Why Every Investor Needs To Be Doing Probate Deals | Al Nicoletti

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Speaker 2 As we continue throughout the years of the baby boomer period, these deals are going to come up more and more. And so before me, a lot of people wanted to shy away from it.

Speaker 2 Once I explained what was going on, a lot of people want to start getting into this, but it takes finding the right expert, the right team, the right people, and get your pieces together now because you can make some really good money off these deals.

Speaker 2 It is totally possible. And I've seen a lot of investors do their first deal.
And from there, they are all in on probate. What is up, science flipping family?

Speaker 2 I am back with another hot guest, probate attorney. Al Nicoletti is here.
What is up, my man? What's up, Justin? Thanks for having me here. Bro, excited to have you.

Speaker 2 This is a subject I've been wanting to pound on because I think people are way misinformed. They're not doing it right.
You are a licensed probate attorney. Yes.
Let's get into it.

Speaker 2 We were just talking

Speaker 2 off camera about a deal, a case study that your client was currently working trying to figure out.

Speaker 2 Let's talk about that on camera so people can understand why it's so important to find an Al Nicoletti. By the way, go follow him on all social media.
Attorney Nicoletti on Instagram. Yes.

Speaker 2 And Al Nicoletti on Facebook. Yes.
But if you're doing anything with probates, listen to this. If you find motivated sellers and you're going after probates, listen to this, watch this.
All right.

Speaker 2 So let's talk about that case study. Yeah, let's dive in.
So, Justin, what we're seeing out there are a lot of investors that pick up distressed deals, right?

Speaker 2 With any type of distressed deal, you're probably going to find some kind of probate situation. You bring the contract to the title company, title runs a report, they say, hey, we got to do probate.

Speaker 2 Where a lot of investors get tripped up is they hear that, hey, we just got to do this one probate.

Speaker 2 i have these two people locked up under contract like let's get going let's do it right now right where everybody's got to back up is where with probate you got to do an analysis right with any type of situation you have to find the flow of the title so what i'm doing in my profession is we're analyzing what the title says what's on the deed what's the story it's all about the big picture and figuring out the puzzle to this so when we just had this recent case they found out hey we got to do probate we all hopped on the conference call, investor, the heir.

Speaker 2 And during the call, we always find out what, what's the story? Any will, spouse, kids. Well, in this one, we found out there were four kids ever.

Speaker 2 And so, first of all, they only had three under contract. I said, well, where's the fourth one?

Speaker 2 And that's where we dive deeper to find out, well, they died too.

Speaker 2 And when you find that out, now we're like, well, what's the story with this person? Do we have to start it all over? Drop down to the kids, find out they died after.

Speaker 2 Triggers another probate double probate right double probate what does that mean that means now there's more heirs so when we found that out we said hey we got to reschedule this we got to get it back on and by the way you have two more people that you need under contract and what a lot of investors don't realize is you need all these people to come into play to get this deal done and and in my profession and my what i've been able to really think through as a probate lawyer is i don't think about it just on the probate i think about it on the end of how do you get the deal closed?

Speaker 2 And I'm thinking way far ahead than just the two people under contract.

Speaker 2 And it's so important to get these people on because if you go to the closing table and you don't have the right people in play and one of these people don't sign, the deal's not happening.

Speaker 2 So

Speaker 2 we were discussing a lot before we started recording. I don't love

Speaker 2 when coaches, gurus, right,

Speaker 2 push their students, their community members into probate lists. The reason being is I've done a lot of probate in my career,

Speaker 2 but I have a version of Al Nicoletti. I literally have a probate lawyer in Phoenix because I was doing the predominant,

Speaker 2 and I pay him my fee every single time because I shortened the gap from contract to actually getting it closed.

Speaker 2 The challenge I see is too many of these gurus are saying hit motivated lists, probate being a great one. What I also don't see see as a follow-up to that is

Speaker 2 it has to get all the way through probate to get to the inheritance or the executor for it to actually fund so you can actually close the deal and so there's a missing connection and and this is such an important episode for you motivated or for you investors because you need to find al you need to work with al anytime you're dealing with a probate or else What I have found, people, especially newer type of investors, they get caught in this pro, I've got my deal.

Speaker 2 It's a probate deal. It's a great number.

Speaker 2 And it dies on the vine. Right.
Because they don't know how to navigate through.

Speaker 2 The children are saying one thing. The spouse is saying another thing.
The ex-wife is saying another.

Speaker 2 And they can't figure it out. Yes.

Speaker 2 Go ahead. So

Speaker 2 let's go over a couple points. First point is you got to have the expert, right?

Speaker 2 Number one, no matter what market you're in, you got to have the right experts to be able to do this analysis because these probate deals can be massive deals.

Speaker 2 The kind of deals I'm seeing, Justin, are $50,000 spreads. I've seen some investors make $100,000, which is why coaches say GoPolded the probate list, right? Right, exactly.
So keep going. Right.

Speaker 2 So I'm not saying probate list is a bad list. I'm saying if you don't have the follow-up or an Al Nicoletti in your corner, you're fucked.

Speaker 2 You are in a completely different position because you don't have the right expert. And we work a little bit differently because in my office, we're able to defer the payment till the closing.

Speaker 2 So that helps a lot of the investors. Like, I didn't.

Speaker 2 And you see, that's a different model, right? Where there's the risk really ends up being

Speaker 2 on us, right? Of course. Exactly.
So first thing is get the right experts. Second thing is

Speaker 2 there's good and bad with the probate list, right? The good is there's definitely opportunities because they're distressed. They may not have a buyer.

Speaker 2 They can be some of the biggest spreads you've ever seen. With the probate lists,

Speaker 2 a lot of those are active cases in the courthouse. Well, what does that mean, Justin? That means that it's public record.
When it's public record, everybody's going after it.

Speaker 2 One of the things I talk about at presentations, at some of the RIA meetings, is you got to find the probate leads that are not out there.

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Speaker 2 And it's not going to blink probate, but you're going to find distress leads like pre-foreclosures, tax delinquents, code violations, anything with the sign of distress that may have an indication of probate is going to have something in there.

Speaker 2 It's funny you say that because I would tell you, I used to buy years and years and years ago, call it a decade, I bought probate lists.

Speaker 2 Funny thing about that is because I understand the runway for probate. People don't want to deal with the death usually.
They don't.

Speaker 2 So it's like not the hottest motivation in terms of response from sellers typically, right? Right. Because usually those lists give you the brand new probate deal.

Speaker 2 Well, that wife or husband or child is mourning and grieving and going through emotion.

Speaker 2 But it's funny because I would do vastly more probate deals through all my other motivated seller lists that I would pull or target.

Speaker 2 To your point is usually when you have some of these other flags that are blinking saying, hey, something's up with this property, right? It's whatever the case may be.

Speaker 2 A lot of times you find out it's a probate deal.

Speaker 2 So I've done hundreds of probate deals and very little of them, I couldn't give you the exact number, came from an actual pulling of a probate list and targeting the probate probate people.

Speaker 2 It was from all the other signs of motivation. Right.
And what I'll tell you is a lot of these deals, a lot of these investors don't realize that

Speaker 2 you may not be targeting a probate and find it all of a sudden. Right.
Right.

Speaker 2 So a lot of people, whether it's students, coaches, or other investors out there, they'll just be doing their regular marketing, not necessarily to a list. Right.

Speaker 2 And they'll find it because the title company says we have to do it.

Speaker 2 And so many, Justin, so many investors I know know before pre-out, like we have like a thing where it's like pre-al and post-out, pre-out would have passed on the deal because they didn't know where to go, what to do, who to look for, the right questions.

Speaker 2 And it's all about qualifying and being able to ask the right questions so you show confidence to the seller that you've been there before, you know what you're doing, and there's so much motivation behind it.

Speaker 2 And to go to your point about the probate list or the distress leads, a lot of these leads aren't recent deaths either some of these people you you would there's like a story of this one guy where they bought the property the the father bought the property in the 80s and decided that they were going to eventually build a house there well they didn't and it's still a lot of land they never cleared it and the guy's been paying the taxes one of the other has been paying the taxes for 30 years because he wanted to do what his father wanted to do still hasn't yeah and so now he's motivated so these people end up holding on to these properties for years and it's not about the death it's about hey i don't want to do this anymore i don't want to pay the taxes i'm tired of getting these letters and and all the investors are mailing us and there's so much motivation so much money behind these deals so funny enough in my neighborhood right here in miami there is a home that is totally dated At random, there's tenants, then there's no tenants.

Speaker 2 Like they're having a hard time getting tenants.

Speaker 2 So I asked another neighbor who's been in the neighborhood so i've only lived in this neighborhood three years the other neighbor's lived like 20 like hey what's the story with this home i'm thinking like i'm gonna try to buy this thing right right right uh he basically said the same thing you said mom and dad passed child doesn't want to let it go they've been trying to rent it here and there whatever they keep up with the property taxes they keep you know there's no mortgage on it so they kind of just keep it If it gets rented, they're cool with it.

Speaker 2 Right. And I'm like,

Speaker 2 yeah, they're just not motivated. There's not enough pain to it yet the the death already happened and they're they're okay with it there's no pain there's no like okay i just want out of all this

Speaker 2 uh so those are hard people to to deal with until there's enough pain right you know until this roof collapses and it's a forty thousand dollar ticket that they got to go pay then they're like let me just sell this house right and some of them are just dying to get rid of it i mean they they there's some deals we've seen where they don't even want to deal with the realtor yeah they don't want to deal with having to have to do a listing.

Speaker 2 It's so distressed and it's such disrepair that they just want somebody to buy it, get the cash and move on with it. And they just want to go and live their life.

Speaker 2 And so many of these properties, what's so great about probate is there's no real connection with the property. Many of these probates are vacant.

Speaker 2 They've been just sitting there for years. Maybe there's renters and they're just tired of dealing with the tenants.
And these people live out of state.

Speaker 2 Like the out-of-state owner list for probate ends up being one of the hottest because there's no deep connection to that property anymore.

Speaker 2 They've moved on, they got kids, they got a family, and they just, hey, we found your property, we want to list it.

Speaker 2 And also, so many of these out-of-state owners and heirs don't even know that their parents own property.

Speaker 2 Sometimes they are just finding out for the first time that you found the property sitting in Miami and they may be able to inherit it. And it's amazing motivation.
Right.

Speaker 2 And so what's your role in the whole thing? So they understand, first of all, where can they start contacting you? I'm sure you're going to get a bunch of questions.

Speaker 2 I'm going to be pinging the questions. Go to him, right? But how can they contact you for these questions? So, best way, you can find me on social media at Facebook, Instagram.

Speaker 2 I have a YouTube channel under Al Nicoletti. And my phone number is 904-999-0053.
And just leave a voicemail and we'll get back to you. And that'll all be in the notes on YouTube for sure.

Speaker 2 So

Speaker 2 where was my question on that?

Speaker 2 Oh, so what is your process in this whole thing? So, my process is to do the evaluation and to perform the analysis and basically qualify what's going on.

Speaker 2 So, we'll start from the beginning. Anytime an investor says, Hey, let's, Justin, we'll use Justin.
Justin finds a deal, needs probate, right? Hey, Al, I got one.

Speaker 2 Title Company says we got to do probate. What's the first step? Well, one thing we've implemented in our law firm has been a probate checklist.

Speaker 2 And it's really key that we have that now because before we were just doing, hey, let's figure it out. Just do the call.
It was all over the place. The checklist qualifies the deal.

Speaker 2 It qualifies the seriousness level of the heirs and their willingness to participate and do this.

Speaker 2 So that checklist has things from the address, the heirs' contact info, the will, a trust, very basic documents, death certificate. And so once we, but by the way, just,

Speaker 2 I got to clarify this again. It's basic to you.
It isn't basic to the newbie investor. That's why I hate when people are saying, go after probates.

Speaker 2 A newbie investor has no fucking idea what you are doing. To you, this is your business.
It is as basic as it gets. Right.
So again, I can't emphasize this more.

Speaker 2 If you're targeting probates or even have a deal that is becoming like get a hold of Al because All of the things that are so basic to him will take you months and you probably won't even finish it because it's such a pain in the ass.

Speaker 2 And what happens, Justin, is a lot of these investors,

Speaker 2 they'll find the deal and they'll think they know the answers to the story, that they just need one person, or hey, we got the right document. And I see these every day, all day.

Speaker 2 I mean, we're on pace this year to do 400 probates alone. Jeez.
I mean, we've done over 800 at least by now.

Speaker 2 And we're just seeing the same rotation of they think they know, but until we get it, we have to be able to do the analysis. So, my end, we're performing really the analysis.

Speaker 2 And the analysis is what is on title, who's on the title, who are we talking to in relation to the person on title? What's it, are they the child? Are they the spouse? Are they the cousin?

Speaker 2 We have to know that relationship so we can figure out what do they know in the line. And then, how many of the kids did they have ever? How many of them are alive? How many of them died?

Speaker 2 What's the story? Are they all on the same page? Is one living in the house house and doesn't want to agree? Is everybody out of state and wants to sell this thing? So my role is to really dig deep.

Speaker 2 And something either with my voice, with the way I ask the questions, really pulls out the real story. And from there, I'm able to say, okay,

Speaker 2 either you're missing these people on contract. I can't do it until you get these people on contract.
I'm waiting till closing. Or we need these additional documents.
We need this to get going.

Speaker 2 Because I'm thinking about everything with these counties, Justin. Each county in Florida has all these different nuances and requirements.

Speaker 2 If you find a deal in Miami, it's not going to be the same requirements that they have in Brevard County.

Speaker 2 And because we've been able to do this at such a high volume all over the state of Florida, that's the knowledge we have by knowing these nuances.

Speaker 2 So, during the consult is where we're really picking this apart because I'm thinking ahead on how do we do this in six weeks. You're only doing the state of Florida for transportation.

Speaker 2 Yes, only state. So, only for Florida.
If you're in other states, find a similar Al Nicoletti in those states. You'll want them.

Speaker 2 The thing that you do, really, which is impressive, you take all the risk. Right.
I'm not paying you until the deal is done. Correct.
That is so unique, by the way.

Speaker 2 And I appreciate it because, you know, listen, I pay, they're not massive fees, but a couple thousand dollars, a couple thousand dollars. And,

Speaker 2 you know, you don't know if the deal is going to go through. Right.
Right. And so sometimes it's just another risk, not to mention EMD and whatever else.

Speaker 2 And one of the students, or no, none of the students, one of the children of the heir. I don't feel like selling.
I want to hold out.

Speaker 2 And you're like, Yeah, I just paid this lawyer or whatever the fee is, and now we're getting nowhere. Well, let's talk about a deal that I just saw.
There was a deal that just came in.

Speaker 2 Mom owned the property, and I had the consult, and the lady at first, it was just all her or her, her. Well, I get on the phone, I start asking my questions.

Speaker 2 I find out that it's not just her, there's all these other siblings. Two died after, and then of their line, two more died.

Speaker 2 And so, when I did the whole puzzle, we ended up finding out there were total five probates.

Speaker 2 Well, you tell me, who's going to pay for five probates,

Speaker 2 have any idea if the deal goes through because one of them doesn't sign? Right. And so on this one, we're taking all the risks.
We're doing five probates. That's insane.
Waiting until closing.

Speaker 2 I mean, it's a juicy deal, though, too.

Speaker 2 I was just going to say, if I was consulting you, would I advise you to take all the risk? Like, is there a medium ground that, like, hey, dude, there's five probates on this. I usually take the risk.

Speaker 2 I don't mind getting not paid, but I'm gonna have to have other people work out. Like, there's got to be some.
Can we split a fee or can we get paid on two of the five?

Speaker 2 Like, I was just thinking, like, well, I don't know if that's brilliant for you totally on a, on a like macro, right? I mean, it's worked though. Yeah, bro.

Speaker 2 Trust me, I want to give you every single point of deals right now. Like, what deals do I have going through probate in Florida? I'm not even kidding.
Because of that, right? And then you do good.

Speaker 2 You get the deals done. You're just going to get referred, right? You're just going to get more of my business.

Speaker 2 I'm just going to keep pumping into, you know, Al because you don't cost me anything until it gets done. Right.
We had another deal. This investor made over $200,000 on both lots.

Speaker 2 And what happened at first is he had one heir, thought he had the deal in the bag. We do the analysis, find out two more died after, total three probates.

Speaker 2 He said, hey, man, whatever we got to do, I said.

Speaker 2 To make sure we can do this the right way, all of them need to be under contract, signing the contract, not on board, signing the contract done got three probates done in less than six weeks all three wow simultaneously he got it listed done made the money and so a lot of people just think that it's gonna take forever it's gonna cost it's gonna be a lot up front that's our model waiting until closing to get paid and we're doing these things in a very efficient and timely manner Well, they think it's going to take long because when doing it themselves, it's going to take long.

Speaker 2 Yeah. I mean, it could take six months, nine months.
And again, do the people have the stamina to keep figuring out, oh, there's another heir and I got to figure out how to get a hold. No.

Speaker 2 And so you give up on that deal that could be a quarter million dollar deal because it takes forever because you don't know actually what the fuck you're doing, but Al does.

Speaker 2 So you call Al, pay the fee, right? I think people are so short sighted. Oh, I don't, Al was going to have this fee, you know, I'm going to do it.

Speaker 2 And I'm like, bro, get the deal done, move on to the next. Like, don't have any headaches.
They're blown away every single time. I love it.
That that's the model because it really helps them.

Speaker 2 It helps the seller, right? One of the biggest pain points for a seller is what? Well, I've gone to every lawyer and every lawyer wants money up front.

Speaker 2 And I don't, and so it's like, it takes that massive pain point away. Because sellers, all they want to know is how much and how long.

Speaker 2 And when you're able to find, if you're able to explain and find somebody that can wait till closing and do these things in a timely way, it's a win-win.

Speaker 2 How often do you get the like dual heirs or multiple heirs and like there's one asshole of the group that just says, nope, I want $30,000 more. Like I want more.
Does that happen pretty frequently?

Speaker 2 It doesn't happen as much as you think. And eventually sometimes those people do end up coming around because they're able to figure out the purchase price.

Speaker 2 They're able to figure out that nobody else is coming to help them. So we had one deal one time where there were six kids and

Speaker 2 the investor got five out of the six under contract, had the analysis, and that's when I found out, oh, there's one more. I said, well, what's going on with this one? Oh, he won't sign.

Speaker 2 And I'm like, why? Oh, he's got issues with the other family members. I said, okay.

Speaker 2 And in this particular case, Justin, there was a way that I was thinking about how do we get around this guy? It's hard to do. I was like, how do we get around this guy?

Speaker 2 And so when I asked my questions, I found it out.

Speaker 2 They said, oh, yeah, no, no, no. Mom didn't live there.
And so that triggered a thought in my mind with my knowledge. I said, oh, perfect.
We're going to find a way to get around him.

Speaker 2 The lady picks up the phone and says, we're going to get around you. And in 15 minutes, signs the contract, done.

Speaker 2 So when you're able to have these strategies and see so many hypotheticals over and over and over, even the ones that don't end up working out.

Speaker 2 Because as many probates as I've done, I've seen at least double, triple hypotheticals. And by seeing all the hypotheticals, eventually a same or similar situation is going to come along.

Speaker 2 So you're able to plug that in and say, well, can we do this? Can we do this? What is the reason that something doesn't get done besides the asshole kid who doesn't want to sign?

Speaker 2 Like, what other things come up? Money in the deal. So that really comes down to the money in the deal, right? The payoff is too high or the payoff exceeds the ARV or purchase price.

Speaker 2 And you're talking about the bank payoff. Bank payoff, right? Or land deals.
Land deals are always really tight deals.

Speaker 2 There's like, you know, somebody's going to buy it for five, then assign it for seven, and then you find out there's three probates.

Speaker 2 Well, it's, it's, you know, not really that that that's going to work, even for one probate. Yeah.

Speaker 2 Um, but the money spread, and then you find out that you were going to make a spread of 20,000 and now it needs four probates. It's like, is that even still a deal?

Speaker 2 You know, what's your end buyer coming in at? Are you taking down the deal? Does that even make sense? So it's always the spread.

Speaker 2 And sometimes it's situations like, you know, maybe you have that one guy that doesn't want to sell and it ends up being homestead and you absolutely need him.

Speaker 2 You know, are you ready to play the game of partial interest and forcing a sale?

Speaker 2 Are you ready to get into that game? Or do you want to take it down and assign it out? And maybe that's not the game.

Speaker 2 So there's so many different things that you have to think through, each one of these on how does this end up working out? How does this go down? Do you have everybody? Do we need everybody?

Speaker 2 And that's just something I've understood because it's not just about the probate. It is about what is title going to need? How does this get closed? Because I'm thinking about the closing.
So

Speaker 2 out of all the deals that you see, how many of those become wholesale deals? Oh, has to be over 80% of the deals that you actually end up getting closed.

Speaker 2 Or I guess, like, so it could it be getting closed or whatever, but 80% of these deals that come to you is usually a wholesaler bringing you a deal that they're going to sign it. High percentage.

Speaker 2 High percentage. Got it.
How do you tell them to give me the deal? Because I need to buy way more.

Speaker 2 That's the relationship we need. I love it.
I love it. They're already locked up with a B2C.
Oh, already. So that's how you're going down the train.
I got it. Right.
So

Speaker 2 they're already in the deal, but they already have somebody on the B2C. And so they're already ready to rock and roll.
See, it's just, you got to get through all the mayhem to get there.

Speaker 2 Do you ever come into a...

Speaker 2 Again, I'm just using an heir in terms of a kid, but whether it's a spouse or whatever.

Speaker 2 Do you ever get there and like they're a hard no and you're the one that turns them into seeing the light to say, let's go ahead and get this done? There was, and it's funny you say that.

Speaker 2 That's happened more recently. Sometimes I feel like I'm the investor.
Yeah. Right.
So there was something recently that went down.

Speaker 2 And

Speaker 2 at first, the air was really hesitant to doing it because it was going to require them to get with the sister or start ordering documents in in another state.

Speaker 2 And that's where I really took control of the conversation. I said, listen, I've been through this a lot, done this many times.
This is what we're going to need.

Speaker 2 And by the way, if you don't do it, it's only going to stay there and it's going to be the same situation.

Speaker 2 By us offering what we do, we're helping you not have to do anything. We'll order the documents in Oregon and Michigan.
We'll figure out how we do it. And we're waiting until the end.

Speaker 2 So when you're able to explain some of these things to to them, it helps. And there was one the other day that it really got me off my chair.
It was the third time we had had a consult with them.

Speaker 2 We found out at first, first, first the probate was, it was just going to go to the four kids. Okay.
Ready to rock and roll. File the probate.

Speaker 2 Court kicks it back and says, oh, by the way, Al, there was something that was opened in 2004. I thought, well, where was this? Nobody said anything about this.
We looked at it, very messed up.

Speaker 2 There was some kind of will, but it wasn't executed right. They couldn't find the kids.
So I was like, okay.

Speaker 2 And then it was weird. I looked at who it went to, and funny enough, I had already done the probate for that person.

Speaker 2 So I said, huh, wait a second. We already have the people.
We just got to get eight of you back all on the same page. Because the first time they weren't on the same page.

Speaker 2 And I told them, I said, if you're not on the same page, it's not happening. Blah, blah, blah, blah, blah.
Went through it. Eventually, they came to the table, found out they're ready to go.

Speaker 2 We just had the consult the other day. And I said, this is the third time we're meeting.
Are we ready to go? Yes. Told them my price, told them the double probate.
Well, why do we have to?

Speaker 2 And I said, listen, everybody has taken their time on the call to speak with you. The investor, me, the assistants, and scheduling.

Speaker 2 It doesn't matter if Bob the Builder, Susie the Investor, or anybody else comes along. You are all going to be in the same position that you were before this person came in.

Speaker 2 And the investor's done a great job. I'm doing a great job.
And all of a sudden, it got really quiet. And it really made them think about the position that they were put in.

Speaker 2 And I think the wheels started turning. You're going to say, by the way, we come to another call.
This is going to get even more expensive than what I just quoted you at. Right.

Speaker 2 So

Speaker 2 the ball is moving now in that direction. So the point is that we get these ones where where it really takes me to have to get in

Speaker 2 to keep the gears moving.

Speaker 2 That's how I always felt about the one we used in Phoenix primarily is because I was like, man, I feel like he does, like, to your point, like he becomes almost the investor.

Speaker 2 Like these, they get squirrely, right? Like, whether it's a spouse or kids, one kid wants, one kid doesn't, whatever the kid, and things get to like, oh, fuck it. It's too much work.
I'm out.

Speaker 2 But somehow I'm like, bro, this guy is worth his weight in gold. Right.
Now he was charging me up front. So I'm good for that.
But like, my point is like.

Speaker 2 That cottony's deal is done. Yeah.
Yeah. It's because of him.
Yeah. How do you introduce yourself when you talk to the, so it's my deal.
I contract with

Speaker 2 the whoever I think is the person. Now I hire you.
I say, great. Here's a probate deal.
How do you introduce yourself to that person and talk about your side of things?

Speaker 2 So what we end up doing is once we have the checklist documents, items, and we have the title commitment.

Speaker 2 Do you get that from me or do you get that from the seller or or seller kind of both like a combination hey whoever has what yeah let's just say you already know the title company's got the title commitment hey the seller is going to send the docs and they do they get everything together death certificates and all this other stuff exactly all the oh it's not many items either just enough for us to do an analysis once we get everything then i'm saying hey let's get on a conference call it was something that we learned justin which was super powerful is conference calls why everybody's on the same page it's not just me talking to the air it's It's them understanding what the process is.

Speaker 2 And everybody has next steps, action items on who needs to do what and what roles everybody has.

Speaker 2 On that call, that's when you'd probably find it funny because if we got on a call, I get straight down to it. Straight shooter, right to the point.
Hey, my name is Al Nicoletti.

Speaker 2 I'm the probate attorney. By the way, how are you related to this person? Because with me, I'm a very high volume law firm.

Speaker 2 So with high volume, we've learned to figure out what we got to do with that analysis quickly so we can really get down to it. Your time is valuable.
Our time is valuable. Get down to it.

Speaker 2 They already know what's coming by being on the call, and we get straight down to it, ask the questions, find out what's going on. And I explain if we can do this.

Speaker 2 I always tell people, hey, we're going to make a folder. I'm typing.
I'm making the folder. What's the best way we can send you documents? Can you use DocuSign? Can you do notarize.com?

Speaker 2 How do we get Susie her stuff? Oh, she needs it. FedEx prepaid label.
No problem. We'll do FedEx prepaid label.
How do we make this system streamlined and easy for you? So it's easy for everybody.

Speaker 2 We can get it back and boom, push it out. Yeah.

Speaker 2 You were making me think of something when I feel like when you as saying, hey, my name's Al Nicoletti. I'm a probate attorney or lawyer.
I feel like it straightens people up real quick. Oh, yeah.

Speaker 2 That whole like investor seller, that like tug of war. I feel like at least for the seller side, because usually it'd be me hiring you.

Speaker 2 I feel like for the seller side, they go, Okay, I'm dealing with a lawyer. So now I'm gonna, I gotta play the right way, not like just be a dickhead, just to be a dickhead.

Speaker 2 It's funny you say that because for a lot of investors, they'll, they'll, the, the seller will go, hey, Justin, no, it's just me, and you'll be like, great, done, one air, ow, we're ready to rock and roll.

Speaker 2 Then I get on the call and I'm like, how many are there ever, ever? And they're like, eight.

Speaker 2 And I'm like, uh, did you not bother to tell Justin about this? And they're like, and then Justin calls me and goes, dude, I swear, they only told me it's just one. And it's true.

Speaker 2 It happens all the time. There's something about, like you said, me being on the phone that changes the whole dynamic of the conversation.

Speaker 2 And it becomes, oh, well, I better tell everybody that it's eight and that there's nine. So yeah, it's a totally different dynamic.
Well, sellers tend to keep their secrets, right?

Speaker 2 Meaning, I can't tell you how many deals I've come across just in a bank scenario, not a probate. Oh, yeah, I owe 150 grand on this home, you know, pay off like 245.

Speaker 2 You're like, why didn't you just tell me 245? Like, so now I can't buy the deal. We have to unwind it.
Sellers do it all the time.

Speaker 2 So if we're talking to the investor, newbie or otherwise, knowing what you know and how intimately you know these deals and where you find them and where they came from, how could we target probates more efficiently, effectively to find more?

Speaker 2 to find the attorney, whatever. Is there a better way to do it? Because there's all these companies that sell probate leads and every list provider sells them.
Right.

Speaker 2 I don't love them because the exact thing I said earlier, like I have done more probate deals not going after probate deals than I have going after probate deals. Right.

Speaker 2 What is your suggestion to the investor? I would say that I think it still goes back to the same old ways that has worked for years.

Speaker 2 A lot of people still, the direct mail, cold call, any way that you can get a hold of these people that are going through. What lists?

Speaker 2 I mean, would you say go target the probates or is there a better angle? Is it, do you see more, what would be another highly motivated list?

Speaker 2 You know, a county recording of like red tape or like, is there something that you're seeing more commonality that you're saying, hey, yeah, it's probate, but it also has these two or three other layers of like, these are also motivated factors.

Speaker 2 Like, do you see that? So, one, one situation we're seeing a lot lately have been the ones that are eventually going to auction.

Speaker 2 So, either foreclosure or tax seed, and they both have,

Speaker 2 they're like a double-edged sword in a way because

Speaker 2 there's an imminent date, which means there's a lot of time-sensitive things that have to happen, but each are different. So we'll start with the foreclosure auction.

Speaker 2 A lot of times that you'll be like, Justin, you'll call me and say, hey, Al, got a smoking deal, but there's a foreclosure auction in three weeks. Well, what does that mean?

Speaker 2 Tons of motivation because if the heirs don't do anything, they're going to lose the property. Maybe there's a surplus later.
But if they do something, there's an opportunity.

Speaker 2 And so we're seeing those those layered with sometimes probate, sometimes no probate. And a lot of these people waited until the last minute to do anything.

Speaker 2 And now they're scrambling to get somebody to buy the property, right? So how do we do the probate? And then how do we try to get the auction rescheduled and kicked down the road 30, 60, 90 days?

Speaker 2 So those have been ones that have been pretty popular. But even the tax deed auctions, let's just say, hey, Al,

Speaker 2 there's a tax-delinquent property. It's up for auction in August 15th, let's just say.
And you're like, ow, there's a probate involved. We got to do it.
With tax deed auctions,

Speaker 2 there's no motion to cancel. So either that probate gets done and you close

Speaker 2 or you're going to be taking a huge risk by paying the back taxes off. And then it's like, you know, is that deal going to happen? Are they going to sign everything?

Speaker 2 However, those have been some of the most motivated we've seen. And it's so hard to say it's a particular list.

Speaker 2 I still believe that the best ones are any of these code violations, tax delinquents, pre-foreclosures, anything that is just been sitting and there's a time ticking that just keeps on going, that they need to do something.

Speaker 2 Direct mail, I've heard people say,

Speaker 2 some of the best ways, out-of-state.

Speaker 2 So out-of-state owners with some sort of clock that is ticking to

Speaker 2 make them have to move seems to be the other flag that you're seeing that is. Yes, it's probate, but it's also a tax deed or it's also a foreclosure.
Right.

Speaker 2 Those combinations, and then absentee owners is who you think you should target that the heaviest. Anything like that.
And the key here is, sure, you can absolutely target the probate lists.

Speaker 2 There are lots of people that have success with that. Sure, right.
What I just believe is go where there's less competition. Less competition is the game

Speaker 2 because now not 23 people are going after one lead. Maybe it's like two or three.
Right. Well, I just kind of go back to the typically, obviously, probate means someone died.

Speaker 2 There's a lot of people, and we've we've done it for years, they're just not ready. They're not ready to come to that realization of pain or deal with it.
Partly, they don't want to deal with it.

Speaker 2 They think, because they don't understand what you're going to be able to provide this scenario, that they have to deal with this big monstrosity of getting everything together.

Speaker 2 But that's where you come in. I think sellers don't want to deal with that.
So when you are targeting directly to probates, it just can be tough. To your point,

Speaker 2 that list is around and provided by list providers because it works.

Speaker 2 I just think there's a better hack, right? First, if you're in the state of of Florida, get a hold of Al.

Speaker 2 But really, like the other triggers, that's why I was asking that is

Speaker 2 tax deeds. So I would say, you know, tax liens.
Right. Yeah.

Speaker 2 Pre-foreclosure or foreclosure. Right.

Speaker 2 And then absentee homeowners, pulling together that type of motivation, you will come across these probates. All the time.
Yeah. And sometimes you may not even know that you come across one.

Speaker 2 That's right. Pick up an infill lot and you didn't target any list and somehow find out that the person owned it died.
Title Company is going to need probates.

Speaker 2 That was my next question about how do you see this relative to single-family homes, asset classes? Like land, are you doing a lot of land deals? Does it come up in land?

Speaker 2 Single family homes, apartments, like where do you see the asset classes most?

Speaker 2 We'll start with land. Land is hotter than ever.
No kidding. Hotter than ever.
In certain parts of Florida, hotter than ever.

Speaker 2 And a lot of these properties that are land, you have to think about it. These have been sitting there for 20, 30, 40 years.

Speaker 2 People bought it off the TV auctions. They bought it off

Speaker 2 different places and they held on to it. They think they were going to build.
They were going to hold on to it. And they die and the family members don't even know about it.

Speaker 2 Or they bought it together. That's another one we've seen where one family member or another one bought it together.
There's no magic language on the deed. Now they both died.
Yeah.

Speaker 2 And it's just sitting there. And how do you solve that? So land, huge.

Speaker 2 And

Speaker 2 we find with land that that's where you're going to see a lot of the double, triple, quadruple probates. Got it.
Because it's sitting so long. Yeah.
The ones that are houses,

Speaker 2 we see either singular or double probates, maybe because somebody died after.

Speaker 2 We haven't seen a lot of apartments and condos as much. I mean, it's still, it doesn't matter if it's a condo or house.

Speaker 2 If the title of the property is in that person's name and they died, you're going to need probate. Single family and land have to be the biggest.

Speaker 2 And a couple other asset classes we've seen that are unusual that you find very interesting is once in a while, there will be land land that's zoned multifamily or zoned commercial.

Speaker 2 And it may be sitting there for years, nobody took care of it, or it's in a great location, it's zoned commercial.

Speaker 2 Those are huge opportunities because now a developer wants to come in and all the developers are interested in the Florida angle. Of course.
Yeah, yeah.

Speaker 2 Well, I was actually even thinking an asset class that probably has. Have you done any storage? I was thinking storage.
Haven't seen storage, but maybe if it was classified industrial or commercial.

Speaker 2 Maybe, yeah. Well, and the only reason I say that is a lot of these little mom and pop, I mean, literally mom and pop, they are 80 years old.

Speaker 2 That is their income is these storage facilities, right? If they pass. So I was thinking that would be a good target because I love storage.
I only have one in

Speaker 2 Oklahoma, but I love that as well.

Speaker 2 If you had to give advice to anyone watching this on YouTube or listening to this on Apple or wherever they're getting it, what's kind of your pieces of advice?

Speaker 2 You know, kind of give yourself an opportunity to sell yourself. Yeah.
Obviously, it's only in the state of Florida, but just to anyone listening on how to handle all this.

Speaker 2 What I would tell somebody is when I first jumped into this, I didn't believe what the opportunity was. Back in 2017, when I was looking at all the data, I had no idea what I was getting into.

Speaker 2 But as soon as I saw what the potential was behind this niche, it blew my mind. And I went even harder after it.

Speaker 2 And especially when I saw the opportunity for tons of investors and what the money they're making on these deals was just huge. And the Florida market is only going to blow up even more.

Speaker 2 And I talk about the silver tsunami.

Speaker 2 As we continue throughout the years of the baby boomer period, these deals are going to come up more and more. And so before me, a lot of people wanted to shy away from it.

Speaker 2 Once I explained what was going on, a lot of people want to start getting into this, but it takes finding the right expert, the right team, the right people, and get your pieces together now because you can make some really good money off these deals.

Speaker 2 It is totally possible. And I've seen a lot of investors do their first deal, and from there, they are all in on probate.
Yeah. I love it.
I mean, it makes you a lot of money.

Speaker 2 Brother, I appreciate you coming through. Again, make sure you are following this gentleman.
Make sure you hit him up. What's the phone number again that they can reach you? 904-999-0053.

Speaker 2 Al Nicoletti, I appreciate it, bro. Justin Colby, thank you so much for having me.
Bright almost. Thank you.
All right, y'all. That is it.

Speaker 2 We are going to come back with another fire guest on the next episode of Science Flipping. Talk to you guys later.
Peace.

Speaker 2 Is anyone out there?

Speaker 2 Hmm.

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