Transcription
You separate yourself by learning how to take on the more complicated issues and how to solve those. So, how do you go get a property that's underwater in taxes? So, if the house is worth 500, but the taxes are a million dollars, how do you get that down and make it a deal?
There's no "I get lucky." Oh, I came in on it by accident and then I was able to sell and make money. Oh, no. There's no accident by that. You're only going to turn that into money because you know what you're doing.
Basically, it's the sole heir. All the other heirs passed away unfortunately. And what the situation was that seller homeowner was living. It was actually her aunt's. So I just did the family tree again. There is one mother, father. They had five kids. All of those kids passed away. But that father of those kids had the seller that I'm talking to. The person who that house is in the name of is one of those kids who never had any kids. So that niece is the only living heir.
So what happened was she was living there 'cause that was her favorite aunt. And one of the other situations was she actually lost the will. The will was lost 'cause technically what ended up happening, she was actually the executive, but when she tried to go to the probate office, she couldn't find the will. So essentially, "Hey, you got to go through probate." Now, yes, you could have put it away in a safe place or done it another way, but back in those times, I mean, a lot of times because she died in like 1988, something like that, in the 80s. Yeah, she died in the 80s and she was and the niece was living there all the way up until 2023. So chances of her having that will, she can't find it, mind you.
So what happens is the house gets deteriorated over time, just getting old. You can't keep the house anymore. In DC, we have something called blighted status. When blighted status means it's basically in disrepair. In Phoenix, Arizona, it's called an abatement property, essentially, which just means it's blighted. It's just a destroyed property and it's unkempt. So, not only do you have property taxes, you have these blighted taxes, but the difference between property taxes, your property taxes can be $2,000 a year, but once but that blighted tax switches to a Class 4. And what happens is it takes your taxes from paying $2,000 a year to $26,000 a year, $36,000 a year. And then there's interest occurring every single month on it. So now, couple months, months before you know it, you know, it's that's really that's how a lot of these properties tend to have these these huge tax bills of 200, 150,000, things like that, plus the property taxes on it because a lot of times these people don't know what needs to happen and they just generally don't understand like how fast those blighted taxes add up. And you can still lose your property the same exact way as a tax foreclosure. So now you're getting pretty much hit from both ways, the tax sale side and the blighted status.
So I was able to reach out to her and I said, "Well, hey, listen, she doesn't know anything about probate." She didn't even know where to start. So I said, "Hey, listen. I'm well experienced at this. Why don't you let me take this over and once I become the executive, I'll just give you the money that we agreed upon. You'll receive a wire check. You don't even have to be on the hook for anything." Because let's not forget, when you become the executive to an estate, you're on the hook. Meaning you have to do everything fiduciary right and you have to make sure you're doing everything right by the estate. So, but once you're the executive, you have the ability and power to move it from whatever entity you like. So maybe I want to take my, if I'm the executive of this estate, I might want to move it to Joe Home Buyer. I might want to move it to my LLC. But ultimately from that, you have control to do what you want. And ultimately, you can even get the sellers a lot more money because now you're not tied down to a price anymore. And a lot of these times these sellers, and I made a mistake the other yesterday, it wasn't 115K. It was uh 30K she won her pocket. I was mistaken for another deal. So, it was 30 grand she was getting her pocket. Um that's so on the back end. But like I said, and when you're in these type of situations where you can control a lot of the moving parts, you can always give a nice bonus, a nice Christmas gift. Hey, it went better than we really thought. Here's 80 grand. Wait, what? Yeah, 'cause it's it's you you really now have the power to act as you want to act. You can't just do that with a purchase agreement. You can't just do that with a you can't just do that with a purchase agreement or an assignment. If someone assigned it to you and you're trying to sell the deal, you don't have control. And all the wholesalers essentially when they pull up the records, they're going to see me. So they're calling me, hey, do you want to sell the property? And then I can figure out what I want to do, right? So you really end up protecting that seller from a lot of headaches and you protect your own interest simply by that's just one way of becoming getting control of it. That's just one way out of many, you know. So yeah.
So, let me let me see if I can simplify this. So, there's a property. It's in rough shape. There's nobody alive on title that can transfer that title to somebody else.
Correct.
So, you go and you deep dive the family tree and you find the uh a living heir that can go through the whole process of getting ownership.
Correct. Right. But instead of them going through the whole process, there's a document that you have them sign that allows you the authority to go through that whole process and then become the owner or just the executive.
The executive.
And once you become the executive, then you can determine who you want to be the owner of that property.
So what's that document that they sign?
So the documents that they sign in DC, in Maryland, and DC, right? In Maryland, it's called a consent to personal representative. You want to have some document called a disclaimer of interest. Another document called a renunciation of interest. And if you have those three, and I'll go through each three. A consent to personal representative is saying, "Hey, I'm Brent Daniels, and I want Eugene to be the personal representative of this estate, and I know that he is filling out that petition." Renunciation is saying, "Brent, hi, I'm Brent. I am in sound mind, sound body. I know I have priority to serve as personal representative, but I am stepping aside so Eugene Latson can serve." So, it's just reaffirming also with the disclaimer. So, the disclaimer saying, "Hey, I have no stake in it. I want nothing. I don't want nothing from this estate. I want nothing to do with it. Don't call me, don't text you, don't nothing. I want nothing about it." So, and which makes sense because what the courts need to understand, the reason they have it, it's so stringent is because they want to make sure you just don't sign a disclaimer of interest because a disclaimer says I don't want nothing to do with it.
Mhm.
But that can be interpreted in a number of ways. Well, you don't want nothing to do with it, but did you know there was half a million dollars sitting here that you could have been to? That's where the renunciation comes in because the renunciation clearly states, "I know I have priority to serve and I can I want this person to do it." So a lot of those doc, those are the three documents in every state, there's some form of it. So whether you have to have a probate attorney create it, which they can, whether you have to go to your probate office or clerk office to find them, or yeah, those are the two options. Either one, I would get a probate attorney, tell them what documents I want drafted up, and had that probate attorney draft those up. That's what I would do.
Aren't aren't probate attorneys intimidating, though? Like if I'm just trying this new strategy, I'm gonna just go talk to a probate attorney and and they're going to help me.
So, you're probably gonna have to pay them for it. You're probably gonna have to pay them for it. But I look at it like in a way of luckily mine's online. Most probate documents usually if you go to the county, they're online or you can get them from the office. So most of the time those documentations are free. But let's just say for some reason it's not. Those are the ways you can go about it. So, first check your probate office to see if you have those type of documents. But let's just say they're being difficult and they may because they're not obligated to tell you what those documents are.
If they're nice, they will.
But what I would do is I would just simply ask for the documents if they don't want to give it to you or they don't know because they may not know these know it either. Remember, they're government workers. They don't know. They're not in real estate how we're in it. They're just trying to do a job and go home. I would talk to a probate attorney and say, "Hey, these are the three documents I want to draft it up to this state regulation and let me know how much it's going to cost for you to draft these up." And that's what I would do.
And do you have an agreement then with this particular deal with this niece? Do you have an agreement that says, "I will give you a certain amount uh when I sell this or when it transfers or when I get this all the way through?"
Yep. Same thing. You just it's just an agreement between people. You can do a, for me sometimes I'll do a contract for deed. It's just on the back end. Just means you're getting money on the back end.
Or you can just put a regular standard purchase agreement together and the money you was going to give and put in a purchase agreement and it's just between you and her. And if you want even to go a step further, take that and and submit it to your attorney, your probate attorney and say this is held by my attorney in escrow or title company. and essentially and then she can confirm. You can use them almost as a way to if when when you send the money, hey, I need you to talk to the title company to confirm that you received it. So there's no, hey, I didn't get anything or nothing like that or nothing like that. So there's multiple ways you can kind of cover yourself, but you know, just give it to your attorney and to hold it and and give them a copy. And then pretty much at that point now, you don't need the seller, you don't need the seller to approve this, approve that. You need to interrupt their day, interrupt their life. You can go spend your time getting things done and getting your attorney what he needs.
So blighted taxes or the or or the fees that that really start stacking up on these properties that are in rough shape. Is that a city thing? Is that a state thing? Who who's who's charging them those fees?
The state.
And increasing the taxes. Okay. And why do why does the state do that?
Because you're not keeping up with your property. It's like a punishment.
What is it?
It's like code violation on steroids.
Got it.
It's code violation on steroids. So code.
You negotiate those though.
So the blighted. Yeah, you can. You can you can go up there to you. Now a lot of times you have to go in person, but you could possibly talk to someone over the phone, but remember these are state workers. They're overworked and underpaid. So, if you want the best results, go in there, but you got to have ownership first. Either you're going to buy the deed, you're going to buy the deed, close on the property, and own it, or you're going to ultimately have some form of I actually I'm the owner of this property or person represented.
And then from there, you explain situation. Hey, this person passed away. John Smith passed away 15 years ago. And from there, this is how the property got in this repair. I'm trying to revitalize the property. I want to change it from a Class 4 to a Class 2. I'm working on getting a property rehab. And they'll do it like that. Guys, we're talking to Eugene Latson III. This is so exciting. The second time on the podcast. And something that you guys need to understand about Eugene is he does massive deals because he finds all of the problem properties that nobody else knows how to get through the finish line. And for that, he is rewarded on average with about $250,000 a deal. Let me say that again. $250,000 a deal. So if there's confusing terms that he throws out during this conversation, good. That is good. That means that the people that want to learn more, they can certainly learn more about Eugene. We'll talk about that later. But if you really investigate this and really get into the process in your specific state and really go through all of the challenges of the learning curve to understand the skills that he's talking about with these transactions, you are going to do massive deals. You are going to do absolutely massive deals. And so Eugene, you're you're you're just pulling public records? You're getting tax defaults. uh the the the properties that are behind on their on their property taxes and are going to lose those properties to a tax foreclosure at some point, right?
Yep.
Yep.
Is that the only list that you go after?
Yeah. I mean, ultimately, I go after the tax land properties for one reason. One, because we have equity. Like Brent used to say, one thing you need to do massive deals, you need motivation and equity.
That's right.
Right.
Now, so if we know we have equity, the house is paid off, and there's taxes behind it, there's a very good very good chance that ultimately um that's that's a that's a huge amount of spread you can make on those deals versus if they have a $300,000 mortgage, but the house is worth 360. Now you talking about short sale that takes like eight months, takes a lot longer to do. So your cash reversal cycle is going to be even longer, right? Because now you're negotiating with banks and all that. So your exit strategy has to change. So um you can do it with other lists. I do want to make this clear. This strategy can be applied to a pre-foreclosure list, bankruptcy list, a lien list, water shut off list. It can be applied to an eviction list. It can be applied to any list. The skill is understanding legal and understanding how to get a hold of people and then how to structure the deal to where we can have control of the deal so we can exit at the maximized profit because every strategy, you know, every strategy doesn't always mean you might wholesale it. Some people might be capitalized and ready to flip it and maybe take a deal from making a quarter million or 200 to where they might they can make like four 450. So, you kind of have to weigh those options out sometimes.
Let's talk about the inheritance like uh hierarchy. Like how do how does that work? It's like the spouse and then the kids like how does how does that work? Because you're going and investigating basically the family tree to find if there's a living heir that has the ability to inherit these properties, right?
Yeah. So the order of things is the succession. Any attorney will will tell you it's spouse, child, grandchild. After that, it's nieces and nephews. So what that means is that just means order. So if it's husband and wife, wife pass, husband passes away, wife is entitled to that estate. If wife passes away, it's now child. If child passes away, there's no more up there. It's grandchild. Then from there, if they pass away, then it's niece, neph nieces and nephews, cousins, things like that, distant relatives at that point.
So, how do you know who to talk to? Like you're you're talking this person passed away in the 80s and then uh one of their kids lived in it for a while and then the niece lived in it for a while, right? And then the niece moved away. Were you just lucky because the niece's phone number was attached to that address?
Yeah. So, what happened is I went to Skip Genie and it tells you, it doesn't tell you exactly who they are, but you can look at obituaries. You can, but guess what? If you die in the 80s, chances are they don't got an obituary for you. So, that's off the board. You can go with a genealogist. You're probably gonna pay them about $500 bucks an hour typically. Or, which means they do all the digging for you essentially and tell you who you need to talk to. That can save you some time if you have the money to do it. Or you can simply go to Skip Genie, look at the ages. So if they died at 89, but you see possible relatives and you see everyone in their 40s and 30s and things like that, that's a very good chance that those are probably their kids or cousins. So then you just literally call through that. Hey, because actually how I got a hold of the niece, I called the niece's child. I didn't wasn't actually able to get a hold of the the actual heir person who's actually up and I got a hold of her child.
Yeah.
She put me in contact with her mother and she called.
You call her up and say what?
I said, "Hey, my name's Eugene. You know, I spoke with your daughter and I just want to talk to you about the property at 123 Banana Street." And she said, "Yeah, I I know." I said, "Well, you know, it's up going up for tax sale and um I just want to see if you were interested in doing something before the state took it. You know, it just want to see." And she said, "Absolutely. And where have you been?" Um I said, "I've been trying to find you, but I can't find you." So, um from there, you just That's exactly what I said to her. And and I will say this, when a seller is really motivated to get something done, you don't have to even come up with this huge undulated spill and stuff like that. It's just a regular conversation. Hey, my name's Eugene. I was just calling about the property 13 Banana Street you might own or be associated with. And then from there, they'll say, "Yeah." And then you just say, "I just want to know if you want to do something before the state took it." And then shut up.
Mhm.
And they'll and they usually spill their guts out. They'll just say, "Yeah, no, maybe." So.
How much will you give me? Who are you? The six responses.
Back to the basics.
Back to the basics. I love it. And.
And then are those are those conversations one that they they've been hearing a lot or you talking to them for the first time?
90.
Like are a lot of other investors calling them?
No, probably nine 90% of the time 90 I want to say 100 but about 90 to 95% of the time first time having this conversation. They maybe closest thing they had was a relative who said they wanted to do something but they they that was just words and it wasn't even like recent it was like five years ago. It was really it's usually I'm usually the first person actually talking with them and if they have spoken with an investor I usually get I used to get upset sometimes but I actually get happy because it actually allows me to educate them and teach them something that most investors don't even know like what's a blighted? Do they know there's two sets of taxes? Do they know the taxes have to be switched over? Do they know that the property had to go through probate meaning if it doesn't go through probate, no ownership was ever established meaning you can't legally sell it? Did you know that a lot of times sell wholesalers and even a lot of investors, they don't understand these things. They don't even understand how to read a docket. They don't even know how to search up a deed to see what things were filed against the deed. So, for instance, the benefit to that, if I know that a house is getting foreclosed on next month in March, and you spoke to the seller before me, but it needs a probate, you're thinking you're getting ready to close. Next thing you know that you can't even do nothing with the seller because the probate in itself is going to take 60 days possibly. Or if you want to do it faster, you got to get the documents signed and go up to the probate office and do it yourself. But now you have to know the probate. And then you have to still go to the DC tax office to get it postponed. But if you don't have no relationships in there or they don't know who you are, what what you're standing or anything like that because you got a regular purchase agreement, you're screwed. You're going to that seller's going to lose out on their inheritance. Versus if I come by, I can have 30 days, I can have 20 days, 15 days, even 10 days, and I could be like, "Hey, I know exactly what to do to get this postponed so we can do what we have to do to get the probate done." And they're going to listen to me because I've at the DC office of recorded deeds, recorded deeds. I've spoken with the tax the tax office, the tax office personally, and I have relationships with those people. And also too, I have a resource of someone who does have relationships even deeper than I do 'cause they've been doing tax negotiations for 30 plus years in DC and they they they know them all by first and last name. So even if they don't want to listen to me, they can listen to someone else on my team who has that 30 30 year of experience. So.
Can you do this can you do this in every state or is this just a DC thing?
You can do it in every single state. It's going to be different and I like to think of it as a game. Can you play this game in any every every all 50 states? 100%. But this is where the winners are separated from the losers. Are you willing to go through the learning curve to learn your game for your market? 'Cause understand, when I first started attack, when I first started sniping, mind you, I was a calling maniac. 100 contacts a day. I'm ballistic, right? But when I switched over to sniping, do you know how many investors started coming to DC? Do you understand how many people I brought over to DC and how many people have fallen off in DC? Because they see they see, oh man, he's doing big deals, but they don't know the knowledge. I know. So ultimately,
It's not going to translate. It's not it's never going to translate. You might get a deal here. You might get a deal there. You might get a maybe a massive deal here. You let's just say you do a $250,000 deal here, but you're not going to string them together along the course of a year. You're not you're going to have a very hard time or you're going to have to go for the lowest hanging fruit. And where I ended up separating myself from from the rest of the investors, mind you, it's it's when you're doing stuff like this, the number of people probably doing it to is probably like five. It's like single digits.
Yeah. Yeah. Yeah.
Yeah. It's not high. So, you separate yourself by learning how to take on the more complicated issues and how to solve those. So, how do you go get a property that's underwater in taxes? So, if the house is worth 500, but the taxes are a million dollars, how do you get that down and make it a deal? There's there there's no I get lucky. Yo, I came in on it by accident and then I was able to sell and make money. Oh, no. There's no accident by that. You're only going to turn that into money because you know what you're doing. So, that's really why, like I said, it um this this this method is really meant for a lot of skill-based investors who really want to take it to the next level on a consistent basis, not just one off big deal, one off big deal here. Like, if you want consistent big deals, like you don't even flinch when you get 100K wire in your account. Like I said, you got to learn this stuff. You got to be around people who know it.
Well, and and you taught Bridget, you taught Devin, you taught Jay. I mean, it's absolutely incredible. Every single one of them over six figure deals.
It's insane. It's absolutely insane. I mean, this is, you know, I I really think the future of outreach in our business. I I'm the TTP. I'm the talk to people, talk to as many people as possible. And, you know, it's a numbers game. Uh, we've worked together for a long time, Eugene. And you were you were like the the premier, like if I were to point to somebody that took everything that I said and just did it, you went and did it. You were talking to a hundred people a day for like 60 straight days going 12 hours a day and getting some deals. And then now you talk to like three or four people a day and you make 10 times as much.
Absolutely.
It's insane. But I think that's the future. That is that is really the evolution in our business is going after very specific hard cases and being able to figure them out and unwind it. And there are pro there there's ways to do it. There is paperwork that will help you unravel these deals, especially when it comes to a lot of heirs and a lot of people that don't even know they own the property. And they will lose it to the taxes. They will lose it to the state. I am telling you, every single day here in Arizona, at least two or three are going to and they're foreclosing for the tax the the tax lien. We're a tax lien state. So, somebody buys a tax lien, which is one year of past taxes, past due taxes here, and in three years, you can start a foreclosure process, and then 90 days after that, you can foreclose on it. you own that house and our average taxes are like $2,500 a year. So, somebody buys $2,500 worth of taxes. They go through this whole process and and and the the family loses out all of their inheritance, all of their inheritance. They It's gone. It's gone just like that. Just went to that investor that bought the tax lien, was patient, waited about five years, closed on it, and boom, they own that house for $2,500, $5,000. Family gets nothing. They get nothing. And so what you're doing is you're you're stepping in before that happens and you're talking to the family and you say, "Hey, listen. I can do all of this for you. I can walk you through the whole thing and I can get you paid on the back end when I either buy it and hold it or sell it to somebody else, but I can get you something on the back end." And then you agree to what that is.
Yeah, pretty much. Yeah. And the thing about that, believe it or not, Bren, a lot of times when you propose it like that, it's not even how much will you give me,
it's what do you want what do you want to what
what do you want to buy it for? What what you know? So, it's no longer a me against you. Now, they're like, you're doing all this for me and I can get 50 grand, 30 grand that I was probably not going to get anyway. I mean, 30 grand for not doing nothing. 50 grand, 80 grand, 100 grand for doing nothing is a is a huge win. And then also too, Brent, just to add to that, there is something these heirs can do. It's called excess funds. But here's the challenging part about it. They have to go to the county, fill out documentation with only a certain and a lot amount of time, which the county won't help you fill out because they want to keep that money. They probably want to keep that money because they want to use it for their purposes. and they have to know how to do the excess funds. And even on the excess funds, a lot of the times it's not what they could have got working with someone knowing what they're doing as an investor a lot of the times because ultimately those fees build up. They literally the excess funds is if you owe us 200,000 and there's probably 20,000 left, you can get that 20,000. But mind you, when that 200,000 probably 150,000 of it was blighted taxes. So, you're still, you may think, "Oh, I'm getting some money." You're not actually getting as much money as you thought. And you had to go through an incredible amount of work. And they can actually still deny you if the paperwork's not right. And you only have a lot of time to do it.
Yeah. I I'm telling you. And And oh, by the way, they get nothing or they get 30 to 50,000. And oh, by the way, this house fixed up is worth 600,000, right?
Yep.
I mean, the these are the deals that you run into. I mean, they need significant repairs. That's not all just p pure profit, but that's how you're averaging $250,000 a deal
because you find all of these situations
that that that um they're they're going to lose this property. This property is going to be gone. It's going to be forgotten about. and you're you're you're letting them know, hey, listen, this is still something that that your family can get inheritance from. I mean, that's got to be a great call. That's a way easier call than, you know, hey, would you consider an offer on your house?
100%. I mean, I can't I remember and with this strategy, I can call as long as I need. It's just a lot of times you'll be surprised at the times people will answer when they know they're going to receive money. You will be very surprised how happy people are to talk to you. Yeah. Are you going to have some people every once in a while who just don't want nothing to be done with you. And a lot of times those are the relatives unfortunately who are going to lose the tax sale. They are just stubborn. Like there's a percentage of those people who they literally can't get out of their own way and they're going to lose it.
Mhm.
But ultimately we can help majority of them though. We can help majority of them.
Amazing. And by guys, by the way, get your list from the county. I don't care. I don't care if somebody says they have the greatest list and they've got every VAS that that scrub everything and they get it all. It's all old.
Yep.
It's all old. Get it from the county. Do the work. Find out how to do it. Check GPT. How do I get this? You'll you'll get some instructions. Go down there. Pay the parking meters downtown. Walk into that weird office. Talk to the person that doesn't want to talk to you and be as charming as possible. Start building some relationships and uh get that list. It's it's it's really really really important to get it from the county themselves or or you're going to be late. you're going to be late to it and you're not going to and you're you might not even get all the information. And sometimes when you know some of these list providers miss a couple addresses here or there because it doesn't fit their algorithm or they don't have complete data. Those are the best deals. Those are the best deals. Nobody else goes for it because listen, the more steps you have to take in a process, the less people are going to do them. the more steps. I mean, it's the top of the mountain. Takes a lot of steps to get to the top of the mountain. People quit, you know, a quarter of the way up. So, it's absolutely beautiful. Eugene, you're helping people with By the way, how can people you you're doing consultation with people because this is like really high level, right? And so people get to to buy an hour of your time, which is bananas, right? and we're going to have you featured on our podcast a bunch because I think this is really important and I've just seen what you've done with with w with with the people that are in the Rhino tribe. So, how can people get that information if they want to do these big deals and not have to bang their head against the wall trying to figure out all the little nuances?
Yeah. So, um you can reach out to me on Facebook or if you're interested, um you can take this number down 3015417752. Text me, uh text me that you're interested. Um text me you're interested. I'll let you know what the price will be. And like I said, this is really my consultation is for anybody who honestly wants to skip to the front of the line. If I knew what I knew now and there was someone who was willing to teach me what I know now for 1,500 bucks, oh man, I would I would be a lot further. I mean, I started 2020 2021ish and I banged my head part-time for a couple years. Got a deal here or two, but if I knew about this and I can pay someone to teach me this, I mean, ultimately it would have skipped me through their line. I probably would have went fulltime that probably that same year. I probably would have went full smooth.
Eugene, I was I was in I was in a room this weekend. It cost 40 $42,000.
Yeah.
You know what I mean? So guys, this is a this is an absolute no-brainer. I mean, the this strategy has just been exploding within our group and that was just Eugene popping in here there. This is this is absolutely incredible. So make make sure you reach out. 3014517752
30154154
541
Mhm.
7752. Yep.
Or hit me on Facebook and hit me on Messenger. And then like I said, you know, if you like it and you think it fits you, I'll send you a Calian link. Book the call if the price and everything makes sense for you. Then like I said, definitely an hour for your time. And I've had already a rhino already book a call with me and we and and I really gave him a lot of games. I'm really excited. I'm not going to say his name, but he knows who he is and I'm really looking I'm really looking for him to do some really big things just on the knowledge when he really gets going
and and getting those lists and everything together and learning his area. Man, he's going to be a really really big big force and he's in a really good market. Really big market, too. No,
how long do these lead how long do these uh deals usually take?
That's a good question. So, if I'm going to give you three scenarios, if it's just a probate, one probate you got to do, let's it's typically going to take about 90 days. If you do it yourself, it can take probably six weeks. If you go up there, meaning you get the document signed, go up there, fill it out, like it's filled out, everything's correct, nothing has to be changed. It can it can take literally a week same day possibly. In DC it takes like two to six weeks if you do it yourself and then in Maryland you can actually get it about same day or about two weeks later as long as you have all the documentation. But if you go probate attorney that's about 90 days.
Okay attorneys are very filed. They're very through. Remember, they got to typically they mail the documents, things like that. But they streamline on everything. They know the sometimes they know who the judge may be. They know the people in the office. They know what they like to see. They know the verbiage they like to see, they don't like to see. If it's more of a complicated situation, they can guide you through it and handle it, take it off your plate. And then, so that's probably um 90 days. 90 days essentially. And then the longest ones are where um if it's multiple heirs um you want to contest a will or something like that or if there's like multiple heirs who can't agree or some people need to get served and things like that where you have to might have to reopen an estate or something like that. Those can take those can probably take six months possibly or if it's it typically it's when it's a lot of infighting. If it's a lot of infighting that's when it takes the longest. But if it's like the first two, you can be in and out with these probates in a matter of weeks to a couple months. And then the deal itself once you get the letters of administration, you go get the death certificate from the uh county vital records. Then from there, I mean, you know, open an if you're the executive of the estate, open an EIN number. Go to the IRS.gov. Open the EIN number because you're the personal representative, right? So that money the IRS wants to know, hey, what's going into this estate? And from there, you open that, get that EIN number. Once you close, that money gets sent to the estate account that you have access to. Pay off that air who you say you were going to pay. And on to the next.
How many deals you got pending? And for how much?
18.
And what do you think that looks like for income?
Right. Right. Right. Right now I'm sitting right under right under Right under two pending.
Right under two million.
Yeah. Right under two million.
How big is your team?
Me?
Just you. So that's that's just that that's just pure profit.
Yeah, pretty much. Yeah. I mean, the and I always told people I you know I'm in some I met some really high level people and they're pushing me to really hire because all at the end of the day I want to do this. I want to be the person that does this in all the big money states. Meaning,
Yeah.
if the ARVs are super high, that's where I want to be because that's what DC is like the top top three most expensive market is all the United States.
So, it's not that it can't be done. You just got to learn it. And I would rather in those bigger markets, it's a lot easier to get touch six figure deals. You might touch a six-figure deal by osmosis. It's just a matter of negotiating it deep enough at that point, building the right relationships, understanding probate, understanding legal, understanding how to find people. So for me, I love those bigger markets. And ultimately, I want to be an example, at least while I'm still in this stage. I want to be an example to let people know you can be a walking tank. You can be, you don't have to, you do not have to have 10 a huge office, a huge office, 20 people, 10 people, whatever to make a million dollar, $2 million a year. I always said it depends how big your deals are. 'Cause I did the math on doing uh $3 million a year.
You have to do 12 deals a You have to 12 deals a year at 250,000. 12 deals a year. So now the question is how many how how long does it take to close these on average? How much do I have to throw into the pipeline? Because if I know it's going to take about 90 days to close, I need to throw enough in the pipeline so it keeps me it's like something's closing every single month just about. So you have to build up that pipeline. But how many of those deals do I actually have to get going? And it's not as much as people think 'cause think about it. If you do a $40 million on one deal, 150 on the next, personal credit gone, mortgage gone, car payment gone, and then you still might have some to put into an investment property, to put it in the SP500, to go give make, you know, give your tithing to your church, do all those type of stuff. You can really start changing and put gasoline on your investment. So now if I know I got assets that's paying me because I have these huge lumps of cash, I'm going to be out the game a lot faster because my deals are so much bigger. So I don't even really have to do as much work. I just have to make sure my deals are big enough to fund me. That's it. I'm more of a big deals less volume because at the end of the day it's about how much you make per deal. Forget all the other stuff. Forget the 20 deals a month and all that. If I know if I know that I can do half a million dollars on a deal or $250,000 on a deal and I do a couple deals a year, I'll be okay. Long as I keep my expenses regular, don't go over my skis with personal debt and stuff like that, you will be fine. You'll be And that's what I want to be an example for. And that's what I teach people, how to be walking tanks.
Well, I love it. And you're keeping all that money and you're putting it all away. And I know that because you have the worst computer camera of all time, guys. He's still working on his HP uh laptop here, messing around. I told him, you know, I got to get you I got to get you a better uh uh camera on this. You know, this is ridiculous. But he doesn't care. He's doing deals, stacking the money, doing deals. Absolutely incredible. Guys, I endorse uh Eugene 1,000%. I have seen these deals closed. I've looked behind the curtain. I see people that have never done a deal. Somebody that that we know really well. She's about to close that deal on Tuesday, buying it for getting the deal for 67,000. She texted me this morning and has it sold at Hold on. 210,000.
Yep.
210. First deal ever. First deal. I mean,
first deal ever. Absolutely incredible. Guys, reach out to Eugene. Eugene, you're the man. I'm excited to do one of these once a month. Do some deal breakdowns. People need to know about it.
Absolutely. And one more thing, you know, people and I would I would caution people like who we're talking about. Remember, she she just joined the tribe and stuff like that. and she seen what I was doing and what Devin was doing 'cause I showed Devin and Devin how Devin was doing it and she said, "I want to do that." And she just stayed consistent with what her efforts were. And she ended up learning her area, which is her game. Learning her area and her game, and she's going to on her second second deal, first or second deal, a six-figure deal. I'm telling you, this is life-changing information. And then once you get these bigger deals, if you want to go join the $40,000 mentorship where you're in a community or the $30,000 mentorship, you can. But you got to get there fast. And the fastest way that I know how to do it is from these big deals.
Yep. Well, and she's got three of them pending. I mean, it's not like this the only deal. She's got two other ones that she'll close as well. It's insane. Absolutely insane. Eugene, you're the best. Thank thank you for all of the incredible support that you give the other Rhinos in the Rhino tribe. Guys, if you're interested in checking that out, it is wholesaling.com. And uh I if you are ready to really learn the nitty-gritty of how to do this, make sure that you guys reach out to Eugene. Awesome. I'll see you on the next episode, Eugene.
Thank you. All right, guys. See you.