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1263 » Having Simple Conversations with Sellers

Last episode, I talked about the steps I would take if I had to start everything all over again. Here, I cover what to say when you have those sellers and landlords on the phone. I walk through a whole role play call so you can get some practice time in. I always ask people if they have other properties as well, and you’ll learn how to have that conversation, too. I also talk about owner financing and how to find properties. 

I’m getting ready to release something I’m calling Deals with Joe, which is going to focus on what I’ve been talking about in terms of starting my real estate business over from scratch. How would I do a deal if I didn’t know anyone or have much money? I’ll show you how to do deals as quickly as possible. It’s going to be a 30-day course with software and weekly calls, and it’s super affordable. Let’s do some deals together. What do you say?


Listen and learn:

What’s inside:

  • How to talk to sellers once you get them on the phone.
  • How to talk about owner financing.
  • Info on my new program, Deals with Joe.

Mentioned in this episode:

Download episode transcript in PDF format here…

Joe: Hey, what's up, my friends? This is Joe, REI in your car podcast. Driving home again from my rehab at the hospital went really well. I was about 15, 20 minutes late, so I'm a little embarrassed by that. Even traffic was crazy this morning. Maybe it was because I was late. It was. I was supposed to be there at seven in the morning, but I wanted to talk to you about something because I'm going to be releasing real soon here. I've been talking about it for a while. Something I'm calling Deals with Joe. And it's just going to be like, if I had to start all over again from scratch, what would I do? Do a deal. If I didn't know anybody. I didn't have much money. I just wanted to do deals as quick as possible. So it's going to be a 30 day course that I'm putting together and it's going to be pretty epic. In fact, by the time that this is released, it should be ready to go. So if you're interested, go check it out. Deals with Joe dot com, Deals with Joe dot com. It comes with some software. I'm going to be doing some weekly calls with it. Stuff just seven bucks a month. Check it out. Deals with Joe dot com and let's do some deals together. What do you say?

Joe: I'm doing this because I want to be like, this is for houses or land, but I want it to be so simple that, you know, an idiot could do it, But that's kind of offensive. Didn't mean that. But I want it to be so simple that anybody can do it right and I am an idiot. So. All right, we're all in the same boat. I wanted to talk a little bit on this podcast of like, Yeah, what do you do? And last episode, I believe I talked about, you know, the steps, what I would take now. This one I wanted to talk about When I do have those sellers and landlords on the phone, what do I say to them? Right? So I thought I'd maybe even just practice a role play with you on an example call. So let's say one of the things I talked about in the last episode was finding landlords who have properties for rent on Zillow. That's one of the things you can do, right? Another thing was, remember, handwrite some letters to evictions that you can find from court records. Let's say you get somebody on the phone. Now, I typically when I see a rental property, I like to call the ones not from property managers. I like to call the ones that are being advertised by the individual owners. And there's also I think the website is different now, but it was go section eight dot com. If you go there, it'll redirect, but you can go find section eight properties and usually those are managed by individual owners and you can text them and call them. But this is out of my conversation. Like go something like, Hey, this is Joe, this is Jim. Yeah, cool. Calling about that rental property you have there at one, two, three Main Street is, is still available. Oh yeah, it is cool. Can you tell me a little bit about it? I'm looking to buy some investment properties in the area and just like kind of I'd like to know if you would have any interest in selling yours. Sometimes I'll backtrack a little bit. Sometimes I always, sometimes I always. That doesn't make sense. I always usually answer when I'm talking to somebody. The first thing I'll ask and say, Did I catch you at a bad times? Sounds like a catch in the middle of something. And the reason I do that is kind of like this reverse psychology trick that I learned from one of my coaches early on to get them permission to say yes. And so sometimes when you phrase things in the negative, since they don't know you, they'll agree with you though. You know, if they don't know you, they'll disagree with everything you say. So when you say something in the negative, they're actually agreeing with you because that makes sense. So if somebody said, I didn't explain that. Right. But if somebody if you ask somebody, did I catch you in the middle of something? Is this a bad time? Do you don't have a mid idea? They'll say, yeah, it's fine. I can talk. All right. So yeah. Is that property still available? Cool. Tell me about it. Sounds like a nice property. I'm sure you get tons of calls on it right now. I ask him, Do you know I'm an investor? Do you own a bunch of other rental properties? Do you have a lot of properties you kind of own and manage in Nice? Okay. Yeah, well, I'm an investor and I'm looking to buy some property in the area. You wouldn't have any interest in maybe selling this rental property, would you, And see what they say. Sometimes I say now you know, we just fixed it up or ready to rent and out. I said, Oh, okay, well you don't have any other properties. Do you have any other properties you're looking to sell? Why do I ask that? Because almost everybody does, especially the landlords that you're calling, right. And almost every landlord you talk to is going to have a bad property that they want to sell.

Joe: So I ask them if they have any other properties, if they saying yes or no, whatever another question might be. Well, do you know anybody else who has some properties they might want to sell, especially this is a property manager. I'll ask them questions like, you know, do you have any clients that have any properties they'd love to sell? And if I buy them, I'll keep you as my property manager, etc.. And Mr. Realtor, I'm sure you get commissions. I would gladly let you represent me. I don't have a realtor representing me so you can represent me and give both sides of the commissions say something like that. So I'm just going to ask the guy now some questions about the property and say, Yeah, well, so if the price is right, you know, I got this other one that might sell at the price is right. I'm not just not going to give it away. I say yeah that's I wouldn't if I were you either. So then I'll ask more questions along the lines of sounds like a nice property, you know, like tell me more about it. Have you thought about selling it in the past? Why haven't you? What do you think it would be worth? What would you sell it for? You know what? What our knowledge is. Well, we know. Tell me. Just give me an idea of the area. What? What would make you happy? What would be a fair price? And that you might get that out of them. You might not at this point. I'm looking it up on Redfin while I'm on the phone with them and I'll ask them about I'm seeing some property. He's here that are currently listed for sale. I start with the lowest ones you can have in that price range or not that I'll look at sold comps, you know, and I'll sort it from price low to high. I say are you I see some sold here in the area that sold for this. Is that kind of what you're thinking of. You know, is this is that a fair price for this crazy market right now? You know what it sounds like? It sounds like you want too much for it. You should probably just list it with a realtor. And he thought about that. John, why don't you just list it with an agent then? I probably will. So I'm trying to gauge their motivation if they have any pain or not. And if they don't, you know, chances are if you do want a good deal with a lot of equity with somebody who's not motivated is slim to none. But I'm still just trying to talk to them, build some rapport. And again, digging deeper into do you have any other properties that you're looking to sell, whatnot? Right. And trying to find out, you know, you're not in a hurry to sell it, right? You know what I'm asking? What are you going to do with the cash when if you sell this thing, are you going to buy another property Now? What am I thinking? I'm thinking, know, two things. Maybe a potential private investor. Maybe this is somebody that I could seller, finance or buy their property subject to. They don't need all the money right now, Right. So I can make them payments over time. Could be a buyer, somebody who's looking to actually buy more properties, better properties. And I could add this guy to my buyer's list or wholesale some deals to him or her. So I'm just trying to ask as many questions as I can that, you know, if my goal isn't actually to do a deal with this one particular property, although that would be nice. My goal is to build a relationship, get somebody to follow up with so I might get to the price. You know, maybe we'll get to some kind of agreement, if you will give me a price or if his price is too high. I try to go to, you know, look at the actives of the sold and I'll say something to along the lines of, well, what's your ultimate goal if you sell this property? Is it to sell it as quick as possible? Just be done that are you trying to get the highest price possible? So I want to know, is it to sell fast or to sell high? And sometimes it's usually a combination of both or something like that. I say, Well, you know, I don't know if I can get you that price. That might be I'm not a retail buyer, you know, I'm always looking for good deals, but I can't pay full price. But if I could get you something closer to that, you wouldn't consider maybe carrying back some financing or doing like owner financing or something like that, would you? Or taking payments over time and see what they say sometimes half the time that like, yeah, maybe if the price is right, I'd consider that. And so now if it's a landlord I talk to that, wouldn't it? Wouldn't you rather be the bank been a landlord talking about how when I buy properties, typically if the price is right and I'm doing seller financing, especially on lower end rental properties, I don't like doing lease options on lower end rentals. Right. And typically lower end rentals like that. The chances are it depends, but it's not a loan that I want to actually even take over subject to. But I might be like, you know, typically when I buyer or seller financing, I'll pay it off in five years because these guys don't want long term solitary back financing and I want to pay off as quickly as possible. That's all under the strategy.

Joe: By the way, off role play or off Rabbit Trail here. I just had a great mastermind with some friends of mine from Leadership Boardroom that Shaun McCloskey does shout out to Shaun at Leadership Boardroom dot com go check it out. And one of the guys in that group is Scott Jelinek. And Scott Jelinek wrote a book called The Art of the Slow Flip. I think it's what it's called really good book. Go get it. Right now it's go to Slow Flip.com maybe, or just Google slow flip. Scott Jelinek you'll see him on YouTube and Instagram and all of that. He's got a great book. You need to go get that book. I've had him on my podcast a couple times and he sent me the book a long time ago and I just finally started reading it and I'm a little embarrassed. But I love his strategy of finding these properties that are cheap and you pay them off in like five years with private money. And so the first five years you don't really get any cash flow from them. Then you sell them, you buy them on five year notes and you sell them on 30 year note. So you buy them like a car and sell them like a house. So you buy them no cash flow. The first five years, you pay them off in five years. And then now you own a property free and clear and you sell it on owner financing. So you're selling it, you know, like a contract for deed. And you just to the bank and you don't have to worry about landlord issues and repairs and maintenance. You're selling them to buyers either. Retail buyers like people are going to live in it or you're selling it to investor buyers that are going to fix up a little bit and rent them out. So anyway, he's been doing this for a long, long time and I think he's got 130 properties. I think 70 or 80 of them he owns free and clear now, so he's got no mortgage on them, free and clear assets. So it's just a it's a slow game to building wealth anyway. It's great. What am I what's my point in all of this? Well, I'm telling you, get on the phone, start talking to people. You're going to go to Deals with Joe.com and see a little bit more information. I'm just going to break down step by step and daily videos what I would do to do deals. And it's just you just kind of get on the phone and start talking to people and it's you can there's all these things I want to be showing you do not take a lot of money. There's very inexpensive ways you can get on the phone. If your goal is to talk to five people a day, whether it's a landlord a. Manager, realtor, other wholesalers, homeowners talk to five people a day and just find out their situation. Find out what's going on. Do they have a property? Do they know of anybody who's got a property? Yeah, I'm looking for deals. Can I send you? This is how I was going to end the conversation. Okay, so listen out more. Let me look at some numbers here. Let me share from my pencil and see what I can do. Maybe I'll send you some information here in a little bit. Is that all right? Cool. And you know what? I'll send you? Maybe works, maybe not. That's okay. Just tell me yes or no when I send it to you. Is that all right? Okay, so I'm going to send him maybe an email, a text, and actually always try to send something in the physical mail explaining kind of this is maybe what I can do. And if this doesn't work for you, that's fine. Keep this letter for future reference, you know? But now I've got a name and a phone number and an email address. I'm going to follow up with these people every 30 days. This follow up. Hey, this is Joe. You don't remember I following up on that offer for your property 30 days ago. Have you sold it yet? This is still available. Do you know anybody else who's got any properties? Do you have anything else? And I just started asking that question. And if it's a realtor, I follow up with them every week, every two weeks. Okay. I'm still looking for deals. Do you got anything? And when you understand some of the creative financing stuff or he can pay cash or to give them more with seller financing or at least purchase depending on how nice the house is or not. And you can do a lot of deals. There's no reason you cannot.

Joe: So that's all I got for now. Go check out Deals with Joe dot com, Deals with Joe dot com, and that site should be up here in a couple of days. I'm excited about releasing it and take everybody, we'll see you. Bye bye.

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