These episodes are recorded as a live Question and Answer Mastermind with participation from agents and investors across the country. Thanks for tuning in, and don’t forget to subscribe for future episodes!
00:00 Deal Analysis: Out-Of-State Commercial Property in Probate
Frederick is a wholesaler and just came across his first probate deal. The personal representative is open to allowing an assignment of contract, but Frederick is wondering if the numbers make sense. The property is located out of state and is vacant land zoned for commercial use. Bruce and Jim offer advice on using investor groups to locate the right end buyer for this property and compliment Frederick for asking the right questions to undercover this opportunity.
9:49 How to Build Referral Relationships With Estate Planning Attorneys
Harold is a real estate agent who is starting to get into investing. A client of his is interested in putting their property into a trust to avoid probate in the future, and Harold sees this as a great opportunity not just to help the client, but build a relationship with a local attorney by bringing a warm referral. What should he be prepared for in meeting this attorney? Bruce and Jim advise on approach and language to use.
14:15 How To Wow Prospects With A Great USP
Karen describes how she got stumped by a prospect’s question and it really got her thinking about the value she can bring to the probate space. She worked with Bruce to evolve her USP and reached back out to the prospect, who was blown away by all that she offered.
22:53 How To Offer A Listing AND A Cash Offer
Young is a real estate agent looking to get more into development. He has offloaded his brokerage work to someone he hired so he can focus more on investment deals. When he is speaking with a seller, how can he offer both brokerage and investment options without deterring his client from wanted to work with him and his partner? Bruce underscores that the ability to offer multiple price options is a great way to win an in-person appointment.
33:04 Working Probate Leads: Should I Contact All Heirs or Just The Executor?
Andrew is trying to optimize his prospecting. When making calls, should he aim to contact EVERYONE associated with the probate, or just the executor of the estate? Bruce and Jim discuss volume and bandwidth – Ultimately, if you have a LOT of leads, call every number on the first round of calls, but focus on making contact with the personal representative on subsequent rounds of calls.
37:01 Using a Non-Exclusive Listing Agreement
Mike is working a deal where he might sell at retail, and has two retail end buyers in mind. He’s looking for ways to structure this to keep himself in the deal and get an end buyer quickly. Bruce and Jim discuss options for getting this deal through to closing.
44:08 Reverse Mortgage and Probate Properties
Justin is working with a personal representative who has already received letters of testamentary and is dealing with inherited property with a reverse mortgage. The personal representative isn’t up for dealing with anything complicated and is comfortable letting the property be foreclosed on. The personal representative has already gotten some cash offers that just don’t work for him. Jim offers his advice on figuring out what the property’s worth, what equity there is, and how to use that information to find the best option here.