In today's show, Larry and Kandas talked about the ideal kind of sellers to look for. They also discussed buying houses direct from sellers and the questions that should be asked. Moreover, they also shared tips on how to do marketing the right way.
Welcome to BRAG Radio which is all about being rich and generous. Every week your hosts Kandas and bestselling author Larry Goins will show you how to be rich and generous by investing in real estate. Broadcasting around the world on the BRAG Radio Network from the flagship station WBT in beautiful Uptown Charlotte, here are your hosts the rock stars of real estate; Larry and Kandas.
Larry: Welcome, what’s happening?
Kandas: What is happening to you over there?
Larry: I don’t know, I’m just getting wound up getting ready. Hey live on a Saturday afternoon.
Kandas: So weird.
Larry: Just trying to get her done.
Kandas: So weird.
Larry: Right. So I’m excited this Saturday afternoon.
Kandas: You’re always excited.
Larry: Yeah you’re right I am. But so what have you been up to?
Kandas: Who me?
Kandas: Don’t you know?
Larry: Pretty much.
Kandas: You only ask me every five minutes, “Hey what are you working on, what’s going on what are you doing?”
Larry: I know.
Kandas: Can we start this yet? No we can’t.
Larry: This is not my water, that’s my water I just opened two.
Kandas: I wanted this one because I like the ones that aren’t cold yeah.
Larry: I just opened that one, this one’s open.
Kandas: I like room temperature water.
Larry: Thank you, I’m sorry. I’m sorry I didn’t drink out of that one yet.
Kandas: Causing problems we’ve been here 30seconds and he’s causing problems already.
Kandas: It’s my life, it’s what happens.
Larry: So yeah if you’re just now joining us or if you haven’t listened to the show before, BRAG Radio be rich and generous we teach you how to invest in real estate, flip houses. You want to be passive, you want to be active investor, we can teach you how because we got some learning don’t we?
Kandas: We got some learning. And if you’re watching the podcast video then you’ll notice this is the shortest you’ve ever seen Larry’s hair before.
Larry: I know right.
Kandas: When did you shrink down because I [Inaudible] [01:39].
Larry: I don’t know. Whenever I’m shooting videos I’m always bouncing and doing whatever. Anyway.
Larry: Moving right along. So BRAG Radio be rich and generous be sure and follow us on Facebook facebook.com/larryhgoins each week. We teach you all about real estate investing. And whether you want to be an active or a passive investor we can teach you how to do that we’ve taught many. We have books, courses, seminars, coaching mentoring.
We’ll walk right beside you and help you and coach you and mentor you through your very first deal or your 100th deal right.
Kandas: We do have that available.
Larry: We absolutely do. So Kandas, what are we going to talk about today on this particular show?
Kandas: What about sellers? What about something to do with sellers, like-
Larry: Last week we talked about all about realtors.
Larry: Like if you want to buy a house through a realtor, we talked about dealing with realtors and things to ask a realtor and things to find out about the property before you make an offer through a realtor. So we’re going to talk about sellers this week.
Kandas: I think so.
Larry: Oh cool, that sounds cool. So you start.
Kandas: Like what are you supposed to ask them.
Larry: You start.
Kandas: Well what are you supposed to ask a seller whenever you call?
Larry: Okay that’s a really good question.
Kandas: Are you going to get into-and just to give them maybe a little bit of a teaser, are you going to get into the way that you negotiate with sellers on this too? Is that part of your question or not?
Larry: We might get into that, depending on how much time we have. We always seem to run out of time right.
Kandas: It’s because you talk too much on talk radio.
Larry: You suggest I sit here in silence?
Kandas: No, not at all because then that will leave me to talk too much.
Larry: There you go.
Kandas: And my job is to just laugh.
Larry: So guys there’s basically two ways to find real estate deals if you’re an investor or want to be an investor. There’s on market properties and off market properties. Last couple weeks we talked about on market properties listed on the MLS whether it be a HUD house or a VA house whatever. It’s just listed on the MLS it could even be a bank owned property. But those are all going to be listed on the MLS right, realtor.com.
Kandas: Yeah. And we have-just one second. We have those shows uploaded onto bragradio.com so if you guys haven’t listened to those yet and want to go back and get a refresher you can find those on bragradio.com
Kandas: Now as you were.
Larry: Appreciate you.
Kandas: I hate it when he says that I can’t stand that. It’s one of those things like people say you’re right. I can’t stand when somebody says you’re right.
Larry: You’re right.
Kandas: I hate it.
Larry: Anyway so we’re going to talk about dealing with sellers. Now the key if you are going to be buying houses direct from seller which by the way we do a lot of HUD houses, we do MLS houses as well. But guys let’s face it, the pool of houses that are available from HUD and MLS has been slowly and steadily shrinking. Right Kandas?
Kandas: Oh if we had like that little sound effect that goes- that one.
Larry: It goes how?
Kandas: That one. It’s on the-do the whistle part again. It’s on that right there. The availability is on the decline thank you. See we have a sound board it’s just not a push button one, you just got to encourage it.
Larry: Right there you go. So we got that going for us. That’s Chad go.
Kandas: Go Chaddie go. It always makes it better.
Larry: So but the pool of properties meanwhile back at the ranch, the pool of properties is shrinking right.
Kandas: It’s on the shallow end.
Larry: I remember one month we got 25 or 28 HUD houses in one month right.
Larry: I mean yeah we did get four last week or week before last. We get one or two a week or something like that. But some of those we even have to throw back but we’re also in multiple markets.
Kandas: Right. Yeah we go wide.
Larry: But with going direct to seller right, there’s a lot of different ways to do that and we’ve had several different shows on that so we’re not going to get into all the different marketing methods. But when you’re going direct to seller what you really want to do is look for what’s called motivated sellers right Kandas?
Larry: That’s right. See I can’t back up from the mic because you’re like mhm, I got to keep this thing going.
Kandas: My whole job is just to entertain that’s all I’m here for.
Larry: Yeah alright I get it. So anyway you got to look for motivated sellers alright. And motivated sellers are sellers who maybe they’ve gone through divorce, that’s one right. Maybe they have had a death in the family, okay that could be another one, maybe they’ve had a job change or loss of a job right.
Kandas: So some type of life event has kind of pushed them to be more motivated than they what they normally would have been.
Larry: Some life changing event.
Kandas: Some life changing event.
Larry: Right like for example I talked to a lady yesterday and her husband had just been diagnosed with Parkinson’s right. And she said, “I hate to sell this house but I just really need to sell it. I just got to get out from under it.” and she said, “I just want somebody to take over the loan. If somebody would just take over the loan I’d be happy.”
That’s all she really wanted and that’s whole another show about how to do those kinds of deals. Those are called Subject To Deals where you take over the house subject to the existing mortgage.
Kandas: Don’t get people confused, you’re getting people confused.
Larry: Alright. So there’s divorce, there’s health issues, there’s job loss. There’s being transferred maybe not a job loss but you’ve been transferred right. There’s also people who inherited property right. Kids, grandkids can inherit property and when that happens they don’t want the property. They just want the money, right. That’s all they want is the cash.
Kandas: The cash.
Larry: That’s all they care about is the cash, right. So you want to look for people who’re motivated sellers, right and when you do your marketing correctly, whether it’s craigslist or bandit signs, those signs that say I buy houses or whether you do direct mail, you can send out direct mail postcards to people. Some of you out there listening may have even received some of those postcards especially if you own properties that you don’t live in.
Larry: Because one of the keys is mailing to people who are what we call absentee owners. They own a property but they don’t live in that property, right. Another one is out-of-state owners. So those are also more motivated, even landlords right, people who’re renting properties, people who have code violations, people who are behind on taxes.
People who have gone through probate, right, who are the administrator of the estate or the personal representative of the estate, right. And there’s a lot of different ways but you want to find those motivated sellers, right. and when we come back from the break we’re going to talk not only about the motivated sellers but we’re going to talk about the second thing that you have to look for before you can make an offer on a property. Right Kandas?
Kandas: Okay. You tell me so that if you say so that’s what we’re going to talk about. But in the meantime you guys give me a call 877-LARRY GO we can get the digital investors kit out to your email, that’s got copies of Larry’s latest books, HUD Homes Half Off and Getting Started with Real Estate Day Trading both of those are models that we do every day in our office. So give me a call 877-LARRY-GO or text the word BRAG to 803-897-6063.
[09:40] [Break] [10:06]
Kandas: Welcome back to BRAG Radio.
Larry: Leading the world to be rich and generous, invest in real estate.
Kandas: With real estate yeah that’s how we do it.
Larry: There you go.
Kandas: That’s how we do it.
Larry: That’s awesome. So today on BRAG radio we’re talking about dealing with sellers, right. Dealing with sellers, finding motivated sellers.
Kandas: Finding motivated sellers.
Larry: That does sound kind of Hikish doesn’t it, sellers.
Larry: So yeah we’re talking about dealing with motivated sellers.
Kandas: Don’t try to change now.
Larry: See you want to find somebody that has a little motivation to sell their property.
Kandas: A little motivation.
Larry: A little motivation, they need to sell now rather than later, right.
Kandas: And you said before in the last segment about doing direct mail to find absentee owners and things like that. Now anybody’s life can change at any given moment. So is that one of the reasons why you think you should be kind of consistent with your marketing efforts for direct mail and things? Because they may get one and everything be all okie-dokie and then you send something the next month and they’ve had some couple of life altering event.
Larry: Well and that is true. I mean when you send out direct mail or you do what’s called pay-per-click advertising, you’re going to run into people who maybe-
Kandas: Explain it Lucy just explain it.
Larry: Well maybe they don’t have a situation right now but they know hey in six months I’m retiring and I want to downsize right.
Kandas: That’s a real thing too, a lot of people do that.
Larry: That exactly right. in six months I want to downsize or in six months I know I’m going to lose my job or I know I’m going to be transferred or whatever it is, right. But there’s a lot of different things that can change based on your situation. So like when we do direct mail, we always mail the same person at least four, five, six times, right.
Let’s say for example if you’re going to do direct mail every single week, you’re typically going to probably send it out on Thursday they’re going to get it over the weekend they’re going to call you on Monday, right. So you want to send out let’s say you’re going to mail out 10,000 pieces well you’re probably going to mail out 2500 a week, right.
Kandas: Right yeah. You’re talking like for the month.
Larry: Right so you’re going to mail out 2500 a week then on the six week you start all over again and mails to the exact same person. Now you could do the same direct mail piece or you could change it up and do one a little different if you wanted to.
Kandas: Now do you think that when you do one that’s a little bit different you just change one thing at a time to see maybe which one gets the better response, or would you go with a completely different mail?
Larry: Now you’re getting into a whole another thing about direct mail and increasing your response rate.
Kandas: Well you want to table that for- do we need to pin that for another show?
Larry: Well we can if you want to but just real quick what you do is you start out with your direct mail piece and you track your response rate and your conversion rate. And then that is your control. And then you’re always changing and tweaking things like adding a picture or changing the type of font, changing the color, making it a glossy versus a one color or two color.
Or changing the type, changing the headline. And then whenever you start getting better responses, then that becomes your control and then you’re always trying to increase your response rate and your closing rate. Now response rate is not necessarily the most important thing because you might be getting a 5% response rate but you’re only closing one deal a month.
On the other hand with another piece you might get a 1% response rate but you’re closing three deals a month, right. In other words I’ve seen direct mail pieces that would say: Third and final notice we are trying to reach you in regards to your property. It’s imperative that we reach you in the next three days, this will be your final notice. They don’t know what it’s about, right.
Larry: But you get a big response rate but you also get a lot of people that call up, “What the heck is this about? What are you talking about my property?”
Kandas: Angry people yeah.
Larry: Right. So that’s a big difference right there. Does that make sense Kandas?
Kandas: It does help out, thank you for that.
Larry: Good no problem glad to help. So yeah we talked a little bit in the first segment about motivation, right. You got to find somebody that’s motivated, that needs to move, needs to sell or has a property that they’re tired or either renting or tired of owning or maybe they just inherited it.
Maybe they just came into town and they’re trying to settle an estate or something. Who knows? Right so you need to have some kind of motivation there right. Otherwise the person would just fix it up, put it on the MLS with the realtor and wait six to 12 months to sell it, right.
Kandas: Yeah. They’re not in a hurry yeah, why not?
Larry: Yeah exactly. So the second thing you need to look for, right, is deal killers.
Kandas: Deal killers. You need to go into detail with that.
Larry: Well I am going to go into detail about it. Deal killers some people call them different things. A deal killer or a condition or something like that.
Kandas: Okay I get you now.
Larry: For example a deal killer might be, “Well I don’t really own the house, it’s in my grandmother’s name and she passed away and we didn’t have a will. And I’ve tried to get an attorney to settle this but they want $10,000 and it’s going to take six months.” Well that’s kind of a deal killer right there.
Larry: So there’s a lot of different deal killers. Probably the most important one is a deal killer of a parent or a grandparent or an aunt or an uncle or something like that that has to sign off, right. Or even if they don’t have to sign off, here’s another thing, even if they don’t have to sign off, if they’re going to be upset if they sell.
In fact that’s one of the questions that we typically ask, “Hey just to get an idea, is there anybody that would have something to say about or that might be upset if you sell your house?” right, that’s a great way to respond to that. That’s a great way to kind of flush that out. Is there anybody that would be upset if you sold the house?
So there’s also title issues, it can be where somebody else inherited the house or it could be maybe they got a loan or it was foreclose on and they got it back somehow or whatever, right. It could be title issues, maybe the house was in a brother and sister’s name and the brother passed away but they didn’t have a will. So there’s a lot of different issues there that might have to be worked out, right.
Larry: So those can be potential deal killers. Now some of those can be worked out, for example you could hire an attorney to do it like I’ve done this before. When somebody inherited a property and there were three or four brothers or sisters involved, I actually paid the attorney to be able to clear all that up so I could buy the house, right.
Kandas: What does something like that cost usually? Is it?
Larry: It really depends.
Kandas: But it’s not going to cut into your deal significantly enough if you run your numbers, right, that is going to significantly impede on your profit, right.
Larry: It really depends on the deal.
Larry: It really depends on the deal how much you’re paying for it. I mean if you’re buying the house $5000, it might.
Larry: So there could be title issues but I’ve actually paid attorneys to clear that out and I would pay it out of the closing proceeds, right.
Kandas: So it shows up on the HUD?
Larry: Right. And sometimes there’s back taxes on a property that’s one of the other things that you always want to ask a potential seller. Do you know if there’s any back taxes or anything or the property? Now some of them are going to be offended.
So you just have to be ready for it and try to be as tactful as you can. Like especially if you know somebody is in a distress situation, you can start out by saying something along the lines of, “I don’t mean to offend you but I talk to a lot of people.
And sometimes one of the reasons that they need to sell maybe there’s back taxes or leans or judgments or something that. Do you have anything like that that might show up on a title search that would prevent us from being able to buy the property or that would have to be paid before we bought the property?
Kandas: See and you’re not specifically- I hear you’re negotiating in that but you’re going around about to ask the question in a more politically correct way instead of just making people upset when they initially answer the phone. Which is one of the things that we go into detail at our three day events, right.
You go into a lot of details on the verbiage and the way that you go about asking the questions and conditioning whoever it is you’re on the phone with in the most ethical way to get the question answered without making them mad.
Kandas: So you guys can give me a call 877-LARRY-GO, text the word BRAG to 803-897-6063 for the digital investors’ kit. On 877-LARRY-GO you can also get the updated or latest information on where we’re going to hold our upcoming three day events. You guys give me a call we’ll be right back.
[19:43] [Break] [20:02]
Kandas: BRAG Radio all about investing in real estate to be rich and generous back from commercial break.
Larry: You got it.
Kandas: So we’ve been- go ahead.
Larry: No you go.
Kandas: Today we have been talking about kind of questions to ask a seller. When you’re on the phone with a seller before you make the offer to kind of get the best information to him to make the best offer, right.
Kandas: Right we talked about motivated sellers. If you guys are driving, try not to write this stuff down. You can email email@example.com and I can get back to you with any questions that you’ve got. Or you can go to bragradio.com and just listen to the whole show again.
Larry: Right yeah we talked about motivation maybe somebody is getting divorced, health issues, they’ve been transferred, they’ve lost a job, had a death in the family or they inherited the property or something like that. Then we talked about different deal killers like you said. One of the things I mentioned that you want to ask, is there anybody that’s going to be upset if you sell the house?
Kandas: Yeah anybody that would be upset.
Larry: Right. And you can start out and say, one of the things we’ve ran into in the past there’s a family member that might be upset if you sell the house or might have something to say about it. Is there anybody in your family or that you know of that would be upset if you sell the house?
Kandas: You’re very good about asking the questions politically correct.
Larry: Well the whole key is you got to get people to like you and trust you.
Kandas: Disarm them, right.
Larry: You got to disarm them.
Kandas: From the very beginning.
Larry: Because they have their guard up from the minute they open the door and you walk in the house, and you want to build a little rapport with them.
Kandas: And sometimes they’re not really realistic about what they want for the house. They have some type of yeah.
Larry: That’s true. Let me tell you something guys, I don’t care what anybody says, if you’re in real estate and you’re going direct to seller, you need to have a few sales skills right.
Kandas: I agree yeah. You got to.
Larry: There’s no question about it. It’s no different than going in the home and selling home improvements or insurance or anything else.
Kandas: Just the verbiage is all that changes.
Kandas: The tonality needs to remain the same like you said because we have to disarm them immediately. And they’ve probably gotten multiple direct mail pieces and you don’t know how those people have talked to them on the phone so they could be jaded from those conversations too.
Larry: That’s so true. In fact I’ve got friends and we have students and really-
Kandas: You have a friend?
Larry: Thanks. I do, I have one. Can I count you?
Kandas: You pay me so does that really count? I’m just kidding.
Larry: Pay you to be my friend.
Kandas: And I’m your down line for inheritance so.
Larry: Yeah okay.
Kandas: So you can count me if you want.
Larry: Where is that cricket sound? So what was I even going to say?
Kandas: I don’t know.
Larry: So basically I’m trying to find out where I was here.
Kandas: Got him rattled did you see that Lynn?
Larry: I know right. So basically you do need some sale skills okay.
Kandas: Basically that’s the whole point of this conversation.
Larry: It’s very important that you have some sales skills. I mean like I remember we used to do some canvassing knocking on doors when we were in the home improvements business. And we were buying houses also but I had some young guys out there like high school guys. And they were canvassing knocking on the door and they knew I bought houses.
And this young kid James, he knocked this door and the lady came to the door and she said- he gave his whole little spill about, “Ma’am we’re in the area talking to people about doing home improvements we have special finances available blah, blah, blah.” And she said, “Sonny I don’t even know I’m going to be able to stay here. My husband just died and I’m probably going to have to sell this house.” And he’s like, “Great how much do you want for it?” true story.
Kandas: You can’t make this stuff up.
Larry: I know right. So how do you think that went over?
Kandas: Not well.
Larry: Not too good, right.
Kandas: Not good.
Larry: Exactly. So you’ve got to build a little rapport with people, get them to like you and trust you, right. And it all starts even with the very first phone call. Now first of all, when you’re generating leads for off market properties right from motivated sellers, there’s two ways you can have those leads coming. Well there’s really several ways.
You can have them go to a website and opt in at a website, and that is where you have to be reactive where they opt in and you have to respond, right. But if they’re online, all they’ve got to do is fill out that form and then they’re off to the next webpage and filling out another form or calling a number. So if they’re online I suggest you do whatever you can to get them to call you.
But you also want to have the opt-ins on your website if you have one like you can check out larrybuyshouses.com and see our website and what we do to generate seller leads as well. But you can also have people call maybe you’re running craigslist ads, maybe you’re doing direct mail with a phone number. If you’re doing direct mail I don’t suggest you put your website on there. You want then to call, right.
Larry: And there’s two different ways, you can have the call go straight to a voicemail or you can live answer. Now some people use like a patlive of something like that to answer and they go through a little script.
Kandas: Like kind of like a call center.
Larry: Right like a call center and some of them even use virtual assistants in the Philippines. I don’t recommend doing that for seller leads because those are like gold, okay.
Kandas: And see I have a habit of we put out signs, our houses signs and things like that.
Larry: You put out a few a couple of months ago.
Kandas: Well I’m talking about companywide, thank you bringing out the fact that I still have 57 in my car. But whatever. But I’ve randomly and oftentimes will call when I see other people’s signs call and see what their follow up sequence is like. So it goes a little bit deeper too than just whether they have a call center answer the call or whether they answer it live or whether you just leave a voicemail.
There’s one number that I called off of a sign that has been popping up on my route and it goes to a voicemail and you leave a voicemail and then they have a call center that will take all those leads. And I just hang up, I didn’t leave a message I didn’t do anything. I listened to the message and then I hang up just to see what was going to happen.
And it has been two weeks now since I called that number and initially they text me right after I hang up saying, “Hey sorry missed you.” And then a day later they were texting me again they tried to call every day for five days to get me back on the phone. And it was one of those-
Larry: Good, they’re doing a good job.
Kandas: Yeah they did, I liked their sequence. And finally yesterday I mean it’s been two weeks now, a girl called me and it wasn’t the Betty girl, the nice sort of Betty grandma voice that I heard at first. This was like a call center person and called me just to follow up on the lead, and I was like, “You know I buy houses as well and just wanted to see what your follow up sequence was. You can take off your list now.”
Larry: Wow. You shouldn’t have let them go through and try to pitch you, and try to sell you.
Kandas: She only wanted to get information to turn over to somebody else. And that’s when I told her that I do the same thing.
Larry: Right so maybe she was in the Philippines, who knows?
Kandas: If she was in the Philippines she spoke very good English.
Kandas: With slang like southern.
Larry: How y’all doing.
Kandas: Yeah, if she was in the Philippines I would have been very surprised.
Larry: That’s funny. So yeah there’s two different ways to do it, you can have it go to a voicemail somebody can call you back or you can have a live answer. I suggest especially if you’re starting out, you want to answer those calls yourself. Maybe you have a full time job and you can’t do that, but have somebody answer those calls.
You can get a Pat Live or one of those types of services to do that for you. You can hire those third party services out there, we can put you in touch with some of those as well that will take those calls for you but you need to especially if you’re generating online leads, that needs to have a live answer. That’s very important.
Kandas: People like instant gratification.
Larry: Because those leads are like gold. I mean think about it, if every deal you make $10,000 if you were just wholesaling properties right. You never know which call is going to be that $10,000 call.
Kandas: Never know.
Larry: And you might have spent $500 or $5000 that month on marketing, right. So it’s very important that you nurture and protect each lead, right. Does that make sense?
Kandas: It does.
Larry: Each and every lead. It’s gold.
Kandas: It’s gold.
Larry: When we come back I’m going to talk about some specific things that you want to say both on the phone and when you get to the home. And so that way you know exactly what to do.
Kandas: Oh when you’re running [Inaudible] [29:24] okay. Alright before we go you guys give me a call on 877-LARRY-GO and get the digital kit sent out to your email. There are training links in there for our models where we seller finance lease option and also how we day trade. The investors’ kit also includes the digital HUD Homes Half Off book and Real Estate Day-Trading book. So 877-LARRY-GO or text the word BRAG to 803-897-6063.
[29:54] [Break] [30:11]
Kandas: Welcome back to BRAG Radio, all about investing in real estate to be rich and generous. We want you guys too one thing that I haven’t really mentioned but it is coming up-they love this song- I’ll stop talking so y’all listen to it.
Larry: Jump. I was listening to Van Halen on the way over here.
Kandas: I’m sure you were. It’s like all that runs in your car.
Larry: And it’s an easy job.
Kandas: So on the lines of- that was kind of an abrupt stop Chad with the music thing. But on the lines of being generous we need for you guys to be generous with your blood. I know a few weeks ago-
Larry: You’re going to pay.
Kandas: With your blood. Not your firstborn but your own blood. We are doing a blood drive I mentioned it a few weeks ago, Larry was making fun of me. But it’s coming up in June.
Larry: Why was I making fun of you?
Kandas: Because it was so far in advance.
Larry: Okay, good I don’t want people to think, “Larry is making fun of them having a blood drive? What’s that about?”
Kandas: You make fun of me all the time. But this was just one of the latest things. But I’ve been wanting to get people prepared so I’ve been prepping our office for we would get our kind of schedule thing for people to sign up to come and give blood. We will have the American Red Cross blood mobile out at the office in Lake Wylie.
And we would like for everybody that’s in listening range to come and join us. So if you are going to be in or around the Charlotte area, Lake Wylie area or could make it out to the office in Lake Wylie on June 26th we will love to have you come and be part of our blood drive.
It’ll our first one, I’m not sure if we’re going to make it an annual thing or not I would like to. But it kind of depends on you really, the results that we get, the amount of people that we have come out with what we’re able to generate with our efforts, whether they will want to work to with us again.
Larry: There you go.
Kandas: Yeah I’m excited though. Larry is going to give blood, I’m going to give blood. Yeah you are. You are.
Kandas: I’m going to give blood.
Kandas: We have several other people in our office that are already willing and excited and going to select a slot to sign up. So you guys can email me firstname.lastname@example.org I can send you out the details and kind of the timeslots. I don’t think that they turn anybody away but they do like for us to have some appointments set up for people to come in and give blood.
Larry: That’s exactly right.
Kandas: June 26th. .
Larry: That’s awesome.
Kandas: I think it’s 3:30 to 7:30.
Larry: And we’ll have investor kits ready to give out too.
Kandas: Yeah okay now we will alright.
Kandas: Okay we will do that.
Larry: Donate a pint get an investor kit.
Kandas: Let me text Corin right quick. We are going to have to-
Larry: We’ve got some there.
Kandas: No I know we have some there. We’ve got time to get more of those ready but I don’t want to forget that we just told people that.
Larry: He doesn’t want to be hearing from you on Saturday.
Kandas: No but he’s used to it especially if we have to go out of town for an event or something, it’s nothing he hasn’t dealt with before.
Larry: Oh well I know.
Kandas: He deals with me all the time.
Larry: I know the feeling.
Larry: So we’re talking about dealing with an advertised properties off market properties and the questions to ask. You want to look for somebody that’s motivated. You’ve got to look for the motivation, what is their motivation, and you’ve also got to look for deal killers right.
Motivation might be divorce, health, job loss, job transfer, probate, they just inherited a house, they’re in foreclosure, it’s a short sell or they’re about to lose the house, whatever. All those are motivation, right. And there’s deal killers like parents, grandparents that maybe their name is on the house or maybe they gave the person the house and they told, “Hey if you ever get rid of this house you let me know. I want it back.”
Larry: Right, and title issues, back taxes, leans, judgments, code violation maybe the mortgage is too high, whose name is the house in and all that good stuff, right. Those are all deal killers, we talked a little bit about you got to build that rapport. So when you talk to someone, when they call you answer the phone or you’re calling them back you just want to introduce yourself and be calm.
Don’t be really aggressive, “Hey I was calling you back about your house,” unless that’s exactly the way they’re talking.
Kandas: Unless you mirror them right yeah.
Larry: Unless you mirror and match them, right. You want to be like them, right as much as you can. Talk the same speed they talk and the way that they talk, right. if they’re talking real fast and you’re real slow, you’re going to lose them because they’re like, “Come on get on with it.” or if you’re talking real fast and they’re real slow, then-
Kandas: You’re going to confuse them.
Larry: Then you’re going to sound like a sleek salesman to them.
Kandas: Oh yeah. You don’t want that.
Larry: No. so what you’ve got to do is, “Hey you responded to our postcard we sent out about buying houses and we do help a lot of people. So tell me a little bit about the house you’re trying to sell.” You want to be Colombo a little bit and Andy Griffins a little bit, right.
Kandas: And what is it that you say something about the person that cares the least wins.
Larry: Yeah in negotiating, the person who cares the least wins. That’s exactly what I say Kandas.
Kandas: I can’t always remember your verbatim but that one’s kind of straightforward.
Larry: Yeah in other words, I’ll give you a quick example. I had a lady-this was years ago I was dealing with and trying to buy her property. And I think I offered her like I don’t know $3,000 on the house. I mean she’d inherited the house she had nothing in it, she wasn’t even living in it or anything, she was renting it out for $250 a month.
It was a small brick house about four hours away. So I think I offered her $3000 no I offered her $2500 for it, that’s right because she called back two weeks later and I’m at drive through at Mipanos no, I’m at Wendy’s that’s right I was at Wendy’s.
Kandas: How do you recall the details of this conversation but you can’t recall a conversation that you and I had yesterday?
Larry: That’s a whole another topic okay. I’m getting ready to tell you.
Kandas: This is years ago.
Larry: I’m getting ready to tell you why I remember it was Wendy’s okay.
Larry: Because she calls up and I’m sitting at the drive through at Wendy’s okay. She calls up and she says, “Larry, you called me last week about my house you offered me $2500 if you can give me $3000 and I can have it by the end of the week, I’ll take it.” I said, “Rochelle, hold on. Yes can I have a double with cheese with no onions and no tomatoes? And can I get a frosty and can you biggy-size that?” see that was way back.
Kandas: That was way back.
Larry: When they did biggy size.
Kandas: Yeah and when you only had one flavor of frosty.
Larry: I know, right.
Kandas: [Inaudible] [37:12] question with flavor.
Larry: So to make my point, the person who cares the least wins, she called me back, she’s ready to sell my house but to me the most important thing is lunch, right.
Kandas: Right then and there.
Larry: Right then and there the most important thing was lunch. So I could have pulled out, I could have stopped, I could have told the person at the drive through hold on or I could roll the window up and talk to her, but I didn’t, right. So the key is the person who cares the least wins right. So when you get them on the phone, they call you just want to talk like them.
Talk slow unless they’re talking real fast right. Tell me a little bit about your house. It sounds nice why are you trying to sell? Why are you selling it? And then just let them talk. Just go into it, let them talk. “How soon are you hoping to sell? What have you tried in the past? Have you thought of listing it with the realtor? Why would you not want to list it? I’m letting them tell me why they’re not going to list it with the realtor.
Kandas: Well what they’re doing is giving you clues to how you sell them.
Larry: That’s exactly right.
Kandas: They just don’t realize it.
Larry: That’s exactly right. Have you sold a house before? How long have you had the house? How much did you pay for it? Have you had an appraisal? When is the last time it was updated? There’s a lot of info.
Kandas: And I know you guys are not able to write down all these questions while you’re driving. So just send an email to email@example.com or go to bragradio.com and listen to the whole show again.
Larry: Exactly or listen next week and we’re going to go over one at a time, step by step by step.
Kandas: Are we really?
Larry: We are. We’re going to go over them step by step. I’ve already got it all planned out for next week. I’m ready.
Kandas: Hopefully it’s not going to be as boring as it sounds, step by step by step.
Larry: Alright. So yeah but we’re going to go through it I’m going to tell you what to say when you’re in the house, how to set the appointment and then what to say in the house. And if you need some help if you need me to go in the house with you, I will go in the house with you and I’ll help you.
Larry: Yes, but I want half your deal, right.
Kandas: Okay that makes it better.
Larry: Is that fair enough if I put the deal together?
Kandas: I was like we are trying to streamline here what the heck are you doing to me? Now you’re running appointments.
Larry: Hey you send that deal to me I’ll go in the house you can go along with me, I’ll close it make us some money, we’ll split the profits, right.
Kandas: Oh good gracious.
Larry: So Kandas tell them where they can get a free copy of my book that shows all this stuff.
Kandas: The Real Estate Day Trading and HUD Homes Half Off are both in the investors’ kit along with some other links to our training models. So if you give me a call 877-LARRY-GO, I can get that out to your email. You can text the word BRAG to 803-897-6063. But give me a call 877-LARRY-GO.
Make sure to tune in every Saturday for BRAG Radio leading the world to be rich and generous. Larry and Kandas will show how to invest in real estate and the many ways real estate creates the ideal investment. It’s BRAG Radio be rich and generous on News Talk 1110993WBT.