: Is it clear?
47:31
planner today at 4: Is it concise?
47:31
planner today at 4: And am I losing people?
47:33
planner today at 4: And the best way to do that is to listen to yourself.
47:35
planner today at 4: Okay, sounds good.
47:36
planner today at 4: All right.
47:37
planner today at 4: Appreciate it, Travis, and go.
47:39
planner today at 4: It never fails.
47:40
planner today at 4: We've had six people jumping the queue in the last three minutes.
47:43
planner today at 4: We got time for one more today, guys.
47:45
planner today at 4: You other five.
47:47
planner today at 4: If you need help don't wait until next week.
47:49
planner today at 4: Just reach out to support@alltheleads.com and one of us will call you back personally.
47:53
planner today at 4: So last up in the queue this week is phone number ending in six, six, eight, seven Europe.
47:59
planner today at 4: Last.
48:00
planner today at 4: Hey, can you hear me?
48:01
planner today at 4: Yes, sir.
48:01
planner today at 4: Okay.
48:02
planner today at 4: So this may be a little bit different.
48:04
planner today at 4: I'm in Ohio and we actually have not sure if you're all familiar with it.
48:08
planner today at 4: So I'll ask first, are you all familiar with the 80% rule where a property goes in the probate and once it's sold, it has to sell for 80% of the appraised value or in the counties of value.
48:21
planner today at 4: Let me ask you a question because that's something that, obviously things like that vary from state to state, but that usually only applies if there, if it's a corner court appointed executor, is, does that, is that if there is a, if there is a executor named in the will, does that also apply not up there as an executor name and then the wheel, but there is a PR.
48:44
planner today at 4: Or wielding.
48:46
planner today at 4: Yes.
48:47
planner today at 4: Yes.
48:48
planner today at 4: Okay.
48:48
planner today at 4: Yeah, it's the same thing in California that you have to get court authority if it's not, if the PR gets involved, if there's someone named in the will, you're good.
48:57
planner today at 4: It doesn't apply.
48:58
planner today at 4: If if the courts involved, then they do, they have an overbid process in California.
49:02
planner today at 4: So I'm not familiar.
49:04
planner today at 4: We're not familiar specifically with Ohio but that's pretty, that's not unusual in quite a few States around the country.
49:10
planner today at 4: So what's your question.
49:11
planner today at 4: My question was I've had quite a few properties where I haven't been able to get around that, that 80%.
49:18
planner today at 4: So I was just gonna ask if they were around that.
49:20
planner today at 4: So you're trying to buy the property.
49:22
planner today at 4: You're an investor.
49:23
planner today at 4: Yes.
49:23
planner today at 4: I'm going to buy that property.
49:25
planner today at 4: So that's most of the time when I.
49:27
planner today at 4: When I go and look at them, they're not worth the 8%, so we have to offer less.
49:32
planner today at 4: And the only reason I'm even bringing this up is because I actually just got some misinformation yesterday that I'm actually trying to a fight with the well, not fight, but trying to bring up to the attorney because they told the PR that they could not sell the property while it was in probate.
49:48
planner today at 4: It had to be over with.
49:50
planner today at 4: And when I heard you all say that, I was like, so I'm wondering if you all know about this.
49:54
planner today at 4: So that's why I'm asking th this is going to sound a little flip and I'm half kidding, but just specialize in properties that have a will and executors.
50:02
planner today at 4: I did, y'all have that problem with Kevin.
50:05
planner today at 4: Give us that you have it.
50:06
planner today at 4: It's not too much, unlike a short sale.
50:09
planner today at 4: Sometimes what work is, do a good job.
50:12
planner today at 4: Maybe spend a hundred bucks and have a comprehensive inspection done and send a list of everything that's wrong to the executor.
50:19
planner today at 4: If you think it's worth or documented yourself, go through the property because it's not just, they're probably looking at comps and a computer and, maybe help them help the court come to the conclusion that it's, that your 70% offers is a pretty good one.
50:32
planner today at 4: And any other ideas for how we can get around that.
50:35
planner today at 4: No, I would just repeat what you just said.
50:38
planner today at 4: There I've had several fiduciaries assigned to deals that I worked and once the fiduciary is assigned, it depends where they're getting their appraisal number is it's just off of a computer algorithm.
50:49
planner today at 4: Then you could provide a different appraisal and have a shot at it, getting it.
50:54
planner today at 4: But if they got an appraisal.
50:56
planner today at 4: They're going to have to see proof that that it's not going to sell for 80% and I would just get my offer in and and then resubmit it, if it doesn't go for the 80% plus.
51:06
planner today at 4: So you might need to submit your offer a few times.
51:09
planner today at 4: But once that process has started, it's hard to get it out.
51:12
planner today at 4: If you find out that.
51:14
planner today at 4: It is a single offer.
51:15
planner today at 4: And they've either gotten a BPO or they're just pulling comps in the marketplace.
51:20
planner today at 4: I think if you ask her directly into the whoever the administrator is, I look at into, we're trying to get the thing done and we definitely want to go do this.
51:28
planner today at 4: And.
51:29
planner today at 4: Is there an alternative, is there an opportunity to look for a different appraisal on the property?
51:34
planner today at 4: Sometimes they can accept a substitute BPO or, just generally a substitute appraisal.
51:40
planner today at 4: And if they want to work with you, they will, they'll find a way to get this.
51:43
planner today at 4: Then one other thing that just occurred to me.
51:46
planner today at 4: One of, one of the things that just occurred to me, it sounds like you're a buy and flip.
51:49
planner today at 4: But if you could find an end-user, you could, if your margin is tighter, if you need to buy for 70 and you can only get it for 80, you might be able to.
52:00
planner today at 4: Wholesale it to to somebody else for, for 92, an owner occupant, even some of the wholesalers out there will pay 90% and they try to find somebody that'll pay close to market value.
52:11
planner today at 4: So you might want to find a, either a wholesaler or, try to find it in buyer.
52:15
planner today at 4: If it's worth your trouble, it's obviously cutting your margin down, but it also, if you don't actually have to close on it, it cuts down the amount of work you have to do to get paid.
52:24
planner today at 4: Yeah, absolutely.
52:25
planner today at 4: Absolutely.
52:25
planner today at 4: And I appreciate all that.
52:27
planner today at 4: I was just curious.
52:27
planner today at 4: I didn't know if maybe you guys just had a one, two, three, four, Hey, try this.
52:31
planner today at 4: And that'll get me through the door, but I appreciate all the help.
52:34
planner today at 4: All right, sir.
52:35
planner today at 4: We appreciate each and every one of you, we appreciate we wanna thank all of you for showing up today.
52:40
planner today at 4: I want to particularly thank those that actively participated, and I want to challenge each of you.
52:45
planner today at 4: Take one, thought one idea.
52:47
planner today at 4: One thing that inspired you on this call, go out and put it into practice and come back next Thursday and share your results with the group.
52:55
planner today at 4: Be productive, be safe, and we will talk to you the same time.
52:58
planner today at 4: Next Thursday, everybody.