Probate Call Number 2! and More

Scott Costello All, Blog, Probate Investing 19 Comments

Call2WOH! busy week this week.  The Holiday Giveaway started off slow on Monday but really picked up steam over the past two days.  A rough estimate count has about 60 entries so far, which gives everyone a great chance to win something very valuable for sure!  We still got about 6 days left so plenty of time to still enter.  Thanks to Nick, Steph, Julie, Shae, Jason and everyone else who has spread the word.   I’m gonna see if I can email Steve Cook and a few other people to see if I can get the count up some.

For those interested in things like this, so far many more people prefer to fill out the form (name, email and selecting the products) then posting a comment.   I would have thought it to be the other way around, go figure!

The  $100 Challenge!

Jason, over at liveandflip.com, and I have challenged each other to see who can get the first Probate Deal.  We have both sent out our first mailers (I’ve sent out 75 to his 12) and are fielding calls and we are trying to push each other to be the first one with a deal.  The loser (“aren’t we all winners though?”  says the loser hehe) will give a $100 gift certificate to one of the readers of the winners blog.  I’m VERY competitive so losing is not an option!  Come root me and Jason on

Call #2

Yesterday I got a call from a lady who lives in Pennsylvania and is an executrix of a property in Morris County, NJ.  Of course she called while I was at work and could not answer, but she was kind enough to leave a message.  I called her back last night and we talked for a little bit.  She and her brother are the heirs, and she wants to sell the house before it gets out of probate in order to avoid some taxes(???).   It’s good she lives over an hour from the property.

We were having trouble setting up a time to meet at the house because of our schedules and distances, so I told her I would go look at the outside and peak in the windows and call her back in the next day or two.  What I should have done was get the full details of the house (beds, baths, needed repairs) from her.   She also asked if I could give her a rough estimate at how much I might offer below market value.  I told her I could not do that at the moment because there are to many factors that could affect my offer.

Anyhow, I was talking with my friend Bruce (some might know him from flippinghomes.com as Bruce-NJ)  about coming up with an offer for Caller #1 when I had an idea.  I don’t know the area around House #2 at all and Bruce has gotten a few years of investing experience behind him, why not take advantage right?  So I offered to partner with Bruce on House #2 (Caller #2’s house).  Bruce gladly accepted and he is going to walk me through the process that he takes with callers, locking up the property and finding buyers.  And we are going to split everything 50/50.  Works for me!

Bruce is a great guy and we are going to be starting up a local Investor Club starting in January.  There is a definitely lack of organization for the Morris County Investors and this could be a great thing.  The First meeting so far has about 15 people coming.  Look at me networking!

Overcoming Fear

Yesterday was a great day for me in overcoming my fear of the phone.   I called 4 real estate related people yesterday and I could not be more proud of myself.  Here is who I called (some might be wondering why I’m so happy with myself about this, but it’s a big step)

  • I called my broker to setup an appointment to get some training (didn’t answer so I left a message)
  • Called Caller #2 back (this gave me a great sense of  “I did it”)
  • Called Jon Zorrer to talk about offers (Wasn’t expecting to reach him as he is one busy guy…left a message)
  • Called Bruce to talk about making offers (wasn’t home but called me back later)

Momentum is really something.  After each call I made, it got easier and easier.  I have to keep up with it though, because I know if I don’t make another phone call of these types over the next few weeks I’ll fall right back into my shell.  So if I don’t get a call from a Seller in about a week I may just call one of you people to talk shop (which I probably should do anyway)…haha

Offer to Caller #1

I’m just writing this because I want to force myself to do this tonight.  I’m going to be calling up this guy and making him an offer of about $115k.  He doesn’t really seem motivated enough to sell right now, but I need the practice on making offers.  House ARV is about 215k and it’s a 2-1 which I don’t really want, but it’s a cape code and could be expanded fairly easily to a 4-1 or 4-2.  Although Bruce brought up a good point saying since the house uses a Septic tank, it’ll have to be expanded(??) to make room for the extra beds and bath.  Anyone know how much that might cost?  But I figure a 4-2 will comp out at about 280k so a 115k offer leaves me some good room.  What do you all think?

Have a great thursday

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Comments 19

  1. I know Jon was sick for a week or so ago and he's also been busy organizing an event with Vena Jones Cox lately. That just happened I think. He's probably just catching up on things now.

  2. I'm with Nick… W00t W00t! I love the idea of partnering with the other investor and splitting it…very smart 🙂 I'm partnering with a few here as well…just haven't scored a deal with them yet. It will happen! Go Scotty!

  3. Scott,

    I had a HUGE smile on my face while I was reading through your post!

    You are taking some big steps towards overcoming your fears, and that is awesome!

    Like I've told you before- I used to be scared to death to talk to sellers, real estate agents, other wholesalers, etc. and I know what a great feeling it is to finally force yourself out of your comfort zone. It's hard to do at first, but keeps getting easier and easier the more you do it.

    I think you are making a wise decision in partnering with Bruce- having an experienced investor to walk you through your first few deals is worth it's weight in gold.

    You've got some momentum going now- make sure to take advantage of it!

    Awesome job, Scott!

  4. Steph,

    Thanks a lot! Once I started making the calls my motivation and confidence really jumped. I actually called up Caller #1 yesterday and made an offer. Wasn't hard at all. Helps the guy is really nice 😉

  5. I was proud of myself for thinking of it 🙂 Didn't occur to me until I was talking with Bruce about making an offer on the other house.

  6. You ever get your november list from USProbateleads? My Paypal accidently sent them another $100, I forgot to cancel the paypal subscription to them after they cancelled my original order. It's been a week and still haven't gotten my money back.

  7. Steph,

    Thanks a lot! Once I started making the calls my motivation and confidence really jumped. I actually called up Caller #1 yesterday and made an offer. Wasn't hard at all. Helps the guy is really nice 😉

  8. I was proud of myself for thinking of it 🙂 Didn't occur to me until I was talking with Bruce about making an offer on the other house.

  9. You ever get your november list from USProbateleads? My Paypal accidently sent them another $100, I forgot to cancel the paypal subscription to them after they cancelled my original order. It's been a week and still haven't gotten my money back.

  10. RE: Caller #1. Why not ask him what he wants first? He called you. He must have a good idea. Negotiate from a position of strength. Get all the info about him and what he needs, and the property then decide on an offer. Ron legrande said “dealing with an unmotivated seller is like pushing a rope. It’ll absorb all your energy and get you nowhere ” or something close to that. It’s good advice.

    1. LOL, I like that analogy alot! It is great advice for sure. I appreciate you taking the time to lend me some of your knowledge.

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