Thursday, May 20, 2021

Finding Deals In The Senior Living World Of Real Estate

One popular question on the real estate business is how do you find deals?

In this case, how do you find older people that are willing and ready to sell their houses? In this short video, Jay’s special guest, Philip Vincent the Co-Founder of Mom’s House will teach you the right way to do it.

Can you really make a real estate business using the market for senior living?

While Phillip started as a home builder and developer, he quickly transitioned to buying houses from seniors.

It’s his entrepreneurial spirit and commitment to make the home selling process easier for older people and their families.

Click on this link to watch the complete video: https://youtu.be/yQg_7DHJwtg – “Massive Tsunami in Senior Living Real Estate Coming Fast! – with Jay Conner & Phillip Vincent”

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Jay Conner:

I know one question that everybody is asking in their mind right now, and they want me to ask you this question. So here it comes, how do you find these people?


Philip Vincent:

That's what I teach them. I teach people how to do that. So in the senior living world, there's multiple hundreds of jobs that could be in the senior living industry, right from wheelchair ramps and grab bars and incontinence products and ambulatory services, and, you know, a hundred other things that are in senior living, but then nine there's nine different stakeholders or job titles that I've found over the past decade that continually give me appointments to go buy a house as month after month, year after year. So how you find them? People hear me right now, and they're probably thinking that Phillip just walks into the front door of a senior living community. He puts his hand out and says, Hey, I'm Phillip the house buyer. And I want you to know that it's absolutely not the right way to do it. In fact, that's a great way to blacklist yourself in the industry you're trying to break into.


And so you don't find them on campus. I'll say that it's kind of like a, if you sold the products to a surgeon, you don't walk in during surgery while they're doing it. And so in my training, we have a three-day training coming up and I go very deep into who the people are, where to find them what to say. Even more importantly, Jay is what not to say. The real estate investor world. We love the word investor, right? Investor, but to the outside world, the world word investor can be sometimes used with word shark in front of its shark investor. Right? And when you start talking about the word seniors, a class of people that already get taken advantage of more than anyone else, you can see why I had to create the sensitivity training for people.


I don't need any old investor in my group. I need investors. That'll take this training seriously. So that way they can become a tool that the senior living industry uses to help them with a problem that they have, that the home buying part Jay is the easy part. So the industry has a problem. They don't want, you know, I here's a sentence it's, you know, with a hundred grand, if you're, if your listeners want to write this down, I say, do you ever have a situation where they want to move mom in? But they can't until they get the house sold. And every person I talked to in senior living, they always chuckled. They're like, Phil, every day. That's what we deal with. And I say, are you working with anyone? That's going through that right now? So in my second sentence, I've just asked for the sale.


I didn't say I'm an investor. And I definitely didn't say I'm a realtor, but I let them know that I fix a problem that they know that they just laughed about. It's such a big problem that they know that they have this problem. I fixed that problem. I'm not there to list their house. I'm there to buy their house. I'm there to help that family unlock that equity out of their house so they can move mom in quicker with the cash. The equity that's in that home. Because when you move mom into senior living the number one thing that matters is where's mom going to get the best care and follow it up very quickly with how in the world are we going to pay for this and what are we going to do with the house and the stuff. And so my investors specialize in the house and the stuff, the things that we want, do you want to know why these are the six?


There are six reasons why these are the best leads you think your listeners will enjoy hearing why?


Jay Conner:

Well, yeah. I want to hear it myself.


Philip Vincent:

Okay. I'll take the Pepsi challenge with anyone on leads that they're working. So reason, number one these families need to sell their house versus want to sell their house. So when you think about like cold calling and other types of marketing are out there, think about the leads that you've been getting, right? They'll say something like, well, I'll sell my house for the right price, right? That's not true motivation, with those people, moving mom into senior living, they have real motivation to sell it. So they need to sell it versus want to sell it. The second thing is they almost always have 100% equity. We're looking for people that have equity in their homes, right?


We don't want people that are over leveraged. Having equity is good for investors. The third thing is these are houses that as investors, we can add value to, meaning even if they're clean, they're usually grandma clean. They're usually dated and they're definitely full of stuff full of life. I wouldn't quite say hoarders. Maybe they were aggressive collectors is a nice way to say they had a lot of stuff, a lot of life happened. So that house will not be retail ready anytime soon. The fourth reason is there's less competition in these leads. So Jay, it's almost always me versus no one, or me versus a realtor. It's never me versus 10 other investors. The way it is like with my direct mail campaigns. So there's less competition. The fifth reason is probably my favorite. If I'm out looking for moms end of life care.


And I'm working with stakeholders in the senior living industry that are giving me advice, and that person says, Hey, I've got somebody that's going to come out take your mom's house the way it sits. You don't have to fix it up. You don't have to clean it out. They'll take all the stuff that's in there. You know, take your heirlooms. Anything that's leftover, we'll close in three weeks. Would you like to get an offer for them? You can guess that the answer is always yes, because that trust has been parlayed from them over to me as a real estate investor. So when they hand me that lead, I'm kind of set up on a platter to go in and close on the house. Those first five reasons as if that wasn't enough, you know, if you're looking for leads where we're all investors here for, we're all looking for leads as if those first five things weren't good enough. The sixth one is the magic there. These leads are free. They're free. There's no cost to them. You can't go out and buy the list. There is no list to buy. You have to go out and network with the right people. So with mom's house, our training is on where to find these people what to say, who to be. So that way they want to use you month after month, year after year from now on.

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