Listing and Buying Probate Properties in Texas, with David Pannell

0:00 Probate expert and welcome to our probateweekly.com zoom cover every week on thursdays 4 p.m pacific time 7 p.m eastern we record it and live stream it on youtube and facebook and record afterwards on our youtube channel Bill Gross exp and every week we get together with investors wholesalers real estate agents some petitioners administrative executives and or attorneys to talk about all things probate real estate so if you're brand new you would learn more or you would build out your business to be more successful this is what we're going to talk about on a daily basis and the goal here I'm not selling any coaching I'm not selling any data I don't have any affiliate links to anything strictly I'm here to work together I sell real estate houses every day here in southern california and actually around the united states looking to do better look to meet people who can share ideas we could learn together help each other push each other to grow and be more successful so towards that recently I had a chance to chat a bit with and thought I should invite on really one of the top real estate agents in the country focused in probate real estate he's out of texas it's david cannell so say hi david how you doing he's giving us a wave there and if he's finishing up it may come off farther okay well we'll kept that slipping to be ready to get out with us so dave and I know each other through the all the leads.com platform which has a coaching program and chad corbett is the head coach of that program and then some of you follow the probate mastery alumni facebook group or the weekly calls that chad does and david is a participant in that continued there and his share and then beyond that david's builds his business to where he has his own coaching product or platform and he'll talk about that a little bit so david are you there I am can you hear me I can how you doing good man I didn't know I was on mute so oh you were muted all times whatever

2:03 Good stuff you said you missed out on so go ahead already how handsome charlie and go ahead and take a minute you have no more than 10 minutes to do that go ahead yeah so I'm in Fort Worth, Texas just real estate broker I during 2008 I kind of flipped my business to become a listing agent got into foreclosure listings and short sales and got really good at listing houses but then I found all the leads in about 2014 and I didn't realize they were just starting I watched him for about two years and didn't subscribe and then went ahead and bought some leads in 2017 and 18 and it took off we've closed almost 100 probate deals but we 70 chance we're gonna buy the house and someone called me a fifth degree black belt in probate the other day and I loved it so it's funny how you go in real estate how you develop skills now I go after the hard title issue houses plus probate because we know how to work through and I found the right attorneys and title companies that allow me to buy some really hairy title issues now and obviously that's where the better deals are so that's what we do so it isn't interesting I see this all the time to people that real estate agents mistake they get in probate thinking it's easy but the reality is I'm looking for it sounds like you really are looking for the harder deal a harder deal means more profit and opportunity correct yeah so the longer I could work with the family and help them through the title issues the better chance I'm going to get a better purchase on that property either there's a renter on the property or it was given to a spouse or a nephew or cousin as a life estate you know something like that caused me to it someone's at my door for some reason I'm sorry I lost my train of thought but

4:07 It just it gets you into where you're buying these properties and listing them if you become the listing agent and the deal is just the numbers are just incredibly good on probate period so let's go back to beginning with what how did you where'd you grow up and how did you start getting into this I grew up here in haltom city fort worth texas went off to the marines in 97 got back here 2001 worked as a peace officer police officer we call them peace officers in texas and then found real estate 2006 and it just I didn't realize how good sales was and how good I was in sales and how naturally it comes to me so it real estate took off I sold 27 houses my first six months to buyer leads that we generate online and I haven't done less than 60 deals a year I don't want to work that hard anymore but in 2017 to 2019 we did 120 plus deals on our just our small team now I completely focus on probate and cash opportunities I rarely list a property on the mls anymore if I do it's for a friend well first thanks for service and marines yeah thank you welcome and disposable listening fort worth is really fort worth texas two words but yeah you live there it's fort worth it's different one there's no separation in the two correct oh yeah and fort worth is right near dallas for free to be outside texas so you got into real estate and you moved into program what was the initial attraction program how did you initially decide this is something I would do just getting more listings getting away from expired and for sale by owner prospecting having a different lead source I had a coach at the time told me to

6:10 Find a niche within a niche so I just I kept looking around I didn't realize the difficulty of first of all talking to the people and or calling them several times or the expense to just to purchase the lead and then and then convert the lead and then I had no idea that I'd be buying houses myself I had as a Realtor® I had never thought about buying a house that I would not live in I did invest in a few houses and flipped them but it did I didn't make the connection until my wife said I don't know why you're I would give people money to work on their houses to sell them online to list them so I'd have more listings that was around 2016 2017 and there was one person that got mad because I put the wrong type of ceiling fan in their house I took down the ceiling fan that they wanted to save and I threw it away and my fiancee time liz said I don't know why you're putting money in other people's homes when you could be buying them and it's just a light bulb moment it went off in my head and we've purchased over 100 properties in the last two and a half years and my average wholesale fee is like selling a million dollar listing now so to do 20 30 deals a year is very impressive now in my world and we used to strive for 60 to 70 80 transactions just to just to have a business it's just it's changed everything that I've ever done probate is just the lead source that led into looking for other opportunities in neighborhoods I spend three to four hours a day driving for dollars looking at distressed properties to buy now it's just completely converted my business from being a semi luxury type broker to a distressed wholesaler

8:14 And I love it that's funny yeah I'm one of the top agents of my national company you know the internal chat board somebody's looking for off market listings five to seven million dollars in beverly hills and somebody said oh Bill Gross is in that area and it's true my office is in beverly hills but I do program rusty my houses I haven't been the inside professional house like that you know I don't think ever but certainly that's not my normal business I have no special connections on high-end houses and I'm making money at houses I do I'm fine where I'm at I'm not saying it like a mustang but I'm just saying it's different so along the way I mean look you're obviously a very smart guy you're obviously very self-motivated you got involved with coaching with all the leads about four years ago is that the primary focus or how would you describe how you built your business was a combination of that on your own did you kind of find your own way into some other coaching principles you brought into that business how do you describe how you built out your process of procedures yeah so obviously they teach you how to talk to the probate person but when you break it down it's just about adding these people to a database and doing proper follow-up with them yeah at some point you're gonna have a conversation with them and you have to sell them on the team I guess on converting them to real estate and see if they want to sell a house which is fine but most people do not want to talk to a real estate agent for three four five months so I know that through you know they're not going to respond until the fourth or fifth sixth letter they're not gonna respond to your real estate cma or real estate verbiage most people do not want to hire you as a real estate agent until the attorney tells them they need a Realtor® to hire and then they're going to go look to a friend or someone that's been bugging them

10:16 So I just put a system together in my sierra interactive that once I know so I make the initial call to know if they have a house to sell I don't care if they're gonna sell now or five years from now they're going to be in my database I have a action plan that drips out to them for up to four years right now I'm extending it to another year and I'm getting most people now in that tail end of after 12 months which is fine because then that usually they have a tenant in the property or a cousin or nephew that won't leave or it's some type of title issue that it gives us the opportunity to purchase the property because it's in a dire need I can't say that I list a lot of the prop probates I try to talk to him out of it or not talk him out of it but if they're not willing to hire a Realtor® I'm going to buy the house I'm not going to leave the property without making an offer and get it signed so kind of went up on a tangent but no I think it's interesting so you're really focused as an investor more than real estate you start as a wellness agent you move that way and I can see why the deal is going to sit in front of you I think the thing that's common though whether you're a Realtor® is what you said is what I call the long tail market that Realtors® will often get in these programs and I'm sure you do the same thing you listen on these coaching calls and they'll say well I bought the leads last month and I mailed the postcards and I gave you listings I'm like well yeah that'd be like planting a bunch of seeds of corn and sitting back in your porch saying I didn't get any corn stocks yet right it's the same thing and I know that when you when you begin to analyze from lead to closing the average is about two years which means some will sell in the first 30 days there are the occasional deals and I want to ignore the miracles but

12:19 The average so your plan better have a way to get to two years or longer your case four years and you're extending it but it seems to me that's the crucial thing is this clearly uses community when agents struggle or investors struggle and probate to me that's always the essential issue is how long did you write your plan for did you execute the plan for that length yeah you know it just goes back to having that database and knowing that you're putting people you're putting these leads into a system that is going to remind you one to call them either after an initial phone call or you put them in as a like a new status lead and you leave them that new status until you at least talk to them we're leaving them voicemails we're texting them we're calling them until we get them until we identify what they're going to do and if they have a house to sell then we put them into an action plan that's going to tell me every 21 days to follow up with them until they sell the house until they do something every day I wake up I have 30 to 40 people that I need to call not that I need to call them but I need to put eyeballs on their profile in my system and see and listen to a recording if I need to remember what they said to me but I have over seven thousand probate leads I've purchased I actually have over twelve thousand probate leads I've purchased and you know it's just a matter of we don't call them all it's down to like maybe 1500 that we're following up with and then the rest are just put into you know I've canceled my facebook ads but I'm redoing some youtube ads for that to stay in front of them you know and I also get so often you know agents will my team I'll show them what I do and I'll give them a list of the cases to call them they'll say what I call them all and most of them aren't selling

14:22 Their house and like well yeah that's like when you call homeowners most say they aren't selling but they all eventually do your job is to be there so when they do you're there so and then kind of winston asked a question are you finding it I think you answered the question but I'll let you answer it are you finding more profitable to list and sell probably properties or buy probate properties which is more profitable for you as a business yeah it just seems like to me that they don't know I know okay you're welcome elsewhere oh this is this is really it seems like to me I'm purchasing more of the probate leads because of the condition you know unless it's in marketable shape they don't want to spend money that especially if there's more than one air they don't want to spend money the other air is not going to spin to help you get it on the market and you know it's just easier when there's multiple people it's easy to buy a house when there's one air but it's really easy when there's three or four because nobody wants to be the villain I guess and nobody wants to spend money on the mortgage payment the taxes or something that's costing them money on that house exactly so it from my perspective and doing this four years now with probate it's just we're most likely 80 chance buying the property from them 80 that's fantastic yeah now a question asked and this might lead to a deeper question what contact management program do you use now I think the answer is you have like your own system you created correct yeah it's just sierra interactive so sierra interactive they're in louisville kentucky and it's owned by real estate four Realtors® and over the last eight years they've grown it to an amazing system

16:24 And they have I think currently like close to 40 or 50 programmers that work on it so you're it's a cloud-based crm and if you guys are you can't go cheap on your crm you just can't if you're if you're spending this system is going to cost you four I spend close to 1500 bucks a month on my crm you could get the you could get the starter version that's three to four hundred dollars but when you get them to do your ads for you and other things it gets the price goes up but it's so worth it an average wholesale deal to me is twenty two thousand dollars so it's I mean it's just pennies at some point you gotta realize your database is your business it's the product on the shelf at the gas station if you don't have a database in real estate and a way to follow up with them and to market to them you just you're never going to convert these probate people or are you going to lose out you're going to call them and they're going to already be sold now I know you're in a state I think you released it for more than just the crm but more like a coaching program of sorts correct yeah I'm working on something right now I'm charging 6.95 for my whole system and I'm actually making videos for it and I've written everything out that I do so that you get immediate access to that on the google drive but I'm working with another you know like a not the funnel people the sam cart and we're making I'm making videos everything I do to lay it all out so that'll be just something that I constantly work on to show you then we have a facebook group that we have a private group that everyone's and I've had 45 people buy into it so there now there's one guy that got nine listings in seattle I think two months ago which is incredible

18:27 His average list price in seattle is like 800 grand so and he's a new agent and he's doing exactly what I do now nice yeah somebody asked actually it was herbert who asked what do you who do you buy the leads from what do you pay per thousand leads I buy everything from all the leads I've tried other sources to try to make things cheaper and my motivation comes from the money that I spend on the leads because if you're spending two to three or four dollars a lead and you're buying them at 400 a pop I'm spending close to 2 000 a month on just probate leads you know we need to work them right now do you also I know I took the public mastermind program did you take that program which I was teaching it yes and I just completed the foundations with bruce which is excellent wow very nice yeah I didn't know what that was I'm behind on chad's new program a few modules I'm way behind to be honest yeah he reminds me every sunday exactly I did not get your phone I get that email every sunday you're right and I'm behind and it just I've been so darn busy you've only completed 2 of 98 of them exactly he says you the same email I think and I know it's something I want to do it's just this is the time of the year for me to do it so yeah I'm not going to give up on it I think it's helpful so it's interesting so between the two of us you have two successful probate agents we both use a coach we always need more coaching we're both actively involved in learning I think that's what I admire about you is that you know from the day I met you were both successful in aggressively trying to learn more about the business oh yeah and constantly trying to figure out you know who the best people to market to in those leads and

20:30 And you know in my course I say you gotta when you buy a hundred leads there's usually 12 in there that are out of state leads and those are the ones that we really hammer because they need the most help because they're been assigned administrator from another state to deal with the probate here with an attorney they don't even know it's a little bit easier cracking that door open with them and we leave the spouses alone because that's the most horrible phone call to make I'll reach out to them about a year after probate's filed wow interesting the first person I would say that oh yeah I won't even mail the spouses because they no but nobody technically wants to sell a house I learned that from kevin ward nobody wants to sell a house they've inherited something and they don't know what to do with it or they've lost somebody and they weren't planning on losing somebody and now they have a house either they could pay for it or they can't and it doesn't if it's a spouse it doesn't really set in for a while and I don't wanna I've made a few phone calls in them on accident and you get an earful wow but the ones you want to focus on are they out of state if you get separated by an excel sheet and you know those are the most lucrative yes or if you or if you find out someone's renting the property those are the best too exchanging tips the rentals and the out-of-state excellent what do you do about that question from christopher what do you do about probate leads their underwater properties do you do short sale probates you can I haven't dealt with a loan but I'm starting to get a few with reverse mortgages right man there's not a whole lot you could do if they if they're underwater you could do a short sale but the reverse mortgage technically could foreclose a lot faster

22:35 Than a regular house so once they realize the person has died they are very aggressive at taking over that property so I've never gotten one that was a underwater it's usually paid off or there's a little bit owed on a property I've not gotten one in a situation where there's no equity I will think california is more common at least in la and we are able to stop the short the reverse mortgage from foreclosing so that's a whole okay those are in now the only key is you have to be some value to the state you can't do a short sell just to pay yourself a commission you've got to get value for the state somehow they got a the short sale is going to end up paying three five ten thousand dollars to the state and you have to make sure that happens or else you end up the sale is not gonna get stopped so okay wow so hey look guys we have a great professional active in the business oh here we go some more questions can you ask questions yes paul asked on what and what ads did the crm do so back when you discussed your sierra interactive software one thing she mentioned was the fact they run ads within the sierra there's a lot of dudes I have kv core we run ads in that and boomtown does that and such but it's nice it's all integrated so interior and active what kind of ads do you run within your crm it's real simple for the probate leads or it's just I mix everything together so the same message is everything that I'm looking for a property to buy or a listing agent where I tell a story and this is you're using their phone number and their email so one of the good things you can do this is a tip for you is you could take that probate information and skip traces to find all their relatives and then you double the amount of or you quadruple the amount of data you have for that probate lead

24:39 And then your then you could retarget them on facebook or youtube or google ads it I would we're work I'm rebuilding that stuff I don't really like to pay for facebook ads and say oh I got a house to sell it's really about storytelling and or a successful story of a probate deal or something I'm doing with probate like you bill your constant articles man those are great well I got that's right okay question from winston thanks for the great questions guys just let you know dave you like getting people's juices fired up here he asks what kind of mailing or marketing program you're using are you using all the leads for their mailing you do your own mailing are you using your crm data face with mail what are you doing is for this yeah so I have my mom she's retired whoa the secret weapon comes out now mom yeah so get somebody that so for me I've found out that you get somebody that is retired or works from home and you don't have to mask or send letters you just have to be consistent so you know after you make a phone call we put a task in for barbara to send a handwritten note or my the probate magazine that we I got this 28-page book that I send out and it and it just it has stories of all our successes in probate they will never open this book but man this is a it's just powerful to send them so we're constantly every 21 days we're doing something with that person to remind them we're either looking for that listing or looking to purchase the home but I really attack it as a Realtor®

26:43 Online I really try to market myself as a broker to get them the most money for the property but when it comes down to the end of the day they just want to sell it and if you're in communication with them and you ask permission to buy it other than being the Realtor® you're going to probably buy the house well information how do I contact you for your system you just like I'm not sure you could most people just facebook me or email me so -huh I have none of those connections is Cities Real Estate the best website to go to yeah but there's no really a page I don't I started this well let me maybe you could send an email out to everybody with my link to sam cart and they could watch the video I made that describes it how's that let me see if I can find it I just started doing it so everyone was asking me so I just started building it out excellent okay so if you guys email me or text me if you're watching this I'll be glad to send you the link after the fact and if we get in here put it in the text and show notes and be able to share how to reach david pennell who's a master marketer he's frightening he's so busy with people kind of calling him he doesn't know how to get over himself yeah just I need to I made some money with it so I'm trying to make it valuable to people so it wasn't my intention it wasn't my intention to be coaching anybody I'd rather I'd rather go out and sell or buy a house you know me too and be honest I talk to people need help and I do see some good in some of the programs but some pieces that are missing and I think people need to work

28:46 With somebody's actually in the business rather than just a coach who's outside the business and I've been tempted as well I saw what you did it's a great I'm sure you'll do a great job and I'll just send people there because I don't want to be a coach I want to be a broker I buy and flip a couple of properties a year and that's great for me and I sell a bunch of houses and that's great for me and I know that's right real estate company I don't want to be a coach I want to hook up with him chad does a great job and he's in a transition and I want to support that because he's one piece and one great flavor for many people and you know we need a couple others as well so well great other questions for neopinel fort worth texas so I added the link I added the link in the chat bill so you can see it and it's pretty fluent you can see what's completed I got 54 of the course complete so but it's all written out so I'll give aaron early access that wants to buy into it and I'm really using the money to spend time building it out so I spend fridays I don't do any prospecting on fridays to do it nice okay so where am I here I'm having a hard time now control controlling the arm well so you can see it my I lost control of my own call here okay well there you go okay any other questions chat I don't see anything in the chat box who else has a question for dave no full time you know I lost I don't believe this I see the picture of myself well they one question here is about the combo between cell and list you know the messaging I guess you wanna you wanna remind yourself of their perspective so I've lost deals because I wanted to buy the house before it was time to ask for it I recently lost one in august and it was I was excited about it because I was

30:49 Like it could have been a really big assignment fee but they went with a they went with redfin to list it was you know I was like man I saw it on mls I was like crap I think I sold myself too soon so some people do want to hire you as a Realtor® so you don't know what they're going to do you just want to have that open communication with them and make sure you're talking to whoever makes those decisions and I would try to hold back as much as you can until you meet them face to face yeah I would agree I think the whole thing if you get in front of them your chances of success are way better than any other any other opportunity I recently had a listing appointment that went on and they told me that they were going to sell to zillow but I caught them before they made any decisions or prison came out and I told them that because I know zillow's numbers you know they only buy one in 10 properties if they visit at the house and people think that they sold it before the person shows up but that's not the fact that's not how it really works and they were pending with zillow waves of paperwork and then zoe sent them a letter last week with a lot of people saying they're no longer not buying more houses for the present time so some of these are buyers it sounds easy to sell to these other companies and there's competition but at the end of the day you know it's a personal professional who's going to execute the job but we have to get in front of them to make that difference otherwise we're just we're just going through that line so we've got to get in front of you personally if you want to be effective well everybody in the if you need a link to purchase that'd be great if you buy that you just support me but I'll figure it out I just literally signed up two months ago with sam cart and I don't really know how it all works yet so that's partially you know but I'll share with you here in a

32:51 Minute if you well we can figure it out later okay good but yeah on that on that point and we're not trying to trick anybody [Music] well I'm not trying to trick anybody or take advantage of anybody if they want to hire me as a Realtor® I will do my job and represent them but if the option is there to ask permission to buy their house I'm going to lean towards that and make them a fair offer on their house most people just don't want to deal with it so it's just like I said there's an eighty percent chance that if you are in the mindset of purchasing the property you're you have the opportunity to do it okay yeah and join us did zillow stop buying houses the answer is yeah they announced publicly that they stopped buying houses last week their stocks down as a result I think they have 300 properties in inventory they have a hard time their story is they claim they have a hard time getting them fixed up which is true getting tradesmen is tough getting materials tough the supply chain issues but at the same point you don't stop buying houses full-time flippers don't stop buying out something you just dropped with a pencil zelda's stuck suckers yeah they're just putting on paws right now which and we don't really need to worry about it because they probably are not going to buy a house that was built before 1980 or 1985 1990 right most of the probate houses that I'm buying are built in the 40s and 50s right they're not going to touch these houses so they're not even competition so they're not any part of the conversation yeah in fact 70s and 80s they won't be buy those houses at least here in california yeah they won't buy anything older than 95 in the area and for us so but your people are you're going to ask that question though you're like hey did you go get an offer from zillow bring that up with them when you're

34:53 Trying to get the listing appointment so you have to know what you're going against and then be like no they don't buy houses and you already know that answer nice I like that it's just you always want to get those objections out on the phone and then you want to handle them in person I like that actually you don't know it gives you that it gives you an opportunity to think about what you're going to say and sometimes you got to fire back and handle it but you don't want like bruce says you don't want to come across as salesy and if you're trying to handle every objection on the phone you're going to come across selzi but when you go door to door eyeball the eyeball belly to belly you have a 100 chance of solving their problem I like it okay so something happened to my chat box and I can't really see the whole see if I can find that admit that okay good okay any other oh here we go why do you buy older that's a great question but I know the answer that you answer this why do you buy older homes they're built in the 40s and 50s what's the advantage to you there's just more distressed the better the uglier the better the better for me I remove it better because they're not going to want market value for a property they're going to give me a bigger spread so I'm technically wanting to buy it for less than that 70 percent number because I'm going to sell it to an investor for about 75 to 80 percent of arv after repair value or I'm going to remodel the house I'm very selective which ones I do now but I have through this process of three years I have close to 67 investors that will buy anything from me without even seeing the property so I make a video of the property when I go in it and I send it to

36:54 Everybody I get the contract signed get the get the video and the pictures done and in that video I put the comps and then I always have somebody that says hey they'll buy it side unseen yeah nice my properties my properties in fort worth are less than 150 and they're selling for 250 fixed up I know your market bill you're probably 5 million and you're fixing them up for 10 million no my house is I buy the same crappy house in fort lauderdale fort worth you saw for buying a 150 selling for 200 or so here's me 400 and selling it 550 600 it's the same house it's just but that's the cheap house in that way and then the night's houses are in the millions but I don't yeah but I do 30 I sold 42 sides last year so you know it's it adds up but I'm not ashamed in my business I'm just saying I'd rather work in that and do a bunch of them and make money off my margins are good yeah and that number that number is okay you know I've been in some coaching groups that if you're not selling 200 homes a year you suck as an agent right you know I'm from those coaching people I've paid 40 grand for coaching in one single year to somebody and if you're not selling 300 homes you're not running a business correctly I've sold I've sold 23 homes this year and I've made almost a half a million dollars I'm okay thanks nice yeah I'm doing good too yeah I'm not working as hard I'm not working as hard as I used to I can tell you that and I love it excellent I think we've got a question do you buy probate are you buying are your wholesaling deal or closing with your name or in a partnership no it's a llc so you just andor signs on the contracts and explain to them that I always explain to people that I'm going to get partners help me fund it there's no delay in funding it I just have partners that help me fund it

38:59 To me that's a little shady on the gray area if this is public but it's you are looking for partners because I don't have a bunch of cash to put on every house and if they're willing to accept a certain price and they're happy with it I'm going to get investor involved that's going to give me the money and then they always re-list it with us or they keep it so okay and so you buy these llc error science and you sign what you sell if you keep it you close your llc and then it's a question zel's not buying perhaps because the market's changing who knows about zillow but you know you don't go I've never gotten out of the business because this is my business zillow went out of the business I think because they're an advertising company that was trying to learn how to sell real estate and flip real estate and that's a tough business that they couldn't it is I'm going to ask again where you located and so you're in fort worth fort worth texas which is near fort worth texas right around the corner near dallas yeah it's really tarrant county so there's 36 cities that make up fort worth footwork so and I'm literally 25 minutes from dallas so if you do have referrals for my team we take them nice and so the area you specialize in is in tara county right so that's from the fourth and dallas area and that kind of stuff okay good I think that's all the questions we have so let me just kind of wrap up here with a couple that I want to ask which is I know you talk to a lot of agents like I do who say I want to be like you did but I want to get involved in the business what's the biggest challenge the most common part where they trip and fall and then it doesn't work out for them where do you see that happening most often where agents fail with the probate stuff agents or investors still improving correct just the conversion part because you don't need to know anything about

41:00 Probate technically you're gonna learn enough to make yourself dangerous in the title issues and you're going to get good over the years of figuring out what paperwork they need to collect to sell you the property like today for example I got a call they are actually it's a it's a they know that I do probate just like bill but they're going to the tax auction cell on november 2nd they waited to the tail end of this they got to pay 2 000 in taxes but their father their stepfather lives in the property and he was willed the property as long as he lives in the property he gets he it's his but the moment he moves out or it gets foreclosed on obviously the heirs lose the house so they're forcing him out so they could sell it so you got to know how to you got to know that the will states you know they have a will so they probably want to probate but you do an affidavit to vest everybody out and then you got to figure out who's whose kids or who's the heir you know you're acting kind of like an executor but you're skipping the process because you know what paperwork to fill out in texas you can skip probate if you have certain paperwork and you get good at knowing that process so back to your question this is conversions knowing how to get through that quickly still that's going to take 60 days to get through that paperwork but the conversion of it is where you're going to fail because it takes so long these are not quick conversions these people you know they it's just not quick there's nothing fast or easy about probate but for me it's a very profitable business yeah that's I'm in it for the long run I've been in business for 36 years so for me that's definitely worth okay last question for you david is what

43:03 Advice should I get this all the time what advice would you give an experienced real estate agent who wants to build his business looks at probate as a niche to grow into knows how to list and sell houses knows how to convert maybe regular leads but let's just step up into probate what would you recommend for them to do to make that transition or add that business to their business you got to pivot you got to add a third leg to your seat you've got to become an investor if you're going to work probate because the opportunities are going to be there so you've got to learn how to get a mindset that can I buy every house that I walk into instead of listing it so you got to get your team together for hard money your investors are your new buyer clients I work with 60 to 70 different investors and I interview them I take them to lunch and I make sure that they're not going to try to go around me if I send them the address I hang them from a bridge I'm just kidding I just shoot them yeah just you know I'm just kidding no scratch that scratched that but who's listening to this I don't know if you're listening please disregard the last couple of times but you want the ideas if you're going to work probate as a Realtor® you're going to have you're going to build a different client base that is going to be an investor base that they know when you send them a deal they're going to their margins are great yeah they don't even have to consider the numbers because you're just going to be they're going to be that professional they've been looking for to sell them houses and when they're dealing with other weekend wholesalers that are that are trying to take too much of the pie so thank you I appreciate that let me just I'm going to wrap up real quick I just want to say thank you so much for sharing you want to get a hold of you we'll have the chat box the link to your interactive website and we'll get them connected to your program for more dave penn also is regularly on the all the leads probably mastery facebook

45:08 Group and he's also on your calls pretty regularly that's right bumping in from time to time and we chat together so join in there for all the leads customer join the alumni group if you're not take the coaching learn it and then join professionals like dave and I to speak about appropriate issues on a regular basis I'd love to share two things while I have you guys real fast number one right after this call here in los angeles if you're a real estate agent we have a happy hour of the agent circle for real estate agents it's a huge bar they have the all-season brewery on la brea just south of wilshire they can brew firestone I'll repair a place into an open air brewing with fresh brew beer they have hot tacos and all kinds of great food music and we get about 50 to 60 real estate agents there to meet together love to have you join us that's right now with us today from 5 to 7 p.m on la brea just south of wilshire boulevard 800 south library avenue and then on october 31st which is halloween sunday lagrandexpo.com nine to six pm this is for investors wholesalers real estate agents vendors at the scrub museum free registration free parking at the super bowl museum sunday very little traffic love to see you there we have a I'm with the xp realty we have a table there for our agents and customers stop by speakers all day long and then vendors that will help you learn and build your business I found a great vendor the landlord advocate I put him right on two of my listings and he's throwing one deadbeat out he's working on the second one so I've already made some good money just by going to the last event so nice let wrap up dear thank you so much for being on the call today really appreciate you being contributing so much hey bill they got one more question I can answer real quick go ahead if you got look at you look at you're so source oriented trying to be proud it's about finding investors you could go I find mine in mls because most investors will list their property themselves by for sale by owner with

47:10 The listing with the discount lister so you could always tell by the remodeled homes and then you search a 10 mile radius from the house say you have a house that you're trying to sell or you pick a house a neighborhood that you're trying to target you could search and then download an excel sheet of all those homes that sold in the agents and usually they're the investors and then you just call through them and you'll come up with probably you know 15 out of 100 and they'll be investors but you want to take them to lunch you want to meet them face to face yes and see what they want if you're just going to blast out addresses you're going to lose deals because people are going to go take your deal from you it's that type of world so or call the for sale by owners and you're going to find investors there all day long yeah so it's just they're all over and when you start having deals in the in this world they find you they find you I feel like I'm the prettiest girl at the prom every time I go to real estate people here on my program they want to meet me to the same three investors so even though I have a list of 60 plus it's usually the same three or four I'm not getting 20 probates a month you know some months I get one some months I get three it's not that many but it's enough and it's enough to make you realize that this is the only thing you should be working well okay we're gonna end on that again bill grouse la probe extra vla private expert.com the appropriate weekly every thursday 4 p.m pacific 7 p.m eastern it's on youtube as well go to Bill Gross exp or probateweek.com to sign up thanks for being a dude thank you ken thank you enough that was fantastic good job man

49:13 Yeah and I'll try to find the buy page on this course so anybody's interested I'll have hopefully bill you can send it out in your email I will send it out and I appreciate you guys if you support it thank you so