How I Use Humor to Close Deals With Investors

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Transcript

What To Listen For

SPEAKER_03 0:03

Welcome back to Seller Call Film Room, the series where I'm going to show you a live seller call, but give you a specific thing that I want you to pay attention to from the close. And today it's going to be how I used and leveraged humor to close this deal with a professional investor. So, first thing you're probably going to notice, and it's not the humor that I want you to pay attention to, is that Cassie and I are dressed up like Vikings. This was from a couple years ago on Halloween. We went live, we were calling sellers. Cassie was comping and underwriting, sharing the screen, showing the comps, showing the profit calculator. And then I was doing the live seller calls, and she was compinging and underwriting for me. Now, during this, this professional investor, it kind of starts off at the beginning. This is later in my call session. I'd already got a signed contract. And I talk about this often, but normally those initial signed contracts can kind of give you momentum going throughout the rest of your day. And so I'm feeling myself at this point. And I'm using my personality. I'm embracing being myself during this call. And this is a seller that is highly motivated, but the price is incorrect. And so I need him to come down. But he's also a professional investor. And so I know that we are able to talk numbers and cents, dollars and cents on this call and talking about what could the property be worth? What's the after repair value? How much rehab do I need to put into it? And that's the real sticking point on this. Now, after I make my offer and he counters me, and then when we even get to a point where he's somewhat agreeing to my number, that's where you're really going to see the humor kind of kick in. And then you'll even see it when he calls me back. So that's what I want you to pay attention to. Embracing your personality. It shines through on the calls, and it the sellers can sense it. They can sense that confidence and the way that you are embracing the conversation with them. So leverage who you are during your call. So that being said, enjoy mind and Cassie's uh outfits or costumes where we're dressed up like Vikings. Epic makeup job by Cassie on this Halloween. But pay attention to how I close leveraging humor during this live seller call.

Opening The Call And Price Anchor

SPEAKER_03 2:40

Hello? Hi, is Mr. Is Mr. Conn there?

unknown 2:46

Yeah, okay.

SPEAKER_03 2:47

Hi, Mr. Conn. This is RJ Bates. I was calling you about your property there on Blackberry Street. You're looking to sell that property, right?

SPEAKER_01 2:56

Yeah.

SPEAKER_03 2:57

Awesome. How much were you looking to get for it?

SPEAKER_01 3:02

35.

SPEAKER_03 3:03

25.

SPEAKER_01 3:05

35. 35.

SPEAKER_03 3:07

35.

SPEAKER_01 3:08

Yeah.

SPEAKER_03 3:10

I liked it better when I thought you said 25.

SPEAKER_01 3:16

Yeah, I mean what a wish is.

SPEAKER_03 3:20

All right. So you I think you told someone on my team earlier today uh that this it needs uh it needs quite a bit of work, right?

SPEAKER_01 3:30

Yes, definitely smart, definitely.

SPEAKER_03 3:32

Okay. Um is it is it a teardown or or is it something that can be rehabbed?

SPEAKER_01 3:42

It can be rehabbed. Actually, inside uh inside the walls and all those things have to be uh read up. And I don't have time for that right now.

SPEAKER_03 3:54

Gotcha. How much do you think like dollars and cents wise I would have to put into the property to get it uh fixed?

SPEAKER_01 4:04

Uh well if I was doing it, it was not more than 2025 problem, but I don't have it right now. My manpower is the space. I mean, this is uh getting some cheap Mexicans.

SPEAKER_03 4:16

Gotcha.

SPEAKER_01 4:16

They were doing all the job, but uh things from change and uh is takeable.

SPEAKER_03 4:24

Gotcha. Like twenty-five, thirty thousand, something like that.

SPEAKER_01 4:30

I I don't know if you're subletting it, then then it's five, it's my it could be a little bit more. I don't know how you want to handle it.

SPEAKER_03 4:38

Right. How did you come up with the asking price of thirty-five thousand?

SPEAKER_01 4:45

Yeah, because if I have this uh five thousand on that, so it's gonna be around uh total will be around sixty thousand, and the market value will be finished on right now, anywhere going anywhere between 110 to 125. So I hope we have some profit, but uh I'm getting other commercial properties for you. That's why I don't have time back now.

SPEAKER_03 5:13

Gotcha. So you're the you're thinking completely fixed up, I'm worth 120, and then I buy it from you for 35. I put 30 into it, I'm all in at 65, and I it's worth 120 fixed up.

SPEAKER_01 5:31

We have to have some some power, right?

SPEAKER_03 5:35

Yeah. Sounds sounds accurate. Let me see here. The only thing I'm uh a little bit worried about just looking at this Google Street View, but it's from March of 2022. Um, have you done any work to it or since 2022?

SPEAKER_01 5:57

Um I didn't get time to go down video, so wonderful about what it so we should go look at a bit of a moment for me.

SPEAKER_03 6:07

Yeah, it looks pretty rough.

SPEAKER_01 6:10

Yeah, it's it's uh rough, but uh again, you know, it's a 1020 and 20. Yeah, it's uh rough there. And easily than rental value also.

SPEAKER_03 6:22

Yeah, I'm just more more worried about the amount of repairs that we need to do. Um, I I agree with the the 120.

SPEAKER_01 6:33

Um I'm just more yeah, that's that's why you know I'm I'm discounting it all the way all the way. Because it's a if you have a push for time, so I thought that you one has to make some perfect.

SPEAKER_03 6:49

Yeah. Uh let me see. How many square feet is it?

SPEAKER_00 6:59

That's a tough question.

SPEAKER_03 7:11

Yeah, that sounds about right.

SPEAKER_01 7:14

So I work on this why you know. According to the area, I mean it'll go for a hundred feet.

SPEAKER_03 7:24

Twelve hundred square feet. Okay.

Repair Costs And Deal Math

SPEAKER_03 7:45

All right, um Mr. Khan, I I want to do a deal here. Um however, I I don't know that I'm gonna be able to get to to 35. Do you have any you have any wiggle there?

SPEAKER_01 8:02

Yeah. Obviously that's my last and then we we negotiate.

SPEAKER_03 8:28

Think I'm feeling more like twenty.

SPEAKER_01 8:32

Oh, that's video. That's video.

SPEAKER_03 8:35

Well, it's very low compared to your price, but I'm more looking at it as what I need to do to it. Um I mean, I'm well based off the picture that I'm looking here. I mean it's boarded up.

SPEAKER_01 8:50

Yeah, I know. I I get it because I didn't want all those uh bumps to get into it.

SPEAKER_03 8:57

Roof, I mean, we're talking about siding, paint, doors, windows, yeah, AC. I mean, it's that's gonna be it's gonna need a lot. I think that's gonna be uh a lot more than 30. I think I think we're looking more like 50.

SPEAKER_01 9:20

No, I don't think so.

SPEAKER_03 9:23

But I'm just looking at it, I mean, line item-wise. I mean, when we start we start doing the math and adding it up, roof, siding, paint, AC, floors, windows, doors, baseboards, cabinets, countertops, appliances, I mean, all that's thousands, you know.

SPEAKER_01 9:44

Yeah, that's what it costs.

SPEAKER_03 9:48

I just don't think that that can be done. I mean, because there's so much that has to be done structurally to it. Um, I just don't see how that can be done. I mean, I think you know that. I mean, that's why that's why you're not touching it, you know. I mean, if you if it was in and out, quick, easy, 25, 30 grand, I mean, you would have sent somebody over there and busted it out, you know.

SPEAKER_01 10:08

No, actually, if if I had uh one more house, where a house there I was trying to find one, then I could have start, you know, to have it economy of a scale. Because otherwise, you know, if I have a split between two places, then it takes more of my time.

SPEAKER_03 10:24

Absolutely.

SPEAKER_01 10:26

Yeah, so if uh I could find one more, then you know uh some some cheap price, then I would sell it then. I would really there's that would be economy of a scale, then you know it would not really be that much.

SPEAKER_03 10:42

Right.

SPEAKER_01 10:42

Yeah, it wouldn't actually go, but you know, they are uh on the other side.

SPEAKER_03 10:50

See, there was a property that was just listed for sale on Nelly for 30,000. So if you were looking at it from the economy of scale, I mean you could have uh bought that one for 30.

SPEAKER_01 11:03

No, I didn't look like I get that. I didn't tell you that.

SPEAKER_03 11:09

Yeah, I mean, I just I think we're we're in the the same boat, you know. I mean, like you said, um you you want to buy it at a good price, I need to buy it at a good price. It has to be a reasonable price because I mean, realistically, um, everything in that house needs to be rehabbed, you know.

SPEAKER_01 11:32

Yeah, it's a good rehab. Okay. So I mean, can we meet midway?

SPEAKER_03 11:41

Midway at 25?

SPEAKER_01 11:45

27 or more likely.

SPEAKER_03 11:48

I I told you I like that number 25 at the beginning of the conversation. That sounded very enticing to me. 27 sounds like um I'd have two thousand dollars less money to do rehab.

SPEAKER_01 12:09

Yeah, but again, look at the for uh percent profits, and you have to look at that, and then even if you want to rent it out, it's the same thing. I mean that's much better prospect. And because this area never flooded, so you know that's there's another advantage. You know, like in 2015 there were a lot of floods, and but it never flooded. So it's not a very safe day.

SPEAKER_03 12:35

Yeah.

Counteroffers And Humor Under Pressure

SPEAKER_03 12:37

I say we do the deal at 25,000 and we both go enjoy our Halloween nights.

SPEAKER_01 12:45

Give me a day.

SPEAKER_03 12:46

A day, yeah. Who you gotta discuss with?

SPEAKER_01 12:57

My other my my other counterparts, you know. Let me discuss that.

SPEAKER_03 13:02

Oh man, I thought I thought we were ready to do this.

SPEAKER_01 13:06

No, I I'm not ready to do it. Okay, give me about one hour.

SPEAKER_03 13:13

One hour?

SPEAKER_01 13:14

Yes, sir.

SPEAKER_03 13:17

Twenty-five minutes.

SPEAKER_01 13:20

If you do twenty-seven, yeah.

SPEAKER_03 13:24

So if I do twenty-seven, you'll say yes? Oh so twenty-seven you don't have to discuss with the counterparts, twenty-five you do. Yeah, I got kids in the I gotta go buy all this candy. Have you seen how expensive candy is this year?

SPEAKER_01 13:50

Yeah, everything has gone expensive actually.

SPEAKER_03 13:53

I know. Why do you think everything is so expensive?

SPEAKER_01 13:59

Uh everything has gone up in price. I mean, like it used to buy for under two dollars, and it's now under two thirty-nine. I mean, that happened for you. I never paid more than dollar a pound, other than more than two dollars a pound. So, you know, everything has gone up.

SPEAKER_03 14:15

I know. You know what else has gone up? Cost of materials. That's why I can only give you 25.

SPEAKER_01 14:23

Cost of materials, yes. And that's uh thanks to uh president, ex president. Yeah he imposed he imposed all the duty on uh Canadian timber, and so immediately 40% duty, and immediately house prices started shooting up.

SPEAKER_02 14:43

Yeah.

SPEAKER_03 14:44

All right, how about this? Who do you need to call to do this deal at 25?

SPEAKER_01 14:53

Okay, give me a scale.

SPEAKER_03 14:57

Okay, give me up the five minutes. Okay, 25 minutes. That's that's a thousand dollars a minute, just letting you know. All right, I'm gonna call you back in 25 minutes. Okay, but just so you know, if I call you back in 22 minutes, that means my offer is 22,000. Better hope I don't call you in one minute. All right, I'll call you back in 25 minutes, okay?

SPEAKER_01 15:28

So uh you're doing this evening.

SPEAKER_03 15:31

Yeah, yeah. If I call you right back, don't answer. You're definitely not gonna like the offer. All right, Mr. Khan. I'll call you back in a few, okay?

SPEAKER_02 15:42

All right, bye-bye.

Callback And A Wild Profit-Share Idea

unknown 15:46

Yes, sir.

SPEAKER_02 15:47

Mr. Khan.

SPEAKER_00 15:48

Yes, sir.

SPEAKER_03 15:50

What did the powers to be say to my $25,000 offer?

SPEAKER_01 15:55

Yeah, I consider your numbers and I came up with my own app that supposed uh the cost of funding for a year at 6% is about 1,500. Taxes 300 and then insurance about uh 310 because I don't pay for insurance, I take all these fitting uh insurance. So if I wait for a year and make 27, I'm not touching any much. On the other hand, I I I can make you an offer.

SPEAKER_03 16:32

Oh, you're making me an offer.

SPEAKER_01 16:35

Yes, sir. You start uh you start building around this one. Don't pay me right now. Once your house is ready, you sell it and then share the profit saying maybe I take 25% in addition to this 25. You are not investing anything right now, except uh the cost of construction. So I'm making money, you are making money. Both of them making money.

SPEAKER_03 17:06

Some might call this like a reverse novation. We could call it like the reverse sub-novation. We could get rich off of this. We could go on all the podcasts, and we could tell everybody. This is amazing. You just came up with a billion-dollar idea. You know what we'll do? We'll sell hats, not with peace signs, but with a thumb sign, thumbs up, and we'll call it reverse sub-novating. I like your idea. However, what happened to my $25,000 offer? Why didn't you like that?

SPEAKER_01 17:54

Okay, when can when can we?

Sending The Contract And Wrap

SPEAKER_03 17:58

I want to send you a contract right now.

SPEAKER_01 18:01

Okay. Okay.

SPEAKER_03 18:03

All right. I need your uh I need your email.

SPEAKER_02 18:08

Hold on one second. All right, thank you, Mr. Con.

SPEAKER_03 18:58

Uh I have a transaction coordinator on my team that they they know that it'll be on the the contract, so I'll make sure to that we put it on there. I don't know off the top of my head. Okay. Alright, thank you, Mr. Con. Bye bye. Boom.