Leveraging Letters of Intent | Shortening Your Elevator Pitch | Probate Mastermind #314

Recorded Live on February 11, 2021

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!

Call Re-cap:

00:00 Leveraging Letters of Intent While A PR Waits For Testamentary Letters 

Federico is meeting with the decision makers of an estate this weekend.  They are very early in the probate process and have not received their letters of testamentary yet. Assuming they will sell the house in the future, how can Federico build rapport and solidify an exclusive relationship this weekend, before the personal representative has the authority to enter a listing agreement?

8:36 and 37:22 Trusts, Survivorship, and Probate: Expediting The Sale Of A Home

Mike is expecting a huge increase in inventory in his market in a few months, and his sellers are motivated to sell now while they can get competitive offers and ultimately a higher net. However, he believes the attorney they are working with is offering conflicting information on whether or not they can sell right now.  Mike explains the situation and the coaches help him navigate options. Michelle asks a follow-up question on Muniment of title at 37:22.

25:00 Asset Protection and Structuring Your Business 

Mike is looking to structure his business in a way that reflects all the hats he will be wearing and protect his assets, limit his liability.

32:45 How Far Back Should I Scrub For Property? 

Mark is considering running his 2016 and 2017 probate lead lists through ProbatePlus to scrub for remaining properties.  He has almost 1000 leads. Is this worth it? Tim and Jim suggest using the 2017 data first, as that is still within the sweet spot of how probate leads age and realize their initial plan to keep inherited property just isn’t realistic.

39:48 How to Shorten Your Elevator Pitch. 

Travis is getting interrupted in his cold calling introductions – “What do you want?” How can he get past that? Bruce gives his advice.

48:01 80% Rule and Investment Acquisitions

Caller is in Ohio, where probates with a court-appointed administrator place an 80% rule on the sale of any property in probate.  He is interested in purchasing many of these properties as investment properties, but they aren’t worth the 80% minimum requested by the court. Jim has experience doing and describes how to make a case to the court for a proper valuation. Often, the fiduciaries get their numbers from computer algorithms.

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