Ask the right questions and you’ll definitely be opening doors! You think it’s only detectives in CSI and NCIS who need to be asking questions? You can bet you also need to get your “inner detective” all over the Real Estate Investing scene! Because where there’s deep trouble brewing, there’s usually a deal to be made! And when you dig in that spot, you’ll most likely be working with 1 of 2 people: A. People who spew words like diarrheaB. People who won’t say a thing For the former, it’s all about gathering all that data and separating the crap from the information you really need. It’s a matter of discernment! For the latter, it gets trickier because you’ll need to extract the information first before you can begin sifting through the crap. With the right line of questioning, you might just hit gold, even on the first strike! Take people who want/need to be selling their homes for example… Some people will lie about why they’re selling. Others will focus on the deal and won’t tell you the problem. Your job? Find that problem! Because finding that problem AND solving it guarantees you always arrive at the best terms for the deal – where it’s Win/Win for you and your client! What kind of problems are we talking about? Think having to put an old lady out of her home and out on the street. Now, you might be thinking how that’s YOUR problem… Check out this episode where we show some of our best case studies, where solving clients’ problems meant scoring OUTRAGEOUSLY IMPOSSIBLE deals! Putting PEOPLE FIRST and money second works wonders! Getting creative, solving people’s problems, putting a roof over their heads and making sure they don’t have to worry about survival can be so fulfilling! Ultimately, you aren’t just coming out with a good conscience and a happy heart, you’re bringing in tons and tons of bacon by making impossible deals…POSSIBLE! How is reverse mortgage even an option in REI? How does a Life Estate-like deal spell Win/Win for you and your client? Tune in to learn more about the hottest and most relevant information on real estate investing! Thank you all for listening and I will see you on the next episode! When you're ready, head on over to https://billyalvaro.com or go grab your REI tools at https://billyssecrets.com
Ask the right questions and you’ll definitely be opening doors!
You think it’s only detectives in CSI and NCIS who need to be asking questions?
You can bet you also need to get your “inner detective” all over the Real Estate Investing scene!
Because where there’s deep trouble brewing, there’s usually a deal to be made!
And when you dig in that spot, you’ll most likely be working with 1 of 2 people:
A. People who spew words like diarrhea
B. People who won’t say a thing
For the former, it’s all about gathering all that data and separating the crap from the information you really need. It’s a matter of discernment!
For the latter, it gets trickier because you’ll need to extract the information first before you can begin sifting through the crap. With the right line of questioning, you might just hit gold, even on the first strike!
Take people who want/need to be selling their homes for example…
Some people will lie about why they’re selling. Others will focus on the deal and won’t tell you the problem.
Your job? Find that problem! Because finding that problem AND solving it guarantees you always arrive at the best terms for the deal – where it’s Win/Win for you and your client!
What kind of problems are we talking about?
Think having to put an old lady out of her home and out on the street. Now, you might be thinking how that’s YOUR problem…
Check out this episode where we show some of our best case studies, where solving clients’ problems meant scoring OUTRAGEOUSLY IMPOSSIBLE deals!
Putting PEOPLE FIRST and money second works wonders! Getting creative, solving people’s problems, putting a roof over their heads and making sure they don’t have to worry about survival can be so fulfilling!
Ultimately, you aren’t just coming out with a good conscience and a happy heart, you’re bringing in tons and tons of bacon by making impossible deals…POSSIBLE!
How is reverse mortgage even an option in REI? How does a Life Estate-like deal spell Win/Win for you and your client?
Tune in to learn more about the hottest and most relevant information on real estate investing!
Thank you all for listening and I will see you on the next episode!
When you're ready, head on over to https://billyalvaro.com or go grab your REI tools at https://billyssecrets.com
SUMMARY KEYWORDS
deals, property, house, money, people, sellers, creative, solve, problems, thinking, win, reverse mortgage, unstoppable, sell, shit, hamptons, reverse, cash, situation, mortgage
SPEAKERS
Outro, Billy
Billy 00:03
Welcome to Unstoppable Real Estate Investing Wealth. My name is Billy Alvaro, a.k.a the unstoppable VA former billion-dollar mortgage banker gone bankrupt, turn professional real estate investor, where each week you'll learn the tools, strategies, systems, and secrets myself and other highly successful real estate investing entrepreneurs use to start, grow and scale their businesses creating massive profits and how you can too, and we'll teach you how to put those profits to work. So you no longer have to get ready to finally experience financial freedom and generational wealth.
Now let's get started. What's up? What's up? What's up? It's Billy Alvaro, the unstoppable VA and you're listening to Unstoppable Real Estate wealth, I'm so happy that you're here to join me back on another I'm doing a solo three-part series creative as fuck. First one, we're talking about deals, how to get more deals done in an environment where it's really tough to make deals happen right now, like if you're out there, and you're trying to market and go out to deals, you'll probably know like, I know, it's extremely competitive. There's a very small pool of sellers that are out there. And there's a bunch of sharks, they're going after the same people that want to name me a shark. But like, you get the idea, like there's chum in the water. And there's a bunch of people trying to go out there and eat it. And it's tough. It's a tough environment. And so the purpose of this three-part series is to get you to think a little bit differently. And to give you some of the tools and resources and strategies that we're using, to really do deals when other people are not able to get the deals done. So we're winning a lot of deals. And in the first part of this three-part series, I told you, I just got back from Puerto Rico was away for a month, 30 days, and they still work, they worked a few hours each week, maybe like handful five hours a week just to stay in touch, keep my finger on the pulse of what was going on in the office had a few phone conversations and wanting to zoom meetings. So it wasn't 100% disconnected, but I was still disconnected enough.
And so speaking with people, you know, how are you getting? How did you 17 deals? And you know, how do you do this? And how are you able to run the business without being there. And I went to I went over all that in different podcasts, the all the marketing processes that we do and the how I'm able to run the company virtually not really be there, I'm still looking for a CEO. So if you're out there and you're an implement or execute a CEO, we should definitely talk because I need that person in order to help facilitate and scale the growth of the company even further the fix and flip company wholesale companies where it is. But it got me thinking about how are we able to take down 17 deals in a month. And now the northeast, I know it's competitive everywhere.
The Northeast is extremely competitive, especially Long Island. It's a small, narrow sliver of fucking dirt. And there's a ton of people going after a very small pool of sellers. And so, you know, I'd say three times a month, we have properties that we're in contract to buy, and we have other buyers coming in and trying to convince the sellers to kill our deal, that we can sue the shit out of them. And you know, for tortious interference, I don't want to go down that road. But if push comes to shove, we may have to excuse it. My point is it's getting tough out there. So how do you separate yourself? How do you go about getting more deals in an environment where it's a shrinking pool, you need to get really, really creative, you need to think outside the box. I know it's an overused statement, but you really need to start thinking differently. And the only way to think differently is to get information. So like when you're interviewing your potential sellers, or your sales team is interviewing or your lead managers, your acquisition managers, where however your company is structured, it's important that you go through and you know, along with know like and trust and builds rapport, the people who are going to make the most deals are going to be the ones that solve the biggest problems or this in the past. But what does that mean? It means that you really need to start acting like a fucking Private Eye detective. And going in deep with your questioning, uncover the situations, people generally hold their shit tight to their chest, they're not going to want to tell you what's really going on. And like sometimes they're just going to, they're going to explode, they have diarrhea of the mouth. Other times we're going to keep their cards close to the vest.
And so your job, your team's job is to sort of extract that information, which is really good questions. And so just think in the world of questioning. It's who, what, where, when, how, and why. And if you start going down the road of asking questions to somebody when they answer it, think about those six who want where, how, when, and why. And start thinking of the next set of questions that are going to peel back that onion to start going deeper into the problem. So on the first podcast, we spoke about it was called the super-duper shit deal scooper and it's the diamonds in the duty right where other people think is a shit deal. Our company was able to sift through and realize there were actual diamonds in this deal. When we took a deal it could have been otherwise people would have seemingly thought it was dead or gave up on it because it looked like it was too much work. We turned around maybe $265,000 property and now the deal didn't sell yet. When the process of renovating. I'll do a case study on it. But that was in a crater as fuck podcasts number one. So in the second part series today, this one is called till death do us part sounds a little morbid, but I'm going to get into what this actually means and how creative you can get. So we've over the last year and a half, two years, about a year and a half, two years, we've been coming across a lot of older people who want to sell their home, and they want to sell but they we all know what's happening. They, if they sell, where are they going to go, they have no money, they don't have enough money to go buy another property. Because if they're selling at a good number, they still have to buy the good number. They're not buying like us where they're going to fix it up, they have to buy retail. And so most of them that we've been coming in contact with, they're like they want to sell we get into the number that we agree upon. And then they kind of get cold feet, like I don't know where I'm going to go, I don't know how I'm going to survive at my next house, I won't be able to pay the taxes, I won't be able to pay the mortgage, I can't afford to buy the house for cash, there's not enough equity in the house that I'm selling.
And so we started thinking, you know, how can we get creative with sellers that want to sell some may need to sell and take care of them at the same time where they're still going to have a roof over their head. And they're going to be able to live and not have to worry about how they're going to live and survive. And not only just pay the mortgage maybe and put food on the table. And so two years ago, we had an older lady out in the Hamptons that called us and I'm going to talk about this deal. And I'm going to talk about the most recent one, we have two others in the pipeline. So it's gonna be a total of four. So one of the Hamptons, give us a call. And we all know the East Hampton, by the way, I mean, great area, her house was a little jammed up, you know, she wasn't a hoarder. But the house was definitely in rough condition, she was behind on property taxes. And so we came up with a number that was fair for her and fair for us based on the condition of the property, and she accepted verbally. And then once she started going through with the attorney, she realized, I can't go through this, I'm not going to have enough money to survive. And really, I really want to stay in the house. So I actually got involved with this particular call, the sales agent got me involved because they knew I owned the mortgage company. And I consulted with and I said, Look, if you were my grandmother, what I would say to you is this, get yourself reverse mortgages stay in your property, you don't need to sell your house to us or to anybody else, you're not going to qualify for a regular mortgage, because you don't make enough money that makes the mortgage payment, you're old enough to qualify for reverse, you have enough equity in your house, the house doesn't need work.
So why don't you contact the reverse mortgage company I gave then gave her two or maybe even three telephone numbers of mortgage brokers and bankers to call and so she called she went down the road, she was very appreciative that we even offer that to her because I'm like, Look, I rather have you, you know, walk away happy and know that I helped you in pointing the right direction, then just to do a transaction by your deal, it's not a good fit, let me help you. That's the benefit, you always want to give them help and guidance. And I'm glad we did this because she came back. And I'll explain what happened. So that deal, she went to the mortgage companies, he went to the mortgage banks and because she was so far behind on her property taxes, they considered it a foreclosure Bella. And there are certain guidelines, I don't know what they are today. I've been in the mortgage banking business for years. But there were certain guidelines with this particular with all the lenders that she couldn't get enough money out to get the cash out she was looking for, have the reverse payments come to her like the reverse mortgage, give her the what she needed to pay for property taxes and to get the property fixed up there just wasn't enough in it. So she ended up coming back to us three months later, and two months before the county was gonna actually take back the deed. And she's like, look, I don't know what else to do. And I have no other option, I'm gonna have to sell the house. And I just don't know where to help them live. And so coming from a place of wanting to help first, you know, people first money second, you have to have that thought process. How can we help this lady and get her what she wants and needs at the same time? Make it a win for us as well. When we try the FHA reverse, it didn't work. I can't just buy the property and have this lady live on the street or not know, excuse me, where the hell she's gonna live. So what we did is we got creative, I went through my process I went through of what can we do, I asked what the team asked the questions, you know, the WHO THE what the where, why, and how we knew the whole situation. We knew who she was. She was the only person with that he was single. She had no family, she had no kids, she had no living relatives, her husband passed, and she's on the property. She's been there for years. We know she wanted to stay. We know she needed money to pay taxes. We know she needed money to fix up the property.
So what do you do in a situation like that? So we looked at this we said why don't we think like the bank and instead of doing a reverse mortgage for her, why don't we actually give her the cash-out, save the property from the back taxes, give her the money out to fix up whatever she actually just to take the money that she wanted for her own personal savings. And then when we went in and fixed up part of the property because I think it was the roof was bad and the downstairs was something wrong. And so how we structured it is we went in and we said And Ma'am, I think she's 78 or 80 years old, I can't remember the exact details of rage. If she lives to be 9095, that means we're going to have this house and she's at it for 15 years. And I said to her, here's what I'm willing to do. If you allow us to buy this property at a certain number, I'll guarantee you the taxes be paid off, I'll guarantee you that you're going to get the cash out that you were looking for, I will pay because I knew she couldn't afford the taxes and the insurance that I calculated this in and they performed it out to figure out this was going to be a deal amount. So that's the first thing you have to make sure that you're helping and you're also it's going to be a win for you as well. So spreadsheet of this whole thing out. And the bottom line, we did this in such a way where we were able to give her everything and we did it as a life estate. So this lady can put her head on the pillow at night knowing and we pay for this whole thing to ensure that issues and judgments and also the crap if anything comes up, it's not attached to the property because we just put layers, but we did it as a life estate protected us protected her, she's able to know that until the day she dies, or until the day she goes into a nursing home, that house is never going to be sold. We're taking care of it all.
Now, a lot of people would have thought that a lot of people wouldn't even think if they thought of it, they wouldn't even do it. But it's a win for us because we have a property that we got. It's such an attractive number today. We all know the Hamptons, East Hampton, especially this property over 10 years or 15 years is gonna go considerably up. Now we don't, we're not on the hook to give her monthly payment, we're just gonna have to pay the taxes, taxes in the Hamptons with the insurance, I think it's like $7,000 a year, it's relatively inexpensive. So when we're all said and done with this property, I think we're going to be in like 300 and something $1,000 over 15 years, if she if God willing, she lives that well. If she passes sooner, we'll be into it for a lot less. So the point, we found out the situation, we came from a place of goodness, we tried to help her and put her into a different direction with a reverse mortgage. We tried to solve her problems as best we possibly could. Nothing worked. So we didn't sit back and say it's a dead deal. Nobody can help you. Well, we're gonna buy your property on the street, by the way, it came down to which is like I'm not if I have to move I'm not I can't do it. That's when he got down to us saying, You know what? This lady we if we buy it, she's not going to we can't put it on the street, she's not going to want to move anyway. So how can we make this a win-win? And I gotta tell you, man, asking really good questions, getting creative. Who, what, where, when, how, why asking those questions, the report, getting them to know like and trust and then figuring out. And here's the key when you're getting creative. If you've never done something before, you have to look at different situations, different companies, different businesses that you can maybe take from what they're doing. So I took a reverse mortgage concept from the mortgage industry, I brought it into us and I marry that with a life estate. And I said You know what, we can give her the same benefits of a reverse keeping the property until she dies, and then it doesn't go to the heirs it goes to us we have this whole thing written out. It's a win for her and a win for us.
So look, the bottom line, guys, if you want to do deals in this environment, you can't just come out with a creature with a cash offer, you have to get creative. And so I'm trying to teach you guys to try to impart some of the knowledge I don't have every answer I have not done every single creative deal out there. But when we have a situation that presents itself, I put on my thinking cap I don't get involved in the day-to-day business. And every single deal with the guys and girls inside my business a trained when they have a situation and they don't know how to solve it. That's when my brain power corrupts. And that's where I'm spending five to 10 hours a week solving problems for my business. So my business team members can go out and solve problems for the people in the community. And that's where we're at right now we're at the scaling process. So look, this whole creative as fuck is till death do us part. Literally, we're together, it's a marriage with her and I were together. We're in this until death does us part until we finally one of us hopefully not make but until she passes and then we get the property. And then from there, we'll be able to go in and renovate. Now some people might be saying how do you know where are the markets gonna be in 10 years or 15 years? Look, if you buy right if you get it at a good enough number and you're solving their problem. I charted this thing out six different ways. It's a win-win-win across the board for us, and it's a win-win-win across the board for her we solved the major problem. The biggest thing is we got another deal done where other people could have gotten and let me spin over to a similar situation. Except for the way we constructed it was completely different. Right? Because what I didn't like about that one deal that I just mentioned is that I came up with a lot of cash up front, right? He was the downfall I laid out $300,000 With two, whatever it was upfront, and then they have taxes and insurance each year. So another deal presented itself and I'm like alright, learn from the last one. What do we do right? What can we do differently? How can we solve the problem?
So there's another deal that came in husband wife, great area, Nassau County like killer area and similar They have a house, they have a ton of cats in the house, they don't want to leave. They don't want to sell. They want to remain there with their they want their cats, I should say to remain in the house with them until they pass. And they don't want to lose their property. They don't want to sell the property. So that their why their reasoning was the cats, right? So out of everything. It wasn't money. It was the cats it was I want to keep my house for the cats, but I can't afford to keep the house the way it's going. They couldn't get a reverse mortgage and went down that road because the house is in such disarray. And all this other crap that was going on with it. So okay, how do we make this deal happen? How do we get creative and make a deal happen where others couldn't? We were already in the first position, meaning to get the deal done. Because we've been down this road, we created such a rapport with these people know, like, and trust, we understood their whole situation that was just how do we solve the problem? How do we make the deal happen? So the team came to me? And they're like, Look, I know we did this deal out of Hamptons, what do you think about this, I'm like, I don't want to put out $350,000 right now for this house, it just I could do so much more with that money. If I can't get a return on the capital for 10 years. If I put that money out, it's not worth it to me. So we discussed it. And we agreed, let's go back and see if we can do a true almost like reverse mortgage except it's not going to be a reverse, we're going to do similar to a life estate, or the concept of a life estate policy. And instead of us giving them a lump sum upfront, we're going to give them a payment each month, over 10 years. So we're going to buy the property for $356,000. Giving them payments equal each month over the 10 years if anything happens with the house, but they don't keep up with it after we fix it up at they start screwing things up, it's going to come out of their proceeds their money that they're getting each month. So they have to keep up the properties, not just the freebie. And so we got them to stay on the property with their cats. They get to keep the house they get to stay there until the day they pass. And they're getting money each month that they can actually live on to supplement their Social Security money that the beginning the small retirement accounts into getting so get a win-win-win for the win for us.
If you want to do more deals, you have to think outside the box, right? spoke about the first one stupid, stupid shit Dale scooper. And now we're talking about till death do us part, deals will happen creatively. If you start thinking differently, you have to think in a different manner. And you have to think how can I solve the problems? What is it they're looking for? What are all the issues that are standing in my way? And then one by one with these issues? How do I solve it? How do I fix it? How do I work through it? Who's my contact? What person? Do I know? Is there an attorney? Is there somebody who's done this before? Is there a title company there somebody might network with, you have to start thinking creatively. Don't just think about the deals that now what I don't want you to do is take deals that are really dead and like work on Deadwood you have to know creative is different than deals dead. Like if the deals are dead, the deals dead. But if there's a way to make it happen, you have a ready, willing, and able seller and you have shit that's in your way. You just need to think differently if I can't do it with cash, how else can they do it? If I can't buy it today? at a discount? What else can I do? Or is there more money? I'm going to talk about this and the third one which is full Judgment Day. Is there more money in the deal? Am I Am I taking the deal down? And are there other creative ways to make this deal happen, we can pull out another 10 or 15. Or in this case, I'm going to talk about in part three of the creative book, how we pulled out another $100,000 out of the deal. We're gonna make 140 on the rehab, beautiful house. But we made an additional $100,000 on this property by looking and thinking and this was something I just saw. And I'm like, Holy shit, we have the potential of making like another 50 to 100,000 this property and I'm gonna go through how we did that what I thought of how I went through the negotiation process and I'm gonna tell you, it was a win for him the seller, and it was clearly a win for us.
So look, if you hope you guys learn something creative as fuck three-point series. If you want to do more deals in this environment, you have to start doing things differently thinking differently, asking better questions, and going deeper yourselves. And look, every fucking who out there tells you it's about solving problem-solving problems, but you really need to start practicing that like on a daily basis. You have to start solving problems. But in order to solve the problems, you need to know everything about the situation, everything. All the who's the what's the where the whys in the house, dig deep into the conversation. Don't sound like an effing robot over the phone. Like, you know, you're shooting one question after another you have to build that rapport, but take copious notes as they're giving you the information and then you have to just look at the story. Look at the information and then figure out is there a deal here to be made and if there isn't, you don't know how to do it. Again, get creative, go outside and partner up with somebody go and grab somebody in your area. Grab somebody online like myself or somebody that does what I do connect with them and say look, I have a deal. I don't know how to make this happen. I think you could either you've done it or you can figure it out. and partner with those people like squat up, make shit happen. You know, you can't look at this as if you're going to do all the deals on your own as I partner with people today, I partner with people when I first started, I'm always gonna partner with people because that's the way you make more money like good people that have deals could make good deals together and you're helping people everybody wins.
So going on a tangent that's it look, if you want to learn you want to party you want to invest go to billionaire.com Check us out, simple website, we're just here to help give you a certain the tools, the tricks, the strategies, and the secrets. If you have the money you want to invest but we did 17 deals last month we brought it over 450 $1,000 in revenue, we have people a lot of friends family, and people in the industry that know us that put their money to work on the fix and flips you have the money you want to start putting in the syndication deals with doing apartment deals and so like if we're friends you want to start putting money to work hit me by all means I mean we're making some really good things happen and I'm not a pig I'm here to make other people wealthy myself wealthy everybody together. And just kind of just keeps on growing. If you want to learn and you want to partner hit me the EFF up please, we can make deals happen, and if not hit somebody up. The point is don't let deals that could be done sitting on those on the wayside and is going to waste because you're losing money. So already get deals done. Think creatively think outside the box and go make it happen. I'm Billy Alvaro, this is the unstoppable Real Estate wealth podcast. I am the unstoppable VA and I will see you next time.
Thank you so much for listening to today's episode of Unstoppable Real Estate Investing wealth. My mission is to give you my listeners the blueprint for success, the insider secrets for starting, growing, and scaling your real estate investing business, you can experience it and live the unstoppable lifestyle. I've made it simple for you to catapult yourself to success. Go to billysecrets.com billysecrets.com. There you will find every single tool, tip, trick strategy system, and secretly used to make millions of dollars as a real estate plus everything my team uses, and my guests use all in one place for you to tap into. You can start to grow and scale your real estate investment business.
Outro 22:17
I really hope you implement what you're learning. I hope you utilize these tools, tips, tricks, strategies, and secrets. And I hope to see you the next day. God bless bye bye!