Probate Mastermind #233

Recorded Live on June 20, 2019

Finding deals in historical data, “whole-tailing” churches, and dealing with squatters creatively – GREAT conversations on this call so if you missed it, make sure you listen below!

Topic Recap:

  • The partners are preparing for their quarterly meeting this week! Submit any feedback, questions, and insights you’d like them to discuss!
  • Probate Mastery will be the final week of June: Tuesday the 25th, Wednesday the 26th, and Thursday the 27th. Classes will start at 2pm each day.
  • 1:23 – Steve from Indianapolis got an angry response from a personal representative is an attorney herself.  Do you believe what she’s saying is true? Write out your reasons for doing what you do.  If you believe in what you do, let it roll off your back. Remember: Empathy, not sympathy.
  • 6:11  – Joyce has some questions about calling numbers on the DNC!
  • 16:28 – Should I adjust my approach when the estate has a higher price point? Chad shares a case study from one client Bill whose average price point in his market is a million dollars.  He keeps the same approach: People and situations, not real estate, is the focus. People are in a pattern and think you’re just like the last person that called labeling themselves as a realtor/investor. You need to disrupt this pattern and differentiate yourself.
  • 24:40 –  Caller calls in with two questions.  She and her husband are investors in Philadelphia, and she is a licensed agent also.  She is curious if she should try new leads or historical data so she can stay within her budget.  We don’t have contracts and Philly has a lot of lead counts = a lot of opportunity.  Try one month of historical leads, get through the fast-track training and listen to some of the archived Role Play calls and get ready to jump on the phones.
  • 28:59 – 2nd question: How can we get a team in place? Should we wait to start? You’ll never stop building your team, but it’s easy to look for contractors, moving companies, family law attorneys, senior living specialists, and reach out to establish a connection.
  • 31:05 – James is asking: What should you do when you’re helping someone with an estate that has two heirs, but only one is the personal representative? I have an investor ready but the personal representative can’t get in touch with the other heir and believes they are deceased. The personal representative wants to sell.  If the house is vacant, go ahead and get the agreement signed with the contingency that we are still waiting to find a signatory party. Great job though!
  • 36:00 – David Pannell joins us to share his W.O.W!!! He bought a Church! His team prospects for 4 hours every day, but David came in one Saturday morning to call some leads he couldn’t get in touch with. He found out the guy actually has a Church for sale. He went out, wrote a contract, and the deal was closed on the spot. He plans to wholesale it. It’s a commercial property that is tax-exempt.  He is looking to sell it as $180k and he got it for about $50k.  He is looking to do over 100 deals this year, heavily leaning towards the wholesaling and investment side.
  • 51:08 Caller asks for some tips in introducing himself at an attorney’s office, a retirement office, or any other number of vendors.
  • 56:00 Maurice from DC/Metro has a deal on the table that might be his biggest spread ever, but there are squatters.  The squatters are non-family, not former tenants – This is a true squatter.  What can I do? Go get it under contract first, look for a longer closing date.  Send a certified letter notifying the occupant that you have a contractual interest.  Find out what his needs are – cash for keys, does he need help moving?  Alternatively, your foreclosure buyers and buyers from trustee auctions know how to handle this and you could work alongside them to make a nice profit and learn from the process.  Lastly, you could sell to an investor who is willing to buy the house occupied.  With this kind of a spread, it really might be worth it to get the hard money to close on the property yourself or see if she would do owner-financing, since it is free and clear.

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