In this short video, Jay’s special guest, Philip Vincent the Co-Founder of Mom’s House discusses senior living’s real estate market.
Why would the seniors rather sell their house with Mom’s Certified Buyers than list their property to realtors?
Over the last 22 years, Phillip has bought hundreds of houses and has a passion for working with families. Creativity and care are his go-to when it comes to buying houses and helping families solve some of their biggest problems.
It’s his entrepreneurial spirit and commitment to making the home selling process easier for seniors that led him to create his nationwide network of Mom’s House Certified Buyers.
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Jay Conner:
Why do you think they would rather sell their house to you or to us versus listing it with a realtor to perhaps get more money? Or maybe they don't know, they can get more money.
Philip Vincent:
Great question. Especially, it's a good valid question in today's market where the retail market is so hot, right? Jay, there's no doubt that the retail market is phenomenal. The reason why they would sell to us over that other way is that the average child lives over 400 miles away.
When you fight. Yeah. And there's usually one daughter left that's there. We call her daughter, Judy. Jay we used to call her daughter, Karen, but the word Karen has had a bad year and a half in the public side. So we don't call her daughter Karen anymore. We call her daughter, Judy, she's going through a rough time. She's you, you're, I'm sure you love horses. You know, the term being drawn and quartered. Have you ever heard that term back in ancient times when they were tortured somebody?
That's daughter Judy she's being pulled in four directions. She just moved mom into senior living. So mom's a little cantankerous because she got taken out of her forever home. You know, she's adjusting. The second thing is she's getting pulled by the senior living community on how she's going to pay this eight grand a month bill. Where's that money going to come from then? She's getting questioned. Every decision daughter Judy makes is being questioned by her brothers and sisters who don't live in town. They live over 400 miles away. That daughter, Judy is making a mistake. She mom's not doing what she's the way she one of the kids has their head in the sand about what's going on. And one of them always thinks that the house is worth a million dollars too. So all this burden falls on daughter Judy, then the fourth thing is daughter.
Judy is still married. You know, she, when I say daughter, she's in her fifties and sixties dealing with her seventies and 80 year old parents. And so she has a life. She has a needy husband. She has kids. She she has her own life. She doesn't have full-time schedule just to go run and help with this whole situation. And so you asked why they would sell to me over someone else. They've gotten at least three pieces of bad info or three negatives happen. So they just found out, mom has to move into senior living. The doctor told them that's one. The second thing is they just find out how much it cost to move mom into that really shiny place. That's two. The third one is usually the realtor. The realtor walks in everybody knows a realtor. The realtor walks in and says, clean this place out.
Then do this list of updates before we get it ready for the market. Well, with the average kids live in 400 miles away. Yes, the market's good right now, but I'll show you a million pictures on my phone of what these houses look like. They are not ready for the market until they are cleaned out. And some updating paint carpet, you know, really it's like 20 things they need to do. So here's my argument right now. Yes, the retail market is good, but if you try to find a good contractor lately? do you think your one, your one-off rehab for some grandma in another town, you think, you know, even if you know a painter, cool, that's one step of 23 more, you have to do like the, and what's the reason for rehabbing it, right? It's to try to net a few extra dollars out of that house for mom's care.
When really usually mom paid 28 grand for it in 1973. And now it's worth 280. You see what I'm saying? She's got the equity. There's no way that that family I always catch it, It's funny. I always say a family always says, well, we might rehab it ourselves. And I always laugh because these families, even families that get along, don't get along during this process, they argue over, who's going to get mom's crock-pot or who's going to get mom's skillet, and who's going to get moms, salt and pepper, shakers. Do you think that they're going to be able to do a rehab and pick out kitchen colors when they can't even, you see what I'm saying? They just don't want to Jay, they don't want to rehab the house, they don't want to get it ready, they want somebody that's gonna kind of treat them fairly.
And because the market's moving so fast and going up, I think the offers that they're getting right now, they're definitely not low ball. You know, they're really based on us as investors. You know, if I can do a $60,000 rehab for 40, because I do this at scale. Well, there's my 20 grand profit, right? Where that poor family might very well spend 60,000 on the rehab, plus six months of their lives to net the same amount. Well, who in the world would go through that trouble to net the same amount? It doesn't make any sense.
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