Latest / All The Leads Mastermind Podcast / Eddie's Deal: Profit Margins vs. Appraisal Requirements | Probate Mastermind Podcast #330

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Eddie's Deal: Profit Margins vs. Appraisal Requirements | Probate Mastermind Podcast #330 · All The Leads Mastermind Podcast

0:00
Welcome to the Probate Mastermind Podcast.
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These episodes are recorded live once a week and are hosted by the AllTheLeads.com coaches.
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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.
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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 awesome agents and investors nationwide today is Thursday, June 3rd, 2021.
0:42
https: And this is mastermind podcast.
0:44
https: Number 330, a couple of quick reminders.
0:48
https: Bruce should be here momentarily.
0:49
https: My partner, Tim is on the road today.
0:51
https: Bruce is finishing up a coaching call and he'll be here momentarily just to remind you that we do have two ongoing contests every week.
1:00
https: We have our winner of the week, which just requires either a listing or a sales contract, probate specific.
1:08
https: And then we have our idea of the week.
1:11
https: Since the incredible sellers market has become stronger all the time, we're just looking for outside the box ideas and we've had some great ones lately.
1:20
https: Joe Lehman shared with us the idea of prospecting absentee owners.
1:25
https: A lot of time, those people were unintentional landlords.
1:28
https: I thought that was a great idea.
1:30
https: And then we had an idea last week.
1:31
https: Someone was I think it was Carol was cross-referencing the leads and looking for unclaimed property.
1:37
https: And she was leading with that kind of a really unique way of providing extra value.
1:42
https: We're open for any ideas that you guys have and it looks like I'm going to go it alone here, guys.
1:48
https: Bruce will be here momentarily, but we do have three in the queue.
1:52
https: We always have room for more.
1:53
https: So let's go ahead and get started.
1:55
https: Appreciate y'all being on time.
1:56
https: Let's go to our first caller first up this week, his phone number ending in nine nine zero two.
2:02
https: You're up first.
2:03
https: Hi, this is Rick Wilson linesmen Realty here in the Charlotte area.
2:09
https: It's sunny to how are we doing?
2:11
https: I have to say, I'm not sure who I'm talking with.
2:14
https: I apologize.
2:15
https: Oh, that's okay.
2:15
https: This is Jim solid.
2:16
https: Jim Sullivan.
2:17
https: Jim, I'm one of the no, I said, I thought you, I thought the, when you were talking, you said you mentioned that Jim meaning yourself was out.
2:27
https: No Tim is on the road and Jim is here.
2:30
https: Okay.
2:30
https: All right.
2:30
https: You're onboard.
2:31
https: Okay.
2:31
https: So anyway, no, I was actually attending webinar this week on zoom using the zoom platform, because I thought that would come in handy.
2:40
https: Obviously during the, this virus pandemic, it would have been more helpful.
2:45
https: Had I been able to use it or have a purpose I should add, but now I see that I may have a purpose for using this regardless, because.
2:54
https: A lot of times it's easier for people to get on zoom or some other platform.
2:58
https: Like it.
2:59
https: And meet with you as opposed to driving somewhere or meeting somewhere.
3:04
https: I think there has a lot of feel and I wanted to get your take Jim on I know a little bit about zoom, not enough to really Use it effectively yet.
3:13
https: I've got it.
3:14
https: I've got a really vocal down and steady to the platform, but I also have, I think I've heard of another platform or two out there and wanted to get your take on what you thought was the easiest one to use.
3:27
https: And the one easiest to learn.
3:30
https: Maybe they're not both the same.
3:32
https: And I hear about tips about you need to wear makeup.
3:36
https: You need to.
3:37
https: Lighting and cameras and all that.
3:39
https: Get your custom camera crew ready at.
3:41
https: Fortunately Bruce came on just in time.
3:43
https: Bruce's here now.
3:44
https: I am the second oldest and least technologically proficient of my partners and Bruce's the youngest and most proficient.
3:52
https: So he arrived.
3:52
https: He arrived just in time.
3:54
https: The the question Bruce from Rick was.
3:57
https: He's just getting used to using zoom.
3:59
https: And if you had any tips for using it and you probably heard the rest of it, if there's anything else that you think is any better.
4:05
https: Yeah.
4:06
https: Rick, did you have a specific extra platform that you were going to ask about or or were you asking?
4:12
https: Not actually, I know nothing really comes to mind.
4:16
https: I know that they're out there.
4:17
https: It's gotta have some competition.
4:19
https: I think I'm sure it's one or two, but I've just.
4:22
https: Zoom is so while they dominate the platform or the it's pretty much because in my opinion they're the best.
4:30
https: I think that there are some others that are popping up occasionally that that are good.
4:35
https: There's some old platforms you've got the go to meeting.
4:38
https: You've got a webinar pro there's go to webinars, different platforms like that.
4:43
https: Some of them are better at certain things that zoom does, but zoom kinda, I like it cause it's the most, all round platform that can do it all.
4:52
https: Even though it might not be the best in every single area, but I'll tell you when you're doing zoom meetings, whether it's with clients or whether you're maybe educating, educating your leads.
5:03
https: Which by the way is a great way to, to generate probate businesses.
5:07
https: Do periodic classes with maybe an attorney or maybe an estate sale company, do some classes and invite a bunch of leads into it, a bunch of your people that you're prospecting into it.
5:17
https: But when you're doing this.
5:18
https: It's, it is important that you have good sound.
5:21
https: Sound is probably the most important thing.
5:24
https: Your visual appeal is the second most important thing.
5:27
https: So sound.
5:28
https: I've found.
5:29
https: And I know you guys, this isn't probate related, so I'm going to make it quit.
5:33
https: Sound can be solved with a headset that you plug into your laptop.
5:38
https: So I use the job evolve, headset, job evolve.
5:43
https: Good sound in my ears.
5:44
https: Good sound.
5:45
https: Coming through my voice or.
5:48
https: You could go out and you could get yourself a blue Yeti microphone.
5:52
https: Cause I don't care what people sound like on my end, as long as the sound into the class or into the meeting is good.
5:59
https: So a blue Yeti microphone just plugged into your into your computer through zoom is.
6:05
https: Is amazing sound.
6:06
https: That's what I use when I teach classes.
6:09
https: And then all you really need to do for lighting and visibility is maybe get yourself an external webcam, a Logitech pro not Logitech pro Logitech webcam that just sits on top of your computer is really high 4k quality, and then get a couple of lights and bounce them off of the wall.
6:26
https: So you don't need to put them directly on you.
6:28
https: You need to put them close to the wall and bounce them off of the wall where it gives a nice soft light onto you.
6:34
https: So that's the approach when you're using zoom, whether it's face-to-face or one-on-one or you're teaching a group.
6:41
https: Okay.
6:42
https: Rick, I know very little about it, but I was just going to add wear pants and don't turn on your cat filter.
6:47
https: The last thing I'll ask know, we don't want to spend a lot of time on this, but does.
6:51
https: There's there.
6:52
https: You can go to YouTube, I'm sure there's plenty of advice and counsel on what to do there.
6:57
https: Cause sometimes you get bogged down.
6:58
https: Not, I don't know this about zoom, but cause I hadn't really studied that art, but then there's a lot of selling going on while you're trying to learn.
7:06
https: You, would you recommend their platform to teach you or go to YouTube or maybe both?
7:11
https: Are you talking about teaching you zoom?
7:13
https: Yeah.
7:13
https: Teaching there's certain tricks the way, for example.
7:17
https: Yeah.
7:18
https: Yeah.
7:18
https: Just go on YouTube.
7:19
https: Zoom is not a difficult platform to learn.
7:22
https: Just jump over on YouTube and and pop it in and they'll, you'll get about a million videos that I'll show you the same thing.
7:29
https: But it's really not difficult to learn.
7:31
https: You want the appropriate platform, there's different levels, but but even a basic one is good for you if you're using small groups and under 30 minutes, if you want more, you're going to end up paying like 10 or 15 bucks a month for anything that you would need.
7:45
https: Until you get big and then it costs a lot more.
7:47
https: Yeah.
7:48
https: Okay.
7:48
https: Interesting.
7:49
https: All right.
7:50
https: Listen, we'll start off small and go sit down.
7:52
https: I appreciate your advice Rick, before you go, I just gotta make a quick comment.
7:57
https: I think it's an interesting subject to bring up we're right on the cusp of things changing and just an example, our company for.
8:05
https: From 2013 until 2019, we had a physical presence at the real estate conventions.
8:11
https: We would do four or five of them a year and we did very well.
8:14
https: And now that everything's coming back to, more people in the room, people are vaccinated.
8:20
https: We're considering whether we want to do that or not.
8:22
https: And I think.
8:23
https: It's definitely worth keeping that in mind that a lot of people have become used to online meetings and a certain person, a certain percentage of your customers are going to greatly appreciate the time and say, then the efficiency of doing online meeting, you're going to have, you're going to have other customers that are touchy, feely, and are going to want you to show up.
8:43
https: So it's like it's.
8:45
https: Yeah.
8:46
https: It's like anything else though?
8:47
https: I think some people I've already started to notice that, that attitude a little bit with people like, you mean we can't do it on zoom, they become spoiled by being able to stay at home and do it.
8:58
https: So I think that option in any part of your business of giving the people that, that like the convenience, the option.
9:06
https: And giving the people that like the, person presence that option also.
9:11
https: So I think it's a timely thing and it's definitely worth playing with.
9:14
https: And considering, and you had something you were going to add?
9:16
https: No, I was going to say, I think it's indispensable at this stage, I think we've turned that corner.
9:22
https: And yes, like you said, I'm the touchy, feely side of myself.
9:25
https: Using this technology is a little uncomfortable.
9:28
https: I'm a little camera shy.
9:30
https: I'm not, a BW I'll never win another beauty contest.
9:33
https: So I'm past that part, but but I am vain enough to look into that camera.
9:37
https: I go, who's that old guy.
9:40
https: Yeah.
9:40
https: So I am, I have to overcome that, but I think I will.
9:43
https: I'm a salesperson.
9:44
https: I was born to be one, so get over it and run with it.
9:47
https: That's perfect.
9:48
https: Okay.
9:48
https: Great attitude.
9:49
https: All right.
9:49
https: We thank you for participating.
9:51
https: Appreciate it, Rick.
9:52
https: We have two more, two more in the queue guys.
9:54
https: We got plenty of room for more.
9:55
https: We got a pretty good presence on the call.
9:57
https: Don't be shy.
9:59
https: We're looking for our winner of the week.
10:00
https: We're looking for our idea of the week and just hit star six and then hit one.
10:05
https: And you can be next in the queue.
10:07
https: Next up.
10:08
https: His phone number ending in zero five, four, four.
10:11
https: How'd you even Bruce it's Mike Rekart again with the XP here in DFW.
10:16
https: And you might come, Hey, I haven't been on for awhile.
10:19
https: Hey, to the previous caller.
10:20
https: We'll I'll tell you zoom is like.
10:23
https: Fresh as the well in gardening, the whole thing is fresh.
10:26
https: It's as best as right.
10:27
https: For food and everything.
10:28
https: I don't know how you beat it in person.
10:30
https: There's just no message degradation.
10:32
https: So anytime we use any other tools, there's going to be some degregation, but sometimes that's all you have.
10:38
https: And that brings me to my hip or the week I got a call and said, Hey, you've sent me like three letters.
10:43
https: We need to talk now.
10:44
https: So that was great.
10:45
https: Just when I think that's just an ante up and it's very effective.
10:48
https: I've had three or four hits this year just from the letters.
10:51
https: So that's a big win.
10:52
https: My listing presentation is tomorrow in order to get to the list tomorrow, we had to do a zoom call with the heirs and sometimes when you guys go through your deals you'll realize that's one of the hardest things to get everybody on the same page, but zoom really well for that.
11:09
https: Okay.
11:10
https: And I was already warmed up with the trustee, so there was well trust there and the areas that were sensitive, it really paid off.
11:20
https: I think they could see you as much as they could feel you so to speak.
11:24
https: And it did help convey if I couldn't be in Massachusetts and Connecticut at the same time from Texas.
11:31
https: So sometimes it's just the right tool for the right place and it was all we had.
11:36
https: But I'll always opt for going ahead and being in person, if I could do that.
11:41
https: Okay, sure.
11:42
https: Yeah.
11:43
https: I actually got off, so I throw it for my 2 cents in, I don't know if I get deal of the week, but I'm going to get that listing tomorrow.
11:50
https: So you guys just tell me where to send the listing presentation so I can, I didn't know you had a contact.
11:55
https: I might've been on more.
11:57
https: No.
11:57
https: The, go ahead, to, to your point, Mike, And I think it's important that we recognize this there's a good mixture of real estate agents and investors that come to these calls.
12:08
https: And I think that this is good advice, no matter what type of business you're in on the investment side or real estate side.
12:15
https: But a lot of times we go out there and we're swinging for the fences we're going for that home run all the time.
12:20
https: And many times.
12:23
https: You spent so much time working in inside of your business or chasing that big deal or doing something that you forget what it's like to get on base.
12:32
https: I'm using that baseball analogy.
12:34
https: This I was just sharing with someone just before I jumped over here on, on our mastermind call that.
12:40
https: A few years ago, I was chasing an investment deal.
12:42
https: That was a development in Georgia, and I chased it for about eight or nine months.
12:46
https: And the day before I was about to make $2 million and that's it, as much as I'd like that to be peanuts, that's not what I was about to make $2 million in the deal fell apart at the closing table the day before.
13:01
https: And I.
13:03
https: Licked my wounds for a day.
13:04
https: And then I pulled back into my business and I looked at it and I went, man I haven't gotten on base with a base hit at all this week.
13:12
https: And I said to myself, I've got to go back to the Bund.
13:15
https: I've got to go back and just practice because baseball players, guys that have gone cold.
13:19
https: And they're swinging and missing it.
13:21
https: Everything they're just cold.
13:22
https: And a lot of times the easiest way to get back into your business and start doing the basics is just put a bunch down, get on base.
13:29
https: And for me, the bunt is having that one-on-one that face-to-face, if you can start having one-on-ones and face to face appointments with people, even if it's not to.
13:40
https: Sign a listing agreement or sign a contract.
13:42
https: If you can just start getting into those small little inconsequential is as consequential as they feel those small little appointments on a weekly basis, you're getting on base and that's where you start to sharpen your skills.
13:57
https: And you start to get back into the game.
13:58
https: You start to get your.
14:00
https: You're you see the ball again is coming to you and you can then progress back into the level of business that you wanted to do.
14:07
https: So I really appreciate it, Mike, the fact that you mentioned having the one-on-ones, because those are integral to your business, even if it's not a listing appointment, even if it's not an appointment to meet with the PR have one-on-one and you're going to sharpen your skills, you're going to say you're going to stay sharp.
14:25
https: And those lead to big things, no matter what side of the business you're on.
14:29
https: Nope.
14:30
https: I did have one question.
14:31
https: It may sound silly to you guys, but I haven't been on for a while, so I've lost track the probate foundations and the probate roll calls.
14:39
https: What is the, I want to make sure my calendar's right.
14:41
https: So I'm on more often.
14:43
https: What is the sequence or the every first Tuesday or Wednesday or what?
14:47
https: Yep.
14:47
https: First Wednesday of every month.
14:49
https: First Wednesday followed by the . It's probate foundations.
14:53
https: First Wednesday of every month, and then the very next day is part two with probate foundation.
14:59
https: So first Wednesday, and then the role-play call, we are rolling out a new zoom version and sticking with the theme of the day zoom, a new zoom version of role-play.
15:10
https: That will be on the third, Wednesday of every month at two o'clock Eastern time.
15:15
https: And I want people showing up to that.
15:18
https: If you have not taken foundations, you're not going to be lost.
15:22
https: It's going to be incredibly valuable to you, but most everybody, one is going to be role-playing and practicing the script, or let's not call it a script.
15:30
https: Let's call it a dialogue training.
15:32
https: They're going to practice that dialogue flow.
15:35
https: That we cover in foundations.
15:37
https: So even more reason for you to take foundations, Mike, have you taken it yet?
15:43
https: Did you?
15:44
https: Oh yeah.
15:44
https: Yeah.
15:45
https: I think I told you last time, I feel like I'm getting coaching.
15:47
https: So I think it's great.
15:49
https: So probably just to be clear, I got a little lost there trying to write a list down probate.
15:54
https: Foundation one kind of one is on the first Wednesday of the month.
15:59
https: And the second Wednesday of the month is four.
16:01
https: We had foundation too.
16:02
https: And the third Nope, no, go ahead.
16:04
https: Forgive me and forgive me.
16:05
https: Yeah.
16:06
https: So probate foundation two is the very next day.
16:09
https: It's Thursday.
16:10
https: It's Thursday.
16:11
https: So I can't call it the first Thursday of the month.
16:13
https: Cause it might be the second.
16:15
https: So just know that it's foundations is always two days back to back Wednesday, Thursday, Wednesday, and Thursday.
16:21
https: Yep.
16:21
https: And then role-play okay.
16:23
https: Okay.
16:24
https: Yep.
16:24
https: And of course, we'll get a good bit of role-play in, on the on that Thursday, that foundations class as well.
16:30
https: We try to do a fair amount of role-playing in that also.
16:33
https: Okay.
16:33
https: Good deal.
16:34
https: All right.
16:34
https: So those are once a month things and then the mastermind, right?
16:38
https: Yup.
16:38
https: Yup.
16:38
https: Masterminds going to continue to be weekly.
16:41
https: All right.
16:41
https: Great.
16:42
https: Okay.
16:42
https: Thanks so much for straighten me out on that.
16:44
https: I made it clear as mud thanks for asking.
16:46
https: I'm sure everybody else was wondering too.
16:48
https: All right.
16:49
https: Thanks Mike.
16:50
https: Just to add to the com what you were talking about, Mike B, it sounds like you haven't done the role-play yet, right?
16:56
https: So the foundation's role-play well, I did the first one.
16:58
https: This was back when Bruce was.
17:00
https: Re scrambling things and getting it set up.
17:03
https: And he said, I think this is going to be the schedule, but don't hold me to that at least this week or this month, it will be.
17:09
https: So I went to the first one and or maybe the second one, I think you had audio visual problems on the first one, but I'm not going to share it, but I've been to both.
17:19
https: And I think they're different tasks.
17:21
https: I appreciate that.
17:22
https: And if Bruce, as long as I have, he's always going to be re scrambled and things at which means nothing stays static.
17:28
https: It always keeps improving.
17:29
https: I was just going to add, we have one more caller by the way.
17:32
https: So I think we can spend a few times a bit of time on this and anybody wants to jump in, just hit star six and hit one.
17:38
https: I have been a in real estate for.
17:41
https: Yeah, 47 years.
17:42
https: Believe it or not.
17:42
https: I was a real, I've been a real estate coach for about 12 years, industrial for 30.
17:47
https: And I've been on a lot of role-play calls.
17:50
https: I've never seen it done the way that, that Bruce does it.
17:53
https: All the other role-play calls I've been on is okay, you're the agent, I'm the seller or vice versa.
17:59
https: And it start to finish, which is fine, but it doesn't.
18:05
https: A lot of times you get off the call and you say that guy was great.
18:07
https: I don't think I could do it that way.
18:09
https: Bruce's role play, breaks it into segments and it kinda lets you develop your own method for each segment.
18:17
https: And I think it's just a brilliant way to do it.
18:19
https: And we're getting a lot of rave reviews for the way he does it.
18:24
https: And I just want to give him that pitch and say anybody that hasn't been on that it's not like the old role-play calls where you take it start to finish.
18:31
https: And Bruce, you might want to just expand a little bit how you, the parts that you break it into.
18:36
https: Cause we'd like to have all of our clients get on all of our subscribers, certainly.
18:41
https: And anybody who's interested in being a subscribers should be on at least one of the role-play sessions.
18:46
https: Bruce, you want to give them just a quick overview of how you break it up.
18:49
https: Yeah.
18:49
https: For those of you that are about to get on the role-play call at two o'clock where we've got day two of foundations today.
18:56
https: So those of you that are about to be on there give you a little bit of a sneak peek is basically I just teach that there are five main.
19:04
https: Elements to the vast majority of your or conversations.
19:09
https: So the vast majority of your company conversations are all going to start with an introduction.
19:13
https: Okay.
19:14
https: So what's that introduction needs to sound like what are the pieces that you can't do without in that introduction?
19:20
https: So we start with something as simple as just the greeting.
19:24
https: Do you ask for Mr.
19:25
https: Smith or do you ask for Bob?
19:27
https: And I say, you asked for Bob.
19:28
https: And and then it goes through what happens if they sound confrontational or aggressive.
19:33
https: What do you do then?
19:34
https: Or, and what do you do differently if they sound amiable and agreeable?
19:38
https: And then we we move through that introduction, which by the way, there are four, four parts to your introduction.
19:44
https: I teach you all four at the end of at the end of teaching you the four parts to your introduction.
19:48
https: Everybody breaks out into small groups and they practice their introduction alone.
19:53
https: So we're not practicing the whole call.
19:55
https: We're practicing our introduction so that we said that we've got it down.
19:59
https: And then we move into our elevator presentation, which we've for years called it the USP.
20:04
https: I really don't care if you call it a unique selling proposition or an elevator presentation, as long as you, as long as you get it.
20:09
https: So I teach you what the elevator presentation needs sound like.
20:12
https: I teach you what your conversational hook questions need to sound like.
20:17
https: Those are the questions you ask when you're done presenting.
20:21
https: They create a conversation.
20:22
https: I teach you what objections you're going to get and how to handle those.
20:26
https: And then lastly, I teach you how to close for an appointment.
20:30
https: And so those are the five parts of the conversation that I teach.
20:35
https: And if we have time, most of the time we don't, but if we have time we've also gone into breakout rooms and we've practiced each of those five things so that, no matter where you find yourself in a conversation you pretty much have your formula for it.
20:49
https: You have your dialogue built for that.
20:51
https: Perfect.
20:51
https: Yep.
20:52
https: Yeah, no, thanks.
20:53
https: Thanks for expanding Bruce.
20:54
https: And just to be clear, this is free.
20:56
https: For all of our subscribers, you can take it many times as you like.
21:00
https: We want you to be successful with the leads and that's why we offer this.
21:04
https: If you're not a subscriber, it's ridiculously inexpensive.
21:06
https: If you want to try it and gain confidence before you actually, get some leads.
21:11
https: Anything else?
21:12
https: Go ahead, Bruce.
21:13
https: If you're not a subscriber and you want to learn the ropes beforehand, it's 149 bucks.
21:17
https: And and I'm pretty sure Jim, you run the sales team.
21:21
https: So I can't remember what it is but if you just want to take that and then you're signing up in a month or two, we'll give you a credit.
21:29
https: I don't think it's all one 49.
21:30
https: It's 50 bucks or something towards your first set.
21:33
https: So you can learn before you before you buy, you can take your process through a test run first.
21:39
https: Perfect.
21:40
https: And Mike, anything else we can help you with this week?
21:42
https: Yeah, I guess I could add to that.
21:44
https: I was coached through my ferry and everything for 15, 16 years and was great.
21:49
https: The way that we play there was exactly what you said is start to finish and Hey, here's a ball deal with it.
21:56
https: The w what you're saying that Bruce is doing, and I think it's great is we're eating the elephant one bite at a time, not the whole thing at once.
22:03
https: So it say let's pressure it this bit this way, and oh, by the way, here's why that's important.
22:08
https: So you get some great insight and you just get to try one verse of the song rather than the whole song first.
22:15
https: Perfect.
22:15
https: Not only that, it reminds me, it reminds me of sports analogies it's a football game plan or the NBA.
22:22
https: You have a game plan going in and then.
22:24
https: Every time, the coach calls time out, he adjusted, you readjust your game plan at halftime at the end of the third quarter.
22:30
https: And with two minutes to go, so you don't go in with a game plan, stick it with the whole way.
22:35
https: You have to be flexible depending on what happens during the game to make adjustments.
22:40
https: And that's really, I think that's really the genius of the way he teaches it.
22:43
https: So yeah.
22:44
https: Yeah, I appreciate your kind words.
22:45
https: Appreciate your participation.
22:47
https: And we only have one more person in the queue guys.
22:50
https: We got plenty of time, just hit star six and hit one and you can be up next in the meantime.
22:56
https: Next up is phone number ending in five, four, six, four.
23:00
https: You're up next.
23:01
https: Hey, what's going on Eddie and get the city.
23:03
https: Hey, Eddie can always count on you to participate.
23:06
https: We appreciate ya.
23:07
https: Thank you.
23:08
https: I I wanted to report back on my, getting the numbers from last week.
23:13
https: I didn't have to use strategies that you proposed.
23:16
https: I just basically asked.
23:17
https: They were like, they just gave them they just said, I want this much.
23:22
https: I didn't have to use them, but Once they gave me once they gave you the number you went ahead and used them anyway.
23:26
https: I'm just kidding.
23:27
https: He surprisingly, the numbers that they gave me were lower than, or they weren't lower.
23:33
https: They were at when I was wanting to be at a that's great.
23:37
https: Try to beat them up.
23:38
https: Sure.
23:39
https: So to, to that point, I had three appointments as well.
23:43
https: Yeah.
23:43
https: I have three appointments last week and I have two signed contracts.
23:48
https: And one more that we're trying to figure out the best way to go.
23:53
https: The what's my question is in regards to it's like, The house is in terrible shape.
23:59
https: It's been vacant for eight years.
24:00
https: I think the person passed away a couple of years ago and to refresh the people listing if they haven't been on the call, I re sent letters to my So that's where these, most of these are coming.
24:13
https: So it's an old Dean and he's just ready to be done with it.
24:17
https: The.
24:18
https: In Kansas city, Kansas, they're pretty stringent on going off of the 75% of the appraised value.
24:27
https: Two that the probate court requires them sell . Now this house is in really bad shape.
24:33
https: And the appraisal came back at 50,000.
24:36
https: So names, he says the court sells at 37 five.
24:39
https: What I'm trying to find out is how is there any way to, or have you heard of this?
24:44
https: Is there any way to get around that Darrell loophole is there?
24:48
https: I know you don't know Blas, but Anyway, that's my question, because I was at 30, she said 30 would, he would understand that.
24:58
https: Why would they be at 30?
24:59
https: He said, the court is saying he's 37 five, which is I can make money on it.
25:05
https: I'm just not going to make very much money.
25:06
https: Yup.
25:07
https: Yeah I would I would ask the court or I would get with with your preferred attorney and I would just ask them if they've ever seen a way to successfully challenge and appraisal and a case like this.
25:20
https: You if the family's in agreement and you might, it might be worth going and paying for an appraise an appraisal.
25:26
https: Third-party appraisal and you and the family delivering it to the clerk's office or to the court.
25:34
https: Especially, if they're delivering it then the court can see, Hey, this, the family's really good with this.
25:39
https: Now my question is why would the court and force that, that 37 five.
25:46
https: Why would they enforce that?
25:47
https: Is it because the debts exceed the the value in the estate?
25:53
https: Or is it just a arbitrary rule that they're trying to make sure that nobody gets ripped off in there?
25:59
https: This isn't the first time that the court has hung up a deal that I've been trying to go after?
26:05
https: think it's just an arbitrary thing.
26:07
https: That's the.
26:08
https: Judge for whatever reason is really stringent upon you.
26:11
https: They weren't at one time, because at one time I bought a house from a lady and the amount that I was going to buy the house for was it was less than that value.
26:24
https: And her attorney stated that if all of the family members agreed to that price, then they could approve it.
26:32
https: But for some reason, the judge not allowing that to be the case right now quick question for you in most states, what you're referring to only occurs if there's no will and there's a court appointed executor.
26:48
https: Because typically if there's not, if there's a family member, who's the executor.
26:53
https: The court doesn't get involved in determining the value or what can be accepted is in, I'm not familiar with Kansas city lie either, but it sounds to me like that could be the case because in the past, if you've gotten lower offers accepted and all of a sudden you can't get this one, it just might be the mechanics of the fact that there, that the court there wasn't a will.
27:14
https: And there wasn't an executor appointed.
27:16
https: So the court is more involved in the decision-making process and.
27:20
https: Do you know that?
27:21
https: Or do you, is that something maybe you should check with the attorney and ask them the I would like to talk to the attorney see if he could, because sometimes I find that it's the attorneys that don't disclose to their clients, that they could get less they're th they're the ones who are saying this was the way that it has to be.
27:40
https: When in reality, it's not.
27:42
https: I've never, I haven't had very many interactions with probate attorneys.
27:46
https: I feel like they hide the truth.
27:48
https: They tell the whole truth.
27:50
https: Have you ever had, have you ever been on the buyer's end and had a listing agent kill the deal and the seller would have taken it, but the agent wants them to get more, that's, that absolutely can be the case in probate, especially if the attorney is billing by the hour.
28:04
https: So you don't really, you don't really know, but that would make sense that very well could be the case.
28:10
https: Yeah.
28:11
https: So anyway, I would like to have a conversation with this particular attorney just to find out also Eddie, I would just have a generic conversation with the probate attorney in and understand better.
28:24
https: The mechanics of when the court has to, or doesn't have to get involved in your state.
28:30
https: Cause it's pretty, I don't Bruce, correct me if I don't know.
28:33
https: I can't think of another state we've run into where the court is involved in every single time determining the value.
28:41
https: I think that would be pretty unusual if your state was the only place that happens.
28:45
https: So you, you might want to just have that generic conversation and understand the process better.
28:49
https: And that way, next time, this hat, this happens, you'll be better able to challenge the attorney or have a conversation.
28:56
https: Go ahead.
28:56
https: The what I've found is that like you could get fullest already full authorities in the court.
29:01
https: Doesn't have to be a part of it, but it and that comes down to when the probate attorney like files it.
29:08
https: If they do their filings tight then you should get full authority.
29:13
https: And so it might give you the probate attorney being like I want to have limited authority, send me, have to go through this crap and not to say that everyone 80, but in my experience, most of them are shady.
29:24
https: And you know that, that is very, go ahead.
29:26
https: Go ahead.
29:27
https: Sorry.
29:28
https: No.
29:28
https: I was just going to say that is very much like California then, and that's a excellent reason and an excellent thing for you to bring up early in the conversation with the executors, ask them, do you have full authority or limited in and point out to them?
29:42
https: Some of the nightmares you've gone through when people didn't have full authority, their attorney might not like you.
29:47
https: But if the probate was recently filed and they call back and say, Hey, I've looked into it.
29:51
https: I want full authority.
29:52
https: They're going to have more leverage at getting it done the right way, then you will.
29:56
https: And that is definitely an extra value you can add in your initial conversations with the executors.
30:01
https: Yep.
30:01
https: It's true.
30:02
https: And I would find yourself.
30:04
https: Ernie is that's your lead in is you lead in, Hey, I want to understand the probate process a little bit more.
30:10
https: I have built and I'm building a process.
30:13
https: Could we have a five minute conversation?
30:15
https: I think if you can help clarify some things, I might be able to bring you some business type of conversation.
30:21
https: Yeah.
30:22
https: Okay.
30:23
https: And Bruce, back to your point so we've just got doing another.
30:28
https: Appraisal.
30:29
https: The only caveat to that is if it comes back as tire, the new appraisal comes back in the higher because the market is just insane, can we shoot ourselves in the foot?
30:39
https: So we're like, I don't know.
30:40
https: Maybe we just take the 37 five and.
30:43
https: Gamble there instead of seeing if they could, come down to, cause it needs to get it at 30,000, I need to get by it, the appraisal to come in at 43, three roughly.
30:54
https: And so I was, I know it's only$7,000, but the market and when, what a house could sell for in the neighborhood is between 150 and are like 120 and 150,000.
31:07
https: So how much is again, what's that?
31:09
https: How much money is it going to need?
31:11
https: What's the investment you're going to put into it after you buy it?
31:14
https: It's going to need six, probably 60.
31:17
https: Okay.
31:18
https: So you'd be in it about the Baptists or closing costs and holding costs.
31:23
https: You'd probably be in it between one oh five and one 10.
31:26
https: And then have about $20,000 and $20,000 margin for those and that are flipping or trying to get into flipping twenties.
31:34
https: Not a lot 20 can go away really quickly if you run into an unknown problem.
31:38
https: For me thirties, my kind of baseline I've done deals where I've, I willing to accept less than 30, but.
31:46
https: I know you're flipping you, put yourself on the line there.
31:49
https: Any question for you as your teacher, your, I was going to say, go ahead.
31:53
https: I'm sorry.
31:53
https: You go first.
31:54
https: And I just had a question for you.
31:55
https: Go ahead.
31:56
https: I'm just, I'm going to wholesale.
31:58
https: And I have a buyer that wants to do is trying to do owner finance sales to people.
32:04
https: So they don't need as much equity when they're done repairing it.
32:08
https: So I'm just going to wholesale it to them.
32:10
https: And then they're going to do their pair.
32:12
https: And then yeah, 20,000 is less than I want to make on rehab.
32:16
https: So I was just going to wholesale to somebody make a big five and 10, depending on what I get it for.
32:22
https: And then but then rehab it.
32:24
https: Any, I was gonna just ask you is the contract that you're working with?
32:28
https: Is it as is, or is it contingent on inspections?
32:31
https: It's that?
32:32
https: Okay.
32:32
https: You can, I was going to say, you could use an as-is with right of inspections, contract, get the court to approve it for 37 five, and then come back after inspections and say, Hey, worse than I thought I need to get it for 30.
32:45
https: It's a little bit sneaky, but if you've already presented it as his contract, though, it might be a little bit difficult to take a couple steps back.
32:51
https: I haven't given him a contract at all yet.
32:54
https: We're still negotiating.
32:56
https: We're still negotiating trying to figure out the best thing.
32:58
https: Because personally, when I flipped, I, even though my contract says as is.
33:03
https: I don't ever buy anything without doing inspections because I've got a good eye.
33:07
https: I've seen hundreds of thousands of houses over the last 45 years, but I still don't know what I don't know.
33:13
https: I'm not, I don't know if there's some hidden defects, so I always spend the three to $500 and do an inspection.
33:20
https: Now, if you're wholesaling, you might not be planning on doing that.
33:23
https: But in this case, if the only way you can get the contract approved is at 37 five and give yourself 10 days to do inspections.
33:31
https: Once it's approved at 37 five.
33:33
https: If you come back with, you have the right to renegotiate in, it might be a little bit easier to do it at that point.
33:39
https: Apt in, especially you'll have more ammunition to go back with.
33:43
https: That's just just a thought if I were you and I was going to agree to the 37 five.
33:48
https: If you have to, I would do it that way.
33:50
https: Just make it with the right of inspections and take one more shot at getting a better price after the inspections are done.
33:56
https: Okay.
33:56
https: I haven't, I have another question and this kind of a complicated deal.
34:01
https: But I didn't know if you have a suggestion on how there's a, in my neighbor, there's a condo building and it has four units.
34:09
https: And there's an old lady who's in her seventies who lives there.
34:13
https: And then she had a friend who owned two other units in the building and he just recently died.
34:19
https: And she was under the impression that I assume there was some sort of a verbal agreement or a written will that can't be found.
34:27
https: And so the the estate has to go through probate.
34:31
https: And the brother of the guy who died is going to be the one who inherits everything, but he doesn't want it.
34:37
https: And the lady who lived in the unit, she has zero money.
34:43
https: The building is literally falling around, down around her, but we were going to see if how should I go about trying to get brother to give his rights to.
34:52
https: This lady if he doesn't want to deal with them, what's a, what's the property worth.
34:57
https: So it's condos and he owns two of them.
35:00
https: The, yeah, they're probably worth 200,000 each.
35:04
https: Not in the way that they sit right now, but fixed up, that'd be worth.
35:09
https: I think this guy has two units just to store all of his crap in it and expensive storage.
35:14
https: There's supposed to be an HOA because it's a technical condo and every unit is supposed to pay a certain amount of money, but I don't think anybody's really done that.
35:24
https: So like the backstairs the reason I ended up reaching out, it was because I was looking at the house behind it and I noticed that.
35:32
https: The fires gave backstairs were literally falling down.
35:36
https: Like it looks like dying, death, drought.
35:38
https: And so I was like, yeah, I need to go find out what's happening there.
35:41
https: And it happened that my realtor knows the lady who lives there in the, he called me Friday.
35:48
https: And he was like, the guy who died, his brother doesn't want to do with it.
35:52
https: I think the attorney that's working on it shading once again, we're back to that.
35:56
https: Scenario.
35:57
https: So I was going to get him a new attorney that I at least know and trust, see how we did his shares.
36:05
https: I know there's a handful of unknown at the moment because we haven't even gotten into the property because nobody really knows who it is.
36:14
https: Any who owns the other two units because to me that would be a condo with four units is, if you own two of them, depending on who owns the other two, if you can get control, I've seen situations like that where they will, I don't know if that's a word, but, and condo wise it, turn it back into a four unit building and it's not a condo anymore, but you got to get, you got to at least get control.
36:36
https: Yeah.
36:36
https: So there's.
36:37
https: This lady, Rosemary, she lives in the top the top unit on one side, and then there's a lady who they file a lawsuit against for not paying anything because the water is all metered in one meter.
36:51
https: And I think the gas saw at one meter.
36:54
https: They, this lady has a paid anything in years.
36:57
https: So there.
36:58
https: They've been trying to do some litigation or a lawsuit against her to either get her to give up her or unit or pay him, pay money into it.
37:08
https: So if we could have two of them, plus this other lady, we all joined forces.
37:13
https: I think we could do something like what you're talking about too.
37:17
https: They the lady who her name is Rosemary.
37:20
https: She has no money.
37:21
https: It's, I'm a fixed income and can't pay to fix the buildings.
37:24
https: But if she gets control of the toony two units, then we can fix up her place, make them safe to live in, give her some money to live off of, or, a little bit lock that she's in her upper seventies, give her some money for him.
37:38
https: And in return we take possession of the dude.
37:40
https: And you've already talked with the brother, right?
37:43
https: No, I haven't.
37:44
https: My realtors work get me at the brother's phone number, this and this didn't come up by from all the leads.
37:52
https: It just happened.
37:53
https: Yeah.
37:53
https: This is also another inherited situation.
37:56
https: Yeah, you got to talk to the brother.
37:58
https: As soon as you can, I would just have a conversation with the brother say, Hey look yeah, some investor I'm really doing this.
38:05
https: Because I know Rosemary and she has one of the other four condos or one of the other two condos.
38:12
https: And I hear you're looking to get rid of these.
38:14
https: What do you want for them?
38:16
https: Are you wanting anything for them or.
38:17
https: You're gonna quit claim them over to someone.
38:19
https: So I would go to that binary question approach.
38:22
https: When I talk with him where I give him two options, do you want something for them or do you want to quit claim them over to someone like the other, like Rosemary?
38:33
https: And and if he says, no, I want something for them, then find out how much, what he's thinking, because he says, no, I just want to be done with him.
38:41
https: Then you've got a really easy and clear path to be able to just do a deed transfer within the state from the state to Rosemary, but you don't know other than a third party, what he wants or what his feelings are.
38:57
https: It sounds like he just wants to be rid of them and not do not take anything for them.
39:03
https: And that's why I asked how much they were worth.
39:04
https: So they worth 80,000 as is 10 as is, are they.
39:08
https: Are they worth like a grand?
39:10
https: I don't know.
39:10
https: But I would first talk to him and I would ask him what he wants for them, what he wants to do for them.
39:16
https: And if he is ready to get out of them, I would say, are you looking to just unload them and maybe quick claim it to one of the other residents or are you looking to sell those and pull some cash out of them and just see where he sits.
39:30
https: Okay.
39:30
https: All right, sir.
39:31
https: And you right now, you are the winner of the week.
39:33
https: Congratulations on getting those other few deals.
39:36
https: I just want to, I wanted to comment at a, you always participate.
39:39
https: You're your, first of all, anybody who's listening, who's an investor.
39:43
https: Don't worry.
39:44
https: Very few deals are as complicated as this.
39:47
https: So this is, most of them are much more straightforward, but secondly, I just wanted to comment.
39:51
https: We talk about in this ridiculously strong sellers market, you gotta be willing to think outside the box and you gotta be willing to try and do things other people are not trying and doing.
40:01
https: And you're a classic example of that.
40:03
https: And Eddie, that's why you do it as well as you are.
40:05
https: So put a couple more deals together and come back next week and be the winner of the week.
40:09
https: Again.
40:10
https: Yeah, I I feel like what Bruce said really applies, their base hits, they're not the a hundred thousand dollars deals, but they are base hits and they said, they're nice to just keep motivations going base hits, win games, for sure.
40:22
https: For sure.
40:22
https: Hi, buddy.
40:23
https: Thanks a lot.
40:23
https: We appreciate you.
40:24
https: All right.
40:25
https: Last up this week is phone number ending in 46 63.
40:29
https: You're up last.
40:30
https: Thank you.
40:30
https: This is a question for Eddie's DL because I believe last week or the week before this $30,000 house was the one that we were saying that there was a.
40:39
https: One person who owned or was going to inherit 50% and then four other areas were going to inherit the other 50%.
40:46
https: And then one of the four was going to be what was a holdout.
40:50
https: And I believe we had a theory that they either wanted more money or the expressed intent was that they maybe wanted to keep it or somehow get it themselves.
41:00
https: If Eddie is still on, can he answer?
41:02
https: So they got around that.
41:04
https: Fifth, I guess the fifth person in that equation that was resistant the last week.
41:10
https: See, I just un-muted you get a, you hear?
41:12
https: Yeah.
41:13
https: Yep.
41:14
https: Go ahead.
41:15
https: Did you hear that question?
41:16
https: I did hear the question.
41:17
https: This is actually a different deal than that okay.
41:20
https: Thank you.
41:20
https: Did you get any resolution on that?
41:22
https: On that one?
41:23
https: I actually haven't been able to get it.
41:25
https: Get back in touch with that owner.
41:27
https: When I hear back, I will report back to the group.
41:30
https: Impressive that there are that many $30,000 houses available on Kansas city.
41:33
https: Thank you.
41:34
https: No kidding.
41:35
https: It's Florida.
41:36
https: That would be a timeshare near Disney world.
41:38
https: It would be 30,000.
41:39
https: You wouldn't find my gels.
41:41
https: All right guys.
41:41
https: We appreciate you.
41:43
https: If that's a good question.
41:44
https: Thanks for asking it.
41:45
https: I want to thank each and every one of you for being here today.
41:47
https: I want to particularly thank Eddie and Mike and Rick, and those that actively participated.
41:52
https: Now I want to challenge each of you.
41:54
https: Take one idea what creative thought that inspired you on this call.
42:00
https: Go out and put it into practice and please come back next Thursday and share your results with the group.
42:05
https: Have a great week, everybody.
42:06
https: We will talk to you.
42:07
https: Same time.
42:07
https: Next Thursday.
42:08
https: Take care.