The Closers Formula In Action With Matthew Levin

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Transcript

SPEAKER_00 0:13

It's a call review that he submitted last week, and I've been thinking about it for the past week. The call itself was the process was so solid. Now, despite the fact that it's audio only, I wanted to share it here on the YouTube channel on the podcast because this is a testament to listening, open-ended questions, the power of sitting in that pocket and really listening and reacting to the seller, and then uncovering the multiple layers of motivation throughout. I told Matthew after that he should be extremely proud of himself. He's a veteran inside of the real estate investing world. He does a bunch of wholesale deals and ovations. He's been doing them for a while. And so what happens throughout this call is a picture-perfect process of the closure formula. He has embraced that. And so I wanted to share this with you guys so you can just sit back and listen to someone else use the closure formula besides myself. And show what happens when you become a titanium university member and fully embrace training on the process and falling in love with solving sellers' problems, listening to their motivation, then deciphering what is the best path to solving this seller's problem. And that's exactly exactly what Matthew Levin does on this call. So it is audio only. There is no video, so I apologize. It's not going to be as visually pleasing as the majority of the videos around here, but it's all about the audio, it's all about listening to what the seller says and then really paying attention to how Matthew reacts to those statements by the seller. So without further ado, the call from Mr. Matthew Levin.

SPEAKER_03 2:20

Hey, William?

SPEAKER_01 2:21

Yes.

SPEAKER_03 2:22

Hey Matt. Um we talked a couple weeks ago. You said you had an appointment and then we were gonna try to get some kind of chat. Are you still uh still looking at selling your property on Iroquois?

SPEAKER_01 2:34

Yes.

SPEAKER_03 2:35

All right, you got like ten, fifteen minutes more?

SPEAKER_02 2:39

Uh a couple, go ahead.

SPEAKER_03 2:42

All right. How much are you you're looking at getting for that?

SPEAKER_02 2:47

As much as I can.

SPEAKER_03 2:49

As much as you can, okay. All right, and what's that number look like to you?

SPEAKER_02 2:56

Well, it just depends on how much work I can get done. Uh I've been been trying to uh to get it fixed up a little bit s but it's it's slowly but slowly slowly coming along. Uh I don't know if uh we talked about this before or not, but uh I know I've talked to a couple of people. Uh the uh recent sales in this development. Uh two houses sold for over a hundred and seventy-five, but they were remodeled. Uh I think there was another one that uh uh was not remodeled that uh was a 155 or something, 150 149, 155, something like that. Uh that those are the numbers that I'm I'm looking at, which is probably uh way, way above what uh you'd want to get into.

SPEAKER_03 4:01

Uh so these these other properties that you're saying sold that were they sold on the market?

SPEAKER_02 4:09

I'm not sure how they were sold, but uh yeah, I know that uh I just had a uh um a neighbor across the street, uh not in the development, uh, tell me that she knew for a fact that uh uh two of those places that we were talking about, uh uh one I think was like 1749 and one was 179, but that uh they'd had a lot of work done on 'em. Uh my my wife is of the opinion that we oughta just ha uh hang in until we get the work done. Uh I'm I'm of the opinion that uh I would I would give up some money if I could get a check and get the hell out of here.

SPEAKER_03 4:55

Uh I want to go as soon as possible, but uh I could not I want you to want to get out of there as soon as possible and not not do the work.

SPEAKER_02 5:04

Beg your pardon?

SPEAKER_03 5:06

What what's uh causing you to want to get out of there quicker and not not do the work?

SPEAKER_02 5:11

Well, this isn't my home. My home is in Huntington, West Virginia. This this is a house this is a house that I uh uh bought from my mom uh when she got cancer uh uh a year and a half ago. Uh she passed away six months ago and I've been trying to uh uh fix the house up a little bit and uh uh guessing things uh uh paid off. Uh yeah, number one, she was a couple years behind on property taxes. Uh she was getting she was ninety-five years old and uh, you know, wasn't completely uh of uh uh full full mind and body. Uh so when I came in, uh when when we found out that she had the cancer and I came in to take care of her, uh there was a lot of stuff that uh uh she had let go for for a while that that I'm having to deal with now. And uh that's where I'm at. There's there's some reasons why I need the higher figure. There's some things that I need to pay off. Even even if uh even if I said I wasn't going to uh uh do a thing, uh I would still need a higher figure to pay off. So she had thirty-six thousand dollars in in in credit card debt that uh that I had to deal with. Uh, you know, just all kinds of weird things that that makes the uh quick uh flip type thing uh probably out of the question. Uh we did have uh uh she had a home up in Columbus that uh she had abandoned fifteen years ago when she moved out here and it had just been sitting and uh uh it uh was sold for substantially less than than what uh it was actually valued at, uh, 'cause it had just been sitting for so long anyway. Uh I don't want to do that to this house. I don't want to sell it for uh a third of what it's worth uh just to get out of it. I can't afford that. I'd have too many bills to pay on the other end, you know what I mean? So I I don't I don't know I don't know if it's a property that you would even be interested in uh because of that, but I need the higher figure, uh, whatever it takes. I got twenty five gallons of paint in the front closet, but uh I'm getting ready to to start doing room by room on the painting and stuff. Uh but uh being all by myself is i is going rather slowly. Like I said, if I could get anywhere close to a uh decent figure, uh I'd be out of here day after tomorrow. So that's where I'm at.

SPEAKER_03 8:08

That's uh that's a lot to unpack. I mean first um sorry to hear about your your mom and that that whole situation, that's gotta be tough and then once you step into that you're you're not only inheriting the property, but you're inheriting a a lot of other things as well that you're trying to Yeah, I found that out. Um, I mean just out of curiosity, how much how much you said that you there's the back uh back taxes, back credit cards and stuff like that. About how much is owed on on all of those back bills?

SPEAKER_02 8:44

Uh I think uh I've been paying down for the last year. Uh the taxes are down to I think twenty eight hundred dollars or something like that. Uh um you know, nothing uh uh outrageous. But uh not not outrageous, it's difficult. You dig?

unknown 9:05

Yeah.

SPEAKER_02 9:08

But uh, you know, it's just it's something I gotta deal with. So uh uh there there may come a point where I'll get frustrated and uh you know, take a lower check. But uh at this particular point in time, uh my wife would never let me sleep at night if uh if I just went into something like that right away, you know what I mean?

SPEAKER_03 9:29

Oh, I gotcha, yeah. Definitely gotta gotta clear it by by all parties to make sure it makes sense.

SPEAKER_02 9:36

Uh she she she's she's dead set on maximizing as much as possible. Uh you know, eventually she might give up, but uh matter how much of a headache it is for you to to do the work, huh? Yeah. And at seventy six the headaches hurt a lot more than they did forty years ago. You know what I mean?

SPEAKER_03 9:56

You're in Huntington, so this is not not like we're just down the street.

SPEAKER_02 10:01

No, we are living in Marietta now, taking care of this house. I I own a home in Huntington, but we've been living here ever since she got sick. And uh I hate Marietta, I'd love to get out of here tonight. Yeah. Yeah. Yeah, we all want to go back home.

SPEAKER_03 10:23

I think there's a nice area. I definitely don't blame you there.

SPEAKER_02 10:29

Anyway, that's that's where I'm at. Uh you know, if uh you want to check again in thirty days and see how we're progressing, that would be fine. Uh I I have a sneaking suspicion if I don't get my figure out of it, uh whoever's the first guy at the top of the uh uh contact list when when I get frustrated enough to get the hell out of here, uh that's gonna be the guy I call.

SPEAKER_03 10:56

But uh you know, so if you call you every day until until you're ready.

Finding A Realistic Price Range

SPEAKER_02 11:04

I hear ya.

SPEAKER_03 11:05

Um I mean, just out of curiosity, I mean in my experience usually when when you have these kinds of conversations uh between husband and wife, y you you come up with like a a number that that you'd be comfortable with. Um you didn't have to worry about um fixing anymore, you don't have to worry about the paint that's there. Um, don't have to worry about really anything else. No no money, no um lifting a finger to fix anything. Um, no commission, no closing costs or anything like that. What would you say that ballpark figure looked like for you and your life?

SPEAKER_01 11:41

I don't know.

SPEAKER_02 11:42

Um I would I would gladly give up uh uh twenty-five or thirty-five thousand dollars off of the uh uh going price or appraised value, uh just to get out of here. That brings us back down into the neighborhood of uh uh one hundred forty to one forty-five, which is probably about twenty-five more than you wanted to pay. So uh, you know, I I've talked to a couple of other people. I've I've had three people offer me uh uh one hundred, a hundred and ten, and one said we I might be able to stretch to one hundred fifteen. Well that's way too low for me. So I'm just trying to be honest. I don't I don't know if uh you know my wife tells me, uh, stop telling these people stop giving these people all this information. Uh yeah, it's good to know.

SPEAKER_03 12:40

I I'd rather just be straightforward so we know where we stand and we can either make something work or we can shake hands and part ways with friends in that that case. Um I mean, just out of curiosity, I know you threw around a bunch of numbers, but what do you think it would sell for in its current current condition?

SPEAKER_02 13:00

Uh if I had a uh uh a realtor uh walk in here and do an assessment, uh they would have to find someone who wanted to decorate it with their own. Uh I would I would say probably uh a minimum of uh 130, 135 would be what a realtor would do right now without any if if I walk out of here right now with the uh with the scratches on the wall and no nails pulled and no putty put in and stuff like that. If I just walk out of here the way it is right now, it would probably probably be one hundred five or so.

unknown 13:46

Gotcha.

SPEAKER_03 13:47

And you're saying you'd want one forty or one forty five.

SPEAKER_02 13:50

It's helped me understand that from an investor perspective, helped me understand where I could then I am I'm I'm I'm not going to back myself into any kind of a corner with with that kind of a number because uh you just might catch me on a bad day and uh uh save yourself five grand. Uh or more. Who knows? Uh it just depends on how frustrated I get over the next sixty days. My plans are to be out of here by June. Come hell or high water.

SPEAKER_03 14:25

Uh important to you about June.

SPEAKER_02 14:30

Well my situation I had five grandchildren that my wife and I raised for for twelve or thirteen years. And uh their mother finally got uh got her act together and and uh they are living with her now down in Florida. We lived in Florida for twelve years. I like it down there, uh and I want to go back. Uh I want to move down to Florida so I could watch my grandchildren grow up. And uh uh that that's going to require uh some substantial uh uh I gotta buy a house down there of course. But I gotta get rid of this one to uh to get the money to buy the house down there. So why not why not you're giving your house up in Huntington? Um I I'm gonna keep that uh just as a backup, just to have a place to go to when it gets too hot in Florida or when the hurricanes come. Uh you know, we we've done that once before. Uh about fifteen years ago when Florida got hit with the five hurricanes right in a row, bap, bap, bap. We we just left and came back to Huntington and stayed until the uh storms were gone. Uh but um that's what my plans. I I need to get out of here and and get down to Florida. Uh you said why June. Uh my wife desperately wants to get down to Florida. The the oldest of the grandchildren uh turns eighteen in June. Uh we have our fortieth uh anniversary uh in June. Uh just a lot of things going on in June and and we wanna be in Florida in June. Uh so grandkids. Beg your pardon?

SPEAKER_03 16:29

You said you have five grandkids down in Florida.

SPEAKER_02 16:33

Yeah, five in Florida and two in Washington DC. But uh they're gr the the the two in DC are grown up and in college. But uh the one the ones down there are still young. Yeah, yeah, they're be between bet between six and seventeen.

unknown 16:51

Okay.

SPEAKER_03 16:51

So how often do you get to see them?

Repairs List And Physical Limits

SPEAKER_02 16:55

Uh, we haven't seen them for uh four years since uh since they went down to live with their mother. We talk to them uh uh we Skype with them uh every uh every week for an hour or so. Uh you know, when uh we we haven't missed we haven't missed a week for four and a half years. But we miss them desperately and they miss us and uh I got one of 'em that plays chess with me online after school, uh a couple days a week. So you know, we stay in touch with them and and uh we want to be down there. And uh the uh the uh the quicker I can get down there, uh, the happier I'm gonna be and the quicker I get the hell out of Marietta. Uh the the happ the happier I'll be. So uh it just depends, to be perfectly honest with you, bud, the first person that uh walks in here and and offers me something anywhere near uh what I need, uh, I'm out of here. Uh if if I gotta give up a little bit, I'll give up a little bit, but I can't give up too much because of the circumstances I've explained. So if if it if it gets to May, the middle of May and I'm not seeing a lot of progress then I might be giving one of you guys a call.

SPEAKER_03 18:22

But uh right now in order to get it up to that like one hundred seventy five standard.

SPEAKER_01 18:32

Uh not much.

SPEAKER_02 18:36

Um there is a uh a hole in the linoleum in the uh in the kitchen. So the linoleum in the kitchen needs to be replaced, or I was thinking about uh doing it with uh twelve inch tiles. Uh that'd be a little more expensive to do it that way, but it'd be a little more uh it'd be it'd look a little better. Um we were thinking about pulling all the carpet out of the downstairs and uh replacing it with uh uh this uh new fake wood stuff they've got. The uh when when my mom finally went into hospice care, uh they had a hospital bed in the living room and uh uh nurses were were in here three or four times a day uh for six months and uh got a uh uh uh uh a streak from the front door to the through the living room where everybody walked and I don't know if I can clean it. I don't know if it'll ever be come clean or not. I don't know if Stanley Steamer can clean it or whatever. If if I can't get it steam cleaned, then we're gonna have to replace the carpet in the uh uh downstairs. Uh then paint on the walls. Other than that, that's it. Uh there's no construction needs to be done. The back patio the concrete on the back patio is cracked up uh fairly good, so that needs to be covered over. But uh uh other than that, the house is in pretty good shape. I mean this is a a nice little development here and uh it's uh uh it's up to the standard uh except for uh interior decorating. Uh it's it's up to all the standards in the neighborhood and uh uh shouldn't take much at all uh to uh to hit that one seventy-five mark or more by the time by by the time June gets here.

SPEAKER_03 20:40

But uh And what put the flow going for you? What's uh what stopped me from being able to do that that work?

SPEAKER_02 20:49

Right, I just don't have the help to do it. I'm seventy six y I'll be seventy six next month and uh um I've had heart problems. I got a pacemaker and uh I can only stay on my feet a certain amount of time during the day before I just get so thoroughly worn out. I you know. Uh I've I finally got all the cousins to come and pick up the furniture that was promised to 'em and so on and so forth. I got uh Habitat for Humanity coming this Friday to pick up uh uh some more remains of the last remains of the furniture that I wanna get rid of and get out of here 'cause I'm not moving all this stuff. Uh and then of course I've got this freaking four thousand pound goddamn piano that I don't know what I'm gonna do with. Uh she paid thirty eight hundred dollars to have the goddamn thing moved up here, uh, from Huntington. Uh she lived there when we were in Florida. So I can't pay thirty eight hundred dollars to have the damn piano moved. I hate to I hate to give it away, but that's another thing I'm gonna have to deal with. But no, as far as uh as far as the house is concerned Uh in my humble estimation it's in really good shape. There's a uh uh a small place uh out s on the outside of the uh patio the back patio door where the wood has rotted a little bit that needs to be replaced or caulked up real good or something, I don't know. But uh the house isn't damaged, there's no holes in the walls, uh uh uh other than where pictures were hung. Um, you know, nothing's been banged up or anything and uh other than what I just described, uh all the carpet up the stairs and the two rooms upstairs is uh perfect. There's not not a thing wrong with it.

SPEAKER_03 22:42

Uh you'd think it would cost it like the contractor to go through there and and do the work um like over a week that it instead of you doing the work, how much do you think it would cost to to pay somebody to do it?

SPEAKER_02 22:58

Uh it depends on whether uh we have to do the uh uh uh pull up the carpet or not. Uh if uh if we have to do the carpet uh since I've already bought the paint for you know I got twenty three gallons of paint in here. Uh if we have to do the carpet probably twelve, fifteen grand would be the outside. I can't see it going that high. It just depends on what all you do for the uh for the carpet. Uh I don't know what somebody would charge to come in here and take my twenty two gallons of paint and uh and and repaint. Uh it couldn't be too much. But uh if if the carpet has to come up, that's gonna be the big expense. If the carpet can be cleaned, then uh we're talking very minimal, uh, to to to get this place in shape.

unknown 24:00

Gotcha.

The Innovation Partnership Option

SPEAKER_03 24:03

Huh. I wonder I'm curious if there's a way that there is a win-win here so you don't have to worry about fixing it up or doing all that work and you can get down to Florida a little bit faster. Um my thoughts are, and I've done this a a handful of times in the past, when it's when the numbers make sense, is essentially we we partner on it. Um and it's it's called innovation. What we would do is we would agree on either a price or what we can do in this situation is really just what the market dictates, where we would essentially partner with you. We would come in, we'd finish all that work, and then we would work with our our uh we have a realtor that we generally work with in this area and um put it on the MLS. We usually get a fee back after doing this. Uh we take a twenty thousand dollar fee off for like marketing and for the risk of putting uh the the work into it. Um and get paid back the the at least the materials and and work that we put into it and then twenty thousand to keep the rest. Um that way it could be done much quicker. You don't have to worry about um any any fixes or anything like that. Get you the most we can for it. If we did something like that, is that something you would at least explore?

SPEAKER_02 25:24

Yeah. Why don't we do this? Um the uh I'm just I'm just recuperating from uh from these snowstorms we've had up here. Uh where where are you located?

SPEAKER_03 25:39

Me personally, I have a lot of partners in and around this area and around Ohio. I'm personally in Boston, so I'm well aware of the snowstorm. We got three people today.

SPEAKER_02 25:48

Okay then. Any yeah, anyway, uh I have uh uh some doctor's appointments, some annual doctor's appointments uh scheduled for the middle of the month, like St. Patrick's Day and the day after St. Patrick's Day. Why don't you give me a call back sometime uh uh the more towards the end of the month, the third or the fourth week of March, and that'll give me some uh a little more time to get some of this furniture out of here and uh uh I I can't start painting until I get uh the furniture out of here so I can uh get to the walls and everything. So why don't you give why don't you give me a call in in two or three weeks, more toward the end of the month, and uh maybe uh I can get somebody to walk through here. If you have somebody local, I can get somebody to walk through and take a look at it, and then they can give you a uh a a balls on accurate uh uh estimate of uh what it would Yeah then may then then then maybe we have something to talk about. Does that work for you?

Follow-Up Plan And Walkthrough Setup

SPEAKER_03 27:02

Yeah, so I can definitely give you a call and we can ex uh explore that. My my process is generally before I pay somebody or or get a partner to go out there, I like to at least have a good idea or some commitment. Um But again, we're this is more of a partnership, so I wouldn't be making any decisions without you. Even if we did put uh pen to paper, um it would just be it would be written up kind of like uh a partnership agreement, and then we would have a a handful of uh we would have to get some bids on some contracting proof and stuff like that, and really just go over the numbers. And if the numbers don't work for what you guys need at that point, then we can just tear it up and go our separate ways. But if they do, then we'll take care of everything and make it make it happen.

SPEAKER_02 27:49

Sounds good to me.

unknown 27:52

Okay.

SPEAKER_03 27:53

So you want me to give you a call back after you uh you get this or you you uh we would for that.

SPEAKER_02 27:59

Yeah, the the the uh uh the week of the eighteenth, I think the eighteenth is a Wednesday. Uh uh we'll be back uh that weekend. We'll we'll be coming back here to Marietta that weekend. So uh maybe the anytime anytime after that week, uh you can give me a call.

SPEAKER_03 28:21

All right. And just out of curiosity, um you said you're you're living in Marietta. Are you living in this condo or are you uh are you No, we're living we're that's that that's one of the problems.

SPEAKER_02 28:34

We are living in the house. So we're still uh everything that everything that we're doing, we're having to work around living quarters also.

unknown 28:42

Yeah.

SPEAKER_02 28:42

So interesting. So that that slows it down too. Yeah, if I uh if I had a place to live and get this place cleaned out, we could get this done in a couple of weeks. But uh having having to live here and and everything at the same time, it it makes it difficult.

Living In The Property Complication

SPEAKER_03 28:59

Well, if we come to an agreement on all this and we get this rocking and rollin', I wouldn't be opposed to you guys um taking a a week vacation down to Florida visiting grandkids and we we get in there, we do everything and then um uh just w knock it out quickly.

SPEAKER_02 29:19

Um That sound that sounds like a direction that I might uh that I might be willing to go towards.

SPEAKER_03 29:27

All right. Well I will give you a call. Um looking at my calendar right now. So the 18th will be back. Do you want me to call you around like the nineteenth or twentieth?

SPEAKER_02 29:39

Uh no, we would we won't be back in town by the nineteenth. Uh whatever the day is, uh whatever the like the Monday after that weekend is. We will we will still be we'll still be traveling down at Huntington uh the nineteenth and then we'll probably be back here on the twentieth. I think the twentieth is probably Friday. So we'll be back fry we'll be back that Friday or Saturday.

unknown 30:03

Okay.

SPEAKER_02 30:04

So on the twenty third then. Yeah, call me on Monday or Tuesday, that sounds great.

SPEAKER_03 30:09

All right, well I wish you all the best with your your travels and those appointments and I will uh I'll give you a call then.

SPEAKER_02 30:16

Thank you very much. Uh we'll look forward to it.

unknown 30:19

All right, thank you.

SPEAKER_02 30:20

Uh-huh, bye bye.