The reason why is pretty simple. I didn’t like being a contractor. I didn’t like the adult babysitting of new construction. I didn’t like the timeline. I didn’t like working with the cities. I was a wholesaler at heart the whole time. It took me a few years to figure that out. 

With Mom’s House today, we actually started working with the senior living back in 2011. That year, we had done six houses and we were kind of looking at stereotypically, what was the similarity between all of those purchases? What were the nuances of the best leads that we’d like to work? 

I still tell the story to this day. A mom passed and or a dad passed away years ago, and mom’s been on a fixed income. She’s been fiddling around the house doing the best she can. She just fell again. Now the adult children are trying to figure out how to give mom the best care. When they go visit these senior living communities, they find out that the carers are not a cheap one. It’s always the more expensive one. 

Almost always they have 100% equity. They have all the motivation in the world and they need to unlock that equity so they can feel secure and confident that they can pay that new $7,000 a month bill for mom’s care.

Robert Leonard  3:05  

We’re experiencing a bit of a recession right now. It hasn’t fully hit the real estate market yet, but it’s coming. That said we’ve experienced a competitive market over the last few years. That’s driven a lot of people to try and look for off-market deals, often using creative strategies like you’re doing. Why haven’t more people implemented a strategy similar to what you’re doing? Also, explain to us a little bit more about what exactly that strategy is.

Phillip Vincent  3:31  

Why haven’t they done it? That’s a good question. I’ve been doing this since 2011. I’ve liked it so much. I’ve been keeping it a secret. That whole time, I didn’t want anybody else to do it. That’s how valuable it’s been to me. 

I think what I do is not for the newbie, not for the guy just getting into the business. In my training and coaching, I don’t actually tell them how to buy a house, right? I hope they already know how to buy a house. It’s really more how to work inside that closed-off wall of senior living. 

Really what I’m trying to do is show them how to present themselves as a solution for the senior living industries problem. It takes a lot of trust to do that. Sometimes, like you and I might have a real estate conversation where we don’t mind talking about profits and numbers and all this kind of stuff. You don’t do that in the senior living world. 

One of my trainees said to me that now that she took the training, she got why I had to create the training because it was almost like a sensitivity training for the senior living world. The reason why there are so many nuances that you can’t say. 

I’m giving you a couple I mean, your listeners want to hear the good stuff, right? They’re not called nursing homes. You might call it a nursing home but in the industry, you don’t call it a nursing home because that’s kind of a bad word. You don’t say the word facility. You say the word community, right? There are all these things in this space that are kind of like a hard barrier to entry for regular real estate ventures. 

I think a lot of us get so tied up on just doing our spray and pray model of direct mail or pay per click, these different models that do work, that we don’t go out and build these relationships with people that can actually give us ongoing and recurring leads.  

If you knew me well enough, you’d know that I don’t like to work that hard. What I mean by that is I didn’t get into real estate to work 200 ringless voicemail leads a day or a month, right? I hate crappy leads. The older I get, the more I’m just like, “I want to talk to 12 people a month and buy four houses a month. I don’t want to talk to hundreds of people trying to get down to those needles that actually have motivation and equity. I only want to talk to people that have motivation and equity.” 

From what I found in the senior living industry leads I didn’t call them leads. They are almost like appointments. When somebody calls me and says, “Hey, Phil, can you be at Bob’s house at 2:30 on Tuesday to make them an offer?” I can be like. That’s the meat of what we do for a living, which is trying to buy houses.

As you know, if you’re in the real estate business, you’re really in the marketing business. So do you want to get back on that treadmill once a month and do the spray and pray model to direct mail? That’s cool. I still do that myself. It’s just these are the best leads and once you build these relationships, they’re ongoing, as long as people get old in your town. I say that with a little bit of tongue in cheek because I already know the answer, right? 

There are 10,000 people turning 65 every day. A crazy stat about that is that 7 out of 10 of those people will live in some sort of assisted care before they pass away. As much as we all love probate leads, that’s really 3 out of the 10 people in the market. I’m talking about 7 of the 10 people over the age of 65 will need my service before they pass. This is like a pre-probate deal. 

It’s funny. I never even gave that term pre-probate to it, like other podcasters have said that to me. I love it because it is a pre-probate deal. I think there’s a lot of similarities but these are exponentially better. 

The reason why is very simple: let’s say you and I are brothers. Then om passes away, and now it’s in probate. Now you and I care about every single dollar the house sells for because it’s our inheritance. Now, what’s in it for me is like we’re trying to get every dollar we can out of it. 

When mom’s moving into senior living, I’m not going to say that the family doesn’t care, but here’s what they know. Mine is $84,000-92,000 grand for the house. It kind of doesn’t matter because as soon as mom’s assets are gone and completely drained, that’s when Medicaid kicks in. 

It’s more a matter of, like we talked about earlier, with the trust, if you can be a resource for that placement agent, that senior living community, that you can do what you say, not write a contract that has 30 days worth of contingencies in it with a goal to get out of it, if you don’t wholesale it… There’s a lot of bad actors in our space. 

You kind of talked about this downturn. I think for me I’ve kind of been insulated from the downturn, of course, with Coronavirus, the bets are still off. We’re going to see how the next six months play out. 

However, I think if you’ve been in this industry long enough, you realize that there’s opportunity there. My value actually goes up because anything that makes it harder to sell on the retail front, makes my acquisition more valuable to the family. If it’s harder to sell it retail, that’s one less option for them. That makes me more valuable for what I do. 

Robert Leonard  8:01  

We’ve kind of gone around what it is, we haven’t specifically defined it, we’ve kind of talked about it from a high level. So tell us exactly what it is you’re doing and what your strategy? Walk us through the steps.

Phillip Vincent  8:12  

Okay, so in senior living, there are about five different stakeholders in the industry, from the actual senior living communities themselves to a real estate agent with *inaudible* designations. There are people to do veterans’ affairs or VA benefits that are big. My favorite one is placement aid. I forgot to mention downsizing companies and placement agents. 

Those stakeholders are having conversations with the families at the exact right moment that you and I want to have a conversation with that family. AWhen you position yourself to those stakeholders as a trustworthy guy who can help that family with their problem, and they start to refer to you, it is the best and warmest lead ever, because they already trust you. 

I keep going back to the analogy of me and your brothers. Then we decide to use Julie to be our placement agent to find mom her end of life care. Then we will let Julie decide where mom should live based on her needs. 

We trust that woman with our mother’s life. You think we’re going to go ahead and listen to her when she says, “Oh, wait, I’ve got somebody that will make an offer where you don’t have to come in and clean this whole place up and rehab it.” The answer is yes. 

Yes, they will do that. They’re the best leads ever because the trust is there. There’s way less competition. You’re helping families in their time of need. 

If you know me, I’m a curious person. I’m always trying to find the source of deals, the best deals. Where are the best deals coming from? In 2011, I really did stumble upon it. That’s why I’ve been so secretive with it. Now, my goal is to kind of have a person to do what I do in St. Louis, but I want them to do it in their respective cities nationwide.

Robert Leonard  9:45  

As a seller, why would someone want to go this route over the traditional retail route when that often means they’re leaving some equity on the table? What are the obstacles families are facing that makes it more beneficial for them to pass on the traditional route?

Phillip Vincent  10:00  

That’s a great question. We’re talking about that every day. Have you ever heard of a guideline called the “cost versus value guide?” It comes out every year.

Robert Leonard  10:08  

No. 

Phillip Vincent  10:09  

The “cost versus value guide,” the 2020 model just came out. I’ll just ask you, if you put a $10,000 deck on your house, how much value did you add to your house?

Robert Leonard  10:18  

I mean, it’s hard to say.

Phillip Vincent  10:21  

Just your guess, but a $10,000 deck on your house, what is the value that you added to your house?

Robert Leonard  10:25  

Less than $10,000, in terms of sale.

Phillip Vincent  10:28  

Yes, around $7000. What’s funny about that is everything on the list is that way, for every $10,000 you spend, you get about $6800 in value. 

Ask yourself a question, how many dollars do you want to lose? And so, if I keep going back to it again, if me and your brothers, you live in Chicago. I live in North Carolina and mom lives in Wisconsin, the chances of you and I wanting to do a retail sale… 

Keep in mind, we’re not talking about *inaudible* houses and time capsules that need to be updated, right? That generation bought their house in 1973, for $27,000 and now it’s worth $400,000. But that’s only in a retail condition. That house is not even close to retail-ready. 

To answer your question, why would they sell to me? Then you said leaving money on the table. I would argue that it’s without question, they’re not leaving money on the table. They’re taking all the risk away in a time when they’re very risk-averse. They’re worried about mom’s care. 

If I, as a person who does rehab that scale, can do the rehab at $40,000, and it costs the family $60,000, and it takes them six months, you see how that’s the difference between my profit and loss? Right there, the layperson. 

So imagine trying to get 27 contractors through the house. Of course, you should get three bids on everything. Remember why I got out of new construction? This person, they’re putting their mom and senior living. That’s not the moment, they’re thinking about all the things they sell an HDTV and how they’re going to get all this kind of money. 

They’re not trying to spend money to maybe get a few extra dollars, because we know on the retail end how many times you have ever done a deal and you rehab it. Then you sold it and you didn’t make what you thought, right? 

It’s the same way for the homeowner. They’re trying to help their moms unlock that equity. If they have the ability to rehab it, then that lead probably doesn’t come across my desk.

I’m really there to help families that want a fair offer on their house, but they don’t want the pain points of the retail sale. Do this math, and this is in my training, you started January 1st, needing to move mom into senior living. The cost was $6500 a month. Then you decided to take two months to clean the house out, then another two months to rehab the house. 

Then on month five, you had the agent combine take the pictures, and they marketed it really well. They got it under contract in the first 30 days. Then you went through inspections, and then you got your check. 

Very easily that can be seven, eight months out. Then $6500 a month times eight months, mom’s hole just got bigger and all that equity out of her house goes right to the sale. When really, they could have probably had that equity in two weeks, instead of doing all that effort. 

Remember how we talked earlier, if the family does the rehab themselves in the milk an extra $15,000-20,000 grand out of the house, they’ve just helped the state fill in the blank, not have to pay for mom’s care for an extra three months. Does that make sense?

Robert Leonard  13:06  

Yeah, absolutely. That makes a lot of sense.

Phillip Vincent  13:09  

Right and that’s the only thing. It’s always like four kids. It would be nice to think that the share of the burden of the rehab would be 25, 25, 25, 25. Well, it doesn’t work that way. It falls on one of the kids who’s going to pay for the rehab. Remember, this family needs money. Now the realtor is coming in saying, “Clean this whole place up,” which in itself is a huge task. Then they’re saying go ahead and do this whole list of things to get it updated. That’s a lot of work. I mean, guys who are in the business, we know how much work we put into these things. 

These families at that time are looking for someone who’s going to do what they say. I’m a very firm believer in being very transparent with my numbers, meaning I have no problems talking about what I think the house will sell for retail, what the comps say, what my rehab is going to be because I know I can rehab it at a lesser cost than they can because we buy 15 houses a month, right?  

I’m at scale where they’re just a one-off person. So that scale allows me to buy a lot of houses because I’m not low balling people. It’s really based on what the house is.

Robert Leonard  14:07  

Are you actually flipping these properties yourself? Are you turning them into rentals? Are you strictly wholesaling them? What is your strategy with them?

Phillip Vincent  14:15  

When you’re at the scale that we are, the answer is all of those things, right? We rehab about 40 houses a year and the other 150 are wholesaled into our tight-knit group of investors that we have in our market.

Robert Leonard  14:26  

Do you wholesale those because of just capacity and you can’t put more than you’re already living?

Phillip Vincent  14:32  

I’m going to tell you right now there’s no glory in scaling or rehabbing. That’s a hard road to do. 40 a year is a pretty big number for a lot of people. To do 200 rehabs a year, we’d have to have 10 or 20 crews running. We’re just happy and content with our three crews that do the 40 deals a year or 40 rehabs

Robert Leonard  14:49  

How are you even getting these leads because when I think about this strategy makes a ton of sense as to how it could be valuable and why those leads are so valuable? But how do you actually defy and say, “Deborah down the street is about to move into a senior living facility. I need to go talk to her about potentially acquiring her property.” How do you even come up with those leads?

Phillip Vincent  15:12  

Yeah, I don’t do it that way. Deborah finds me through those stakeholders in the industry. Those people are having conversations. It’s kind of like saying when you go on Google and you say, “I need a haircut,” well, you probably need a haircut. 

So when Deborah needs help, she goes and talks to the senior living person. They deliver the bad news for me, right? They say you don’t want to move in here. She’s got $28,000 in the bank, but it costs $6500 a month to live here. They know the house is going to need to be sold, right? 

They’re the ones saying, “Have you thought about selling the house?” That’s when those kids get overwhelmed and say, “Man, have you seen mom’s house? The basement is full of my stuff and my sister’s stuff. Life happened.”

I’m going to be honest, right now, the stuff is sometimes harder than the house sale is, because this stuff is the memories, right? I positioned myself as a person that can help with the house and the stuff. I work with these placement agents, because where they place the lady in that community is up to them. I’m not trained in that but I know in that time, she needs to unlock that equity out of the house.

As a real estate investor, this is what you’re looking for, that you can add value to that needs to sell and they have all the equity in the world. That is to me the perfect real estate lead. 

Robert Leonard  16:18  

How are you partnering with those senior care communities to generate the leads?  What is the benefit for them for working with you?

Phillip Vincent  16:27  

Great question. The term partnership in my mind means you’re exchanging money. That’s not the way it works. You got to look at it from each one of those five people that I named, all those different stakeholders. 

Everyone in life cares about what’s in it for them. Each one of them is very different but it always comes back to, “Can we help them with their goal?” The senior world is not about money. It’s all about care, care, care, care, care. 

If you don’t care about people, this is not right for you. If you care about people and understand how to unlock what their true needs are and make their life easier, then you can solve issues. 

Let’s just talk about the placement agents. I get paid. I’m placing people. What stops them from getting their paycheck is the ability to place them, they can’t place the person until they have the money to place them. Sometimes the holdup is the house. If I can close in two weeks, or the other option is six months, which one do you think the placement agent would rather have? They rather have their money in two weeks or six months, right? 

I’m solving a problem for the placement agent. By the way, you like numbers, you’ll love all this. The average stay at a senior living community is  856 days. It’s like two and a half years. That’s the average stay. 

Liken it to an apartment building. If you’re only going to be there 858 days, anything you can do to add days and months on to the front end, makes that person more valuable to you in the senior living community.

So I don’t pay them a penny for the referral, what I’m doing is helping them with one of their biggest problems, which is that pain point and *inaudible* that house indicated for that expensive care. That’s how I train people. 

Honestly, when you position yourself as a problem solver for their life, they’re going to love to call you because you’re helping them speed things up, or move things along and you’re making their life better. In turn, we get to buy the houses that we want to buy.

Robert Leonard  18:12  

Yeah, that’s pretty much what I expected the biggest benefit for them to be was–you’re cutting that lead time down is like you said six to eight months when they have to rehab that property and then sell it retail. Whereas if they go through your model, they’re able to have it in two to four weeks, which is significantly quicker than the alternative.

Phillip Vincent  18:30  

I see the weight get lifted off their shoulders, the kids, the adult children. They say, “Thank goodness. I know how I’m going to pay for this now.”

Robert Leonard  18:38  

It’s going to vary, of course from deal to deal. However, in general, when you’re buying a deal this way, how much equity are you able to have in the property right from the purchase?

Phillip Vincent  18:48  

I don’t know if I’ve ever looked at it that way. As far as a percentage goes, you mean? 

Robert Leonard  18:52  

Yeah. 

Phillip Vincent  18:53  

I talk to investors nationwide. The notice I hear is that the profit per deal is $10,000. I heard a guy from *inaudible*, he said he gets $5000 per deal. I mean, we’re on the low end. We’re only in St. Louis and our average profit is about $15,000. My guess I can extrapolate that against the average cost per acquisition, but I don’t look at it as a percentage. I just look at it as what we make when it’s all said and done at the end.

Robert Leonard  19:18  

Since you’re acquiring these properties by working with the communities, you have a cost for that lead, and if so, what is your average cost per lead?

Phillip Vincent  19:28  

I can’t stress the beauty of what we’re talking about today. I can show you how to do 20 to 40 deals a year in your market and have zero marketing costs. We make this business so damn hard and it doesn’t need to be.

To find the people that have the clients that you want and you’re going to help them with their business and in turn, that helps you [buy more houses.] I think we’ve gotten stuck to the teat of direct mail which is losing its value every day because there are 37 other competitors. Right now during the reset, maybe it’s not 37. Maybe it’s 17 investors sending postcards, but you get my point. I’m fishing in a pond where there’s way less fishermen.

Robert Leonard  20:07  

Throughout this conversation, we’re talking about partnering with the communities. One of the first things that pops in my head is how do you get them to understand what’s going on? Real estate is not super complicated. I know that and a lot of people listening to the show know that. 

But first, if you’re going to someone, and I don’t even know necessarily who you’d reach out to at the community, maybe you could tell us that, but how do you explain to them what you’re doing and how that benefits them without making it sound so complex that it just initially or just right away turns them off?

Phillip Vincent  20:36  

It’s not complex. Your listeners right now should get a pen out. I’m going to give you guys a $100,000 sentence. You guys want to write it down.

I asked a question: do you ever have a situation where they want to move their mom, but they can’t until they get the house sold? They will laugh every time and say, “Yes, but we got a whole drawer full of them sitting over here.” 

They know they have the problem. If you ask the right questions to the right person and the right community, you don’t have to sell them. You don’t have to get complicated. They know you’re the guy that solves that problem. 

Sometimes if you find out, “Oh, we already work with a realtor.” That just means they don’t trust me yet, or they don’t know me yet to trust me. Working with a realtor is great. That means they’ve acknowledged that they have a problem that they know that they need to help get this house sold. 

I say you ever have a situation where it takes longer to sell than you thought? They laugh again and say, “Yes, Phil, every damn time.” Exactly. By the way, did we already mention how senior living communities get paid? It’s based on having occupancy. 

So I can turn that to be *inaudible* in that senior living community with the same client that they were going to get, just without the delays and the pain points in the middle. 

By the way, your questions are phenomenal because everything you’re asking is what I’m teaching step-by-step on how to do in your market: who to talk to, what scripts to say, how to say it, how to position yourself, so I’ll just tell you. 

I don’t want them to think of you as an investor. I don’t want them to think of you as a realtor. As soon as they hear those two things, they are going to think you are taking advantage of grandma.

When you tell somebody at a dinner party that you’re realtor, their brain just turns off because with our work, we know what a realtor does. We don’t care. We know what a realtor does, right? It’s not interesting. 

Don’t position yourself as a realtor, because now you’re like everyone else. You’re a person that solves the senior living needs. When you do it the right way, they get it and then they happily refer.

Robert Leonard  22:19  

That was exactly what I was going to ask. Do you see people who you’re speaking with at the community feeling almost like they don’t want to trust you because they think you’re going to take advantage of them? It seems to me like if they don’t understand real estate, what you’re actually trying to do, that could seem like you’re trying to take advantage of them.

Phillip Vincent  22:40  

You never want that to happen. If they think at all that that is your goal, that you’re not there to help, they’ll never refer to you. What I teach them how to do is unlock their brains so they don’t look at you as an investor who’s there to take advantage of anyone

Just like with any house we buy, we buy at our certain levels of whatever discount. We factor in all of our things on any purchase we have.

By the way, people have been working these leads all along. They just haven’t realized they’ve been working senior living. The adult children of seniors are the people that take over for mom when she can’t take care of herself anymore. 

So I’m from St. Louis, I like my baseball references, I need a *inaudible*. As soon as that senior living person gives me a chance, I’m going to go out to that family and give them all the information I can, meaning even if I don’t buy the house, they’re going to go back and report to that senior living community that Phil was there to help. That’s my goal, because I know I’m on stage at that moment to make sure that they know that my best interest is…

Think about this. You rent a $100 million senior living community, you think it’s a big deal who you refer somebody like this to. Without question it is. They’re not going to do that with any yellow sign guy on the side of the road, right? You need to have a track record. You need to be able to talk about what you have experienced.

I keep saying this is not for rookies. These are for people that understand our business and have the wherewithal to write a contract. They know how to buy a house. They’re not worried about where they’re going to get their financing. This is not their first rodeo. This is made for people business full time.

Robert Leonard  24:05  

When you’re reaching out to the senior care communities, who are you talking to even get this process rolling?

Phillip Vincent  24:12  

Great question. It depends on what type of community it is. If it’s a Medicaid facility, it sounds like the wrong word: facility. It’s your community. If they’re part of Medicaid, they don’t have private pay, so they won’t have a finance director. If it’s a private pay community, they will have a finance director. Some will have a social media director, some will have a marketing director. It all depends on the size and scale of the community that you’re speaking with. Everyone of them will have an admissions director. That’s always a good place to start. 

People when they hear what I do on the surface and their brains, they go, “Hey, there’s the new senior living community going up right near me.” I’m going to walk in there and make a relationship. I’m telling you right now, that is not the way to do it because there…

I liken them to a school principal. They’re putting out 145 flyers a day. They’re dealing with 140 different families. They’re trying to keep everybody happy. They’re not there to be sold at that moment. What I teach is ways to find them off campus and off-site, when they’re in their element and want to learn more. Just like in our real estate business, how you can network every night of the week, if you wanted to. In senior living, it’s the same way and I teach you how to find those people at the right time.

Robert Leonard  25:20  

To give us a few of those steps, how do you go about finding someone at the right time?

Phillip Vincent  25:24  

Networking is how I do it. So we go out and we make relationships. Like I said, they don’t trust me. It’s similar when you deal with any other new investor or wholesaler, you don’t know that person until you know them so you have to have some camaraderie together. You have to go out and break bread together. I don’t mind getting coffee, having happy hours, and going to these networking events. 

Once they see you enough times, they realize that this person is in the senior living world, just like we know we’re in the real estate world. You have to like getting indoctrinated into the senior world. You do that by being around. It’s about 90% of showing up. 

Everybody likes to talk about real estate. So when you’re in the networking world, inside senior living, some guys will sell ramps, some guys will sell stand up showers, some guys sell continence products… However, you’re the guy that gets to talk about real estate, and everybody likes to talk about real estate. 

Everyone, if you ask the right questions will relate to what you’re saying because they’ve either just gone through it with a parent, they’re going through it themselves or their friends, friends are going through the situation. It’s then really easy to talk about what we do. If you position it the right way, they are happy to call you and give you a chance to hang out and make those offers. That’s what I’m always looking for.

Robert Leonard  26:36  

Is this exclusively the only strategy you’re using? Or are you still using some other strategies as well?

Phillip Vincent  26:42  

Oh, no, we’re a big company so we do all the marketing efforts. I mean, we do pay per click direct mail, all of it. I know what it costs to make the phone ring, right? 

The reason why the senior living industry is so much better is there’s no cost to them, right? So if you could build just 20 relationships in this industry, you could have 20 to 40 deals a year or the following years. 

That’s the coolest thing about this is that as long as you’re still buying houses, and they’re still in the senior world, you’re going to have reoccurring leads. You don’t have to start over at zero every time you do a new direct mail campaign or something. You’re only as good as your last cent. 

With this, I’m talking about building relationships with people that are in the industry. Now you become a resource for them and when you do it right, you’re going to build friendships out of this.

Robert Leonard  27:26  

We’ve talked about how this isn’t necessarily the best way for a new investor to start or use the strategy. So at what point do you think someone is ready? I know it’s probably a lot based on education, their confidence, and where they’re at in terms of knowledge, but how would you explain that to someone and how would you get them to feel confident that “Now I’m at the point where I’m ready to implement this?”

Phillip Vincent  27:51  

I’m not going to teach you how to write a contract and I’m not going to teach you how to find financing for that. I’m not going to teach you your exit strategy. 

I’m going to teach you how to permeate the senior living world and how to make a difference in that world. If I need to teach you all those other things, then that’s the litmus test for if you’re right for this.

Now, a lot of guys are doing 5 to 15 deals a year. They want to get to that 20-50 deals a year, I think that’s the perfect guy for this. If on the small end, really what I made for is anybody doing 30 plus deals a year. If your company is doing three or four a month, and you want to get to six or seven a month, this is a great strategy to implement in your business. 

In many ways, I shouldn’t say it’s not for newbies, but my point is that I’m not going to teach you how to write a contract. I don’t have time for that. I’m trying to find higher-level people that have already been in this business for a while whether this is their full-time job.

Robert Leonard  28:39  

Yeah, it’s not that the strategy itself is super difficult or can’t be done by newbies, it’s just that everything else that goes along with a real estate deal isn’t included in that process.

Phillip Vincent  28:51  

Let me go deeper on that. If you just started off and you’ve only bought three houses, you’re going to have a hard time going to a finance director of a $100 million community and talking with any type of confidence that you have the ability to close, you follow me? 

My track record is I am trustworthy. If you don’t have that, if you have to fake that you’re in trouble. You’re there trying to build trust. The last thing you want them to take is you just started doing this.

Robert Leonard  29:13  

You said you’re using other strategies. What would you recommend for a new investor who hasn’t quite worked up to the point of this senior care community type strategy, where should they start?

Phillip Vincent  29:24  

Are we talking budget or no budget? 

Robert Leonard  29:26  

Small budget.

Phillip Vincent  29:27  

For me, even inside of my senior living, what I’m preaching is the right way and I always believe in action takers. I’ve met guys that years ago that took a ton of action. I thought that guy’s going to be successful. They ended up being successful because they were taking action. 

Sometimes we can all get analysis paralysis. I’ve got friends in the direct mail business and say 90% of the time a guy comes in and does one mailing doesn’t get the results he wants and turns it off. 

You have to know that you’re in the marketing business and whether you want to pay for that monthly recurring on direct mail, pay per click and all these other strategies, or do you want to go out and build relationships, whether it’s the agent, you’re going to have to work at this. 

We all want the magic bullet or the magic pill, but it doesn’t exist. So pick your lane, are you going to go out and build relationships? Are you going to go pay for it? Either one you have to pick.

So to find a real estate agent you can say, “What do you do with your houses that you don’t want to put your name on?” That’s free, you can throw that out on Facebook tonight and I guarantee you will have real estate agents in your Facebook feed.

Robert Leonard  30:29  

When someone’s done listening to this episode, what is the first step that they should take to take their real estate business to the next level? What is the first strategy that you’d recommend they implement?

Phillip Vincent  30:38  

With Mom’s House, visit https://momshouse.com/  

There’s plenty of things online about why this strategy works and a little deeper about how it works. These podcasts have been great for me to reach people. I’m really excited about the kind of quality of people that call me from this. They say, “I have this calling to help others before they say I can’t wait to make a ton of money, right?” Then I say, “Okay, good.” 

This is why I’m doing this. This is for somebody that it’s almost like the anti-IRR model. This is more hugs and kisses. This is not so dry transactional. There’s more to helping these people at this time. 

So if you want to grow your business from the stuff on the treadmill of direct mail marketing, and want to grow into something where you can do 20 to 30 deals a year in your market with no marketing budget, I want to teach you how to do that. All you have to do is go to https://momshouse.com/

Robert Leonard  31:32  

Well, Phillip, I’ve enjoyed our conversation. I know this is a new strategy for me. I hadn’t looked into it myself. I’m not doing quite the volume that you are in terms of deals, but it’s still a strategy that I’m going to look into implementing myself in my business, see if I can’t get a couple more rentals this year, using this. For anyone that’s interested and would like to connect with you further, where’s the best place for them to go?

Phillip Vincent  31:53  

https://momshouse.com/

By the way, your questions were perfect. I mean, I liked how you already kind of saw through some of the where the issues are going to be the pain point, right? I’m going to teach you that I was that guy in 2011, who thought I was just gonna walk into senior living, put my hand out and make relationships and because of my bravado, I worked my way past all of that. 

However, I’m trying to show you and anyone listening is not having to make all those moves along the way and really do some damage right away… I teach you how to ask for a referral right there in your first time talking to these stakeholders. I often to ask, “Are you working with someone like that right now?” Almost always the answer is, “Yes. I just talked to Fred last week and his family needs to do this.” 

These families need our service so you get to feel good. You get to buy great houses that need to be updated. For me, that’s very fulfilling. I appreciate you having me on.

https://momshouse.com/ is a great place to start if they want to reach out. I’ll be happy to talk to anybody that listens.

Robert Leonard  32:48  

Yeah, I appreciate that absolutely. I love learning from other people’s not necessarily mistakes, but things that other people have done in the past that have worked for them as well as their mistakes and implementing that in my business myself, as well as helping the audience do the same. 

Phillip, thanks so much. I’ll put links to everything we talked about in the show notes so everybody listening today can go check that out there. 

Thanks again. Talk to you soon.

Phillip Vincent  33:10  

Have a good day. Thank you.

Robert Leonard  33:11  

Alright, guys, that’s all I had for this week’s episode of Real Estate Investing. I’ll see you again next week.

Outro  33:17  

Thank you for listening to TIP. To access our show notes, courses, or forums, go to theinvestorspodcast.com. This show is for entertainment purposes only. Before making any decisions, consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permissions must be granted before syndication or rebroadcasting.